Sunday, February 7, 2016
Saturday, February 6, 2016
Friday, February 5, 2016
- Though Tableau (NYSE:DATA) naturally saw many target cuts as its shares lost nearly half their value in response to the company's soft Q4 license revenue and below-consensus Q1/2016 guidance, the company didn't get any downgrades. Bulls argued today the company's competitive position and growth opportunity remain intact; others voiced concerns about both rivals and declining sales productivity.
- Maxim's Nehal Chokski, who smartly launched coverage with a Sell rating just a day before earnings, estimates Tableau's sales productivity fell 17% Y/Y in Q4, a larger drop than the 9% averaged over the prior 12 months. He isn't ready to declare Microsoft responsible for Tableau's recent issues, but argues there could be another 50% of downside if Microsoft is indeed responsible and Tableau's challenges spread to international markets.
- Credit Suisse's John DiFucci (Hold rating) wonders if the Desktop version of QLIK's Sense self-serve BI solution is weighing on Tableau Desktop, given Qlik Sense Desktop is free (Sense Enterprise isn't). Nonetheless, he thinks "this market is big enough for both Tableau and Qlik to be successful," and also doesn't believe new offerings from Microsoft, Amazon, and Salesforce are having a big impact. He also believes Tableau's valuation (previously the reason for his Hold rating) is now much more reasonable. Qlik closed down 14.9% today.
- Drexel Hamilton's Brian White, who launched coverage on Tableau at Buy in October (when shares were at $79.56): "We continue to see attractive growth drivers on the horizon for Tableau, including the secular trend toward Big Data, increased market penetration, new opportunities with larger enterprises and international expansion. Given our attendance at a plethora of trade shows over the past few years, we have noticed that Tableau is rapidly becoming an essential layer in the Big Data fabric at both customers and partners."
- Emmanuel Tahar, head of research firm Third Bridge: "Our research suggests [Tableau] sales sentiment remains steady, but we are not seeing same level of enthusiasm from resellers as last year. Many believe that Microsoft BI could prove a threat to Tableau in the near future, and together with another key competitor QlikView, pricing pressures could weigh heavy on Tableau in the year ahead."
- Interestingly, Tableau's earnings coincided with the release of Gartner's 2016 BI Magic Quadrant report. As in 2015, Tableau made the "Leaders" quadrant, this time joined by only Microsoft and Qlik (9 firms made the quadrant last year). However, Tableau's position on the "Ability to Execute" axis fell noticeably. Its position on the "Completeness of Vision" axis improved moderately.
- Gartner declares Tableau "continues to execute better than any vendor in the BI market," and praises the deployment and data source connectivity options for its platform. However, it also notes Tableau's "pricing and packaging is being more heavily scrutinized," and that survey data suggests Tableau is "experiencing the growing pains that often accompany rapid growth."
- Earlier: Enterprise software and security firms hammered following Tableau/LinkedIn's earnings
- Up in after hours trading yesterday following the company's FQ2 report, Paylocity (NASDAQ:PCTY) finished with steep losses today. Many other enterprise software firms, including cloud HR peers Workday, Ultimate Software, and Paycom, saw even bigger losses following weak guidance from Tableau and LinkedIn.
- Paylocity has guided for FQ3 revenue of $66.5M-$67.5M and EPS of $0.13-$0.15, above a pre-earnings consensus of $64.5M and $0.12. FY16 (ends June '16) guidance is for revenue of $223M-$225M and EPS of $0.18-$0.19, above a consensus of $212.6M and $0.07.
- The company attributed its FQ2 performance to strong sales execution and growing demand for its ACA Enhanced compliance offering. GAAP operating expenses rose 43% Y/Y to $32.4M (compares with 61% revenue growth).
- Paylocity's FQ2 results, earnings release
- Symantec (NASDAQ:SYMC) closed up 3% after posting an FQ3 beat, issuing in-line FQ4 guidance, disclosing a $500M Silver Lake investment, announcing a $4/share special dividend and a 50% regular dividend cut, boosting the size of its total capital return plan, and unveiling plans for fresh cost cuts. The gains came in spite of a 3.3% Nasdaq decline.
- Possibly helping: The WSJ has reported well-known tech activist Elliott Management has "amassed a big stake" in the security software/services firm. The paper adds Elliott supports the Silver Lake deal and yesterday's other announcements.
- Separately, CEO Michael Brown promised Symantec will be "very judicious" in pursuing acquisitions with its Silver Lake and Veritas deal proceeds. Brown previously suggested Symantec plans security acquisitions following the Veritas deal's closing.
- FBR's Dan Ives (Market Perform rating) is cautiously optimistic about Symantec's turnaround efforts. "We believe the confluence of M&A, aggressive buybacks and a tighter operating model finally puts this company on the right path after a decade of pain. This remains a work-in-progress name, but we are now starting to be more optimistic that better days could be ahead for a ‘leaner and more focused’ Symantec."
- GrubHub's (GRUB -1.9%) Q4 earnings yeaterday boosted the stock nearly 13% on the strength of margins and some improving guidance, but Oppenheimer is worried about the food firm's competition.
- Oppenheimer's Jason Helfstein downgraded GrubHub to Market Perform, from Outperform. He's got a raised price target of $30, implying 42% upside from today's price of $21.13.
- Margins were nice, but "GRUB will see margin compression on reduced order rates, more expensive customer acquisition costs and lower commission rates" with competitors like Amazon.com and Uber starting to "aggresively pursue food delivery." Other companies' moves into New York could affect revenues and profitability in the next 12-18 months, and Amazon already has a larger user base.
- Elsewhere, Brean and Canaccord Genuity reiterated their Buy ratings. Canaccord has a $35 price target, implying 66% upside.
- Previously: GrubHub up 8% after revenue strength, solid guidance (Feb. 04 2016)
- USG Corp. (USG +7.1%) shares are sharply higher after the maker of building materials reported better than expected Q4 earnings, citing margin expansion in its gypsum and ceilings businesses, as well as cost discipline.
- USG says it sees continued strength in its markets this year, with overall demand improving 5% in most of its key markets, and stresses that it will continue its "relentless cost control program" in 2016.
- In its earnings conference call last week, USG peer Eagle Materials (EXP +0.7%) said its gypsum customers were reporting 5%-7% increases in volume needs for 2016.
- Atlantic Equities, BMO, Cowen, JPMorgan, Mizuho, Monness Crespi, Raymond James, RBC, SunTrust, and Susquehanna have downgraded LinkedIn (NYSE:LNKD) to neutral ratings after the company offered weak Q1/2016 guidance with its Q4 beat, and suggested several factors related to hiring solutions, online ad, and subscription growth were to blame. Shares have crashed to levels last seen in 2012.
- Raymond James' Justin Patterson, who previously had a Strong Buy rating: "While guidance likely contains some conservatism, LinkedIn’s now provided cautious guidance for three of the past four quarters and earnings quality is poor (i.e. [stock compensation[ now represents >60% of EBITDA, with revenue growth decelerating). Thus, we believe the after-hours reaction is warranted and that LNKD shares are likely range-bound until growth reaccelerates, guidance volatility subsides, and earnings quality improves."
- Citi's Mark May (Neutral): "While 4Q15 results could be characterized as mixed, three of the last four quarters have now included ‘issues’ ... Even considering mgmt’s history of conservatism, guidance implies a meaningful deceleration in revenue growth to the 20-30% range from 35-40% recently, as well as 30% incremental margins for 2016, below the 32% incremental margins in 4Q15."
- Pac Crest's Evan Wilson (Overweight rating): "LinkedIn has rarely given investors a reason to own the stock in 1H and it has happened again ... we think its outlook will most likely end up being conservative as it usually is. We think for its data alone, LinkedIn is a worthy acquisition for any number of enterprise software companies at this valuation." Wilson is, however, critical of LinkedIn's decision to shutter its standalone Lead Accelerator B2B ad product. "Now Sales Navigator really is LinkedIn's only big near-term opportunity to materially increase the monetization of its data set. Ugh."
- BMO's Dan Salmon: "[W]e came away from 4Q results with less confidence in our long-term thesis. Moreover, while US employment trends are still relatively strong, an uncertain air surrounding near-term hiring appeared to develop toward year-end ... Looking more closely at the long-term product roadmap, the path to engaging new groups of power users (B2B marketers, salespeople) has been bumpier than expected."
- Stifel's Scott Devitt (Buy, $220 target) is still a believer. "Investors may question its strategy, but LinkedIn is narrowing its focus on high value, high impact initiatives and jettisoning those investments that do not provide acceptable returns. Although its marketing business will likely face distractions this year, we think LinkedIn’s talent, sales, and learning & development businesses are poised for a strong year."
- As is Needham's Kerry Rice (Buy, $200 target): "[W]e believe our estimates could prove conservative due to: 1) LNKD’s core products remain healthy; 2) LNKD continues to have a strong product pipeline, including Lynda and Sales Solutions, the full potential of which we believe is yet to be realized; and 3) management continues to stay focused in terms of both execution and resource allocation."
- Prior LinkedIn coverage
- Level 3 Communications (NYSE:LVLT) is pulling back a bit, down 3.5%, after a strong 6.9% gain yesterday post-earnings.
- Stephens upgraded the firm to Overweight from Equal Weight and raised its price target from $52 to $63, implying 30% upside from its current price of $48.29.
- Valuation is improved after a recent sell-off (Level 3 has declined 10% over the past month), says Stephens' Barry McCarver, who notes revenue growth is picking up after the company achieved its synergy target from integrating TW Telecom.
- “EMEA and Latin America should continue to improve as the company invests in its network and has opportunities for more acquisitions," McCarver notes. "Headwinds from International revenue have neutralized and may become tailwinds this year.”
- The company guided to significantly higher cash flow in the coming year, and some analysts think that could mean not only a possible repurchase program but also acquisitions.
- The company could go after privately held XO Communications, says Cowen's Colby Synesael, or it could be a target itself -- for a buyer like Comcast (NASDAQ:CMCSA).
- Previously: Level 3 up 7% as revenues, profits grow (Feb. 04 2016)
- Previously: Level 3 EPS in-line, misses on revenue (Feb. 04 2016)
- Beaten-down home automation system provider Control4 (NASDAQ:CTRL) has soared after providing healthy Q1/2016 guidance to go with nearly in-line Q4 results. The company also announced it has bought Pakedge Device & Software, a provider of networking hardware (switches, router, Wi-Fi access points) and software designed for A/V and home automation systems, for $32.7M in cash.
- Pakedge had 2015 sales of $18.5M, and is expected to be accretive to 2016 gross margin and EPS. The company sells its products through a network of 1,700 dealers, 560 of which are also Control4 dealers.
- Control4 praises Pakedge's technology: "[Pakedge] Connect+ incorporates proprietary artificial intelligence-based algorithms to detect, diagnose, self-repair and resolve network problems. Pakedge virtualization technologies enable network devices, whether within a single network or across multiple networks, to be uniquely grouped and managed in new ways. Pakedge advanced software, such as Pakedge Zones, creates new networking capabilities for prioritizing network use for audio, video, communication, security, bulk-data and management applications. The cloud-based management technology, BakPak, enables remote management and maintenance."
- With Pakedge on board, Q1 guidance is for revenue of $38.5M-$41.5M and EPS of -$0.04 to $0.04 vs. a consensus of $36.5M and -$0.05, and 2016 guidance is for revenue of $198M-$202M and EPS of $0.67-$0.76 vs. a consensus of $175.8M and $0.42.
- Also: Control4 has pushed out the expiration date for its $20M buyback program to June 30, 2017 from May 13, 2016. $9M has been spent on buybacks through the program thus far.
- Control4's Q4 results, earnings release
- TIM Participações (NYSE:TSU) is 6.1% lower after Q4 earnings where revenue disappointed expectations after sliding more than 20%.
- Revenues came in at 4.12B reais (about $1.05B), short of an expected 4.33B reais by about 4.9%. EPS of 0.19 reais beat consensus for 0.12 reais.
- The company said it moved in 2015 to cover 411 cities with 4G, up from 45 in 2014, and 4G users reached more than 7M lines (about 11% of total). Smartphone penetration has hit 68% of its base, up from 2014's 49%.
- In Mobile Services, data services now make up 38% of net revenue (up from 31% the prior year).
- Capex for 2015 came to 4.7B reais (about $1.2B).
- Press Release
- Neustar's (NYSE:NSR) Q4 beat was accompanied by guiding for 2016 revenue of $1.22B-$1.26B (+16%-20% Y/Y, boosted by acquisitions) and EPS of $5.03-$5.39, in-line with a consensus of $1.24B and $5.20. Nonetheless, shares have tumbled on a day the Nasdaq is down 2.4%.
- Business performance: Marketing services revenue +23% Y/Y to $51.1M. Security Services +12% to $44.8M. Data Services +7% to $55.9M. Number portability services +8% to $128.4M.
- Financials: Operating expenses rose 30% Y/Y to $231.9M, thanks partly to M&A-related expenses and fees related to Neustar's common short codes contract; for the full year, opex rose 9% to $763.4M. $104.2M was spent in 2015 to buy back 3.8M shares at an average price of $27.65.
2015 free cash flow totaled $323.2M. Thanks to acquisitions and buybacks, Neustar ended 2015 with just $89.1M in cash, and $1.11B in debt.
- Neustar's Q4 results, earnings release
- Outerwall (NASDAQ:OUTR) is down 15.5% as analysts react to an earnings report where the company noted Redbox rentals crashing 24%, which paced an overall revenue drop of nearly 12%.
- Roth Capital has gone to Sell on the company, while Piper Jaffray downgraded to Neutral from its previous Overweight rating. Piper's cut its price target to $32, from a previous $57; shares are trading today at $27.64.
- “Redbox faces secular headwinds, and while we do not expect a 'fall off a cliff' scenario, we believe the trend is accelerating and will continue to drive Y/Y revenue and EPS decline,” says Piper's Michael Olson. “Given lack of visibility on the Redbox content slate and pace of secular decline, the company is no longer providing revenue guidance.”
- EPS guidance provided was well below consensus, but Olson notes there could be upside in share buybacks that aren't accounted for. The company expects to return 75-100% of free cash flow to shareholders this year.
- Wedbush and JPMorgan Chase both slashed price targets today; Wedbush dropped its target to $40, from $59, while JPMorgan cut its target to $29, from $48.
- Previously: Outerwall call: Price hikes still on table; Olympics presses guidance (Feb. 04 2016)
- Previously: Outerwall sinks 14% after Q4 revenues slide (Feb. 04 2016)
- BG Group (OTCQX:BRGXF, OTCQX:BRGYY), the U.K. energy company being acquired by Royal Dutch Shell (RDS.A, RDS.B), says its adjusted Q4 earnings of $423M were cut by more than half from a year earlier but well ahead of analyst consensus of $347M.
- For FY 2015, BG recorded a pre-tax profit of $2.97B, against a loss of $2.3B in 2014; Shell's full-year earnings fell 80% Y/Y to $3.84B.
- BG's full-year production rose 16% Y/Y to 704K boe/day, ahead of guidance for 680K-700K boe/day.
- Collapsing crude oil prices have affected BG less than some of its peers because the company is one of the few producers increasing output as projects start in Australia and Brazil - a top attraction for Shell, which is eager boost its own reserves, production and cash flow.
- New Relic (NYSE:NEWR) has tumbled in spite of beating FQ3 estimates and guiding for FQ4 revenue of $49.8M-$50.8M, above a $48.9M consensus. EPS guidance of -$0.23 to -$0.25 is in-line with a -$0.24 consensus.
- Possibly worrying the Street: Paid business accounts rose by just 286 Q/Q in seasonally strong FQ3, less than the 400 added in FQ2. When asked about account growth on the earnings call (transcript), CEO Lew Crine suggested New Relic's focus on landing enterprise and higher-value SMB customers played a role - annualized revenue per paid business account was up 8% Q/Q and 38% Y/Y to $14,700. "The SMBs we're attracting are, I think, the customers who want to have a relationship. That all having been said, there's no doubt we have an opportunity to do better."
- GAAP operating expenses rose 45% Y/Y to $56.2M. New Relic ended FQ3 with $191M in cash and no debt. With the help of a major GE expansion deal, The deferred revenue balance rose 147% Y/Y to $58.1M.
- New Relic's selloff comes on a day many high-growth enterprise tech names are seeing stop losses in the wake of Tableau and LinkedIn's earnings/guidance.
- New Relic's FQ3 results, earnings release
- Mettler Toledo (MTD +0.3%) Q4 results: Revenues: $673.5M (-3.4%); R&D Expense: $31.1M (-0.6%); SG&A: $177.4M (-5.0%); Net Income: $123.4M (+1.8%); EPS: $4.44 (+6.5%); Non-GAAP EPS: $4.65 (+9.7%).
- FY2015 results: Revenues: $2,395.4M (-3.6%); R&D Expense: $119.1M (-3.4%); SG&A: $700.8M (-3.8%); Net Income: $352.8M (+4.3%); EPS: $12.48 (+9.1%); Non-GAAP EPS: $12.92 (+10.2%); Quick Assets: $98.9M (+15.9%).
- Q1 Guidance: Adjusted EPS: $2.40 - 2.45.
- 2016 Guidance: Adjusted EPS: $14.10 - 14.30.
- In its first report as a public company, Atlassian (NASDAQ:TEAM) beat FQ2 estimates and guided for FY16 (ends June '16) revenue of $443M-$447M and EPS of $0.30-$0.31, above a consensus of $425.3M and $0.20. However, it's worth noting initial post-IPO analyst estimates are often conservative.
- FQ3 guidance is for revenue of $113M-$115M and EPS of $0.05-$0.06 (compares with FQ2's $109.7M and $0.11). FY16 free cash flow guidance is at $80M-$83M.
- FQ2 details: 2,600 net new customers were added, bringing the total count to 54,262 (+27% Y/Y). Subscription revenue totaled $33.9M, perpetual software license revenue $15.7M, maintenance revenue $15.6M, and other revenue $6.6M. GAAP operating expenses rose 47% Y/Y to $87.7M, with $47.8M spent on R&D.
Free cash flow rose 12% Y/Y to $28.8M, topping net income of $19.1M (a common occurrence for cloud software firms). Thanks to its IPO, Atlassian ended FQ2 with $682M in cash/short-term investments and no debt.
- Shares are now trading near Atlassian's $21 IPO price, and are 24% below a post-IPO opening trade of $27.67.
- Atlassian's FQ2 results, earnings release
- Update: Atlassian's selloff comes on a day many other high-growth enterprise tech names (including a slew of cloud software firms) are seeing steep losses following Tableau and LinkedIn's earnings.
- ChannelAdvisor (NYSE:ECOM) has jumped to $13.00 premarket after beating Q4 estimates with the help of 22% Y/Y customer GMV growth. The beat is overshadowing Q1 sales guidance of $24.6M-$25M (below a $25.4M consensus) and 2016 guidance of $111M-$113M (mostly below a $112.9M consensus).
- Q1 adjusted EBITDA guidance is at -$2.5M to -$1.5M. Full-year guidance is at $0-$3M (compares with 2015 adjusted EBITDA of $1.4M).
- On the earnings call (transcript), CEO David Spitz mentioned trailing 12 month average revenue per customer rose 10% Y/Y to more than $34,500, and that top-100 customers accounted for 29% of revenue (up from 26%) in Q3. Variable revenue rose 32%, something Spitz attributed to Amazon's share gains (Amazon is now ECOM's largest channel), pricing policy changes, strong growth at emerging marketplaces, and a mix shift towards larger clients.
- Lifting EPS: GAAP operating expenses fell by $600K Y/Y to $23.5M. ChannelAdvisor ended Q4 with $60.5M in cash and no debt.
- ChannelAdvisor's Q4 results, earnings release
- The headlines from Genworth's (NYSE:GNW) Q4 report aren't pretty, but they're overshadowing a number of positives, says BTIG's Mark Palmer, reiterating a Buy rating, but slashing the price target to $5 from $10.
- Among those positives are much-needed stability in the troubled long-term care unit, as well as the Australian and Canadian mortgage insurance operations.
- Isolating LTC from the rest of the company will be far easier, says Palmer, if operating performance is stable, and that's what it was in Q4 - the unit posting net operating income of $19M, the third profitable quarter in the past four.
- Australia and Canada units both performed well despite the effects of the commodity crash on those economies. Aussie NOI of $22M was up $1M from Q3, and Canada NOI of $37M lost $1M.
- Palmer's $5 price target is 0.25x book value (ex-AOIC) of $20.07.
- Shares are lower by 28% premarket to $2.03.
- ArcelorMittal (NYSE:MT) -6.7% premarket after confirming plans to seek $3B in new capital from shareholders to shore up its finances following FY 2015 losses of nearly $8B.
- MT blames the loss - which includes a $6.7B setback in Q4, with $4.8B in impairment charges mostly related to its iron ore operations - mainly on falling steel prices that were depressed by a surge of Chinese exports, and to writeoffs in the company’s mining business.
- In an indication of continuing difficult conditions, MT forecasts FY 2016 EBITDA of at least $4.5B, compared with $5.2B in 2015, amid relatively weak demand for steel this year, with only the U.S. market showing growth.
- MT is tapping shareholders for funds rather than focus on asset sales because there are signs the steel market has bottomed out, CFO Aditya Mittal says.
- MT also will sell its 35% stake in Spain’s automotive metals component firm Gestamp Automoción for ~$1B by the end of June as part of its attempt to pay down debt; the company says it wants to reduce net debt to less than $12B from $15.7B at the end of December.
- Earlier: Bloomberg: ArcelorMittal preparing €3B capital raise (Feb. 4)
- PerkinElmer (PKI) Q4 results: Revenues: $608.1M (-0.1%); R&D Expense: $30M (-3.2%); SG&A: $158.5M (-26.8%); Operating Income: $84.7M (+176.8%); Net Income: $68.5M (+118.8%); EPS: $0.61 (+117.9%); Non-GAAP EPS: $0.86 (+1.2%).
- FY2015 results: Revenues: $2,262.4M (+1.1%); R&D Expense: $125.9M (+4.0%); SG&A: $598.8M (-9.2%); Operating Income: $286.1M (+35.8%); Net Income: $212.7M (+31.9%); EPS: $1.88 (+32.4%); Non-GAAP EPS: $2.55 (+3.2%); Quick Assets: $237.9M (+36.1%).
- 2016 Guidance: GAAP EPS: $2.21 - 2.31; Adjusted EPS: $2.62 - 2.75.
- Tyson Foods (NYSE:TSN) reports total sales volume dropped 6.8% in FQ1.
- Segment Sales: Chicken: $2.636B (-5.2%); Beef: $3.617B (-17.7%); Pork: $1.213B (-21.2%); Prepared Foods: $1.896B (-11.1%); Other: $99M (-67.5%).
- Segment Volume change: Chicken -0.5%; Beef -3.8%; Pork -2.2%; Prepared Foods -7.7%.
- Segment Average Price change: Chicken -4.7%; Beef -14.4%; Pork -19.5%; Prepared Foods -3.6%.
- Gross margin rate improved 430 bps to 9.91%.
- Operating margin by segment: Chicken 13.6%, Beef 2%, Pork 13%, Prepared Foods 10.9%.
- Adjusted operating margin rate grew 330 bps to 8.5%.
- The company expects overall domestic protein production to increase ~2% to 3% (Y/Y) in FY2016.
- FY2016 Guidance: Sales: ~$37B; Chicken operating margin: ~ more than 11%; Beef: normalized range of 1.5% - 3%; Pork operating margin: normalized range of 6% - 8%; Prepared Foods operating margin: normalized range of 10% - 12%; Other operating loss: ~$70M; Adjusted EPS: $3.85 - $3.95; Capital expenditure: ~900M; Net interest expense: ~$245M; Liquidity: in excess of $1.2B.
- Adjusted operating income of $361.8M or $1.09 per share down 3% from one year ago.
- Operating expenses of $532.8M flat Y/Y. Adjusted operating margin of 41.8% vs 42.4% a year ago.
- Moody's Investors Service global revenue of $544.6M down 4% Y/Y, but flat on a constant currency basis.
- Moody's Analytics revenue of $321.3M up 3% Y/Y, up 6% constant currency.
- 2M shares bought back during Q4 at an average price of $100.09 each, 300K shares issued for stock-based compensation. Full-year buybacks of 10.9M shares at average price of $101.14 each; 3.2M shares issued for stock-based comp.
- Full-year 2016 EPS is expected at $4.75-$4.85 (vs. $4.60 for 2015), with adjusted operating margin of about 45%.
- Conference call at 11:30 ET
- Previously: Moody's beats by $0.04, beats on revenue (Feb. 5)
- MCO flat premarket at $87.11
- Q4 FFO of $242M or $0.34 per share vs. $190M and $0.27 one year ago. Full-year FFO of $839M or $1.18 per share vs. $739M and $1.11 in 2014. Quarterly dividend is boosted by 5.7% to $0.28 per share.
- Q4 office operations generated FFO of $194M in Q4 vs. $150M a year ago. Same-property occupancy of 93% up 100 basis points.
- Retail operations generated FFO of $147M vs. $137M a year ago. NOI growth of 5.5%. Same-property occupancy of 95.6% down 20 bps.
- Opportunistic Investments generated FFO of $39M vs. $13M a year ago, thanks to the acquisitions of Center Parcs and Associated Estates.
- The proposal to buy the rest of Rouse Properties is still on the table.
- Conference call at 11 ET
- Previously: Brookfield Property Partners reports Q4 results (Feb. 5)
- BPY flat premarket
- Iradimed (IRMD) Q4 results: Revenues: $8.8M (+144.4%); Operating Expense: $3.9M (+62.5%); Operating Income: $3.4M (+999%); Net Income: $2.4M (+700.0%); EPS: $0.19 (+850.0%); Non-GAAP EPS: $0.22 (+633.3%).
- FY2015 results: Revenues: $31.6M (+101.3%); Operating Expense: $14.2M (+54.3%); Operating Income: $11.5M (+271.0%); Net Income: $7.5M (+257.1%); EPS: $0.60 (+200.0%); Non-GAAP EPS: $0.69 (+176.0%); Quick Assets: $19.4M (+104.2%).
- Q1 Guidance: Revenue: ~$9.0M - 9.1M; Non-GAAP EPS: $0.17 - 0.18.
- FY2016 Guidance: Revenue: $39.0M - 40M; Non-GAAP EPS: $0.83 - 0.85.
- Q4 income of $20.5M or $0.15 per share vs. $23.3M and $0.17 in Q3, and $9.6M and $0.07 one year ago. Full-year income of $80.1M or $0.58 per share vs. $61.1M and $0.44 in 2014.
- End-of-year AUM of $51.6B down 2.7% for the quarter, up 31.5% from a year ago. Net outflows of $2.6B during Q4. European listed ETFs AUM of $773.9M up 11.2% Q/Q.
- Q4 pre-tax margin of 46.7% down from 49% in Q3, up from 33.6% a year ago. U.S. listed ETFs pre-tax margin of 52.1% vs. 52.3% in Q3 and 37.8% a year ago.
- Conference call at 9 ET
- Previously: WisdomTree Investments EPS in-line, beats on revenue (Feb. 5)
- WETF flat premarket
- Q4 adjusted income of $311M or $0.92 per share vs. $306.5M and $0.91 one year ago. Full-year income of $1.247B or $3.69 vs. $1.127B and $3.35 in 2014.
- Q4 average daily volume of 13.2M contracts fell 11% from one year ago. Clearing and transaction fee revenue of $679M down 5%; average rate per contract of $0.789 up from $0.759. Market data revenue of $99M up 11%.
- Expenses of $343.9M vs. $369.6M a year ago. Compensation and benefits of $134.5M down from $144.8M
- Conference call at 8:30 ET
- Previously: CME beats by $0.02, beats on revenue (Feb. 5)
- CME flat premarket
- Estee Lauder (NYSE:EL) reports net sales rose 8% in FQ2 excluding the impact of foreign currency translation.
- Revenue by geography: The Americas: $1.227B (+2%, +4% on a constant currency basis); EMEA: $1.268B (+5%, +13% on a constant currency basis); Asia/Pacific: $629.4M (flat, +6% on a constant currency basis).
- Revenue by segment: Skin Care: $1.232B (-3%, +2% on a constant currency basis); Makeup: $1.251B (+6%, +13% on a constant currency basis); Fragrance +9% to $470.6M (+7%, +12% on a constant currency basis); Hair Care: $149M (+9%, +14% on a constant currency basis); Other: $21.8M (+27%, +28% on a constant currency basis).
- Gross margin rate flat Y/Y at 81.2%.
- Adjusted operating margin rate flat Y/Y at 20.8%..
- FQ3 Guidance: Net sales: +2% to +3% (+6% to +7% on a constant currency basis); Diluted EPS: $0.50 to $0.55; Adjusted EPS: $0.53 to $0.58.
- FY2016 Guidance: Net sales: +4% to +5% (+9% to +10% on a constant currency basis); Diluted EPS: $2.98 to $3.05; Adjusted EPS: $3.09 to $3.12.
- OneBeacon Insurance (NYSE:OB): Q4 EPS of $0.28 beats by $0.07.
- Revenue of $296.2M (-10.9% Y/Y) misses by $13.4M.
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