Category: Analysis

Analysis, Finance, Financial

China Unicom Reports Strong Revenue Growth Year over Year

China Unicom reported nine-month results that continue to show strong revenue growth, but at the expense of margins. We think this strategy makes sense while China Mobile remains tied to its 3G TD-SCDMA network. However, with 4G likely coming in the next few months, this strategy may not continue to work. For now, though, we are maintaining our fair value estimate and moat rating. Unicom’s … Continue reading China Unicom Reports Strong Revenue Growth Year over Year

Jayne CrismanLeave a comment
Analysis, Finance, Financial, Software

Stericycle Profits Rise Despite Revenue Declines

Stericycle reported stronger profitability in the third quarter despite experiencing slower top-line growth both year over year and sequentially. Seventeen acquisitions contributed toward an increase in revenue by 11.3% to $535 million in the quarter; however, consolidated internal growth of 6.5% was on the low end of Stericycle’s typical target range. In particular, domestic small quantity (SQ) revenue grew organically by 8%, and large quantity … Continue reading Stericycle Profits Rise Despite Revenue Declines

Mark DeFranceLeave a comment
Analysis, Finance

Maxim`s Results Propelled by Samsung Galaxy S4 Launch

Maxim Integrated reported solid fiscal third-quarter earnings on Thursday. The firm’s fourth-quarter revenue outlook was modestly lower than our expectations, but still point toward healthy analog chip demand from Samsung, and a recovery from a recent industry downturn. Maxim’s analog chip sales were $605 million, at the high end of the firm’s forecasted range of $580 million-$610 million put forth in January. Sales were flat, … Continue reading Maxim`s Results Propelled by Samsung Galaxy S4 Launch

Colin PettisLeave a comment
Analysis, Finance, Services Sector

Weak Hospital Spending Hurts Varian Medical Systems in Quarter

Varian Medical Systems reported fairly weak fiscal fourth-quarter results. The company’s performance continues to be affected by tightening U.S. radiology reimbursement for freestanding clinics and the generally weak hospital spending environment. Our narrow moat and positive moat trend ratings remain intact; we continue to believe Varian is well positioned to capitalize on its strong technological platform and produce strong results over the next decade. We’re … Continue reading Weak Hospital Spending Hurts Varian Medical Systems in Quarter

Colin PettisLeave a comment
Analysis, Finance

ATMI Posts Disappointing Earnings; Revenue Drops to $100.2 Million

ATMI reported third-quarter results that were slightly below our expectations due to near-term softness in manufacturing activity in the chip industry. We are maintaining our fair value estimate and moat rating. For the quarter, revenue was $100.2 million, down 2% sequentially and down from sales of $109 million in the year-ago quarter. A near-term slowdown in semiconductor industry manufacturing activity affected demand for ATMI’s products, … Continue reading ATMI Posts Disappointing Earnings; Revenue Drops to $100.2 Million

Ryan HoltzLeave a comment
Analysis, Finance, Financial

Banco Bradesco Lowers Guidance on Slow Loan Growth

Banco Bradesco reported net income of BRL 3 billion (about $1.4 billion) for the third quarter. This was a 3.5% increase sequentially and 6.5% on a year-over-year basis. We are maintaining our narrow-moat rating and our fundamental outlook for the company at this time. Net interest income was BRL 11.7 billion, up 17% sequentially from BRL 10 billion and down 15% from BRL 13.8 billion … Continue reading Banco Bradesco Lowers Guidance on Slow Loan Growth

Chris LewisLeave a comment