Philip Morris’ Q3 Adjusted Earnings, Revenue Climb; Lifts 2023 Adjusted EPS Guidance

/ / Consumer Staples /

Philip Morris International (PM) reported Q3 adjusted earnings Thursday of $1.67 per diluted share, up from $1.53 a year earlier. Analysts polled by Capital IQ expected $1.61. Revenue for the quarter ended Sept. 30 was $9.14 billion, compared with $8.03 billion a year earlier. Analysts surveyed by Capital IQ estimated $9.21 billion. Philip Morris said it now expects full-year adjusted EPS of $6.58 to $6.61, from its previous forecast of $6.46 to $6.55, and about 8% in organic revenue growth, compared with the previous estimate of 7.5% to 8.5%. Analysts polled by Capital IQ expect a full-year adjusted EPS of $6.09.

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Blackstone’s Q3 Distributable Earnings Fall, Revenue Increases; Quarterly Dividend Raised

/ / Financials /

Blackstone (BX) reported Q3 distributable earnings Thursday of $0.94 per share, down from $1.06 a year earlier. Analysts polled by Capital IQ expected $1.02 per share. Total revenue for the quarter ended Sept. 30 was $2.54 billion, up from $1.06 billion a year earlier. Two analysts surveyed by Capital IQ expected $2.58 billion. The company said it raised its quarterly dividend to $0.80 per share from $0.79, payable on Nov. 6 to shareholders as of Oct. 30.

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Union Pacific Reports Third Quarter 2023 Results

/ / Industrials /

OMAHA, Neb., Oct. 19, 2023 — Earnings per diluted share of $2.51 — Operating revenue of $5.9 billion — Operating income of $2.2 billion OMAHA, Neb., Oct. 19, 2023  — Union Pacific Corporation (NYSE: UNP) today reported 2023 third quarter net income of $1.5 billion, or $2.51 per diluted share. This compares to 2022 third quarter net income of $1.9 billion, or $3.05 per diluted share. “We faced many challenges in the quarter, including continued inflationary pressures and a drop in carloads,” said Jim Vena, Union Pacific Chief Executive Officer. “Operationally we gained momentum through the quarter, which positions us to provide our customers with great service. Operating and safety metrics are showing solid improvement, as we increase asset utilization. We are aligning the team around our strategy focused on being the best in safety, service, and operational excellence as we drive growth to the railroad. Through our day-to-day actions,

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CFRA Keeps Strong Buy Opinion On Shares Of Netflix, Inc.

/ / Consumer Discretionary /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: NFLX is realizing profitable growth in the video streaming market. We raise our EPS estimates in 2023 by $0.35 to $12.20 and ’24’s by $0.80 to $15.80; NFLX post Q3 2023 at $3.73, a $0.25 consensus beat. We lower our target to $485 from $520 using a forward TEV/EBITDA of 24.2x, well below historic averages. Even with the market dislocation in linear networks, we think NFLX is positioned to drive membership growth, higher revenue, and free cash flow (guidance raised to $6.5B from $5.0B in ’23). NFLX realized 8% Y/Y revenue growth in Q3 and expects to see higher revenue in Q4. We estimate total revenue at $33.6B in ’23 and $38.2B in ’24. By regions, NFLX grew UCAN +4% (44% of total revenue), EMEA +13% (33%),

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GE HealthCare Teams up With Novo Nordisk to Treat Diabetes Without Drugs

/ / Health Care /

By Eleanor Laise New ultrasound technology has potential to regulate metabolic function, early-stage clinical research shows GE HealthCare Technologies Inc. (GEHC) on Thursday said it is teaming up with Novo Nordisk (NVO) to develop an ultrasound treatment for type 2 diabetes and obesity. The collaboration is focused on peripheral focused ultrasound, a new technology with potential to regulate metabolic function–without drugs, GE HealthCare said in a release. Early-stage clinical research suggests this type of ultrasound can affect diabetes patients’ glucose metabolism by stimulating nerve pathways, the company said. More than 37 million people in the U.S. have diabetes, according to the Centers for Disease Control and Prevention, and 90% to 95% of them have type 2 diabetes. “This collaboration with Novo Nordisk opens a path to evolve ultrasound from a means of screening and diagnosis into therapy, as well,” Roland Rott, president and CEO of GE HealthCare’s ultrasound business, said

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CFRA Maintains Hold Opinion On Shares Of The Procter & Gamble Company

/ / Consumer Staples /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We cut our 12-month target by $10 to $157, 24x our FY24 (Jun.) EPS view of $6.55 (up $0.15; FY25 EPS down $0.36 to $6.86), in line with the one-year forward P/E average. F1Q EPS of $1.83 beat by $0.11 on revenue of $21.9B, in line with consensus. Pricing (+7.0%) and volume (-1.0%) were in line with F4Q, though mix came in lower by 100 bps, while tapering FX headwinds of 1% vs. 3% in F4Q offered some relief. Operating margin (+240 bps Y/Y) benefited from pricing, lower input costs, and productivity savings, partially offset by higher marketing costs and wage inflation. PG remains bullish on China, citing projected middle-income consumer growth. Near-term, we view PG as minimally exposed to private label vs. peers, as its portfolio

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CFRA Maintains Strong Buy Recommendation On Shares Of Asml Holding N.v.

/ / 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 reduce our 12-month target by $117 to $731, 35x our 2024 EPS view, above peers due to ASML’s monopoly position in EUV and strong growth expected in 2025. We up our 2023 EPS estimate by EUR0.68 to EUR19.60, but reduce 2024’s by EUR3.05 to EUR19.88 as more sales are pushed into 2025 (we also start our 2025 EPS estimate at EUR25.56). ASML printed Q3 EPS of EUR4.81 (+12% Y/Y) and revenue of EUR6.67B (+15% Y/Y), both near consensus. Macro uncertainty is driving flat estimates for 2024 as ASML prepares for a strong 2025, driven by new global fab openings. We see 2024 estimates as conservative as demand for ASML’s systems remains above supply (backlog of EUR35B) and we see upside from a potential recovery in memory.

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CFRA Lowers Opinion On Shares Of Eli Lilly To Buy From Strong Buy

/ / Health Care /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our target price by $20 to $634, 52.7x our 2024 EPS, a premium to LLY’s historical forward P/E average, justified by the company’s strong revenue and earnings growth potential. We keep our 2023 EPS estimate at $9.87 and our 2024 EPS at $12.02. Following the strong rally in LLY shares since the beginning of September (+8%), we are seeing some profit-taking activity in recent days, in our view. However, we continue to have a positive opinion on LLY. We think the company has solid long-term prospects, driven by internal innovation, but also by its recent acquisitions (Versanis Bio, Sigilon, and Dice Therapeutics), which we believe will strategically expand its portfolio.

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