Third-quarter profits fell a steep 43% at BB&T, to $268 million, or $0.37 per share, from $469 million, or $0.66 per share, a year earlier. However, the decline was due to an unusual tax item, without which profits would have come to $503 million, or $0.70 per share. The 7% increase in adjusted profits was…
Baxter reported third-quarter results that put it on track to meet our $4.68 adjusted EPS estimate for the year, slightly ahead of management guidance of $4.65-$4.67. We’re maintaining our $80 fair value estimate despite branded hemophilia and generic anesthesia and chemotherapy competition that will likely begin to emerge as headwinds in early 2014. We think…
Danaher delivered third-quarter earnings of $0.84 per share, a 9% increase versus the prior year. The company reaffirmed its full-year earnings guidance, which was higher than our full-year estimates. We have increased our fair value estimate to $62 per share to reflect better-than-expected performance and cash earned since our last report. The resiliency of Danaher’s…
Third-quarter profits at Westamerica Bancorporation fell 16% year on year to $16.7 million, or $0.63 a share, from $20.0 million, or $0.73 a share. Earnings decreased largely due to lower net interest income as a result of declining asset yields. While we are not making changes to our narrow moat rating or fair value estimate,…
Piper Jaffray Companies reported net income applicable to common shareholders of $4.8 million, or $0.33 per diluted share, on $128 million of net revenue for the third quarter of 2013. If $5 million of acquisition-related costs and the results of discontinued operations are excluded, then the company would have reported pro forma earnings per diluted…
Heartland’s third-quarter consolidated top line fell 3% year over year, while revenue before fuel surcharges declined 4%; slightly behind our expected run rate for the full-year 2013. Management indicated that rates improved, but “inconsistent” freight demand, limited driver availability, and the government’s recently revised hours-of-service rules weighed on tractor utilization. We expect these factors to…
