Industrials

RTX Corp(RTX) Q1 2024 Earnings Conference

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The following is a summary of the RTX Corporation (RTX) Q1 2024 Earnings Call Transcript: Financial Performance: RTX Corporation reported Q1 sales of $19.3 billion, marking a 12% increase in organic sales since last year. The company backlog now stands at $202 billion, up 12% from the prior year. The company experienced a 10% growth in the segment operating profit that was partially offset by lower pension income and higher interest expenses. Adjusted earnings per share were up 10% year-over-year to $1.34. The free cash flow outflow was $125 million, which aligned with expectations and indicated a $1.3 billion year-over-year improvement. Business Progress: The departure of CEO Greg Hayes was announced with Chris Calio slated to be his successor. The business saw a 33% increase in commercial OE sales and Defense sales saw 7% growth year-over-year with a backlog of $77 billion. The fiscal year 2024 will see significant defense […]

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CFRA Keeps Hold Opinion On Shares Of General Electric Company

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $167, raised $20, reflects a 29x multiple of our projected 2025 EPS. The applied multiple is above that of our aerospace universe average, but merited, in our view, by improving aftermarket services results. We cut our 2024 EPS estimate by $0.36 to $4.00 and lift 2025’s by $0.30 to $5.75. Q1 EPS of $0.82 vs. $0.27, beat the consensus view by $0.12. GE Aerospace orders rose 34% Y/Y, with roughly similar growth rates in both CES (commercial aerospace) and DPT (defense) segments. We see CES as benefiting from demand for commercial aircraft, both for new planes as well as for servicing older aircrafts. Q1 revenues in CES rose 16%, benefiting from pricing traction and volume growth. GE is also working with key

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Visa 2Q Revenue Climbs as Payments Volume Grows

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Visa said revenue climbed in the second quarter amid an increase in payments volume and stable consumer spending levels. The credit-card company on Tuesday posted a net profit of $4.66 billion, or $2.29 a share, in the three months ended March 31, with $4.26 billion, or $2.03 a share, for the same period a year earlier. Stripping out one-time items, earnings per share came in at $2.51. Analysts surveyed by FactSet had forecast adjusted earnings per share of $2.44. Revenue increased 9.9% to $8.78 billion, beating analysts’ expectations of $8.62 billion according to FactSet. Visa said payments volume rose 8% and its processed transactions climbed 11% in the period.

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Visa Fiscal Q2 Non-GAAP EPS, Net Revenue Increase; Declares Dividend

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Visa (V) reported fiscal Q2 non-GAAP earnings late Tuesday of $2.51 per diluted share, up from $2.09 a year earlier. Analysts polled by Capital IQ expected $2.43. Net revenue for the quarter ended March 31 was $8.78 billion, up from $7.99 billion a year earlier. Analysts surveyed by Capital IQ expected $8.62 billion. The company’s board declared a quarterly dividend of $0.52, payable on June 3 to holders of record on May 17. Visa shares rose nearly 3% in after-hours trading.

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Boeing Earnings Are Coming. Brace for Turbulence. — Barrons.com

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Boeing earnings are coming Wednesday morning, before the market open. Investors have to pay attention to, well, everything. There is the obvious topic of production quality: Boeing stock has lost more than 30% since an emergency door plug blew off a 737 MAX 9 jet operated by Alaska Air on Jan. 5. The incident resulted in slower production, millions paid in compensation to airline customers, and more oversight by the Federal Aviation Administration. There is also the issue of management succession. In March, current CEO Dave Calhoun announced he would step down at the end of the year, without naming a successor. Jefferies analyst Sheila Kahyaoglu recently wrote about what she would do as a new Boeing CEO. One thing, she says, is to walk away from Boeing’s $10 billion annual free cash flow target by 2026. It creates unnecessary expectations, she wrote in an April 21 note: “External pressures

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Lockheed Martin(LMT) Q1 2024 Earnings Conference

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The following is a summary of the Lockheed Martin Corporation (LMT) Q1 2024 Earnings Call Transcript: Financial Performance: Lockheed Martin reported Q1 sales of $17.2 billion, a 14% Year over Year (YoY) increase. Operating profit stood at $1.7 billion while GAAP earnings per share were $6.39, each falling by 3% compared to the previous year. The company reported a hefty backlog of $159 billion. Lockheed generated $1.3 billion in free cash flow. Despite strong revenue growth in Q1, the company is cautious of potential losses exceeding $1 billion on a classified program, though this risk is accounted for in their guidance. Business Progress: Lockheed Martin’s ongoing projects and deliveries include the F-16 Block 70 jets, Air-launched Rapid Response Weapon (ARRW), and a novel homeland missile defense system (called the next-generation interceptor or NGI). The company has announced a partnership with Intel to support the simulated transition for Advanced Microelectronics Packaging.

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CFRA Keeps Hold Opinion On Shares Of Lockheed Martin Corporation

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $457, up $17, reflects 16.5x our 2025 EPS estimate, in line with LMT’s historical forward average. We lift our 2024 EPS estimate by $0.21 to $26.29 and 2025’s by $0.57 to $27.72. Q1 EPS of $6.33 vs. $6.43 beat consensus by $0.47. We think supplemental spending, which has passed the House but has yet to pass the Senate, could be additive to overall Department of Defense spending, although probably not by much more than inflation. Q1 sales of $17.2B rose 5% year-over-year on a normalized basis. LMT reaffirmed 2024 revenue guidance in a range of $68.5B to $70.0B and EPS in a range of $25.65 to $26.35. The midpoints imply low-single-digit revenue growth accompanied by some margin compression because EPS is expected

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Visa, Mastercard Benefiting From Strong International Travel Trends, Morgan Stanley Says

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Visa (V) and Mastercard (MA) are expected to continue benefiting from a positive outlook on international travel, with international departures from the US climbing above pre-pandemic levels, analysts at Morgan Stanley wrote in a note Monday. Citing data from the US International Trade Administration and Department of Homeland Security as well as anecdotal information from airlines, Morgan Stanley analysts said international travel likely will stay healthy through 2024 while supporting “higher-yielding cross-border volume growth at Visa and Mastercard.” Total card spending, as recently reported by the larger banks, similarly continued to edge higher during the first three months of 2024 compared with the prior quarter, they said. The analysts also expect the credit card companies to drive increased revenue over time through a variety of value-added services for merchants and financial institutions, including new customer identification, cybersecurity and open banking applications. Overall, Visa and Mastercard should produce “consistent” double-digit growth

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American Express EPS Growth Achievable, Sustainable After 2024 Outlook Reiteration, RBC Says

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American Express (AXP) maintaining its 2024 guidance backs the belief that mid-teens earnings per share growth is achievable and sustainable amid a slower revenue environment, RBC said in a note. Analysts, including Jon G. Arfstrom, said in a Friday note that the company’s management continues to be confident about its long-term growth trajectory and ability to sustain the current spending momentum, particularly domestically. “Over the medium to long term, we believe the company has significant opportunities to build upon its leading market share in the small business and corporate card space with its targeted investments in technology and its digital platform. We also see opportunities for the company to increase penetration over time in international markets,” the analysts said. The analysts added that they are adjusting their 2024 EPS estimate from $12.80 to $13.10 and 2025 EPS from $15 to $15.15. American Express said in its Q1 earnings report that

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CFRA Keeps Strong Buy Opinion On Shares Of American Express Company

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CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We increase our 12-month target price by $20 to $290, applying a forward P/E of 19.5x our 2025 earnings estimate, a wider risk premium than the peer average of 8.1x given more consistent earnings performance, lower credit risk, and superior growth prospects. We raise our 2024 EPS estimate by $0.31 to $13.29 and increase 2025’s by $0.51 to $14.91. AXP reported Q1 EPS of $3.33 vs. $2.40 a year ago, a $0.35 earnings beat. It was another strong quarter for AXP as net write-offs of 2.1% were best in-class. Additionally, AXP’s product refreshments appear to be paying off as it acquired 3.4 million cards in the quarter vs. 2.9 million in Q4. Furthermore, after several straight quarters of decelerating growth, we were encouraged with discount revenue growth

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American Express First-Quarter Results Top Views Amid Card Spending Growth

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American Express’ (AXP) first-quarter results increased on a yearly basis and topped market estimates, while the payments company reiterated its full-year outlook for earnings and revenue growth. Per-share earnings came in at $3.33 for the three months through March 31, rising from $2.40 the year before and ahead of the consensus on Capital IQ for $2.96. Revenue, net of interest expense, climbed 11% to $15.8 billion, driven by higher net interest income and increased card member spending. The Street’s view was for $15.79 billion. Shares of the company were up 3.4% in Friday trading. US consumer services revenue advanced 14% to $7.5 billion while international card services increased 8% to $2.71 billion. Commercial services grew 8% to $3.79 billion, while global merchant and network services gained 7% to $1.87 billion. “Bill business grew 7% versus last year in the first quarter on a (foreign-exchange)-adjusted basis, in line with the overall

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