Author Archives: Stephen Percoco
CEA Industries (VAPE) Acquires Fat Panda
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 exclusively a … Continue reading
Public Service Enterprise Group (PEG) 25Q1 Update
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 year. My … Continue reading
Hewlett Packard Enterprise (HPE) 25Q2 Update
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 prompted by … Continue reading
The Campbell’s Company (CPB) 25Q3 Update
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 lower than … Continue reading
American Water Works (AWK) 25Q1 Update
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 and contract … Continue reading
Pfizer Inc (PFE) 25Q1 Update
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 Pfizer’s two … Continue reading
Merck & Co (MRK) 25Q1 Update
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 sales in … Continue reading
New Jersey Resources (NJR) 25Q2 Update
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 and NFEPS … Continue reading
Spire Inc (SR) 25Q2 Update
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% YOY and … Continue reading
GE Healthcare Technologies (GEHC) 25Q1 Update
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). U.S. sales … Continue reading
AT&T (T) 25Q1 Update
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.
Organon & Co (OGN) 25Q1 Update
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 declined 6.7% … Continue reading
Matthews International Corp (MATW) 25Q2 Update
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 solutions business … Continue reading
Spire Inc (SR) 25Q1 Update
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 and 14.6% … Continue reading
New Jersey Resources (NJR) 25Q1 Update
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 and NFEPS … Continue reading
Public Service Enterprise Group (PEG) 24Q4 Update
Public Service Enterprise Group (PEG) reported 24Q4 operating revenues of $2.46 billion, down 5.4% from 23Q4. Diluted GAAP EPS was $0.57 vs. $1.09 last year. 24Q4 operating income fell 35.7%, as the company last year booked mark-to-market gains on derivatives … Continue reading
Bristol-Myers Squibb (BMY) 25Q1 Update
25Q1 net revenue decreased 5.6% to $11.2 billion, as declines in Eliquis and Revlimid were only partially offset by an increase in Opdivo. BMY’s growth portfolio posted a 16.1% YOY revenue increase, the slowest in a year; while the legacy … Continue reading
Baker Hughes (BKR) 25Q1 Update
BKR reported 25Q1 GAAP diluted EPS of $0.40 vs. 24Q1’s $0.45 and my estimate of $0.55. Net income was lower than expected due mostly to a $140 million loss from the change in fair value of certain equity securities. Total … Continue reading
GE Vernova (GEV) 25Q1 Update
GE Vernova (GEV) posted 25Q1 revenues of $8.0 billion, up 21.3% YOY. Operating income swung from a loss of $289 million to income of $43 million. With pension and other income, net of interest costs, pre-tax earnings swung from a … Continue reading
GE Aerospace (GE) 25Q1 Update
25Q1 revenue was $9.9 billion, up 10% over 24Q1. Commercial Engine & Services (CES) revenue rose 14.4%, while Defense & Propulsion Technologies (DPT) was essentially flat. CES segment profit jumped 36%, with a 420 bp rise in margin to 27.5%. … Continue reading
Mistras Group (MG) 24Q4 Update
Mistras Group reported 24Q4 EPS of $0.17 vs. 23Q4’s loss of $0.08 and my estimate of $0.14. Revenues of $172.7 million declined 5.1%, due to a 10.1% decline in Mistras’s largest industry served, Oil & Gas, that was only partially … Continue reading
Hewlett Packard Enterprise Co (HPE) 25Q1 Update
HPE reported 25Q1 GAAP diluted EPS of $0.44 vs. 24Q1’s $0.29. Non-GAAP EPS was $0.49 vs. $0.48. Net revenue of $7.85 billion was 16.3% higher than last year and exceeded my estimate of $7.54 billion. EPS was above my estimates … Continue reading
Citius Pharmaceuticals (CTXR) 25Q1 Update
Citius Pharmaceuticals (CTXR) posted a 25Q1 loss of $9.8 million or $1.30 per share. I had projected a loss of $7.0 million or $0.93 per share. Operating expenses, including R&D, G&A and (non-cash stock-based compensation, were greater than expected across … Continue reading
The Campbell’s Company (CPB) 25Q2 Update
The Campbell’s Company (CPB) reported 25Q2 diluted GAAP EPS of $0.58, compared with last year’s $0.68. Non-GAAP EPS of $0.74 was below last year’s $0.80 and my estimate of $0.79. Net sales were $2.69 billion, up 9.3% from 24Q2, due … Continue reading
American Water Works (AWK) 24Q4 Update
AWK reported 24Q4 EPS of $1.23, up from $0.88 in 23Q4 and above my estimate of $1.13. Operating revenues rose 16.4% to $1.20 billion. Water and wastewater revenues increased 13.8%, with billed water service volumes up 4.4% and estimated average … Continue reading
Organon (OGN) 24Q4 Update
24Q4 revenues were $1.59 billion, up 3% at constant currency but down 0.4% YOY and 2.8% below my estimate. GAAP diluted EPS was $0.42, compared with 23Q4’s $2.13 and my estimate of $0.60. Non-GAAP EPS of $0.90 was above last … Continue reading
Pfizer (PFE) 24Q4 Update
Pfizer (PFE) reported 24Q4 revenues of $17.8 billion, up 24.7% from 23Q4 and 3.4% above my estimate. Sales of Comirnaty were much stronger than expected, but that was mostly offset by lower than projected sales of Paxlovid. GAAP EPS was … Continue reading
GE Healthcare Technologies (GEHC) 24Q4 Update
GEHC reported 24Q4 revenues of $5.32 billion, up 2.2% YOY and slightly below my estimate of $5.39 billion. Revenues were flat in the Imaging and Patient Care Solutions (PCS) segments, but rose 4.1% in Advanced Visual Solutions (AVS) and 9.3% … Continue reading
AT&T (T) 24Q4 Update
At its Investor Day held on Dec. 3, AT&T outlined its vision for the next stage of its evolution. It aims to drive growth in its consumer broadband business by expanding its fiber optic footprint, increasing the number of fiber … Continue reading
Merck & Co (MRK) 24Q4 Update
24Q4 sales rose 6.8% to $15.6 billion. Excluding currency, sales rose 9%. Once again, a high teens percentage gain in KEYTRUDA sales more than offset declining sales in most of the rest of the portfolio. GAAP diluted EPS was $1.48, … Continue reading
Bristol-Myers Squibb (BMY) 24Q4 Update
24Q4 net revenue rose 7.5% to $12.3 billion, with gains in Eliquis and the growth portfolio more than offsetting LOE-related declines in Revlimid, Pomalyst, Sprycel and Abraxane. Growth portfolio net revenues rose 9.5% sequentially and 29% YOY. Gross margin fell … Continue reading
Matthews Intl (MATW) Files 3M Share Shelf Registration
On March 11, 2025, Matthews International Corporation (MATW) filed a three million share shelf registration under form S-3 with the U.S. Securities and Exchange Commission. Along with the shelf, it also filed a prospectus under which it would issue 1.25 … Continue reading
Baker Hughes 24Q4 Update
BKR reported 24Q4 GAAP diluted EPS of $1.18 vs. 23Q4’s $0.43 and my estimate of $0.66. Its net income was higher than expected due mostly to a large income tax benefit. Operating income was 34% below my estimate, mostly because … Continue reading
GE Vernova 24Q4 Update
GE Vernova (GEV) posted 24Q4 revenues of $10.6 billion, up 5%, with growth in both equipment and services. Operating income more than doubled from $195 million to $593 million, as did net income from $205 million to $484 million. GAAP … Continue reading
GE Aerospace 24Q4 Update
24Q4 revenue was $10.8 billion, up 14% over 23Q4. Commercial Engine & Services (CES) revenue jumped 19% and Defense & Propulsion Technologies (DPT) rose 4.5%. CES segment profit surged 54%, with a 640 bp increase in margin to 28.2%. DPT … Continue reading
Matthews Intl (MATW) 25Q1 Update
I am maintaining my $32 price target. With the stock’s recent decline, I have raised my rating from outperform to buy. Three proxy voting services recommend shareholders vote for all three Barington Capital nominees. Even so, I will vote my shares for Barington CEO James Mitoratonda and two MATW nominees. Continue reading
CPI Too Hot? Here’s My Take.
Yesterday, the Bureau of Labor Statistics reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5% on a seasonally adjusted basis is January, after rising 0.4% in December. Year-over-year, the increase was 3.0%, up from 2.9% in … Continue reading
Initiating Coverage of Matthews Intl Corp (MATW)
The stock of Matthews International Corporation (MATW) has lost more than half of its value since 2017. Over that time, the company has struggled to sustain its profitability due to the earnings deterioration in its SGK Brand Solutions’ business; the … Continue reading
Citius Pharmaceuticals (CTXR) 24Q4 Update
Citius Pharmaceuticals (CTXR) posted a 24Q4 loss of $11.8 million or $1.64 per share. Excluding an estimated $6 million milestone payment, which I had incorrectly expensed rather than capitalized, I had projected a $12.5 million or $1.73 per share loss. … Continue reading
Toll Brothers (TOL) 24Q4 Update
Toll Brothers’ 24Q4 EPS was $4.63, up 12.6% from 23Q4’s $4.11. My estimate was $4.24. Consensus was $4.34. Deliveries of 3,431 units increased 24.5% YOY. The average sales price per unit fell 11.3% to $950,000, mostly on sales mix. Adjusted … Continue reading
Hewlett Packard Enterprise Co (HPE) 24Q4 Update
HPE reported 24Q4 GAAP diluted EPS of $0.99 vs. 23Q4’s $0.49. Non-GAAP EPS was $0.58 vs. $0.52. Net revenue of $8.46 billion rose 15.1% vs. last year and exceeded my estimate of $8.25 billion. GAAP EPS was above my estimate … Continue reading
The Campbell’s Company 25Q1 Update
The Campbell’s Company (CPB) reported 25Q1 diluted GAAP EPS of $0.72, compared with last year’s $0.78. Non-GAAP EPS of $0.89 was below last year’s $0.91, but ahead of my estimate of $0.82. Net sales were $2.77 billion, up 10.1% from … Continue reading
New Jersey Resources Corp (NJR) 24Q4 Update
24Q4 GAAP diluted loss per share was $0.91 and net financial earnings per basic share (NFEPS), a non-GAAP measure, was $0.89. That compares with 23Q4 GAAP EPS of $0.38 and NFEPS of $0.30. I had projected GAAP EPS of $0.94 … Continue reading
Spire (SR) 24Q4 Update
Spire reported a 24Q4 GAAP loss of $0.51 per share, better than 23Q4’s $0.66 loss. Its non-GAAP, net economic loss per share (NEEPS) was $0.54, also improved over 23Q4’s $0.78 loss, but worse than my $0.41 loss estimate. Operating revenues … Continue reading
Mistras Group (MG) 24Q3 Update
Mistras Group reported 24Q3 EPS of $0.20 vs. 23Q3’s loss of $0.34 and my estimate of $0.24. Revenues of $182.7 million were up 1.9%, as a 3.6% decline in Mistras’s largest segment, Oil & Gas, was more than offset by … Continue reading
Merck & Co (MRK) 24Q3 Update
24Q3 sales rose 4.3% to $16.7 billion. Excluding currency, sales rose 7%. Once again, a double-digit gain in KEYTRUDA sales more than offset declining sales in the rest of the portfolio. GAAP diluted EPS was $1.24, below 23Q3’s $1.87 and … Continue reading
Pfizer (PFE) 24Q3 Update
Pfizer (PFE) reported 24Q3 revenues of $17.7 billion, up 33.8% from 23Q3, and 13% above my estimate. The key driver of the revenue beat came from Paxlovid, which posted sales of $2.7 billion, beating my estimate of $400 million. GAAP … Continue reading
Public Service Enterprise Group (PEG) 24Q3 Update
Public Service Enterprise Group (PEG) reported 24Q3 operating revenues of $2.64 billion, up 7.6% from 23Q3. Diluted GAAP EPS was $1.03 vs. $0.27 last year. 24Q3 operating income rose 16%, but most of the gain vs. the prior year was … Continue reading
Bristol-Myers Squibb (BMY) 24Q3 Update
24Q3 net revenue rose 8.4% to $11.9 billion, with gains in Eliquis, Reblozyl, Breyanzi and Opdivo as well as other medicines from BMY’s growth portfolio more than offsetting an LOE-related decline in Sprycel. Growth portfolio net revenues rose 4% sequentially … Continue reading
Organon & Co (OGN) 24Q3 Update
24Q3 revenues were $1.58 billion, up 4.1% year-over-year and up 5% at constant currency. GAAP diluted EPS was $1.38, compared with 23Q3’s $0.23, but above my estimate of $0.63. Non-GAAP EPS of $0.87 was even with last year, but below … Continue reading
American Water Works (AWK) 24Q3 Update
AWK reported 24Q3 EPS of $1.80, up from $1.66 in 23Q3 and above my estimate of $1.67. Operating revenues rose 13.4% to $1.32 billion. Water and wastewater revenues increased 11.3%, with billed water service volumes up 2.8% and estimated average … Continue reading
GE Healthcare Technologies (GEHC) 24Q3 Update
GEHC reported 24Q3 revenues of $4.86 billion, up 0.9% YOY and matching my estimate of $4.90 billion. Revenues were flat, except Life Support Solutions (within the PCS segment), where sales rose 16.8%, and the PDx segment, up 12.5%. Sales in … Continue reading
AT&T (T) 24Q3 Update
AT&T reported a 24Q3 GAAP loss of $0.03 per share, reversing last year’s $0.48 profit and falling short of my $0.56 estimate. The loss was entirely due to a $4.4 billion impairment charge taken against its Business Wireline segment. Non-GAAP … Continue reading
Baker Hughes (BKR) 24Q3 Update
BKR reported 24Q3 GAAP diluted EPS of $0.77 vs. 23Q3’s $0.51 and my estimate of $0.63. Non-GAAP EPS was $0.67, compared with $0.42 last year and my estimate of $0.65. Revenues of $6.9 billion rose 4.0% vs. 23Q3, but was … Continue reading
GE Vernova (GEV) 24Q3 Update
GE Vernova (GEV) reported a 24Q3 GAAP diluted loss per share of $0.35 compared with 23Q3’s pro forma loss of $0.62. This quarter saw a big increase in SG&A from standalone corporate and higher restructuring costs. Excluding those and other … Continue reading
GE Aerospace (GE) 24Q3 Update
GE Aerospace reported 24Q3 revenues of $9.8 billion, up 5.8% vs. the prior year; GAAP EPS from continuing operations was $1.56, compared with 23Q3’s $0.20; and non-GAAP EPS was $1.15 vs $0.92. Results exceeded my estimates of $1.18 for GAAP … Continue reading
Initiating Coverage on Spire Inc (SR)
Spire Inc. (NYSE:SR) is a public utility holding company based in St. Louis, MO. The company operates in three segments: Gas Utility, Gas Marketing and Midstream. Its Gas Utility segment accounts for 93% of Spire’s operating revenues and 80% of … Continue reading
Campbell Soup (CPB) 24Q4 Update
Campbell Soup Company (CPB) reported 24Q4 diluted GAAP loss per share of $0.01, compared with last year’s profit of $0.41. Non-GAAP EPS of $0.63, above last year’s $0.50, and matching my estimate of $0.63. Net sales were $2.39 billion, up … Continue reading
Hewlett Packard Enterprise (HPE) 24Q3 Update
HPE reported 24Q3 GAAP diluted EPS of $0.38, above 23Q3’s $0.35. Non-GAAP EPS was $0.50 vs. $0.49 last year. Net revenue of $7.71 billion rose 10.1% vs. the previous year. Results exceeded my estimates of $7.60 billion in revenue, $0.32 … Continue reading
Recent Trends in the Economy and Financial Markets
Stocks logged another month of gains in August, but once again September, it has started off with a sharp sell-off.
GE Aerospace (GE) 24Q2 Update
GE Aerospace reported 24Q2 revenues of $9.1 billion, up 3.9% year-over-year; GAAP EPS from continuing operations was $1.20, compared with 23Q2’s $1.09; and non-GAAP EPS was $1.20 vs $0.74. The mean estimates of analysts were $8.6 billion for revenues and … Continue reading
Toll Brothers (TOL) 24Q3 Update
Toll Brothers’ 24Q3 EPS was $3.60, down 3.5% from 23Q3’s $3.73. My estimate was $3.18. Consensus was $3.31. Deliveries of 2,814 units increased 11.5% YOY. The average sales price per unit fell 8.6% to $968,200. Adjusted gross margin of 28.8% … Continue reading
Diversified Healthcare Trust (DHC) Follow Up
Last year at this time, when I last wrote about DHC, the Trust had proposed to merge with another RMR Group affiliate, Office Properties Income Trust (OPI). That merger proposal was scuttled by opposing DHC shareholders.
Citius Pharmaceuticals (CTXR) 24Q3 Update
Citius Pharmaceuticals (CTXR) posted a 24Q3 loss of $10.9 million or $0.06 per share, matching my estimate. R&D expense fell by $1.0 million or 26.6% vs. the prior year, while general & administrative expense increased $1.1 million or 28.8%. The … Continue reading
New Jersey Resources (NJR) 24Q3 Update
24Q3 GAAP diluted loss per share was $0.12 and net financial loss per basic share, a non-GAAP measure, was $0.09. That compares with 23Q3 GAAP EPS of $0.02 and net financial earnings per share (NFEPS) of $0.10. I had projected … Continue reading
Organon (OGN) 24Q2 Update
24Q2 revenues were $1.607 billion, down 0.1% year-over-year, but up 2% at constant currency. GAAP diluted EPS was $0.76, below 23Q2’s $0.95, but above my estimate of $0.67. Non-GAAP EPS of $1.12 was behind last year’s $1.31, but a penny … Continue reading
GE Healthcare (GEHC) 24Q2 Update
GE Healthcare Technologies (GEHC) reported 24Q2 revenues of $4.84 billion, up 0.5% YOY and but 1.9% below my estimate. Excluding currency and acquisitions, revenue increased 1%. Revenues declined in all segments, except PDx, which rose 12.5%. Sales in China fell … Continue reading
Pfizer (PFE) 24Q2 Update
Pfizer (PFE) reported 24Q2 revenues of $13.3 billion, up 4% from 23Q2, but 4.5% below my estimate. The shortfall from projections was due mostly to lower than expected sales of Comirnaty, Prevnar, Paxlovid and Abrysvo. Pfizer’s GAAP EPS was $0.01, … Continue reading
Mistras Group (MG) 24Q2 Update
Mistras Group reported 24Q2 EPS of $0.20 vs. 23Q2’s $0.01 and my estimate of $0.11. Revenues of $189.8 million were up 7.8%, with all industry segments posting gains, including double-digit gains in segments that had been experiencing steady declines. Gross … Continue reading
Merck & Co (MRK) 24Q2 Update
24Q2 sales increased 7.2% to $16.1 billion. Excluding currency, sales rose 11%. The sales gain came almost entirely from an increase of $1.0 billion in Keytruda. However, a few recently launched medicines posted solid sales, including Wellireg, Winrevair and Reblozyl
American Water Works (AWK) 24Q2 Update
AWK reported 24Q2 EPS of $1.42, down from $1.44 in 23Q2 and below my estimate of $1.48. Operating revenues rose 4.7% to $1.14 billion. Billed water service volumes declined 0.4%, but this was more than offset by an estimated 5.3% … Continue reading
Public Service Enterprise Group (PEG) 24Q2 Update
Public Service Enterprise Group (PEG) reported 24Q2 operating revenues of $2.42 billion, unchanged from 23Q2. PSE&G’s operating revenues rose 26.2% to $1.86 billion. PSEG Power & Other’s net revenues, excluding sales to affiliates, fell 24.2% to $0.68 billion. 24Q2 diluted … Continue reading
AT&T (T) 24Q2 Update
AT&T reported 24Q2 GAAP EPS of $0.49, below last year’s $0.62 and my estimate was $0.58. Non-GAAP EPS was $0.57, below last year’s $0.63 and my estimate of $0.62. Free cash flow was $4.6 billion in the quarter, above 23Q2’s … Continue reading
Bristol-Myers Squibb (BMY) 24Q2 Update
24Q2 net revenue rose 8.7% to $12.2 billion, with a solid gains in Opdivo, Eliquis and a bevy of medicines from BMY’s growth portfolio, more than offsetting an LOE-related decline in Revlimid. Growth portfolio net revenues rose 17% sequentially and … Continue reading
Baker Hughes (BKR) 24Q2 Update
BKR reported 24Q2 GAAP diluted EPS of $0.58 vs. 23Q2’s $0.40 and my estimate of $0.47. Non-GAAP EPS was $0.57 compared with $0.39 last year and my estimate of $0.48. Revenues of $7.5 billion rose 13.1% vs. 23Q2, and were … Continue reading
GE Vernova (GEV) 24Q2 Update
In its first quarter since being spun off by General Electric on April 2, GE Vernova (GEV) reported GAAP diluted EPS of $4.69 compared with a pro forma loss of $0.55 in 23Q2. This quarter’s results included an $847 million … Continue reading
New Jersey Resources (NJR) 24Q2 Update
24Q2 GAAP diluted EPS was $1.22 and net financial earnings per basic share (NFEPS), a non-GAAP measure, was $1.40. That compares with 23Q2 GAAP EPS of $1.13 and NFEPS of $1.15. The results exceed my expectations. The consensus NFEPS estimate … Continue reading
Toll Brothers (TOL) 24Q2 Update
Toll Brothers’ 24Q2 EPS was $4.55, up 60% from 23Q2’s $2.85. Excluding a $1.17 profit from a land sale, 24Q2 EPS was $3.38. My estimate was $3.06. Deliveries of 2,641 units increased 6% YOY. The average sales price per unit … Continue reading
Public Service Enterprise (PEG) 24Q1 Update
Public Service Enterprise Group (PEG) reported 24Q1 operating revenues of $2.76 billion, down 26.5% from $3.76 billion in 23Q1. PSE&G’s operating revenues rose 1.7% to $2.33 billion. PSEG Power & Other’s net revenues, excluding sales to affiliates, decreased 70.8% $0.43 … Continue reading
Mistras Group (MG) 24Q1 Update
Mistras Group reported 24Q1 EPS of $0.03 vs. 23Q1’s loss of $0.17 and my estimate of $0.00. Revenues of $184.4 million were up 9.8%, due mostly to strong maintenance turnaround activity in the Oil & Gas sector. Gross profit rose … Continue reading
Recent Trends in the Economy and Financial Markets
Stocks advanced again in May, but the rally may be running out of steam. The S&P Composite 1500 rose 3.0%.
Campbell Soup (CPB) 24Q3 Update
Campbell Soup Company (CPB) reported 24Q3 diluted GAAP EPS of $0.44, below last year’s $0.53. Non-GAAP EPS was $0.76, above last year’s $0.68, and in line with my estimate of $0.75. Net sales were $2.37 billion, 6.3% above 23Q3. The … Continue reading
Citius Pharmaceuticals (CTXR) 24Q2 Update
Citius Pharmaceuticals (CTXR) posted a 24Q2 loss of $8.5 million or $0.05 per share, $0.02 below my estimate, mostly because of an unexpected $2.3 million gain on the sale of NOLs. R&D expense declined by about $1.1 million vs. the … Continue reading
American Water Works (24Q1) Update
AWK reported 24Q1 EPS of $0.95, up from $0.91 in 23Q1. Consensus was $0.97. This quarter’s results included a $0.02 benefit from an increase in interest income on the Home Services Group seller note. Operating revenues rose 7.8% to $1.01 … Continue reading
Merck & Co (MRK) 24Q1 Update
24Q1 sales increased 8.9% to $15.8 billion. Excluding currency, sales rose 12%. The sales gain came from an increase of $1.15 billion in Keytruda and $277 million in Gardasil. GAAP diluted EPS was $1.87 per share vs. last year’s $1.11, … Continue reading
Hewlett Packard Enterprise (HPE) 24Q2 Update
HPE reported 24Q2 GAAP diluted EPS of $0.24, below 23Q4’s $0.32. Non-GAAP EPS was $0.42 vs. $0.52 last year. Net revenue of $7.20 billion rose 3.3%. Results beat the consensus estimates of $6.83 billion for revenue and $0.39 for EPS. … Continue reading
Organon (OGN) 24Q1 Update
24Q1 revenues were $1.622 billion, up 5.5% year-over-year, but up 7% at constant currency. GAAP diluted EPS was $0.78, above 23Q1’s $0.69 and my estimate of $0.77. Non-GAAP EPS of $1.22 was above last year’s $1.08 and also above my … Continue reading
Pfizer (PFE) 24Q1 Update
Pfizer (PFE) reported 24Q1 revenues of $14.9 billion, down 19% from 23Q1, but 7% above my estimate. Its GAAP EPS was $0.55 and non-GAAP EPS $0.82, down from $0.97 and $1.23 last year, but well ahead of my estimates of … Continue reading
GE Healthcare (GEHC) 24Q1 Update
GEHC reported 24Q1 revenues of $4.65 billion, down 1.2% YOY and 4.1% below my estimate. Excluding currency, revenue was flat. Revenues declined in Imaging, Ultrasound and PCS, but PDx revenue increased 7.3%. Sales in China fell 11%. The company faced … Continue reading
Bristol-Myers Squibb (BMY) 24Q1 Update
Bristol-Myers Squibb (BMY) reported 24Q1 revenues of $11.9 billion, up 5% from 23Q1. Its GAAP loss per share was $5.89 and non-GAAP loss $4.40, reversing last years earnings of $1.07 GAAP and $2.05 non-GAAP. 24Q1’s revenues were $330 million or … Continue reading
Recent Trends in the Economy and Fixed Income 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 nearly 4.0% … Continue reading
Stocks Recover Quickly From April Lows
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%.
AT&T (T) 24Q1 Update
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 in the … Continue reading
Baker Hughes (BKR) 24Q1 Update
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, and matched … Continue reading
Citius Pharma Raises $15M in Registered Direct Equity Offering
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 at a … Continue reading
Initiating Coverage of Pfizer (PFE)
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 in 2023. … Continue reading
AT&T (T) 23Q4 Update
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 a $1.7 … Continue reading
Notes and Analysis from EEI’s 2024 Wall Street Briefing
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 member companies, … Continue reading
Baker Hughes (BKR) 23Q4 Update
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, in line … Continue reading
Citius Pharmaceuticals 23Q4 Update
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 extension of … Continue reading