Commentary and analysis
Independent perspectives on companies, industries, investment sectors, and financial markets.
GE Vernova (GEV) posted 26Q2 revenues of $11.1 billion, up 21.9% YOY. Operating income surged 72.8% to $655 million, driven by revenue growth and higher margins at Power and Electrification, which more than offset a modestly wider loss…
Continue reading →26Q2 revenue was $13.3 billion, up 21.1% over 25Q2. Commercial Engine & Services (CES) revenue rose 21.8%, while Defense & Propulsion Technologies (DPT) revenues were up 34.3%. CES segment profit jumped 19.0%, with a 60 bp decline in…
Continue reading →26Q1 Non-GAAP EPS Beats Consensus. Lowering PT to $24 after Sell-Off but Raising Rating to Buy. AT&T reported 26Q1 GAAP EPS of $0.55, compared with $0.61 in the prior year period. Non-GAAP EPS of $0.55 was up from…
Continue reading →The stock market is running hot so far in 2026. The S&P Composite 1500, a broad measure of the stock market, was up 10.9% year-to-date as of Friday, May 29. Among its components, the large cap S&P 500…
Continue reading →HPE reported 26Q1 GAAP EPS of $0.32 vs. 25Q1’s EPS of $0.27 and my estimate of $0.40. Net revenue increased 18.4% to $9.3 billion primarily because of the Juniper Networks acquisition. On a normalized basis, including Juniper’s pre-acquisition…
Continue reading →Spire reported 26Q1 GAAP EPS of $1.54, better than 25Q1’s EPS of $1.34. Non-GAAP, adjusted EPS was $1.77 vs. $1.34. I had projected a GAAP and Adjusted EPS of $1.77. By segment, Gas Utility’s adjusted earnings were $103.9…
Continue reading →26Q1 GAAP diluted loss per share was $1.22 and net financial earnings per basic share (NFEPS), a non-GAAP measure, was $1.17. That compares with 25Q1’s GAAP diluted EPS of $1.31 and net financial earnings per basic share of…
Continue reading →The 22nd annual Wharton Restructuring and Distressed Investing Conference (WRDIC and wrdic.org) was held on February 20 in New York City. This was my first year attending. The focus of this year’s conference was predominantly on the private…
Continue reading →Matthews International Corporation (MATW) reported 26Q1 revenues of $284.8 million, down 29.1%. Nearly all of the decline was due to divestitures, especially the sale of SGK Solutions last May. Sales at its Memorialization business rose 7.2%, due to…
Continue reading →AWK reported 25Q3 EPS of $1.94, up from $1.80 in 24Q3 and exceeding my estimate of $1.91. Operating revenues rose 9.7% to $1.45 billion. Billed water service volumes dropped 1.0% and estimated average prices increased 10.6%. Operating and…
Continue reading →Public Service Enterprise Group (PEG) reported 25Q3 operating revenues of $3.23 billion, up 22.1% from 24Q3, due once again to base rate increases which more than offset modest volume declines. Diluted GAAP EPS was $1.24 vs. $1.03 last…
Continue reading →Pfizer (PFE) reported 25Q3 revenues of $16.7 billion, down 5.9% from 24Q3 and 6.3% below my estimate. All of the decline was due to declines in COMIRNATY and PAXLOVID, the COVID-19 medicines, compared with both prior year levels…
Continue reading →25Q3 sales rose 3.7% to $17.3 billion, exceeding my estimate by 3.9%. The revenue beat was due mostly to higher than anticipated sales of GARDASIL. Although GARDASIL sales were down 24% YOY, they were up 55% sequentially, breaking…
Continue reading →25Q3 net revenue rose 2.8% to $12.2 billion, as an 18.0% rise in the growth portfolio more than offset an 11.8% decline in the legacy portfolio. Dollar sales gains in Eliquis, Opdivo, Reblozyl, Camzyos and Breyanzi were partially…
Continue reading →GEHC reported 25Q3 revenues of $5.14 billion, up 5.7% YOY and 2.9% above my estimate. Revenues rose 20.0% in Pharmaceutical Diagnostics (PDx), 7.0% in Advanced Visual Solutions, 5.4% in Imaging, but fell 6.2% in Patient Care Solutions (PCS). …
Continue reading →BKR reported 25Q3 GAAP diluted EPS of $0.61 vs. 24Q3’s $0.77 and my estimate of $0.66. Net income was lower than expected due to transaction-related costs and a negative swing in the fair value of equity securities (Abu…
Continue reading →AT&T reported 25Q3 GAAP EPS of $1.29, compared with a loss of $0.03 in the prior year period. Non-GAAP EPS of $0.54 was down from $0.60. I had projected GAAP EPS of $0.86 and non-GAAP EPS of $0.65.
Continue reading →25Q3 revenue was $12.2 billion, up 23.8% over 24Q3. Commercial Engine & Services (CES) revenue rose 26.8%, while Defense & Propulsion Technologies (DPT) was up 26.1%. CES segment profit jumped 26.1%, with a 170 bp rise in margin…
Continue reading →GE Vernova (GEV) posted 25Q3 revenues of $10.0 billion, up 11.8% YOY. Operating income swung from a loss of $359 million to a profit of $366 million, primarily due to a $300 million favorable swing at Wind, and…
Continue reading →RGC Resources, Inc. (RGCO) is a holding company whose subsidiaries include Roanoke Gas Company (Roanoke Gas) and RGC Midstream, LLC (Midstream). Originally established in 1883, Roanoke Gas is a regulated gas utility that distributes and sells natural gas…
Continue reading →HPE reported 25Q3 GAAP EPS of $0.21 vs. 24Q3’s income of $0.24. Net revenue increased 18.5% to $9.1 billion (or 17.7% on a constant currency basis). The increase was due to higher average unit prices in the Server…
Continue reading →The Campbell’s Company (CPB) reported 25Q4 diluted GAAP EPS of $0.48, compared with last year’s loss of $0.01 and my estimate of $0.53. The shortfall was due mostly to lower than expected net sales, as sales volumes declined…
Continue reading →Matthews International Corporation (MATW) reported 25Q3 revenues of $349.4 million, down 18.3%. Most of the decline was due to the sale of SGK Solutions, which was completed in May. Sales at its Memorialization business rose 0.5%, due to…
Continue reading →Spire reported 25Q3 GAAP EPS of $0.29, reversing last year’s 24Q2’s loss of $0.28. Non-GAAP, net economic EPS (NEEPS) was $0.01 vs. a loss of $0.14. I had projected a GAAP and NEEPS loss of $0.08. By segment,…
Continue reading →Public Service Enterprise Group (PEG) reported 25Q2 operating revenues of $2.81 billion, up 15.8% from 24Q2, due to base rate increases which more than offset volume declines. Diluted GAAP EPS was $1.17 vs. $0.87 last year. My GAAP…
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