American Express Company (AXP) Q4 2023 Earnings Call Transcript Summary

/ / Industrials /

The following is a summary of the American Express Company (AXP) Q4 2023 Earnings Call Transcript: Financial Performance: American Express reported a record annual revenue of $61 billion in 2023, marking a 15% increase on an FX adjusted basis. The company achieved a record net income of over $8 billion with an EPS of $11.21. The Q4 2023 results saw revenues reaching nearly $16 billion and an EPS of $2.62. Projected annual revenue growth for 2024 is between 9% and 11% with a full-year EPS expected to be between $12.65 and $13.15. The quarterly dividend will increase from $0.60 to $0.70 a share starting Q1 2024. Full-year revenues stood at $60.5 billion, up 15% on an FX adjusted basis. Fourth quarter revenues were at $15.8 billion, reflecting an 11% YoY increase. The company returned $5.3 billion of capital to shareholders in 2023 and plans to continue investing in the balance […]

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S&P Global Mobility: January 2024 US auto sales feel the chill

S&P Global Mobility: January 2024 US auto sales feel the chill

/ / Financials /

January 2024 auto sales are expected to decelerate from the quickening realized in December, with the pace of demand falling back to a SAAR of 15.2 million units SOUTHFIELD, Mich., Jan. 24, 2024 /PRNewswire/ — With volume for the month projected at 1.09 million units, January 2024 U.S. auto sales are estimated to translate to a sales pace of 15.2 million units (seasonally adjusted annual rate: SAAR). While this would be an improvement from the year-ago level, the result reflects a potential preview to the upcoming calendar year whereby month-to-month volatility is expected to remain in the market. Contributors to the chill in the January sales pace include an expected hangover from the solid closeout to sales in December 2023, combined with some inclement weather effects. Light Vehicle Sales Comparisons US Battery Electric Vehicle Sales Share The S&P Global Mobility US auto outlook for 2024 projects sustained, but more moderate growth levels for light vehicle sales.  We

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CFRA Maintains Hold Opinion On Shares Of Intel Corp.

/ / Technology /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We trim our 12-month target to $45 from $50, on P/E of 18.8x our ’25 EPS view, near peers/above historical. We adjust our ’24 EPS to $1.45 from $1.94 and ’25 to $2.40 from $2.69. INTC posts Q4 EPS of $0.54 vs. $0.15, beating the $0.45 consensus. Revenue rose 10%, above our view, as growth in Client Computing (+33%) was partly offset by declines in Data Center and AI (-10%) as well as Network and Edge (-24%). Gross margin expanded 5 percentage points to 48.8%, on cost efficiencies and improving utilization. Soft Q1 sales/margin guide ($12.7B/44.5% at mid-point; consensus at $14.2B/45.1%) reflects greater-than-expected seasonality as well as PSG/Mobileye/foundry weakness, but we think competitive pressures/wallet share loss remain a major issue within data center servers. We like prospects

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Intel (NASDAQ:INTC) Stock Analyst Ratings

/ / Technology /

Intel (NASDAQ:INTC) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/26/2024 26.06% Mizuho $58 → $55 Maintains Buy 01/26/2024 42.1% Benchmark $52 → $62 Maintains Buy 01/26/2024 -61.04% Rosenblatt → $17 Reiterates Sell → Sell 01/26/2024 -10.61% Goldman Sachs $34 → $39 Maintains Sell 01/26/2024 10.02% Wells Fargo $52 → $48 Maintains Equal-Weight 01/26/2024 -8.32% Wedbush $45 → $40 Maintains Neutral 01/26/2024 19.18% Raymond James $54 → $52 Maintains Outperform 01/26/2024 — Needham Downgrades Buy → Hold 01/26/2024 — Summit Insights Group Downgrades Buy → Hold 01/23/2024 -61.04% Rosenblatt → $17 Reiterates Sell → Sell 01/23/2024 14.6% Cantor Fitzgerald → $50 Initiates Coverage On → Neutral 01/19/2024 23.77% Raymond James $48 → $54 Maintains Outperform 01/18/2024 -3.74% Susquehanna $38 → $42 Maintains Neutral 01/16/2024 0.85% Barclays $32 → $44 Maintains Equal-Weight 01/04/2024 51.27% Tigress Financial $46 → $66 Maintains Buy 01/02/2024 3.14%

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Hilton Posts 4.9% Net Unit Growth in 2023

/ / Consumer Discretionary /

Hilton Worldwide Holdings (HLT) on Monday reported 4.9% net unit growth in 2023 by opening 395 hotels and 63,000 rooms. The hospitality company said it opened 132 hotels and 24,000 rooms in Q4. Hilton said it continues to expect net unit growth of 5.5% to 6% this year, “with strong indications towards the higher end of the range.” Hilton also said it signed nearly 1,000 hotels in 2023 representing 130,000 rooms, up 45% from 2022.

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Marriott Grows Rooms 4.7% in 2023, Above Guidance

/ / Consumer Discretionary /

By Will Feuer Marriott International grew its tally of rooms around the world by 4.7% last year, above the company’s previous forecast of 4.2% to 4.5%. Marriott is looking to accelerate its pace of room growth over the next few years. The hotel giant is targeting annual room growth of 5% to 5.5% through 2025. The company will get a boost this year from its licensing agreement with MGM Resorts International. For 2023, Marriott said its $100 million takeover of City Express helped boost its tally of rooms, especially in the affordable midscale segment, a quickly growing space. Write to Will Feuer at Will.Feuer@wsj.com

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AT&T’s Fiber Investment Is Turning Into a Home Run

/ / Telecommunications /

While the wireless business is the largest contributor to AT&T’s revenue by far, the fiber internet business is proving to be a potent growth opportunity. Capturing that growth comes at a cost: Building out a fiber network is capital-intensive, requiring vast outlays with no guarantee that consumers and businesses will sign up for service. AT&T operates a vast legacy wireline network that serves consumers and businesses, but that business is in perpetual decline. Even the company’s non-fiber broadband service is slowly eroding as subscribers flee. Wireline service revenue from businesses is dropping particularly quickly, down 11% year over year in the fourth quarter of 2023. AT&T’s fiber internet business is already big enough and growing fast enough to push overall consumer broadband revenue and consumer wireline revenue higher. AT&T expects broadband revenue to rise by at least 7% in 2024, more than twice as fast as wireless service revenue growth.

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Netflix Shares Are Fully Priced, Wall Street Analysts Say. Here Here Are Six Other Media Stocks to Think About.

/ / Consumer Discretionary /

By Philip van Doorn Warner Bros. Discovery is very cheaply priced to expected sales over the next year Netflix Inc. has been firing on all cylinders, but analysts see little upside for the stock from here. That sets the stage for a screen of media companies, to see which ones are favored by analysts and which are expected to increase sales and profits most rapidly over the next two years. Shares of Netflix Inc. (NFLX) rose 11% on Wednesday, following the video-streaming pioneer’s report late Tuesday of a spike in quarterly profits from a year earlier, as revenue rose 12.5%. That last figure showed the effect of newer advertising-supported subscriptions, as well as what the company calls “monetizing sharing.” Netflix took a flexible approach to curb password sharing, including giving users the ability to add family members to their accounts for less than it would cost to add another subscription.

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Netflix Is Having Its Way With Ads, and Wall Street Could Win Too

/ / Consumer Discretionary /

By Therese Poletti Netflix Inc.’s growing advertising business is proving that the streaming company’s bet that its customers would tolerate commercials in exchange for a cheaper price is paying off, and Wall Street should win as well. In November 2022, Netflix launched ad-supported subscription tiers, a complete about-face on its longstanding policy to never have commercials on its service. Some were skeptical that this move, which harkens back to broadcast TV, would work. But Netflix is proving those naysayers, including this columnist, wrong. In a livestreamed call after reporting fourth-quarter earnings Tuesday, Netflix (NFLX) executives said that they saw 70% growth in advertising in the quarter, with 23 million average users (MAUs), a gain of about 8 million from the previous quarter. Executives told Wall Street analysts that the ad-supported tier now accounts for 40% of all Netflix sign-ups. “And we see that continuing to grow in the quarters ahead,”

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