INNOVATE (US:VATE)2020-08-11 14:35Financial Performance - HC2's Q2 2020 net revenue was $377 million, compared to $479.2 million in Q2 2019[41] - HC2 reported a net income attributable to HC2 Holdings, Inc of $13.1 million for Q2 2020[41] - HC2's total adjusted capital for the Insurance segment was approximately $360 million as of June 30, 2020[31] - HC2 Holdco debt reduced by $127.6 million YTD, resulting in ~$15 million in annualized interest savings[30] - The Construction segment paid $13.5 million in dividends to HC2, with an additional $4.5 million paid after the quarter ended[30] - The Energy segment fueled 5.3 million gasoline gallon equivalents in Q2 2020, up from 3.8 million in Q2 2019[30] COVID-19 Impact - Claim notifications for Continental Insurance are down 18% relative to the full year 2019 monthly average[23] - Certain new construction project awards are pending release by customers due to COVID-19, potentially decreasing backlog[16] - Non-essential industrial maintenance and repair projects are postponed due to differing customer responses to COVID-19 and volatile oil & gas markets[17] Strategic Initiatives - HC2 completed the sale of a 30% interest in HMN, using the net proceeds to redeem $50.6 million of 11.5% Notes[30] - HC2 is exploring strategic initiatives for DBM Global, including a potential sale or subsidiary refinancing, with net proceeds to reduce HC2 debt[36]