Commentary and analysis
Independent perspectives on companies, industries, investment sectors, and financial markets.
25Q3 GAAP diluted loss per share was $0.15 and net financial earnings per basic share (NFEPS), a non-GAAP measure, was $0.06. That compares with 24Q3’s GAAP loss per share of $0.12 and net financial loss per share of…
Continue reading →AWK reported 25Q2 EPS of $1.48, up from $1.42 in 24Q2 and matching my estimate of $1.48. Operating revenues rose 11.1% to $1.28 billion. Billed water service volumes dropped 3.8% and estimated average prices increased 14.8%. Military and…
Continue reading →Pfizer (PFE) reported 25Q2 revenues of $14.7 billion, up 10.3% from 24Q2 and 6.1% above my estimate. The sales gains were broad based across the company’s commercial portfolio, with the greatest dollar contributions coming from the Vyndaqel family,…
Continue reading →25Q2 sales decreased 1.9% to $15.8 billion and were 0.8% below my estimate. GARDASIL sales declined by $1.3 billion or 55%, hurt by a lack of pull through in China. (Thus, the company’s suspension of shipments to China…
Continue reading →25Q2 net revenue rose 0.6% to $12.3 billion, as a 17.9% gain in the growth portfolio more than offset a 14.1% decline in the legacy portfolio. Among the individual medicines, sales gains in Eliquis, Breyanzi, Opdivo, Reblozyl and…
Continue reading →GEHC reported 25Q2 revenues of $5.00 billion, up 3.5% YOY and in line with my estimate. Revenues rose 14.1% in Pharmaceutical Diagnostics (PDx), 3.2% in Advanced Visual Solutions, 1.5% in Imaging and 0.8% in Patient Care Solutions (PCS). …
Continue reading →AT&T reported 25Q2 GAAP EPS of $0.62, compared with $0.49 in the prior year period. Non-GAAP EPS of $0.54 was down from $0.60. I had projected GAAP EPS of $0.46 and non-GAAP EPS of $0.52.
Continue reading →BKR reported 25Q2 GAAP diluted EPS of $0.71 vs. 24Q2’s $0.58 and my estimate of $0.58. Net income was higher than expected due mostly to lower SG&A expenses and a $130 million fair value gain from its equity…
Continue reading →GE Vernova (GEV) posted 25Q2 revenues of $9.1 billion, up 21.9% YOY. Yet, operating income fell 47.4% from $527 million to $378 million, primarily due to the nonrecurrence of $306 million related to an arbitration refund received in…
Continue reading →25Q2 revenue was $11.0 billion, up 21% over 25Q1. Commercial Engine & Services (CES) revenue rose 30%, while Defense & Propulsion Technologies (DPT) was up 7%. CES segment profit jumped 33%, with a 50 bp rise in margin…
Continue reading →Earlier this month, I had the opportunity to sit in on a presentation by and meet the management of CEA Industries, which is based in Louisville CO. CEA became a public company in 2011. Back then, it was…
Continue reading →Public Service Enterprise Group (PEG) reported 25Q1 operating revenues of $3.22 billion, up 16.7% from 24Q1, due to base rate increases and higher volumes associated with the cold winter weather. Diluted GAAP EPS was $1.18 vs. $1.06 last…
Continue reading →HPE reported a 25Q2 GAAP diluted loss of $0.82 per share vs. 24Q2’s income of $0.24. The loss was due to a $1.36 billion ($1.03 per share) impairment charge taken against HPE’s Hybrid Cloud business. The charge was…
Continue reading →The Campbell’s Company (CPB) reported 25Q3 diluted GAAP EPS of $0.22, compared with last year’s $0.45 and my estimate of $0.57. The shortfall was due primarily to an impairment charge taken against its Late July chips business and…
Continue reading →AWK reported 25Q1 EPS of $1.05, up from $0.95 in 24Q1 and above my estimate of $0.98. Operating revenues rose 13.0% to $1.14 billion. Billed water service volumes were up 2.5% and estimated average prices increased 9.5%. Military…
Continue reading →Pfizer (PFE) reported 25Q1 revenues of $13.7 billion, down 7.8% from 24Q1 and 6.5% below my estimate. The shortfalls from the prior year and my estimate were due to much lower than anticipated sales of Paxlovid. Sales of…
Continue reading →25Q1 sales decreased 1.6% to $15.5 billion and were 2.0% below my estimate. Excluding currency, sales rose 1%. Sales gains in KEYTRUDA, WINREVAIR and Animal Health offset a 41% drop in GARDASIL sales, as a sharp drop in…
Continue reading →25Q2 GAAP diluted EPS was $2.02 and net financial earnings per basic share (NFEPS), a non-GAAP measure, was $1.78. That compares with 24Q2 GAAP EPS of $1.22 and NFEPS of $1.41. I had projected GAAP EPS of $1.58…
Continue reading →Spire reported 25Q2 GAAP EPS of $3.51, down from $3.58 in 24Q2. Non-GAAP, net economic EPS (NEEPS) was $3.60, up from $3.45. I had projected GAAP and NEEPS of $3.75. Operating revenues of $1.05 billion were down 6.8%…
Continue reading →GEHC reported 25Q1 revenues of $4.78 billion, up 2.7% YOY and in line with my estimate. Revenues rose 5.5% in Pharmaceutical Diagnostics (PDx), 3.8% in Imaging, 1.0% in Advanced Visual Solutions and 0.8% in Patient Care Solutions (PCS). …
Continue reading →AT&T reported 25Q1 GAAP EPS of $0.61, compared with $0.41 in the prior year period. Non-GAAP EPS of $0.51 was up from $0.48. I had projected GAAP EPS of $0.39 and non-GAAP EPS of $0.49.
Continue reading →Organon (OGN) reported 25Q1 GAAP diluted EPS of $0.33, down from $0.78 a year ago. Non-GAAP EPS was $1.02, down from $1.22. I had anticipated GAAP EPS of $0.61 and non-GAAP EPS of $0.92. Revenues of $1.51 billion…
Continue reading →Matthews International Corporation (MATW) reported 25Q2 revenues of $427.6 million, down 9.3%. Sales at its Memorialization business fell 7.4%, due to the normalization of U.S. death rates after COVID. Industrial Technology’s sales plunged 30.4%, as the energy storage…
Continue reading →Spire reported 25Q1 GAAP EPS of $1.34, down from $1.52 in 24Q1. Non-GAAP, net economic EPS (NEEPS) was $1.34, down from $1.47. I had anticipated economic EPS of $1.49. Operating revenues of $669.1 million were down 11.1% YOY…
Continue reading →25Q1 GAAP diluted EPS was $1.31 and net financial earnings per basic share (NFEPS), a non-GAAP measure, was $1.29. That compares with 24Q1 GAAP EPS of $0.91 and NFEPS of $0.74. I had projected GAAP EPS of $1.19…
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