Today - Friday, January 30, 2015
- After having risen sharply over the prior four trading days, Mitek (NASDAQ:MITK) sold off in the wake of its FQ1 beat. Shares still finished the week up 14%.
- On the CC (transcript), CFO Russ Clark guided for FQ2 operating expenses of $5.25M-$5.75M, and litigation spend of $200K-$300K. Mitek's total FQ1 costs/expenses amounted to $5.26M (-12% Y/Y). The company suggests R&D and (to a lesser extent) sales spending growth is mostly responsible for the guidance.
- CEO Jim DeBello states 33M U.S. consumers used Mobile Deposit last year, and sees the user base rising to 47M by the end of 2015. The U.K. and Brazil, each of whom are expected to sign off on image check deposit legislation, are seen as growth opportunities, as is broader usage of the MiSnap automatic image capture platform and risk mitigation solutions that allow banks to raise check deposit size limits.
- FQ1 results, details
- Priceline's (NASDAQ:PCLN) Q4 report will arrive at 7AM ET on Thursday, Feb. 19. CC at 7:30AM.
- Consensus is for revenue of $1.8B (+16.6% Y/Y) and EPS of $10.07 (+14%). With forex concerns looming large, shares have fallen 16% since the online travel giant provided light Q4 guidance to go with a Q3 EPS beat on Nov. 4.
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- Though Aviat (NASDAQ:AVNW) beat FQ2 estimates, it's guiding for FQ3 revenue of $75M-$80M, well below a three-analyst $92.2M consensus. That led shares to drop 7.9% today to $1.28.
- The RF backhaul hardware vendor says it expects "lower revenue in North America following higher than anticipated revenue contribution in the second quarter of fiscal 2015," and doesn't expect an African recovery until later in FY15.
- North American revenue rose 31% Y/Y in FQ2 to $44.2M; international revenue fell 7% to $48.3M. Aviat's cash balance fell by $3.7M Q/Q to $38.7M.
- Peers followed Aviat lower: DragonWave (NASDAQ:DRWI) fell 4.7% to $0.80 and Ceragon (NASDAQ:CRNT) fell 5.1% to $0.88. Both companies made new 52-week lows.
- Quantum's (NYSE:QTM) FQ4 revenue guidance of $130M-$135M is mostly above a three-analyst $130.2M consensus. However, EPS guidance is only at $0.01-$0.02 vs. a $0.02 consensus. A culprit: Gross margin is expected to drop to 43%-45% from FQ3's 46.2% (+270 bps Y/Y).
- Though FQ3 revenue ($142.1M) officially missed consensus, it was in-line with the guidance provided in the company's Jan. 13 warning, as was EPS.
- On the CC (transcript), CEO John Gacek stated FQ3 sales guidance "reflects momentum we have in scale-out storage and DXi, offset by uncertainty around OEM tape [storage] and foreign currency risks." He added Quantum has "multiple large deals and new partnerships that are difficult to forecast at this point."
- The company has also announced it's buying back $50M worth of convertible senior notes due 2015 using cash. Quantum ended 2014 with $107M worth of cash/equivalents, and $204M in convertible debt.
- FQ3 results, PR
- Optical networking/carrier Ethernet hardware vendor Ciena (CIEN -4%), optical component suppliers Finisar (FNSR -2.4%) and Oclaro (OCLR -2%), and telecom chipmakers AppliedMicro (AMCC -5.9%) and Cavium (CAVM -4.4%) are all off after component vendor JDS Uniphase (JDSU -7.4%) missed FQ2 estimates and provided soft FQ3 guidance.
- On its CC (transcript), JDS observed its FQ2 network enablement (test equipment) and service enablement (telecom software/services) revenue fell a combined 8% Y/Y due to "weaker carrier spending and no budget flush in historically stronger December quarter." Network enablement is expected to remain soft in seasonally weak FQ3 as customers weigh their 2015 spending plans. Service enablement is expected to grow ~24%, after growing 16.6% in FQ2.
- AppliedMicro is down 10% since providing a soft FQ4 EPS guidance (-$0.09 vs. a -$0.07 pre-earnings consensus) on Tuesday afternoon to go with an FQ3 beat. Cavium is giving back the gains it saw yesterday after beating Q4 estimates and providing strong Q1 guidance.
- Amazon's (AMZN +14.8%) Q4 North American op. margin of 5.4% was its highest in three years, notes SunTrust's Robert Peck, reiterating a Buy and upping his target to $370. Peck is also pleased gross margin rose Q/Q in spite of seasonality, even if one backs out Other (i.e. AWS) revenue. Third-party seller and fulfillment service growth drove the gains, as did improved efficiency.
- Topeka's Victor Anthony likes the fact Prime memberships rose 53% in 2014 (no precise subscriber number has been given, as usual) in spite of Amazon's $20 price hike. Benchmark's Daniel Kurnos observes the bulk of Amazon's Q4 revenue miss was due to its international ops, where the company took an $895M forex hit.
- B. Riley's Scott Tilghman (Neutral) is more cautious. "We aren’t convinced the company has the same leverage opportunity in non-holiday quarters, and this seems to be captured in its 1Q guidance, which assumes bigger FX headwinds and lower Y/Y profit." On SA, Paulo Santos is as bearish as ever, citing (among other things) the top-line miss and a 4% drop in Media revenue.
- During the CC (transcript), CFO Tom Szkutak stated Amazon would begin breaking out AWS revenue for the first time in Q1. He also mentioned (giving encouragement to bulls) Amazon is "putting even more energy and attention on driving what we would call fixed expense and variable expense productivity as well as other efficiency projects."
- Also disclosed: Third-party seller units made up 43% of Q4 unit sales, up from Q3's 42%. Annual paid unit growth slipped to 20% from Q3's 21%.
- Prior Amazon earnings coverage
- Harmonic (NASDAQ:HLIT) has soared to new 52-week highs after beating Q4 estimates and guiding for Q1 revenue of $100M-$110M, mostly above a $101.5M consensus.
- The Backlog and deferred revenue balance rose 10% Q/Q in Q4 to $128.7M. By contrast, the balance had fallen 12% in Q3. Strong video hardware demand from service providers drove the growth.
- Gross margin fell 20 bps Y/Y to 54.1%, and op. margin 270 bps to 6.2%. $6.7M was spent on buybacks.
- Q4 results, PR
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- Following 16% Q/Q growth in Q3 (driven by iPhone-related orders), Broadcom's (BRCM +4.3%) broadband/connectivity chip sales only fell 2% Q/Q in Q4 to $1.475B, less than expected and driving the company's Q4 beat. Infrastructure/networking chip sales fell 4% Q/Q to $625M, in-line with expectations.
- On the CC (transcript), CEO Scott McGregor stated broadband/connectivity upside was "across the board, including set-top box, broadband access and particularly wireless connectivity." Wireless benefited not only from new phone launches, but also a growing mix of higher-ASP 802.11ac and 2x2 MIMO Wi-Fi combo chips.
- McGregor added Broadcom is "seeing significant customer interest in our 4x4 multiuser MIMO 5G WiFi chip targeted for retail routers, broadband access gateways and set-top boxes," and has scored its first wireless charging IC design win. Q1 broadband/connectivity segment sales are expected to be down Q/Q, in-line with seasonality.
- In infrastructure/networking, data center sales were stronger than enterprise (campus LAN) and carrier sales. Strong design win activity is claimed for both Broadcom's new 3.2Tbps StrataXGS Tomahawk switching chip. Segment sales are expected to be flat Q/Q in Q1.
- Q4 gross margin was 54.7%, +60 bps Q/Q and +240 bps Y/Y, and even with a guidance midpoint of 55% after factoring stock compensation. Thanks to job cuts and the baseband wind-down, R&D spend fell 18% Y/Y to $530M, and SG&A spend rose by just $1M to $173M. $104M was spent on buybacks.
- Q4 results/guidance, PR
- With shares having gone into trading near their 52-week low of $53.76, Coherent's (NASDAQ:COHR) FQ1 beat is easily overshadowing light FQ2 guidance: Revenue of $195M-$205M vs. a $209.2M consensus.
- Also helping: The industrial laser vendor has launched a new $25M buyback (good through Jan. 2016), and stated on its CC (transcript) it expects fiscal 2H revenue to be up ~10% from 1H levels. A $25M buyback launched last July has been used up.
- With OEM order timings and soft European sales weighing on results, FQ1 bookings fell 19% Y/Y to $162.5M, and book-to-bill was 0.81. Strong Asian life sciences demand is boosting sales of Coherent's Chameleon lasers.
- FQ1 results, PR
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- Salesforce (CRM -2.2%), ServiceNow (NOW -2.2%), Paylocity (PCTY -5.8%), Castlight (CSLT -4.1%), Cornerstone OnDemand (CSOD -3.6%), InContact (SAAS -2.2%), and Zendesk (ZEN -2.1%) are selling off after cloud ERP/HR/e-commerce software vendor NetSuite (N -11.7%) offered light Q1 and 2015 sales guidance to go with a Q4 beat. The Nasdaq is down 0.4%.
- As one would expect, NetSuite states forex has much to do with its guidance. On the CC (transcript), CFO Ronald Gill noted "the weighted average value of the foreign currencies in which we recognize international revenue has fallen more than 8% against the dollar." However, it's worth noting only 27% of NetSuite's Q4 revenue was international.
- NetSuite's Q4 numbers were solid: Subscription/support revenue grew 34%, and billings rose 34% to $201M (well above revenue of $157.9M). 54 customers were added for NetSuite's SuiteCommerce e-commerce software platform - CEO Zach Nelson humbly observes that was more than 3x the 17 customer adds rival Demandware (DWRE -1.6%) reported for Q3 (a seasonally weaker quarter).
- ServiceNow, the top player in the cloud IT service desk software market, provided above-consensus guidance on Wednesday.
- When asked on Unisys' (NYSE:UIS) Q4 CC (transcript) if the company is aiming for "somewhere around flat" 2015 growth for its Technology (hardware) segment, CFO Janet Haugen responded with cautious remarks. "We've got a 6 percentage point negative impact on currency in the quarter ... we've got two headwinds in that technology revenues, one is the currency impact on year-over-year basis and second a lower renewal opportunity than we would have had previously."
- Unisys' 2015 total revenue growth consensus is at 3%. In Q4, the company's Technology revenue rose 1% Y/Y to $184.9M, and its services revenue (driven in part by past hardware sales) fell 11% to $720.9M.
- Services margins also received attention from analysts: Unisys' services gross margin fell to 17.5% in Q4 from 21.9% a year ago, and services op. margin to 3.9% from 9.8%. When asked if Unisys can expand services margins in the event of declining revenue, new CEO Peter Altabef said he doesn't "want to have to face that choice."
- Services backlog was flat Y/Y in Q4 at $4.8B. Unisys expects $635M and $2B of its services backlog to respectively convert into Q1 and 2015 revenue. Total revenue consensus estimates for Q1 and 2015 are respectively at $767.1M and $3.46B.
- Q4 results, PR
- Gigamon (NYSE:GIMO) guided on its Q4 CC (transcript) for Q1 revenue of $40M-$43M and EPS of $0.01-$0.05, well above a consensus of $35.5M and -$0.03.
- The network visibility hardware vendor saw a 16% Y/Y Q4 increase in product revenue to $36.8M, and a 27% increase in services revenue to $14.5M. Enterprises accounted for 73% of revenue, service providers 14%, and federal 13%.
- Notably, enterprise bookings rose 68% Y/Y, and federal bookings 261%. Service providers bookings were up 17%. Customer count rose by 94 to 1,649, and the deferred service revenue balance rose by $11M Q/Q to $51.7M.
- The mid-range GigaVUE-HC2 appliance was a strong seller, with HC2 product family bookings doubling Q/Q. H-Series GigaSMART software licenses also saw strong growth.
- Q4 results, PR
- SurModics (SRDX +0.1%) FQ1 results: Revenues: $14.2M (+2.2%); R&D Expense: $3.6M (-2.7%); SG&A: $3.7M (-5.1%); Operating Income: $5M (+16.3%); Net Income: $3.6M (-0.4%); EPS: $0.27 (+3.8%); Quick Assets: $30.7M (-34.1%); CF Ops: $5.5M (+27.9%).
- FY2015 Guidance: Revenue: $57.0M - 60.0M (unch); GAAP EPS: $0.85 - 0.95; GAAP Cash Flow: $16.5M - 18.0M (unch); CAPEX: $2.2M - 2.5M (unch).
- QLogic (QLGC +4.8%) has jumped to new 52-week highs after beating FQ3 estimates and issuing strong FQ4 guidance on its CC: Revenue of $132M-$138M and EPS of $0.24-$0.28 vs. a consensus of $133.1M and $0.25 (transcript).
- Archrival Emulex (ELX -8.1%), however, is off sharply after providing in-line FQ3 guidance - revenue of $97M-$103M and EPS of $0.11-$0.15 vs. a consensus of $100.1M and $0.13 - to go with an FQ2 beat.
- QLogic CEO Prasad Rmapalli asserts his company has been gaining share in the Fibre Channel adapter card market (59% estimated revenue share over the first three quarters of calendar 2014), and has seen "significant share gains" in the high-end 16G Gen 5 segment.
- He added strong Q/Q growth was seen for QLogic's 10G Ethernet adapters and ASICs - the company bought Broadcom's Ethernet controller business a year ago - aided by major design wins for servers running Intel's recently-launched Grantley Xeon CPUs. 25G Ethernet adoption is forecast to be "a disruptive force in the Ethernet ecosystem."
- Likely hurting Emulex: CFO Kyle Wescoat stated on the CC (transcript) "sequential [FQ3] growth in our Ethernet products is offset by Fibre Channel seasonality that could be more pronounced than usual, given the stronger-than-expected December quarter performance."
- A BMO analyst pressed Emulex about its 10G Ethernet share during the Grantley server cycle, and an RBC analyst asked if IBM's recent woes are hurting the company. CEO Jeff Benck declared Emulex is confident it can gain share during the Grantley cycle, and noted a weak UNIX server market (where IBM is a major player) can have an impact.
- PerkinElmer (PKI +3.8%) Q4 results: Revenues: $608.4M (+2.8%); COGS: $330.8M (+5.0%); R&D Expense: $31M (-4.9%); SG&A: $216.6M (+53.7%); Operating Income: $30.6M (-67.1%); Net Income: $31.3M (-57.4%); EPS: $0.28 (-56.9%); CF Ops: $96.6M (+40.0%).
- FY2014 results: Revenues: $2,237.2M (+3.7%); COGS: $1,232.6M (+4.3%); R&D Expense: $121.1M (-8.5%); SG&A: $659.3M (+13.3%); Operating Income: $210.7M (-7.5%); Net Income: $161.2M (-7.5%); EPS: $1.42 (-7.8%); Quick Assets: $174.8M (0.9%); CF Ops: $282.3 (+79.6%).
- 2015 Guidance: GAAP EPS: $2.04 - 2.10; Adjusted EPS: $2.58 - 2.64.
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- Xerox (NYSE:XRX) reports Services revenue $2.73B (+1.45%) and Document technology revenue $2.35B (-8.17%).
- Equipment sales declined 11.25% to $860M; Annuity revenue fell 1.53% to $4.17B.
- Gross margin rate +10 bps to 32.1%.
- SG&A ratio declined 90 bps to 18.7%.
- Operating margin rate +100 bps to 10.4%.
- FQ1 Guidance: Diluted EPS: $0.16 to $0.18; Adjusted EPS: $0.20 to $0.22.
- FY2015 Guidance: Diluted EPS: $0.83 to $0.89; Adjusted EPS: $1.00 to $1.06; Cash flow from operations: $1.7B to $1.9B; Free cash flow: $1.3B to $1.5B.
- Q4 results
- Humira % growth in 2015: mid-teens. Promising work being done on expanded indications.
- Viekira Pak: U.S. launch began in earnest in January. Standard managed care contracting approach used with large payers. More than 40% of covered lives in U.S. have access to V Pak; >20% on an exclusive basis for HCV-1. ~1,100 prescriptions have been written in January - consistent with expectations. Negotiations with foreign governments progressing rapidly. Global sales run rate by end of year: >$3B (exit rate), U.S. will be dominate share. $48M sales booked in December were stocking quantities to prepare for January launch. Mgmt doesn't foresee significant price pressure once Merck enters the market.
- 2015 Guidance: if currency exchange rates stayed the same as they are now, total revenues will be 5% lower. Adjusted gross margin should improve 100 basis points. Operating margin should increase 400 basis points.
- Q1 Guidance: EPS: $0.64 - 0.66.
- (ABBV -2.3%)
- Idexx Laboratories (IDXX -0.9%) Q4 results: Revenues: $352M (-0.6%); COGS: $169.8M (+2.7%); R&D Expense: $24.9M (+10.7%); SG&A: $122.5M (+16.9%); Operating Income: $34.8M (-43.2%); Net Income: $26M (-40.0%); EPS: $0.54 (-34.1%).
- FY2014 results: Revenues: $1,485.8M (+7.9%); COGS: $669.7M (+7.9%); R&D Expense: $98.3M (+11.7%); SG&A: $457.6M (+14.0%); Operating Income: $260.3M (-2.4%); Net Income: $181.9M (-3.1%); EPS: $3.58 (+2.9%); Quick Assets: $322.5M (+15.5%); CF Ops: $235.8M (-4.1%).
- 2015 Guidance: Revenue: $1,640M - 1,660M from $1,690M - 1,710M; EPS: $4.33 - 4.43 from $4.38 - 4.48.
- In addition to topping Q4 estimates, Proofpoint (NASDAQ:PFPT) has guided for Q1 revenue of $56M-$57M (above a $54.3M consensus) and full-year revenue of $245M-$247M (above a $242.5M consensus). Q1 EPS guidance of -$0.08 to -$0.09 is above a -$0.11 consensus, but (due to aggressive spending) full-year guidance is at -$0.36 to -$0.38 (below a -$0.29 consensus).
- Q1 and full-year billings guidance is respectively at $61M-$63M and $288M-$292M. Q4 billings totaled $74.9M, +53% Y/Y and well above guidance of $63M-$64M. Full-year free cash flow guidance is at $20M-$25M.
- GAAP operating expenses rose 31% Y/Y in Q4 to $51.2M. The deferred revenue balance at quarter's end stood at $162.7M (+31%).
- Shares are making new 52-week highs in early trading.
- Q4 results, PR
- BT Group (NYSE:BT) fiscal Q3 revenues slipped a bit year-to-year -- off 2.6% to £4.48B -- though pretax profits were up to £814M from the prior year's £617M as the firm cut operating costs 3%.
- The company also pointed to free cash flow that rose to £908M, a 64% gain. EBITDA was up 2%.
- Segment revenue: BT Global Services, £1.69B (-8%); BT Business, £789M (-2%); BT Consumer, £1.08B (+7%); BT Wholesale, £532M (-10%); Openreach, £1.26B (-1%).
- BT's getting closer to its acquisition of EE, the UK's largest mobile operator, and the combination of the kingdom's biggest mobile firm and biggest broadband firm is spurring deals and consolidation among competitors like O2 (NYSE:TEF) and Hutchison Whampoa.
- BT's pension deficit is a source of concern: At £7B, it's on pace to have doubled over just the past four years, and the company will need to pay in £1.5B by April and another £0.5B over three years to shore it up.
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- Chevron (NYSE:CVX) -1% premarket after reporting better than expected Q4 earnings but cutting its 2015 capital budget to $35B to help offset the impact of low oil prices.
- CVX plans most of its spending - $23.4B - on projects outside the U.S., as some of the its largest growth projects are in Australia, Argentina and Kazakhstan.
- "Improved downstream results and higher gains on asset sales related to our divestment program partially offset the effect of lower crude prices," CEO John Watson says.
- During Q4, refining, marketing and chemical operations (downstream) earnings surged to $1.52B from $390M a year earlier; earnings from exploration and production fell to $2.67B from $4.85B in the year-ago quarter.
- Q4 global oil-equivalent production averaged 2.58M bbl/day, unchanged from a year ago.
- Says its Q4 average sale price for a barrel of crude oil and natural gas liquids was $66 for the U.S., down from $90 a year ago, and $68 globally, compared to $101 in the year-ago quarter.
- ImmunoGen (IMGN +0.5%) FQ2 results: Revenues: $48.3M (+60.5%); R&D Expense: $27.6M (+32.1%); G&A: $6.9M (+27.8%); Operating Income: $13.8M (+263.2%); Net Income: $13.6M (+257.9%); EPS: $0.16 (+300.0%); Quick Assets: $106.6M (-25.1%); CF Ops: $34.4M (+59.3%).
- 2015 Guidance: Revenues: $100M - 105M; operating expenses: $160M - 165M; net loss: ($60M - 65M); cash burn: ($55M - 60M); capex: $7M - 9M; quick assets at fiscal year end: $75M - 85M. All items unchanged from FQ1 guidance.
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- Consol Energy (NYSE:CNX) says in its Q4 earnings report that it plans to spend $1B for oil and gas drilling in 2015, a drop from the $1.5B it allotted last year, while projecting $220M in spending on its coal business.
- CNX says it surpassed its goal of growing oil and gas production by 30% in 2014, a target it plans to reach again in 2015 and 2016; Q1 gas production is expected to total 70B-74B cfe, while full-year output is seen at 300B-310B cfe.
- Reiterates plans to spin off its thermal coal division as an MLP in mid-year 2015 and launch an IPO for its met coal assets in Q4.
- CNX +0.1% premarket.
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- Tyson Foods (NYSE:TSN) reports gross margin rate rose 102 bps to 8.84% in FQ1.
- Segment Sales: Chicken: $2.78B (+4.67%); Beef: $4.39B (+17.60%); Pork: $1.54B (+8.15%); Prepared Foods: $2.13B (+135.17%); International: $305M (-6.73%).
- Segment Volume change: Chicken +3.1%; Beef -2.7%; Pork +1.1%; Prepared Foods +89.5%; International -3.8%.
- Segment Average Price change: Chicken +1.5%; Beef +20.9%; Pork +7%; Prepared Foods +24.1%; International -2.9%.
- Adjusted operating margin rate +50 bps to 5.2%.
- The company achieved $60M in synergies during the quarter & confident about exceeding $225M synergy target for the year.
- The company expects to complete the sale of its Mexico chicken production operation in FQ2.
- The company expects overall domestic protein production to increase 1% (Y/Y) in FY2015.
- FY2015 Guidance: Sales: ~$42B; International sales: decreasy by ~$600M - $650M; Pork operating margin: normalized range of 6% - 8%; Prepared Foods Operating margin: excess of 6%; Adjusted EPS: $3.30 - $3.40; Capital expenditure: ~900M; Net interest expense: ~$280M.
- TSN +4.30% premarket.
- MasterCard (NYSE:MA) reports net income rose 21% in Q4, adjusted for currency swings.
- Acquisitions had a $0.03 dilutive impact on EPS during the quarter.
- Gross dollar volume +13% to $1.2T.
- Cross-border volume +19%.
- Processed transactions +11% to 11.6B.
- A standout from the quarter was the effective tax rate paid by the company of 20.3% vs. 32.0% a year ago.
- MA +3.83% premarket.
- AbbVie (NYSE:ABBV) Q4 results ($M): Revenues: 5,452 (+6.7%); COGS: 1,119 (-12.7%); R&D Expense: 907 (+13.7%); SG&A Expense: 3,341 (+130.7%); Other Expense: 500 (+941.7%); Net Income: (810) (-171.8%); EPS: -0.51 (-172.9%).
- Gross Profit: 4,333 (+13.2%); COGS: 20.5% (-18.2%); Gross Margin: 79.5% (+6.1%); Operating Earnings: (415) (-127.0%); Operating Earnings Yield: (7.6%) (-125.3%); Net Earnings Yield: (14.9%) (-167.3%).
- Key Product Sales: Viekira Pak: 48; Humira: 3,363 (-15.1%); AndroGel: 230 (-20.4%); Kaletra: 203 (-11.0%); Synagis: 298 (-5.1%); Synthroid: 186 (-1.6%); Lupron: 207 (-1.0%); Sevoflurane: 120 (-23.1%); Creon: 151 (+31.3%); Dyslipidemia: 104 (+73.3%); Duodopa: 56 (+14.3%).
- 2014 Guidance: EPS: $3.91 - 4.11; Non-GAAP EPS: $4.25 - 4.45.
- PACCAR (NASDAQ:PCAR) reports truck sales rose 13% Y/Y to $3.999B in Q4.
- The company saw revenue from parts sales jump 8.1% to $789M.
- Growth was led by the business in the U.S. with revenue from Europe down 17.3% to $1.313B.
- PACCAR ended 2014 with a Class 8 retail market share of 27.9% in the U.S. and Canada.
- FQ1 adjusted net loss from operations of $4.5M vs. a loss of $3.9M a year ago.
- Company say it's on track to meet its 2B-10 objectives of $2B in revenue with a 10% adjusted EBITDA margin by the end of fiscal 2016. FQ1 homebuilding revenue was $261.6M down 9.8% from last year.
- New home orders of 966 up 7.9% Y/Y. Community count of 156 up from 138.
- Total closings of 885 down 14.7%. ASP of $295.6K up 5.8%.
- Homebuilding gross margin of 13.5% down 530 bps from a year ago, or 16.6% down 460 bps from a year ago, or 21.8% up 60 bps from a year ago, depending on what's being excluded from the calculation.
- Conference call at 9:30 ET
- Previously: Beazer Homes EPS of -$0.68 (Jan. 30)
- BZH flat premarket
- Novo Nordisk (NVO +2.1%) Q4 results (DKK): Revenues: 24,585M (+13.3%); Gross Profit: 20,586M (+12.5%); Operating Income: 9,157M (+24.5%); Net Income: 6,529M (+7.9%); EPS: 2.51 (+10.6%).
- FY2014 results (DKK) : Revenues: 88,806M (+6.3%); Gross Profit: 74,244M (+6.9%); Operating Income: 34,492M (+9.5%); Net Income: 26,481M (+5.2%); EPS: 10.07 (+7.7%); Quick Assets: 15,905M (9.9%); CF Ops: 31,962M(+23.2%).
- FY2015 Guidance: (DKK): Sales growth: 6 -9% ; operating income growth: ~10%; net financials: ~5.0B; CAPEX: ~5.0B; FCF: 25B - 31B.
8:02 AM| Comment!
- FQ3 adjusted net income of $113.1M or $0.98 per share vs. $124.6M and $1.03 one year ago.
- AUM of $709.1B up 4% Y/Y. Long-term net inflows of $8.8B during the quarter included fixed income inflows of $9.9B offset by equity outflows of $1.1B. Liquidity outflows of $10.6B.
- The board approves a new buyback program for up to $1B in stock, good for about 18.5M shares or 16% of the float at the current stock price.
- Percent of strategies beating the benchmark over 10-year period of 91%, 5-year 86%, 3-year 85%, 1-year 75%. Fixed income: 81% for 10-year, 75% 5-year, 75% 3-year, 77% 1-year. Equity: 66% 10-year, 52% 5-year. 56% 3-year. 53% 1-year.
- Conference call at 8 ET
- Previously: Legg Mason beats by $0.31, beats on revenue (Jan. 30)
- LM flat premarket
- Comparable FFO per share (takes out effect of spun off Washington Prime) of $2.47 vs. $2.20 one year ago. Quarterly dividend is hiked by a dime to $1.40 per share.
- Occupancy of 97.1% up 100 basis points Y/Y. Base minimum rent of $47.01 up 11%. Total sales per square foot of $619 up 6.4%.
- 2015 FFO is guided to $9.60-$9.70 per share (was $8.85 in 2014).
- Conference call at 11 ET
- Previously: Simon Property FFO and revenue in-line (Jan. 30)
- SPG +0.5% premarket
- Altria (NYSE:MO) reports cigarette volume fell 1.7% to 31.342B in Q4.
- Volume for the Marlboro brand was down 1.9% to 26.947B, while market share remained level at 43.8%.
- Cigar volume +3.9% to 319M.
- Altria's smokeless products segment saw revenue rise 4.3% off of higher volume and pricing.
- 2015 guidance: Full-year EPS expected to grow 7%-9% to $2.75-$2.80.
- MO -1.5% premarket.
7:37 AM| Comment!
- Net income of $255.5M, or $0.95 per share, vs. $47.7M, or $0.16 per share, for the same period last year. Adjusted EPS from continuing operations of $0.82.
- Approximately 3.4M shares were repurchased during the quarter for ~$200M as part of a $1.5B share repurchase program approved in Feb. 2014. The company repurchased approximately 22M shares for approximately ~$1.4B during full-year 2014.
- The company expects revenues for full-year 2015 in the range of 4%-5% compared with 2014. Full-year adjusted EPS from continuing operations is expected to be in the range of $3.66 to $3.81 (reported $3.60 to $3.75.)
- Q4 results
- Tyco (NYSE:TYC) reports organic revenue growth of 2%, led by Global products segment with organic growth of 10%.
- Segment revenue: North America Installation & Services: $951M (-1%); Rest of World Installation & Services: $917M (-6%); Global Products: $611M (+8%).
- Segment operating income: North America Installation & Services: $131M (+30 bps to 13.8%); Rest of World Installation & Services: $90M (-80 bps to 9.8%); Global Products: $105M (+130 bps to 17.2%).
- FQ2 Guidance: Adjusted EPS: $0.48 to $0.50.
- FY2015 Guidance: Adjusted EPS: $2.30 to $2.40.
- Eli Lilly (NYSE:LLY) Q4 results ($M): Revenues: 5,121.3 (-11.8%); COGS: 1,253.1 (-9.6%); R&D Expense: 1,290.9 (-12.5%); SG&A Expense: 1,799.9 (-7.9%); Net Income: 428.5 (-41.1%); EPS: 0.40 (-40.3%).
- Gross Profit: 3,868.2 (-12.5%); COGS: 24.5% (+2.5%); Gross Margin: 75.5% (-0.8%); Operating Earnings: 777.4 (-21.7%); Operating Earnings Yield: 15.2% (-11.2%); Net Earnings Yield: 8.4% (-33.2%).
- Key Product Sales: Alimta: 725.0 (-0.2%); Humalog: 729.1 (-0.7%); Cialis: 622.4 (+5.8%); Cymbalta: 367.3 (-58.4%); Humulin: 395.6 (+7.1%); Forteo: 380.8 (+5.8%); Zyprexa: 253.1 (-27.3%); Strattera: 194.9 (-3.1%); Effient: 137.8 (+5.5%); Evista; 72.1 (-73.9%).
- 2015 Guidance: Revenues: $19.5B - 20.0B; EPS: $2.40 - 2.50; Non-GAAP EPS: $3.10 - 3.20.
- Mattel (NASDAQ:MAT) reports North American region gross sales down 2%.
- International region gross sales fell 5% (unfavourable currency exchange rate impact 8%).
- Brand revenue growth: Barbie -12%, Hot Wheels +5%, Fisher-Price -11%, American Girl -4%.
- Gross margin decreased 410 bps to 50.4%.
- SG&A ratio increased 390 bps to 22.3%.
- Operating margin rate declined 1080 bps to 11.9%.
- MAT -4.83% premarket.
- Q4 results
7:09 AM| Comment!
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