Commentary and analysis
Independent perspectives on companies, industries, investment sectors, and financial markets.
NJR reported 23Q2 GAAP net income of $1.13 per diluted share and net financial earnings (NFE), a non-GAAP measure, of $1.16 per basic share. That compares with 22Q2 GAAP net income of $1.00 per share and NFE per…
Continue reading →23Q1 revenues were $1.538 billion, down 1.9% year-over-year, but up 3% at constant currency. GAAP diluted EPS was $0.69, below 22Q1’s $1.36 and below my estimate of $0.88. Non-GAAP EPS of $1.08 was below last year’s $1.65 and…
Continue reading →23Q1 sales fell 9.8% to $14.5 billion, but rose 13.5% excluding Lagevrio, a COVID-19 medicine whose sales have fallen sharply as the pandemic has receded. The sales gain ex-Lagevrio was due entirely to a $1 billion increase in…
Continue reading →GE reported 23Q1 revenues of $14.5 billion, up 14.3% year-over-year; GAAP EPS from continuing operations of $5.61, compared with 22Q1’s $1.17 loss; and non-GAAP EPS of $0.27, reversing 22Q1’s $0.09 loss. I had anticipated a GAAP loss of…
Continue reading →BKR reported 23Q1 GAAP EPS of $0.57 vs. $0.08 a year ago and my estimate of $0.19. Non-GAAP EPS was $0.28 compared with $0.15 last year and my estimate of $0.29. Revenues of $5.7 billion rose 18.2% vs.…
Continue reading →Public Service Enterprise Group (PEG) reported 23Q1 operating revenues of $3.76 billion, up 62.3% from $2.31 billion in 22Q1. The increase was due to a $1.64 billion surge in net mark-to-market gains on derivatives at PSEG Power, which…
Continue reading →Last night, Citius Pharmaceuticals (CTXR) reported that it had completed its 12.5 million share direct offering, issuing 12.5 million shares at $1.20 per share with attached warrants exercisable at $1.50 per share. In total, the offering generated gross…
Continue reading →23Q1 revenues declined 2.7% to $11.3 billion, less than 22Q4’s decline, but were 3% higher than projected. Sales of Eliquis rose 27.3% sequentially and 6.6% YOY to $3.4 billion. Revlimid sales fell 22.6% and 37.4%, respectively, due to…
Continue reading →AWK reported 23Q1 EPS of $0.91, compared with $0.87 in 22Q1 and my estimate of $0.83. Operating revenues increased 11.4% to $938 million. Billed water service volumes increased 0.4%, with gains among industrial and commercial customers more than…
Continue reading →HPE reported 23Q1 GAAP diluted EPS of $0.38 vs. 22Q1’s $0.39 and my estimate of $0.37. Net revenue of $7.81 billion was up 12.2% over 22Q1’s $6.96 billion and my estimate of $7.33 billion. All of HPE’s business…
Continue reading →Campbell Soup Company (CPB) reported stronger than expected 23Q2 net sales and profits (vs. my estimates). Net sales were $2.49 billion, 12.5% above 22Q1 and 7% above my estimate. Diluted Non-GAAP EPS was $0.80, up 6% YOY and…
Continue reading →NJR reported 23Q1 GAAP net income of $1.19 per diluted share and net financial earnings (NFE), a non-GAAP measure, of $1.14 per basic share. That compares with 22Q1 GAAP net income of $1.16 per share and NFE per…
Continue reading →Toll Brothers’ 23Q1 EPS was $1.70, up 38% from 22Q1’s $1.24 and above my estimate of $1.37. Revenues decreased 0.6% to $1.78 billion, below my $1.80 billion. Deliveries of 1,826 units fell 5.3%, but topped my estimate. The…
Continue reading →Mistras Group reported 22Q4 EPS of $0.09, above 21Q4’s $0.00 and my estimate of $0.02. Revenues of $168.2 million were 1.7% below 21Q4’s $171.2 million and also below my estimate of $171.4. The results met management’s top line…
Continue reading →Citius Pharmaceuticals (CTXR) posted a 23Q1 loss of $0.02 per share, better than I had anticipated, mostly because of a $3.6 gain on the sale of net operating loss carryforwards (equivalent to $0.02 per share) from the State…
Continue reading →22Q4 revenues were $1.485 billion, down 7.4% year-over-year, but up 1% at constant currency. GAAP diluted EPS was $0.43, below 21Q4’s $0.80 and below my estimate of $0.54. Non-GAAP EPS of $0.82 was below last year’s $1.18 and…
Continue reading →22Q4 sales rose 2.2% to $13.8 billion, as a 19.6% gain in KEYTRUDA was mostly offset by declines in Gardasil, Lagevrio and Januvia/Janumet, among others. GAAP diluted EPS declined 21.3% to $1.19 and non-GAAP diluted EPS declined 15.0%…
Continue reading →22Q4 revenue declined 4.8% to $11.4 billion, more than 22Q3’s decline, mostly because of a drop in Revlimid sales due to patent expiry. GAAP diluted EPS was $0.95, down from $1.07 last year but ahead of my estimate…
Continue reading →Housing market data from the U.S. Commerce Dept. and others show sales and production leveled off and even recovered a bit in the final months of 2022 and first two months of 2023. The seasonally-adjusted annualized rate (SAAR)…
Continue reading →AWK reported 22Q4 EPS of $0.81, compared with $3.56 in 21Q4 (or $0.86 excluding a $2.70 gain for the sale of the Homeowner Services (HOS) business). Operating revenues decreased 2.1% to $931 million. Besides the sale of HOS,…
Continue reading →GE announced 22Q4 revenues of $21.8 billion, up 7.3% year-over-year, GAAP EPS of $1.93, compared with 21Q4’s $3.26 loss, and non-GAAP EPS of $1.24, up 52% over 21Q4’s $0.82. I had anticipated a GAAP EPS of $0.38 per…
Continue reading →In its first earnings release since being spun off from General Electric, GEHC reported revenues of $4.9 billion, up 8% YOY (and up 13%, net of acquisitions and currency). Net income from continuing operations was flat at $567…
Continue reading →On Jan. 23, BKR reported 22Q4 GAAP EPS of $0.18 vs. $0.32 a year ago and my estimate of $0.29. Non-GAAP EPS was $0.38 compared with $0.25 last year and my estimate of $0.41. Revenues of $5.9 billion…
Continue reading →I recently had the opportunity to view a presentation and ask questions of Leonard Mazur at the Sidoti MicroCap Conference on January 18. Mr. Mazur helped fill in some of the gaps in my knowledge about company and…
Continue reading →Large cap stocks, as measured by the Lark Research Large Cap Index (the “Index”)[1] which mirrors the S&P 500, posted a decline of 19.5% in 2022. As in previous years, most of the performance was driven by a…
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