Category Archives: Sectors

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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.

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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.

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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

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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

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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

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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

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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

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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.

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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Organon & Co. (OGN) 22Q3 Update

22Q3 revenues were $1.537 billion, down 3.9% year-over-year, but up 3% at constant currency.  GAAP diluted EPS was $0.92, below 21Q3’s $1.27, but above my estimate of $0.82.  Non-GAAP EPS of $1.36 was below last year’s $1.61, but also above … Continue reading

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Merck & Co (MRK) 22Q3 Update

22Q3 sales rose 13.7% to $15.0 billion with double-digit gains in KEYTRUDA and GARDASIL/GARDASIL 9.  GAAP diluted EPS fell 29.0% to $1.28; but non-GAAP diluted EPS rose 5.6% to $1.85.  The company recorded an $887 million ($0.27 per share) asset … Continue reading

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American Water Works (AWK) 22Q3 Update

AWK reported 22Q3 EPS of $1.63, up 6.5% from $1.53 in 21Q3 and above my estimate of $1.52.  Operating revenues decreased 0.9% to $1.08 billion, as regulatory rate increases were more than offset by lost revenues from the sales of … Continue reading

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Public Service Enterprise Group (PEG) 22Q3 Update

Public Service Enterprise Group (PEG) reported 22Q3 operating revenues of $2.27 billion, up 19.4% from 21Q3.  The increase in revenues was due mostly to higher gas supply sales to third parties at PEG Power and higher commodity revenues, including higher … Continue reading

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Bristol-Myers Squibb (BMY) 22Q3 Update

22Q3 revenue declined 3.5% to $11.2 billion, mostly because of a drop in Revlimid sales due to patent expiry.  GAAP EPS increased 8.5% to $0.75, but that was slightly below my estimate of $0.77, due mostly to a higher income … Continue reading

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General Electric (GE) 22Q3 Update

GE announced 22Q3 revenues of $19.5 billion, up 0.5% year-over-year, a GAAP loss per share of $0.14, compared with 21Q3’s $0.54 profit, and non-GAAP EPS of $0.35, below 21Q3’s $0.53.  I had anticipated a GAAP EPS of $0.44 per share … Continue reading

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Baker Hughes (BKR) 22Q3 Update

BKR reported a 22Q3 GAAP net loss of $0.02 per share vs. 21Q3’s profit of $0.01.  Non-GAAP adjusted EPS was $0.26 vs. $0.16.  I had anticipated 22Q3 GAAP EPS of $0.18 and Non-GAAP EPS of $0.30.  BKR’s 22Q3 non-GAAP EPS … Continue reading

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Initiating Coverage of New Jersey Resources Corp (NJR)

NJR reported 22Q3 GAAP net income of $0.14 per diluted share and a net financial loss (a non-GAAP measure) of $0.04.   That compares with the 21Q3 GAAP loss of $1.16, owing to an impairment charge on its investment in the … Continue reading

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September Housing Market Update

The average rate on the 30-year mortgage has risen above 6.00% in response to the latest hike in the Fed Funds target rate.  Freddie Mac’s Primary Mortgage Market Survey pegged the average rate at 6.29% this week. The CME’s Fed … Continue reading

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Campbell Soup (CPB) 22Q4 Update

Fiscal 22Q4 net sales of $2.0 billion increased 6.1% YOY.  GAAP diluted EPS was $0.32, below 21Q4’s $0.95.  Non-GAAP adjusted EPS of $0.56 exceeded 21Q4’s $0.52.  These results were generally in line with my expectations.

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