CFRA Keeps Buy Opinion On Shares Of Mastercard Incorporated

/ / Industrials /

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 $550, up $85, values shares at 32.3x our 2025 EPS estimate, discounted to MA’s five-year historical average of 37.8x to reflect the higher rate environment and slowing U.S. payment volumes. We lower our FY 2024 EPS estimate to $14.79 from $14.96 and start FY 2025’s at $17.01. MA’s diversification was on full display this quarter as a slowdown in the U.S. (gross dollar volume +4%) was met with continued strength in international markets (+13%). Additionally, strong travel trends showed little signs of normalizing with 18% growth in cross-border volume recorded in Q4. Furthermore, value-added services and solutions saw growth accelerate to 17% (14% in Q3) and we expect momentum to continue into 2024, given an ever-increasing demand for MA’s data analytics and […]

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Phillips 66(PSX.US) Q4 2023 Earnings Conference

/ / Energy /

The following is a summary of the Phillips 66 (PSX) Q4 2023 Earnings Call Transcript: Financial Performance: Phillips 66 reported Q4 2023 adjusted earnings of $1.4 billion or $3.09 per share, with operating cash flow of $2.2 billion. Total adjusted EBITDA for 2023 was $12.7 billion, reflecting a substantial contribution from Midstream and Marketing and Specialties. The company increased its quarterly dividend by 8% and returned over $8.3 billion to shareholders through dividends and share repurchases since July 2022. Capital spending for Q4 2023 was $634 million, with shareholders receiving $1.6 billion through dividends and share repurchases. The net debt to capital ratio was 34% at year’s end, with a 16% return on capital employed. Despite the DCP Midstream consolidation, which added approximately $200 million, the company managed to reduce its sustaining capital spend to under $900 million. Adjusted earnings decreased by $708 million in the fourth quarter, mainly due

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Boeing(BA.US) Q4 2023 Earnings Conference

/ / Industrials /

The following is a summary of the The Boeing Company (BA) Q4 2023 Earnings Call Transcript: Financial Performance: Boeing’s Q4 revenue was $22 billion, up 10% year-over-year, driven by higher commercial volume and favorable mix. The company reported a core loss per share of $0.47, improved from the previous year due to better commercial volume, better mix, and lower abnormal costs. Free cash flow for the quarter was $3 billion, consistent with the prior year, primarily due to improved commercial deliveries and strong order activity. Boeing Commercial Airplanes booked 611 net orders, resulting in an inventory backlog valued at $441 billion, generating revenue of $10.5 billion, up 13%. Business Progress: Boeing is addressing safety issues that led to the grounding of its 737 MAX 9 planes and is working with the NTSB and FAA during the ongoing investigation. Several steps to enhance quality control measures have been implemented, such as

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CFRA Cuts View On Shares Of Phillips 66 To Sell From Hold

/ / Energy /

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 remains $130, on an 8.1x multiple of projected 2024 operating cash flows, below PSX’s historical average. We believe a discount is merited due to our negative outlook for refining in 2024. We downgrade based on valuation, as PSX’s shares have grown 44% in the last 12 months, compared to the S&P 1500 Oil & Gas Refining & Marketing Index (+22%) and its peer average (+11%). We cut our 2024 EPS view by $1.60 to $12.26 and start 2025 at $12.60. Q4 EPS of $3.09 vs. $4.00 beat consensus by $0.71. Refining margins ($14.41/b) fell 27% Y/Y due to lower crack spreads. PSX expects 2024 capex to be in range of $2.2B (vs. $2.4B in 2023). We estimate PSX with free cash flow in range

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Qualcomm Fiscal Q1 Earnings, Revenue Rise; Q2 Guidance Set

/ / Technology /

Qualcomm reported fiscal Q1 non-GAAP earnings Wednesday of $2.75 per diluted share, up from $2.37 a year earlier. Analysts polled by Capital IQ expected $2.37. Revenue in the quarter ended Dec. 24 rose to $9.92 billion from $9.46 billion a year earlier. Analysts surveyed by Capital IQ expected $9.52 billion. The company said it expects fiscal Q2 non-GAAP EPS of $2.20 to $2.40 on revenue of $8.9 billion to $9.7 billion. Analysts surveyed by Capital IQ project EPS of $2.24 on revenue of $9.3 billion.

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Qualcomm 1Q Revenue Tops Estimates on Growth in Handsets, Automotive

/ / Technology /

By Denny Jacob Qualcomm logged better-than-expected revenue in the latest quarter, led by growth in handsets and automotive in its QCT segment. The mobile-phone chip maker posted net income of $2.77 billion, or $2.46 a share, for the fiscal first quarter ended Dec. 24, up from $2.24 billion, or $1.98 a share, a year earlier. Adjusted earnings were $2.75 a share, above analysts’ estimates of $2.37. Revenue increased 5% to $9.94 billion from $9.46 billion. Analysts polled by FactSet expected $9.51 billion. By segment, revenue in QCT grew 7% to $8.42 billion while QTL edged down 4% to $1.46 billion. QCT’s revenue streams consist of handsets, automotive and internet of things. Revenue in handsets and automotive grew 16% and 31%, respectively, from a year earlier, while IoT dived 32% during the same period. Qualcomm, which sells communication and data-processing chips crucial in phones from Apple and Samsung, forecast revenue between

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Qualcomm Becomes Latest Chip Company to Cheer AI En Route to an Earnings Beat

/ / Technology /

By Emily Bary Stock dips after earnings as revenue forecast lies in line with expectations Qualcomm Inc. blew out quarterly profit estimates in its most recent report Wednesday, but its shares moved lower in choppy aftermarket action as the company’s revenue forecast merely met expectations at the midpoint. As artificial intelligence increasingly dominates the narrative for the chip sector, Qualcomm’s (QCOM) management said the company is among the beneficiaries of the AI wave. Chief Executive Cristiano Amon called out how the company’s Snapdragon technology features into the Samsung Galaxy S24 Ultra platform. That device has various on-device AI features, including translation. “This marks the beginning of how [generative AI] will evolve the overall smartphone experience and highlights the significant opportunity for Snapdragon platforms,” he said. The company is also seeing favorable AI smartphone trends with some of its Chinese customers, Amon added. “Eventually, at a minimum it’s going to have

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AMD Has a Solid Path to Rapid Growth – If It Can Get Past Nvidia and Intel

/ / Technology /

By Ryan Shrout The chip maker’s latest earnings show both promise and the challenges ahead The earnings whirlwind for technology and silicon companies now has enveloped Advanced Micro Devices Inc. (AMD) after it reported fourth-quarter and full-year 2023 results. I know that many other stories and analysts will dive into the dollars more deeply than me, but it’s worth recounting a couple of the key points that I think are relevant to how we look at the ability for AMD to sustain its momentum into 2024. From a fourth-quarter 2023 perspective, looking at year-on-year comparisons to a 2022 that was by all accounts pretty bad for AMD (and the chip market in general), revenue was up 10%, gross profit was up 10%, margin was essentially flat, and operating income jumped 12% to over $1.4 billion. Drilling into AMD’s key business units, the data-center group saw a 38% increase in revenue

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