Commentary and analysis
Independent perspectives on companies, industries, investment sectors, and financial markets.
The Economy. On balance, the economic data over the past few weeks point to slower growth ahead. According to the latest GDP Now report from FRB Atlanta, 24Q2 real GDP is expected to rise 3.3%. That’s down from…
Continue reading →Stocks reversed course in April, with the S&P Composite 1500 declining 4.3%. Among its components, the S&P 500 lost 4.1%; the Mid-Cap 400 fell 6.1% and the SmallCap 600 dropped 5.7%.
Continue reading →AT&T reported 24Q1 GAAP EPS of $0.47, compared with last year’s loss of $0.57. My estimate was $0.47. Non-GAAP EPS was $0.55, below last year’s $0.50, but above my estimate of $0.53. Free cash flow was $3.1 billion…
Continue reading →BKR reported 23Q4 GAAP diluted EPS of $0.45 vs. 23Q1’s $0.57 and my estimate of $0.34. Non-GAAP EPS was $0.43 compared with $0.28 last year and my estimate of $0.35. Revenues of $6.42 billion rose 12.3% vs. 23Q1,…
Continue reading →Earlier today, Citius Pharmaceuticals Inc. (CTXR) announced that it had entered into definitive agreements for the issuance of 21.4 million shares of its common stock and accompanying warrants to purchase up to the same number of common shares…
Continue reading →Buy Rating. Price Target of $30. As the COVID-19 pandemic receded, Pfizer’s sales and profits fell sharply. Combined sales and alliance revenues of COMIRNATY, the COVID vaccine, and PAXLOVID, the COVID oral antiviral, fell 78% to $12.5 billion…
Continue reading →AT&T reported 23Q4 GAAP EPS of $0.30, compared with last year’s loss of $3.20. My estimate was $0.55. The shortfall vs. my estimate was due to a $589 million impairment charge, lower gross margin, higher SG&A expense and…
Continue reading →The Edison Electric Institute’s 2024 Wall Street Briefing was held on February 20, 2024. The meeting came after the electric utility sector’s disappointing performance in 2023. The EEI Index, a composite total return measure for all 39 EEI…
Continue reading →BKR reported 23Q4 GAAP diluted EPS of $0.43 vs. 22Q4’s $0.18 and my estimate of $0.43. Non-GAAP EPS was $0.51 compared with $0.18 last year and my estimate of $0.47. Revenues of $6.84 billion rose 15.7% vs. 22Q4,…
Continue reading →Citius Pharmaceuticals (CTXR) posted a 23Q4 loss of $11.1 million or $0.07 per share, $0.01 more than my estimate, mostly because of higher than expected stock-based compensation and $1.15 million for a deemed dividend associated with the one-year…
Continue reading →HPE reported 23Q4 GAAP diluted EPS of $0.49 vs. 22Q4’s loss of $0.23 and my estimate of $0.38. Non-GAAP EPS of $0.52 was a nickel below last year and three cents above my estimate of $0.49. Net revenue…
Continue reading →23Q4 GAAP EPS was $0.38 and net financial earnings per share (NFEPS), a non-GAAP measure, was $0.30 per basic share. That compares with 22Q4 GAAP EPS of $0.56 and NFEPS of $0.50. I had anticipated GAAP EPS of…
Continue reading →Mistras Group reported 23Q3 EPS of ($0.34) vs. 22Q3’s $0.14 and my estimate of $0.19. The net loss was due to a $13.8 million goodwill impairment charge taken against its International business and $2.7 million of reorganization charges…
Continue reading →Campbell Soup Company (CPB) reported 24Q1 diluted GAAP EPS of $0.78, below last year’s $0.99 and also below my estimate of $0.82. Non-GAAP EPS was $0.91, below last year’s $1.02, but above my estimate of $0.85. Net sales…
Continue reading →GEHC reported 23Q3 revenues of $4.82 billion, up 5.4% YOY. Revenues increased 6% organically. Organic orders increased 1%. Product sales grew 5.8%; while services sales rose 4.6%. All segments posted revenue gains, except for Ultrasound, which was up…
Continue reading →Toll Brothers’ 23Q4 EPS was $4.11, down 27% from 22Q4’s $5.63, but above my estimate of $3.51 (and the consensus of $3.72). 22Q4 included a $103 million ($0.91 per share) benefit from a litigation settlement. Revenues fell 18.6%…
Continue reading →Public Service Enterprise Group (PEG) reported 23Q3 operating revenues of $2.46 billion, up 8.1% from $2.27 billion in 22Q3. PSE&G’s operating revenues rose 2.4% to $1.99 billion. PSEG Power & Other’s revenues increased 43.3% $0.5 billion, due to…
Continue reading →23Q3 sales increased 3.0% to $16.0 billion. Excluding currency and sales of Lagevrio, sales rose 8%. The sales gain came from an increase of $0.9 billion in Keytruda and $290 million in Gardasil.
Continue reading →23Q3 net revenue decreased 2.2% to $11.0 billion, as a 41% drop in Revlimid sales, due to LOE, was not entirely offset by growth across the rest of the portfolio. Revenues from newly launched products rose 79% YOY…
Continue reading →AT&T reported 23Q3 GAAP EPS of $0.48, below last year’s $0.79 and also below my estimate of $0.55. The primary cause of the shortfall vs. my estimate was a $604 million charge for impairments and restructuring that included…
Continue reading →23Q3 revenues were $1.52 billion, down 1.2% YOY and also down 1% at constant currency. GAAP diluted EPS was $0.23, compared with 22Q3’s $0.90 and my estimate of $0.74. Non-GAAP EPS of $0.87 was below last year’s $1.32…
Continue reading →AWK reported 23Q3 EPS of $1.44, up from $1.63 in 22Q3 and my estimate of $1.61. This quarter’s results included a $0.04 benefit from warm, dry weather. 22Q3’s weather benefit was $0.06. Operating revenues increased 7.9% to $1.17…
Continue reading →BKR reported 23Q3 GAAP diluted EPS of $0.51 vs. a loss of $0.02 a year ago and my estimate of $0.35. Non-GAAP EPS was $0.42 compared with $0.26 last year and my estimate of $0.35. Revenues of $6.64…
Continue reading →23Q4 Results Exceed Expectations; Agrees to Acquire Sovos Brands; Maintaining Buy Rating; Lowering PT Campbell Soup Company (CPB) reported 23Q4 diluted EPS of $0.56 above last year’s $0.32 and my estimate of $0.34. Non-GAAP EPS was $0.50, below…
Continue reading →GE reported 23Q3 revenues of $17.3 billion, up 19.9% year-over-year; GAAP EPS from continuing operations of $0.08, compared with 22Q3’s $0.29 loss; and non-GAAP EPS of $0.82 vs 22Q3’s ($0.17). I had anticipated revenues of $15.4 billion, GAAP…
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