MainSource reports quarterly results

MainSource Financial Group, parent of MainSource Bank, has reported first quarter net income of $7.7 million or 35 cents per share, compared to net income of $6.2 million or 30 cents per share in the same quarter of 2014.
“I m very pleased with our first quarter results,” said president and chief executive officer Archie M. Brown Jr. in a prepared statement.
During the first quarter, MainSource incurred a $2.4 million charge related to the prepayment of Federal Home Loan Bank advances and realized gains of $252,000 from the sale of investment securities.

Declares dividend
Allegheny Technologies, parent of Portland Forge, has declared a quarter cash dividend of 18 cents per share of common stock. The dividend is payable on June 17 to shareholders of record as of May 27.

Building a plant
India’s Motherson Sumi Systems Ltd., parent of MSSL Wiring in Portland, has announced that it will build a plant in Hungary to fill a recent large order placed by German carmaker Daimler.
The plant will be built near Daimler’s base in Kecskemet, central Hungary. Another plant is expected to be added in the U.S.

Earnings soar
CVS Health reported this week that sales from its pharmacy benefits management business jumped 18 percent to nearly $24 billion in the first quarter of 2015. Specialty drug revenue jumped 46 percent.
Earnings were $1.22 billion, up from $1.13 illion in the same quarter last year. Earnings per share were $1.14.

Stock hits high
Yum Brands, the parent of Pizza Hut, Taco Bell, and KFC, saw its stock hit an all-time high last week of $90.73 per share.
The company reported that worldwide its sales grew by 4 percent in the first quarter of 2015.
The KFC division saw sales up 8 percent, driven by 2 percent unit growth and 5 percent same-store growth. Operating profit for the division was up 11 percent.
The Pizza Hut division reported a 2 percent sales growth, driven by unit growth. Same-store sales were even, and operating profit was down 2 percent.
The Taco Bell division saw a 9 percent increase in sales, driven by 3 percent unit growth and 6 percent same-store sales growth. Operating profit jumped 37 percent.
“Outside of China, our KFC and Taco Bell divisions are firing on all cylinders,” said chief executive officer Greg Creed in a prepared statement. “These powerhouse brands produced both strong sales growth and significant margin expansion. … At Pizza Hut, our sales performance was relatively flat, but plans are in place to get the business back on track.”

Good move
The credit ratings agency Moody’s is pleased that Ardagh Group has backed away from the possible acquisition of Saint-Gobain’s Verallia glass packaging business in Europe.
Moody’s responded to Ardagh’s decision to withdraw from the race for Verallia Europe by issuing a statement that the decision is “credit positive” for the company.
“Analysts Martin Chamberlain and Simon West point out that Ardagh paid for a buying spree that quadrupled the size of the business over four years with loans that now amount to around seven times its earnings,” The Irish Times reported this week.
Glass container plants in both Dunkirk and Winchester were a part of that “buying spree.” The Winchester plant had been part of Anchor Glass, while Dunkirk’s plant had been part of Verallia North America.

Meeting set
Jay County Chamber of Commerce members are invited to attend a meeting of the Business Education Partnership at 12:30 p.m. on Thursday, May 14, in the large conference room of the Community Resource Center, 118. S. Meridian St., Portland.
The partnership is a collaborative effort with Jay Schools. Among its initiatives are a speakers’ bureau, an internship program, and the promotion of College 529 Savings Accounts.

Rally planned
Allied Recreational Group is planning a national rally for owners of Fleetwood recreational vehicles in celebration of the brand’s 65th anniversary.
The Decatur event is set for June 4 through 7, with most of the vehicles parked on the grounds of North Adams Community Schools and at ARG’s sites in Decatur.
About 2,000 people are expected to attend.