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Holly LaFon
Holly LaFon
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Bernard Horn Comments on Loomis AB

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April 16, 2018 | About:
Conversely, Loomis AB (OSTO:LOOM B) sold off as investors overlooked its excellent results in the U.S. (7% sales growth and improving margins) and focused on the 0.8% decline in European margins. Declining European and international sales were mainly due to the end of the note/coin exchange program in Sweden and competition in France. In energy, U.S. oil refiner Marathon Petroleum improved gross refining margins, due in part to rampant U.S. fuel demand, buoyant exports and planned maintenance shutdowns of competitor refineries. The company also completed the dropdown of refining logistics assets and fuel distribution services to its general partner, MPLX, in exchange for $8.1 billion.

From Bernard Horn (Trades, Portfolio)'s first quarter 2018 shareholder letter.

About the author:

Holly LaFon
I'm a financial journalist with a master of science in journalism from Medill at Northwestern University.

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