CFRA Keeps Hold Opinion On Shares Of United Parcel Service (UPS)

/ / 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 $149, raised $1, reflects a 15x multiple of projected ’25 EPS, in line with UPS’s historical forward average. We cut our ’24 EPS estimate by $0.14 to $8.22, but raise ’25’s by $0.07 to $9.96. Q1 EPS of $1.43, vs. $2.20, beat consensus by $0.08. In UPS’s U.S. Domestic segment, average daily volumes fell 3.2% Y/Y, and revenues fell 5.0%, indicative in our view of ongoing (albeit modest) pricing pressure. We see a similar situation in the International segment, where average daily volumes dropped 5.8% Y/Y and revenues fell 6.3%. UPS maintains its ’24 revenue guidance of a range of $92.0B-$94.5B, which would suggest revenue growth in ’24 of 1%-4%, likely with an acceleration in 2H ’24. We think cost efforts will […]

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CFRA Reiterates Buy Opinion On Shares Of Visa Inc.

/ / 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 $345, up $20, values shares at 29.8x our FY 25 (Sep.) EPS, discounted to V’s 5-year historical average of 31.9x, given the higher rate environment and moderately slower growth expectations. We increase our FY 24 EPS estimate to $10.17 from $10.13 and FY 25’s to $11.56 from $11.49. Visa reported Mar-Q results, with net revenues of $8.78B (+10% Y/Y) and adj-EPS of $2.51, surpassing consensus estimates of $8.62B and adj-EPS of $2.43. As we expected, payment volume (+8% Y/Y) picked up from January’s bad weather scare, with international growth (+11%) once again outpacing the U.S. (+6%). Looking forward, we continue to see opportunity for international outperformance as Asia Pacific (+3% in the quarter) turns from a relative headwind to a tailwind. Cross-border

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Hilton Logs Higher 1Q Results, Lifts Adjusted Earnings Outlook

/ / Consumer Discretionary /

Hilton Worldwide recorded a higher profit and sales in the first quarter of the year and raised its adjusted earnings guidance for the rest of the year. The hotel operator posted a profit of $265 million, or $1.04 a share, compared with $206 million, or 77 cents a share, in the same quarter a year ago. Stripping out one-time items, adjusted earnings were $1.53 a share. Analysts polled by FactSet had been expecting $1.41 a share. Quarterly revenue rose to $2.57 billion from $2.29 billion last year, clearing analyst projections for $2.51 billion, according to FactSet. The strong results came despite renovations, inclement weather and unfavorable holiday shifts weighing on the company’s performance more heavily than anticipated, Chief Executive Christopher Nassetta said. Hilton shifted its earnings outlook for the year, saying it now expects a smaller profit but higher adjusted earnings per share. For 2024, the company is forecasting a

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Stifel Reports First Quarter 2024 Results

/ / Financials /

Stifel Reports First Quarter 2024 Results ST. LOUIS, April 24, 2024 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today reported net revenues of $1.2 billion for the three months ended March 31, 2024, compared with $1.1 billion a year ago. Net income available to common shareholders was $154.3 million, or $1.40 per diluted common share, compared with $148.2 million, or $1.28 per diluted common share for the first quarter of 2023. Non-GAAP net income available to common shareholders was $163.3 million, or $1.49 per diluted common share for the first quarter of 2024. Ronald J. Kruszewski, Chairman and Chief Executive Officer, said “Total net revenue of more than $1.16 billion was our second highest quarterly net revenue ever, as the momentum we highlighted at the end of 2023 carried into the first quarter. Record Global Wealth Management revenue and improving market conditions for our Institutional Group drove our top

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AT&T Q1 Adjusted Earnings, Revenue Fall; Reiterates Full-Year Guidance

/ / Telecommunications /

AT&T (T) reported Q1 adjusted earnings Wednesday of $0.55 per diluted share, down from $0.60 a year earlier. Analysts polled by Capital IQ expected $0.53. Revenue for the quarter ended March 31 was $30.03 billion, down from $30.14 billion a year earlier. Analysts polled by Capital IQ expected $30.53 billion. For the full-year 2024, the telecoms provider said it continues to expect adjusted EPS of $2.15 to $2.25. Analysts surveyed by Capital IQ are expecting $2.20.

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UPS Releases 1Q 2024 Earnings

/ / Industrials /

UPS Releases 1Q 2024 Earnings — Consolidated Revenues of $21.7B, Compared to $22.9B Last Year — Consolidated Operating Margin of 7.4%; Adjusted* Consolidated Operating Margin of 8.0% — Diluted EPS of $1.30; Adj. Diluted EPS of $1.43, Compared to $2.20 Last Year — Reaffirms Full-Year 2024 Financial Guidance ATLANTA–(BUSINESS WIRE)–April 23, 2024– UPS (NYSE:UPS) today announced first-quarter 2024 consolidated revenues of $21.7 billion, a 5.3% decrease from the first quarter of 2023. Consolidated operating profit was $1.6 billion, down 36.5% compared to the first quarter of 2023, and down 31.5% on an adjusted basis. Diluted earnings per share were $1.30 for the quarter; adjusted diluted earnings per share of $1.43 were 35.0% below the same period in 2023. For the first quarter of 2024, GAAP results include a total charge of $110 million, or $0.13 per diluted share, comprised of after-tax transformation and other charges of $75 million and a

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Pepsico Reiterates FY24 Adj. EPS Outlook $8.15 Inline With Consensus, 4% Organic Revenue Growth

/ / Consumer Staples /

Pepsico Guidance and Outlook The Company provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results, including the impact of foreign exchange translation and commodity mark-to-market net impacts. Consistent with its previous guidance for 2024, the Company continues to expect: • At least 4 percent increase in organic revenue; • At least 8 percent increase in core constant currency EPS; • A core annual effective tax rate of 20 percent; and • Total cash returns to shareholders of approximately $8.2 billion, comprised of dividends of $7.2 billion and share repurchases of $1.0 billion. In addition, the Company continues to expect an approximate 1-percentage-point foreign exchange translation headwind to impact reported net revenue and core EPS growth based on current market consensus rates. This assumption and the guidance above imply 2024 core EPS of at least $8.15, a 7 percent increase compared

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General Motors Co. (NYSE: GM) Releases 2024 First-Quarter Results and Raises Full-Year Guidance

/ / Consumer Discretionary /

GM Releases 2024 First-Quarter Results and Raises Full-Year Guidance PR Newswire DETROIT, April 23, 2024 DETROIT, April 23, 2024 /PRNewswire/ — General Motors Co. (NYSE: GM) today reported first-quarter 2024 revenue of $43.0 billion, net income attributable to stockholders of $3.0 billion and EBIT-adjusted of $3.9 billion. GM is also updating its 2024 full-year earnings guidance: Updated 2024 Guidance Previous 2024 Guidance ————————- ————————- Net income attributable $10.1 billion – $11.5 $9.8 billion – $11.2 to stockholders billion billion EBIT-adjusted $12.5 billion – $14.5 $12.0 billion – $14.0 billion billion Automotive operating $18.3 billion – $21.3 $18.0 billion – $21.0 cash flow billion billion Adjusted automotive free $8.5 billion – $10.5 $8.0 billion – $10.0 cash flow billion billion EPS-diluted $8.94 – $9.94 $8.50 – $9.50 EPS-diluted-adjusted $9.00 – $10.00 $8.50 – $9.50 GM’s 2024 financial guidance includes anticipated capital spending of $10.5 billion – $11.5 billion, inclusive of investments

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MSCI Reports Financial Results for First Quarter 2024

/ / Financials /

MSCI Reports Financial Results for First Quarter 2024 NEW YORK–(BUSINESS WIRE)–April 23, 2024– MSCI Inc. (“MSCI” or the “Company”) (NYSE: MSCI), a leading provider of critical decision support tools and services for the global investment community, today announced its financial results for the three months ended March 31, 2024 (“first quarter 2024”). Financial and Operational Highlights for First Quarter 2024 (Note: Unless otherwise noted, percentage and other changes are relative to the three months ended March 31, 2023 (“first quarter 2023”) and Run Rate percentage changes are relative to March 31, 2023). — Operating revenues of $680.0 million, up 14.8%; Organic operating revenue growth of 10.3% — Recurring subscription revenues up 15.2%; Asset-based fees up 12.9% — Operating margin of 49.9%; Adjusted EBITDA margin of 56.4% — Diluted EPS of $3.22, up 8.4%; Adjusted EPS of $3.52, up 12.1% — Organic recurring subscription Run Rate growth of 8.7%; Retention Rate

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