Estee Lauder Issues $650M Senior Notes to Fund Purchase

/ / Consumer Discretionary /

Estee Lauder is raising funds as the deadline to fully acquire the Canadian-beauty brand Deciem, owner of The Ordinary brand, approaches. In February 2021, the beauty giant said it agreed to purchase the remaining 24% stake after a three-year period, and it is now issuing $650 million of senior notes to acquire the remaining interest. The Ordinary is boosting Estee Lauder’s results thanks to its distribution strategy and appeal to a younger customer base. It is expected to become Estee Lauder’s seventh $1 billion plus brand in the next few years. The total acquisition is valued at about $1.7 billion. The offering is expected to close on or about Feb. 14. Shares drop 2.9% to $141.61.

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The Warning In Coca-Cola’s Earnings — Barrons.com

/ / Consumer Staples /

By Jacob Sonenshine Coca-Cola earnings came with a warning to companies across the market — raising prices is getting harder. For companies like Coca-Cola, America’s inflation problem wasn’t much of a problem. The company had pricing power, which meant that it could continue raising prices to offset the higher costs throughout its ecosystem. Even though January’s consumer price index was stronger than expected, it showed that the rate of inflation is still falling — and that could eventually catch up with sales growth. It may already have. Coca-Cola raised prices by about 9% in the fourth quarter of 2023, down from 13% increases in the fourth quarter of 2022, and sales growth for the quarter was even lower at 7% to $10.9 billion, down from a double-digit rate in during the same quarter in 2022, as the volume of goods sold wasn’t strong enough to offset the negative impact of

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The Coca-Cola Company (KO) Q4 2023 Earnings Call Transcript

/ / Consumer Staples /

The Coca-Cola Company (KO) Q4 2023 Earnings Call Transcript Robin Halpern (Vice President, Global Head of Investor Relations): This presentation is not intended to update, reconfirm, or otherwise provide commentary on post-third quarter trends and you’ll see the forward-looking statement in a minute. Manolo, with that, I’ll hand it over to you. Manolo Arroyo (Global Chief Marketing Officer): Thank you, Robin. Good evening, everyone. Happy to be here today. Nancy and I are going to walk you through the latest and greatest of both marketing and innovation. As we start on slide 3, let me begin with some brief context. There are a lot of things happening out there in the world and the marketing landscape is no different – it’s dynamic. And we’re delivering in this dynamic landscape. First, the global population is aging. To deliver growth to the company, many of our brands have been around for decades

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Coca-Cola (NYSE:KO) Q4 2023 Earnings Conference

/ / Consumer Staples /

The following is a summary of the The Coca-Cola Company (KO) Q4 2023 Earnings Call Transcript: Financial Performance: Coca-Cola posted an 8% increase in comparable EPS for 2023, despite a 7% setback due to unforeseen currency fluctuations. The company saw a 12% revenue growth, driven partly by 2 points of volume growth, indicating a continued positive volume trend throughout the year. Despite rising inflation and geopolitical challenges in some markets, Coca-Cola showed strong performance across various regions, with the Coke brand value seeing a $8 billion increase. In Q4, the company grew its organic revenues by 12%, with a positive unit case growth seen in all quarters of 2023. Free cash flow showed an increase from the previous year, reaching $9.7 billion in 2023. Business Progress: Coca-Cola successfully transitioned its marketing model from a TV-centric approach to a digital focus, with digital making up about 60% of total media spending.

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Qualcomm’s Chip Share Inside IPhones Is Still Strong, Says Piper Sandler

/ / Technology /

Qualcomm, a maker of mobile processors and 5G wireless chips, will retain its robust modem share for the iPhone this year, says Piper Sandler. On Tuesday, analyst Harsh Kumar reiterated his Overweight rating on Qualcomm stock with his $165 price target. Shares were down 1.8% to $150.30 in midday Tuesday trading, while the S&P 500 and Nasdaq Composite were lower by 1.2% and 1.5%. “Historically, prior to a major global modem launch, the modem maker has to ratify and qualify the modem across the globe,” he wrote. “We have heard no such news about an internal Apple modem. This leads us to strongly believe that just like 2023 iPhone modems, the 2024 iPhone is also likely to be 100% reliant on a QCOM modem.” The analyst noted Qualcomm and Apple signed a new three-year deal last September for phones to be introduced in 2024, 2025, and 2026. He believes the

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CFRA Reiterates Buy Opinion On Shares Of Moody’s Corporation (NYSE:MCO)

/ / Financials /

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 $60 to $460, on a forward P/E of 36.3x our 2025 earnings estimate, a premium to Moody’s Corporation (NYSE:MCO)’s three- and 10-year forward historical averages of 31.4x and 26.0x, respectively, given expectations for margin expansion and rapid earnings growth. We lower our 2024 EPS estimate by $0.39 to $11.14 and start 2025’s at $12.63. MCO posted Q4 adjusted EPS of $2.19 versus $1.60, $0.13 below consensus on revenue of $1.48B (+15% Y/Y). MIS (the ratings segment) saw revenue surge 19% as debt capital markets improved from previous depressed levels. Decelerating growth (11% in 4Q vs. 13% in 3Q) was seen in MA (the analytics segment), as a rising demand for MCO’s ratings data feeds was met with a slowdown in

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Moody’s (NYSE:MCO) REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2023; SETS OUTLOOK FOR 2024

/ / Financials /

NEW YORK, NY – February 13, 2024 – Moody’s Corporation (NYSE: MCO) today announced results for the fourth quarter and full year 2023, and provided its outlook for full year 2024. REVENUE Fourth Quarter 2023 •Revenue increased 15%, or 13% on a constant currency basis1, from the prior-year period. •MA’s revenue grew 11%, or 10% on a constant currency basis1, from the prior-year period, with all lines of business achieving double-digit revenue growth. •MIS’s revenue grew 19%, or 17% on a constant currency basis1, from the prior-year period, as debt capital markets continued to recover and the outlook for macroeconomic conditions improved. Full Year 2023 •Revenue increased to $5.9 billion, up 8% from the prior year. •MA’s revenue grew 10% from the prior year, to over $3 billion, now representing 52% of MCO’s total revenue. •MIS’s revenue grew 6% as markets stabilized and issuers acclimatized to the higher interest rate environment. •Foreign

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Moody’s (NYSE:MCO) Q4 2023 Earnings Conference

/ / Financials /

The following is a summary of the Moody’s Corporation (MCO) Q4 2023 Earnings Call Transcript: Financial Performance: Moody’s reported an 8% increase in revenue and a 16% rise in adjusted diluted EPS in 2023. The company’s adjusted recurrent revenue growth was 10% with mid-90% retention rates. For the upcoming year, Moody’s expects an adjusted diluted EPS in the range of $10.25 to $11, assuming a tax rate of 22% to 24%. The 2024 growth forecast for Moody’s Analytics is around 10% revenue growth with adjusted recurring revenue growth in low double digits. Increased budgeted operating expenses for the next year by an extra $60 million are planned. Moody’s projects a 2024 revenue growth in the high single to low double-digit percent range. The predicted adjusted operating margin for 2024 lies between 44% to 46%. The company anticipates a free cash flow between $1.9 billion to $2.1 billion in 2024. Business

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Nvidia (NASDAQ:NVDA) Checks Show Significant Revenue Upside Potential Amid Artificial Intelligence Demand, UBS Says

/ / Technology /

Nvidia (NASDAQ:NVDA) checks point to significant fiscal fourth-quarter and full-year revenue upside potential fueled by strong demand for artificial intelligence compute capacity, according to UBS. The brokerage increased its price target on the chipmaker to $850 from $580 and reiterated a buy rating on the stock in a research note emailed Tuesday. Nvidia is expected to report results for the fourth quarter of its fiscal 2024 period on Feb. 21. UBS sees Nvidia beating data-center revenue estimates by $2.5 billion to $3 billion. UBS estimates data-center revenue of $19.45 billion, implying sequential growth of 34%. The consensus view is for data-center revenue of $16.77 billion. The brokerage also expects total fourth-quarter revenue of $22.95 billion versus the Street’s $20.23 billion view. “Customer discussions confirm Nvidia’s lead times have come in substantially over the past few months, meaning shipment slots are still available in (the second half of 2024),” analysts Timothy

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Airbnb Sees Strong Travel Demand Despite Earlier Warning — WSJ

/ / Consumer Discretionary /

Airbnb said travel demand held up in its latest quarter despite warning of the potential impact from geopolitical conflicts. The company on Tuesday reported better-than-expected revenue in its fourth-quarter. Demand for its short-term rentals accelerated in recent months after experiencing volatility in October. San Francisco-based Airbnb warned in November that macroeconomic trends and geopolitical conflicts, such as the war in Gaza, may dent travel demand. The company said it expected growth in nights-booked to moderate. Still, growth in the period came in ahead of analysts’ estimates. Nights and experiences booked increased 12% to 98.8 million in Airbnb’s fourth quarter, surpassing the 98 million expected by Wall Street. Here’s how Airbnb did in the quarter: — Revenue increased 17% to $2.22 billion, surpassing the company’s guidance and the $2.17 billion forecast by analysts. — Gross bookings value was up 15% to $15.5 billion, ahead of Wall Street’s expectations. — Airbnb reported

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