Huaneng Power International reported 2013 third-quarter earnings of $1.52 per ADR compared with $0.92 per ADR in 2012’s third quarter. The reported results included an asset impairment charge and loss on disposal of noncurrent assets that reduced reported earnings by roughly $0.24 per ADR. Low market coal prices continue to drive strong earnings. We are…
Airgas reported second-quarter results that were below analyst’s projections, and the firm subsequently lowered its 2014 earnings guidance. Although reported revenue increased 4% (2% organic and 2% from acquisitions) compared with the year-ago period, the core business environment was more subdued. The 2% organic sales consisted of pricing up 3% and volume down 1%. Gross margins…
Stronger-than-expected oil and gas volume highlighted Freeport-McMoRan’s third quarter on the operating front. However, lower copper and gold prices pressured cash flow and net debt rose in the quarter. We expect still-lower prices and continue to doubt Freeport can meaningfully deleverage unless it undertakes significant asset sales and cuts its dividend. Production and cost figures…
Nestle’s underlying sales increased 4.4% during the first nine months of fiscal 2013, driven by 3.0% volume growth and 1.4% higher prices. While concerns surrounding slowing growth in some emerging markets have circulated throughout the consumer products industry, Nestle’s performance was again skewed toward developing regions (up 8.8%, and about 45% of consolidated sales), while…
St. Jude Medical STJ released solid second-quarter results, and the firm remains on track to meet full-year projections. On the whole, the performance across St. Jude’s product segments are pleasing, and many are particularly heartened to see stability in implantable cardioverter defibrillator sales. After two years of soft demand following a published study that suggested…
