Basic Materials

Albemarle’s Q3 Adjusted Earnings Fall, Sales Rise; 2023 Outlook Trimmed

/ / Basic Materials /

Albemarle (ALB) reported Q3 adjusted earnings late Wednesday of $2.74 per diluted share, down from $7.50 a year earlier. Analysts polled by Capital IQ expected $3.74. Net sales for the quarter ended Sept. 30 were $2.31 billion, compared with $2.09 billion a year earlier. Analysts surveyed by Capital IQ expected $2.53 billion. For 2023, the company said it now expects adjusted earnings of $21.50 to $23.50 per diluted share, from a prior outlook of $25 to $29.50. Analysts surveyed by Capital IQ expect $22.96. The company now expects net sales to be between $9.5 billion and $9.8 billion for the year, from its previous range of $10.4 billion to $11.5 billion. Analysts polled by Capital IQ expect $9.62 billion.

Albemarle’s Q3 Adjusted Earnings Fall, Sales Rise; 2023 Outlook Trimmed Read Post »

CFRA Reiterates Buy Opinion On Shares Of United States Steel Corporation

/ / Basic Materials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our 12-month target by $4 to $39, which values X at an EV/EBITDA of 5.5x our 2024 EBITDA estimate, below the peer group average forward EV/EBITDA of 7.0x, but above X’s three-year average of 2.9x. We raise our 2023 EPS view by $0.50 to $4.55 and 2024’s by $1.74 to $3.75. X posted Q3 adj. EPS of $1.40 vs. $1.95, $0.25 above consensus, driven by a top-line beat of 4%. Q3 adj. EBITDA fell 32% Y/Y, but beat consensus by 4.3%. Q3 free cash flow was $232 million, which is after spending $432 million on strategic capex related to ongoing projects. During the Q3 conference call, management stressed that 2024 consensus forecasts are much too pessimistic. Even when assuming a price headwind of an average

CFRA Reiterates Buy Opinion On Shares Of United States Steel Corporation Read Post »

CFRA Upgrades Opinion On Shares Of Newmont Corporation To Buy From Sell

/ / Basic Materials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our 12-month target by $9 to $45, as we value NEM at an EV/EBITDA of 5.8x our 2024 EBITDA view, in line with peers, but a discount to NEM’s three-year average forward EV/EBITDA of 7.2x. We trim our 2023 EPS view by $0.17 to $1.81, but hike 2024’s by $0.52 to $2.79. NEM posted Q3 adj. EPS of $0.36 vs. $0.27, $0.04 below consensus, on a sales miss of 12%. During Q3, NEM generated $1 billion in operating cash flow and $397 million in free cash flow. Our upgrade to Buy is the result of incrementally positive gold price fundamentals (with heightened geopolitical risk and the Fed near the end of rate hikes) and our view that NEM’s operations are poised to improve starting in

CFRA Upgrades Opinion On Shares Of Newmont Corporation To Buy From Sell Read Post »

United States Steel’s Q3 Adjusted Earnings, Sales Decline; Dividend Maintained

/ / Basic Materials /

United States Steel (X) reported Q3 adjusted diluted earnings Thursday of $1.40 a share, down from $1.98 a year earlier. Analysts surveyed by Capital IQ expected $1.15. Sales for the quarter ended Sept. 30 were $4.43 billion, down from $5.2 billion a year earlier. Two analysts surveyed by Capital IQ expected $4.26 billion. The company said its board maintained a quarterly dividend of $0.05 per share, payable Dec. 7 to stockholders of record on Nov. 6.

United States Steel’s Q3 Adjusted Earnings, Sales Decline; Dividend Maintained Read Post »

CFRA Reiterates Hold Opinion On Shares Of Dow Inc.

/ / Basic Materials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lower our 12-month price target by $1 to $53 on a forward P/E of 14.7x our 2024 EPS estimate, in line with the five-year average. We lower our 2023 EPS estimate by $0.32 to $2.28, 2024’s by $0.48 to $3.64 and set 2025’s at $4.59. Q3 sales declined 24% Y/Y on lower volumes (-6%), mainly due to lower merchant hydrocarbons and energy sales, as well as local price declines (-18%) due to lower feedstock and energy costs. DOW posted Q3 EPS of $0.48, beating consensus by $0.04. We believe DOW will continue to face demand and price challenges throughout the rest of the year, with slower-than-expected recovery in China, weak demand in Europe, and mixed indications in the U.S. That said, we expect auto sales and

CFRA Reiterates Hold Opinion On Shares Of Dow Inc. Read Post »

Scroll to Top