Starbucks Faces Near-Term Pressures, But Long-Term Outlook Remains Positive, UBS Says

/ / Consumer Discretionary /

Starbucks’ (SBUX) 2024 outlook will likely be affected by near-term pressures, but it remains well-positioned in the long term due to “strong customer brand affinity and an attractive growth profile,” UBS said in a note emailed Tuesday. Challenges in the US stem from protests related to Middle East conflict and pressure on consumer spending, while China’s macro conditions and competition are adding to concerns, according to the note. The firm said results from its survey on brand image, customer traffic, and sales trends and growth found Starbucks still has a strong brand reputation and opportunities to improve sales in the future. UBS said it expects Starbucks to reduce its fiscal 2024 same-store sales and revenue growth. Earnings will also decrease as cost-saving measures will not be able to maintain the current earnings target, the firm added. UBS reduced the price target for Starbucks to $95 from $105, while keeping the […]

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Nucor(NUE) Q1 2024 Earnings Conference

/ / Basic Materials /

The following is a summary of the Nucor Corporation (NUE) Q1 2024 Earnings Call Transcript: Financial Performance: Nucor reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of about $1.5 billion and net earnings of $845 million or $3.46 per diluted share, for Q1 2024. The company returned $1.1 billion to shareholders via dividends and share repurchases and generated $460 million in operational cash flow. Shipments to outside clients rose by 5% quarter-on-quarter, reaching 6.2 million tons. Average mill pricing per ton increased almost 10% from the previous quarter, aligning with 2023 averages. The firm maintains a strong balance sheet, with debt to capital ratio at roughly 24% and total leverage at approximately one-time trailing 12-month EBITDA. Business Progress: Nucor intensified safety measures leading to a 30% decline in injury and illness rate from the previous year’s Q1. An agreement was established with Mercedes Benz to supply Econiq-RE steel formed

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Texas Instruments(TI) Reports First Quarter 2024 Financial Results and Shareholder Returns

/ / Technology /

TI reports first quarter 2024 financial results and shareholder returns Conference call on TI website at 3:30 p.m. Central time today PR Newswire DALLAS, April 23, 2024 DALLAS, April 23, 2024 /PRNewswire/ — Texas Instruments Incorporated (TI) (Nasdaq: TXN) today reported first quarter revenue of $3.66 billion, net income of $1.11 billion and earnings per share of $1.20. Earnings per share included a 10-cent benefit for items that were not in the company’s original guidance. Regarding the company’s performance and returns to shareholders, Haviv Ilan, TI’s president and CEO, made the following comments: — “Revenue decreased 16% from the same quarter a year ago and 10% sequentially, as revenue declined across all end markets. — “Our cash flow from operations of $6.3 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300mm production. Free cash

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Visa 2Q Revenue Climbs as Payments Volume Grows

/ / Industrials /

Visa said revenue climbed in the second quarter amid an increase in payments volume and stable consumer spending levels. The credit-card company on Tuesday posted a net profit of $4.66 billion, or $2.29 a share, in the three months ended March 31, with $4.26 billion, or $2.03 a share, for the same period a year earlier. Stripping out one-time items, earnings per share came in at $2.51. Analysts surveyed by FactSet had forecast adjusted earnings per share of $2.44. Revenue increased 9.9% to $8.78 billion, beating analysts’ expectations of $8.62 billion according to FactSet. Visa said payments volume rose 8% and its processed transactions climbed 11% in the period.

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MSCI Inc(MSCI) Q1 2024 Earnings Conference

/ / Financials /

The following is a summary of the MSCI Inc. (MSCI) Q1 2024 Earnings Call Transcript: Financial Performance: MSCI reported Q1 2024 revenue growth of 10%, adjusted EPS growth of 12%, and free cash flow growth of 14%. Asset-Based Fee (ABF) revenue saw a 13% increase due to record AUM balances in both ETFs and non-listed products linked to MSCI indices. Non-recurring sales were up by 16%, although changes in market volatility and interest rate expectations had a lingering impact on Q1 results. Revenue decline was partly due to fewer price increases within new subscription sales, offset slightly by increased cross-selling/upselling to existing clients. Business Progress: There was significant growth in analytics with high Q1 sales, particularly among hedge funds and asset owners. APAC and EMEA regions principally drove a 39% climate run-rate growth across product lines but ESG run-rate growth stabilized at 12% amid complications in the Americas. The acquisitions

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Visa Fiscal Q2 Non-GAAP EPS, Net Revenue Increase; Declares Dividend

/ / Industrials /

Visa (V) reported fiscal Q2 non-GAAP earnings late Tuesday of $2.51 per diluted share, up from $2.09 a year earlier. Analysts polled by Capital IQ expected $2.43. Net revenue for the quarter ended March 31 was $8.78 billion, up from $7.99 billion a year earlier. Analysts surveyed by Capital IQ expected $8.62 billion. The company’s board declared a quarterly dividend of $0.52, payable on June 3 to holders of record on May 17. Visa shares rose nearly 3% in after-hours trading.

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Tesla Q1 Non-GAAP Earnings, Revenue Decline

/ / Consumer Discretionary /

Tesla (TSLA) reported Q1 non-GAAP earnings late Tuesday of $0.45 per diluted share, down from $0.85 a year earlier. Analysts surveyed by Capital IQ expected $0.50. Revenue for the quarter was $21.3 billion, down from $23.33 billion a year earlier. Analysts surveyed by Capital IQ expected $22.26 billion. Shares were up 5.3% in after-hours tradng.

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Boeing Earnings Are Coming. Brace for Turbulence. — Barrons.com

/ / Industrials /

Boeing earnings are coming Wednesday morning, before the market open. Investors have to pay attention to, well, everything. There is the obvious topic of production quality: Boeing stock has lost more than 30% since an emergency door plug blew off a 737 MAX 9 jet operated by Alaska Air on Jan. 5. The incident resulted in slower production, millions paid in compensation to airline customers, and more oversight by the Federal Aviation Administration. There is also the issue of management succession. In March, current CEO Dave Calhoun announced he would step down at the end of the year, without naming a successor. Jefferies analyst Sheila Kahyaoglu recently wrote about what she would do as a new Boeing CEO. One thing, she says, is to walk away from Boeing’s $10 billion annual free cash flow target by 2026. It creates unnecessary expectations, she wrote in an April 21 note: “External pressures

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Lockheed Martin(LMT) Q1 2024 Earnings Conference

/ / Industrials /

The following is a summary of the Lockheed Martin Corporation (LMT) Q1 2024 Earnings Call Transcript: Financial Performance: Lockheed Martin reported Q1 sales of $17.2 billion, a 14% Year over Year (YoY) increase. Operating profit stood at $1.7 billion while GAAP earnings per share were $6.39, each falling by 3% compared to the previous year. The company reported a hefty backlog of $159 billion. Lockheed generated $1.3 billion in free cash flow. Despite strong revenue growth in Q1, the company is cautious of potential losses exceeding $1 billion on a classified program, though this risk is accounted for in their guidance. Business Progress: Lockheed Martin’s ongoing projects and deliveries include the F-16 Block 70 jets, Air-launched Rapid Response Weapon (ARRW), and a novel homeland missile defense system (called the next-generation interceptor or NGI). The company has announced a partnership with Intel to support the simulated transition for Advanced Microelectronics Packaging.

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CFRA Maintains Buy Opinion On Shares Of Tesla 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: We lower our 12-month target by $10 to $210, based on a 2025 P/E of 54.5x, justified by long-term growth expectations. We cut our adjusted EPS views by $0.20 to $2.55 for 2024 and by $0.15 to $3.85 for 2025. TSLA posted Q1 adjusted EPS of $0.45 vs. $0.85 (-47%), shy of the $0.50 consensus. Revenue fell 9% to $21.30B ($960M below consensus) and gross margin contracted 200 bps to 17.4% (90 bps above consensus). TSLA said Cybertruck production lifted to over 1K units/week in April and its earnings slides featured a preview of technologies in development, including a ride-hailing app, humanoid robot, AI computing, and full self-driving. TSLA also said it would accelerate the launch of new vehicle models ahead of its previously-communicated start of production.

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CFRA Keeps Hold Opinion On Shares Of Lockheed Martin Corporation

/ / 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 $457, up $17, reflects 16.5x our 2025 EPS estimate, in line with LMT’s historical forward average. We lift our 2024 EPS estimate by $0.21 to $26.29 and 2025’s by $0.57 to $27.72. Q1 EPS of $6.33 vs. $6.43 beat consensus by $0.47. We think supplemental spending, which has passed the House but has yet to pass the Senate, could be additive to overall Department of Defense spending, although probably not by much more than inflation. Q1 sales of $17.2B rose 5% year-over-year on a normalized basis. LMT reaffirmed 2024 revenue guidance in a range of $68.5B to $70.0B and EPS in a range of $25.65 to $26.35. The midpoints imply low-single-digit revenue growth accompanied by some margin compression because EPS is expected

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