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…
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…
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…
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…
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…
Despite relatively steady performance from the energy and pulp segments, UPM’s quarterly EBITDA contracted 20% year over year; EBITDA from the paper business was nearly halved over the same period. As the world’s largest producer of graphic paper, UPM remains highly dependent on its paper business, where volume continues to decline–European magazine papers fell 6%,…
