Author Archives: Stephen Percoco
New Jersey Resources (NJR) 24Q3 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
Hewlett Packard Enterprise (HPE) 23Q4 Update
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 of $7.35 … Continue reading
New Jersey Resources (NJR) 23Q4 Update
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 $0.30 and … Continue reading
Mistras Group (MG) 23Q3 Update
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 associated with … Continue reading
Campbell Soup (CPB) 24Q1 Update
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 were $2.52 … Continue reading
GE Healthcare Technologies (GEHC) 23Q3 Update Report
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 against a … Continue reading
Toll Brothers (TOL) 23Q4 Update Report
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% to $3.02 … Continue reading
Public Service Enterprise Group (PEG) 23Q3 Update
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 a decline … Continue reading
Merck (MRK) 23Q3 Update
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.
Bristol-Myers Squibb (BMY) 23Q3 Update
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 and 19% … Continue reading
AT&T (T) 23Q3 Update
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 a $450 … Continue reading
Organon (OGN) 23Q3 Update
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 and my … Continue reading
American Water Works (AWK) 23Q3 Update
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 billion. Billed … Continue reading
Baker Hughes (BKR) 23Q3 Update
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 billion rose … Continue reading
Campbell Soup (CPB) 23Q4 Update
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 last year’s … Continue reading
General Electric (GE) 23Q3 Update
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 EPS of … Continue reading
A Quick Review of Economic Trends
Job Growth Rebounds; Wage Growth Slows. The pace of job creation rebounded in September. Payroll employment increased by 336,000, about twice the consensus estimate. Gains for August and July were both revised upward. This was the largest monthly increase in … Continue reading
A Quick Review of Interest Rates and Inflation
The FOMC Pauses Again. At its September meeting, as expected, the FOMC held the target range for the Fed Funds rate steady at 5.25%-5.50%. In the press release accompanying the statement, the Committee noted that while inflation remains elevated, tighter … Continue reading
A Quick Review of September’s Stock Market Trends
Stocks lost more ground in September, the second consecutive month of decline. The losses appear to be driven by the evolving sentiment that interest rates will remain higher for longer. This caused valuation multiples to compress across almost all stocks. … Continue reading
Hewlett Packard Enterprise (HPE) 23Q3 Update
HPE reported 23Q3 GAAP diluted EPS of $0.35 vs. 22Q2’s $0.31 and my estimate of $0.35. Non-GAAP EPS of $0.49 was a penny above last year and two pennies above my estimate of $0.47. Net revenue of $7.00 billion was … Continue reading
Diversified Healthcare Trust (DHC) 23Q2 Update
23Q2 GAAP loss was $0.30 per share and normalized FFO was $0.05 per share, an improvement over 22Q2’s loss of $0.46 and FFO of -$0.14. The GAAP net loss was higher than the $0.24 loss that I projected, but normalized … Continue reading
New Jersey Resources (NJR) 23Q3 Update
23Q3 GAAP EPS was $0.02 and net financial earnings per share (NFEPS), a non-GAAP measure, was $0.10 per basic share. That compares with 22Q3 GAAP EPS of $0.14 and NFEPS of –$0.04. I had anticipated a GAAP loss of $0.07 … Continue reading
Bluegreen Vacations Holding Corp. (BVH) 23Q2 Update
23Q2 net income attributable to BVH was $21.9 million or $1.07 per diluted share compared with 22Q2’s $17.8 million or $0.87. Revenues grew 10.7% to $260.6 million, and costs and expenses rose 9.0% to $226.1 million. SG&A expenses, a key … Continue reading
Citius Pharmaceuticals (CTXR) 23Q3 Update
Citius Pharmaceuticals (CTXR) posted a 23Q3 loss of $8.5 million or $0.06 per share, $0.01 less than my estimate, mostly because of a $1.1 million decrease in R&D spending associated with all of its clinical programs (except for Halo-Lido, a … Continue reading
Organon & Co. (OGN) 23Q2 Update
23Q2 revenues were $1.61 billion, up 1.5% YOY and up 4% at constant currency. GAAP diluted EPS was $0.95, better than 22Q2’s $0.92 and above my estimate of $0.87. Non-GAAP EPS of $1.31 was higher than last year’s $1.25 and … Continue reading
Mistras Group (MG) 23Q2 Update
Mistras Group reported 23Q2 EPS of $0.01, below 22Q2’s $0.15 and my estimate of $0.18. Revenues of $176.0 million were down 1.7% vs. 22Q2’s $179.0 million and also below my estimate of $186.1 million. The shortfall was attributed to a … Continue reading
Public Service Enterprise Group (PEG) 23Q2 Update
Public Service Enterprise Group (PEG) reported 23Q2 operating revenues of $2.42 billion, up 16.6% from $2.08 billion in 22Q2. PSE&G’s operating revenues were flat at $1.66 billion. PSEG Power & Other’s revenues increased 40% $0.9 billion, due to a large … Continue reading
Merck & Co. (MRK) 23Q2 Update
23Q2 sales increased 4.2% to $14.5 billion, but rose 11% excluding Lagevrio, a COVID-19 medicine. The sales gain ex-Lagevrio was due to sales increases of $1 billion in Keytruda and $800 million in Gardasil.
American Water Works 23Q2 Update
AWK reported 23Q2 EPS of $1.44, up from $1.20 in 22Q2 and my estimate of $1.18. This quarter’s results included a $0.07 benefit from warm, dry weather. Operating revenues increased 17.1% to $1.1 billion. Billed water service volumes increased 3.7%, … Continue reading
Bristol-Myers Squibb (BMY) 23Q2 Update
23Q2 net revenue dipped 5.6% to $11.2 billion, more than expected, mostly on a faster sales decline for Revlimid, which has lost exclusivity. Opdivo sales rose at the slowest YOY pace since the early pandemic. Revenues from newly launched products … Continue reading
GE Healthcare Technologies (GEHC) 23Q2 Update
GEHC reported 23Q2 revenues of $4.82 billion, up 7.4% YOY. Revenues increased 9% organically. Orders were also up 6% organically. Equipment revenues grew 11%; while services rose 1%. The strong growth in equipment augurs well for services revenue growth over … Continue reading
General Electric (GE) 23Q2 Update
GE reported 23Q2 revenues of $16.7 billion, up 18.2% year-over-year; GAAP EPS from continuing operations of $0.91, compared with 22Q2’s $1.09 loss; and non-GAAP EPS of $0.68 vs 22Q2’s $1.14. I had anticipated GAAP EPS of $0.23 per share and … Continue reading
Baker Hughes (BKR) 23Q2 Update
BKR reported 23Q2 GAAP diluted EPS of $0.40 vs. a loss of $0.84 a year ago and my estimate of $0.27. Non-GAAP EPS was $0.39 compared with $0.11 last year and my estimate of $0.33. Revenues of $6.3 billion rose … Continue reading
Initiating Coverage on AT&T (T)
AT&T reported 23Q2 results that slightly exceeded guidance and consensus estimates. The results also raised confidence that the company can achieve its 2023 free cash flow target of $16 billion.
Citius Pharmaceuticals (CTXR) 23Q2 Update Report
Citius Pharmaceuticals (CTXR) posted a 23Q2 loss of $0.07 per share, $0.02 more than I had anticipated, mostly because of higher R&D spending associated with the ongoing clinical trials of Mino-Lok and Halo-Lido and also due to pre-launch and market … Continue reading
Bluegreen Vacations Holding Corp. (BVH) 23Q1 Update
23Q1 net income attributable to shareholders was $11.5 million or $0.71 per diluted share, compared with 22Q1’s $16.0 million or $0.76 per share. Revenues grew 12.3% to $219.1 million, but operating expenses rose 17.4% to $199.2 million, with double-digit increases … Continue reading
GE Healthcare Technologies (GEHC) 23Q1 Update
GEHC reported 23Q1 revenues of $4.71 billion, up 8.4% YOY. Excluding currency, revenue increased 12.4%. Operating income rose 9.8% to $559 million. Incremental interest expense from debt taken on in the spin-off plus an increase in the effective tax rate … Continue reading
Campbell Soup Co. (CPB) 23Q3 Update
Campbell Soup Company (CPB) reported 22Q3 EPS of $0.53 below last year’s $0.62 and my estimate of $0.61. Net sales were $2.23 billion, 4.6% above 22Q3 and in line with my estimate. Diluted Non-GAAP EPS was $0.68, down 3.1% YOY … Continue reading
Hewlett Packard Enterprise (HPE) 23Q2 Update
HPE reported 23Q2 GAAP diluted EPS of $0.32 vs. 22Q2’s $0.19 and my estimate of $0.31. Non-GAAP EPS of $0.52 increased 18% over last year’s figure and my estimate of $0.45. Net revenue of $6.97 billion was up 3.9% over … Continue reading
Toll Brothers (TOL) 23Q2 Update
Toll Brothers’ 23Q2 EPS was $2.85, up 54% from 22Q2’s $1.85 and above my estimate of $1.87. Revenues increased 10.1% to $2.51 billion and exceeded my estimate of $2.17 billion. Deliveries of 2,492 units increased 3.5% exceeding management’s guidance. The … Continue reading
Mistras Group (MG) 23Q1 Update
Mistras Group reported a 23Q1 loss of $0.17, slightly better than 22Q1’s $0.18 loss, but wider than my estimate of a $0.08 loss. Revenues of $168.0 million were 3.9% above 22Q1’s $161.7 million and also above my estimate of $166.0. … Continue reading
New Jersey Resources (NJR) 23Q2 Update
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 basic share … Continue reading
Organon & Co. 23Q1 Update
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 also below … Continue reading
Merck (MRK) 23Q1 Update
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 Keytruda sales … Continue reading
General Electric (GE) 23Q1 Update
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 $0.14 per … Continue reading
Baker Hughes (BKR) 23Q1 Update Report
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. 22Q1, 4% … Continue reading
Public Service Enterprise Group (PEG) 23Q1 Update
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 more than … Continue reading
Citius Pharma (CTXR) Completes $15 Million Direct Registered Offering
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 proceeds of … Continue reading
Bristol-Myers Squibb (BMY) 23Q1 Update
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 patent expiry. … Continue reading
American Water Works (AWK) 23Q1 Update
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 offsetting a … Continue reading
Hewlett Packard Enterprise (HPE) 23Q1 Update
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 segments recorded … Continue reading
Campbell Soup Company (CPB) 23Q2 Update
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 better than … Continue reading
New Jersey Resources (NJR) 23Q1 Update
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 basic share … Continue reading
Toll Brothers (TOL) 23Q1 Update
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 average sales … Continue reading
Mistras Group (MG) 22Q4 Update
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 and exceeded … Continue reading
Citius Pharmaceuticals (CTXR) 23Q1 Update
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 of New … Continue reading
Organon & Co (OGN) 22Q4 Update
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 a penny … Continue reading
Merck & Co., Inc. 22Q4 Update
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% to $1.53. … Continue reading
Bristol-Myers Squibb (BMY) 22Q4 Update
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 of $0.67, … Continue reading
Housing Market Update – March 2023
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) of single-family … Continue reading
American Water Works (AWK) 22Q4 Update
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, 22Q4’s lower … Continue reading
General Electric (GE) 22Q4 Update
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 share and … Continue reading
GE Healthcare Technologies (GEHC) 22Q4 Update
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 million. GAAP … Continue reading
Baker Hughes (BKR) 22Q4 Update
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 increased 7.7% … Continue reading
Citius (CTXR) at Sidoti
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 its plans … Continue reading
2022 Large Cap Performance Analysis
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 handful of … Continue reading
Citius Pharmaceuticals (CTXR) 22Q4 Update
In 2022, Citius Pharmaceuticals completed its Phase 3 trial for I/ONTAK, indicated for the treatment of persistent or recurrent cutaneous T-cell lymphoma (CTCL) and submitted its Biologics Licensing Application to the FDA. It has a PDUFA target date of July … Continue reading
Toll Brothers (TOL) 22Q4 Update
Toll Brothers reported fiscal 22Q4 results that were much stronger than I anticipated. 22Q4 diluted earnings per share were $5.63 up 86% from $3.02 in 21Q4 and better than my estimate of $3.93. Excluding a $140 million (estimated $0.94 per … Continue reading
GE Healthcare Technologies (GEHC)
GE Healthcare Technologies (GEHC) will be spun-off from General Electric Company (GE) on January 4, 2023. Under the terms of the spin-off, GE shareholders will receive one share of GEHC for every three shares of GE that they own. In … Continue reading
Hewlett Packard Enterprise (HPE) 22Q4 Update
HPE reported a 22Q4 GAAP loss of $0.23 per diluted share vs. earnings of $0.31 in 21Q4. My estimate called for earnings of $0.37. All of the shortfall was due to a $905 million ($0.68 per share) goodwill impairment charge … Continue reading
Campbell Soup (CPB) 23Q1 Update
Campbell Soup Company (CPB) reported much stronger than expected 23Q1 net sales and profits (vs. my estimates). Net sales were $2.58 billion, 15% above 22Q1 and 9% above my estimate. Diluted Non-GAAP EPS was $1.02, up 14% YOY and better … Continue reading
November Housing Market Update
Housing market data from the U.S. Commerce Dept. and others show sales and production falling at a rapid rate. The seasonally adjusted annualized rate (SAAR) of single-family housing starts and building permits has fallen for eight consecutive months by about … Continue reading
New Jersey Resources (NJR) 22Q4 Update
NJR reported 22Q4 GAAP net income of $0.56 per diluted share and net financial earnings (NFE), a non-GAAP measure, of $0.50 per basic share. That compares with the 21Q4 GAAP loss of $0.01 per share and NFE per basic share … Continue reading
Mistras Group, Inc. (MG) 22Q3 Update
Mistras Group reported 22Q3 EPS of $0.14, above 21Q3’s $0.11 and my estimate of $0.23. Revenues of $178.5 million were 2.2% above the year earlier period but also below my expectations. My projections were in line with the company’s implied … Continue reading
Bluegreen Vacations Holding Corp. (BVH) 22Q3 Update
22Q3 net income attributable to shareholders was $23.0 million or $1.19 per diluted share, compared with 21Q3’s $23.1 million or $01.06 per share. Revenues grew 17.0% to $250.8 million, but operating expenses rose 19.8% to $152.9 million. The increase in … Continue reading
AlerisLife Inc. (ALR) 22Q3 Update
AlerisLife reported a 22Q3 net loss of $8.5 million or $0.27 per share, better than the 22Q2 loss of $8.8 million or $0.28 per share and the 21Q3 loss of $10.2 million or $0.32 per share. I had estimated a … Continue reading
Diversified Healthcare Trust (DHC) 22Q3 Update
22Q3 GAAP loss was $0.34 per share and normalized FFO was –$0.06 per share, below my forecast of ‑$0.23 and +$0.01, respectively. The Office Portfolio met expectations, but Senior Housing Operating Portfolio (SHOP) results were disappointing as improved occupancy and … Continue reading