eBay reported in-line 3Q results, with outperformance in Marketplaces revenue and incremental operating leverage offsetting a modest shortfall in PayPal revenue. However, guidance once again came in below expectations, driven by domestic macro weakness and caution regarding the holiday period. While we suspect management’s near-term forecast may prove conservative, we see no change to the…
In the first quarter, Echo posted 21% revenue growth (9% organic). The increase includes a boost from the October 2013 Sharp Freight acquisition, and partly reflects a 13% rise in shipment volume (less-than-truckload, or LTL, and truckload volume expanded 11% and 18%, respectively). We note that shipment activity slowed relative to the 20% year-over-year gains…
Skyworks Solutions reported healthy fiscal second quarter earnings. Although the company gave investors a third-quarter outlook that was modestly below our expectations, it hinted at nice growth in the second half of calendar 2013. Skyworks’ revenue was $425 million in the March quarter, slightly above the outlook of $420 million as discussed by management in…
After reviewing MeadWestvaco’s third-quarter results and the pending land sale with Plum Creek Timber, analysts do not expect to materially change the fair value estimate of $34 per share. Starting with third-quarter results, solid performance from MWV’s Industrial and Specialty Chemicals divisions again offset persistent weakness in the Food and Beverage and the Home, Health,…
Forward Air’s third-quarter consolidated revenue increased 18.5%. Excluding the addition of its new temperature-controlled operation, TQI, which was acquired in March, revenue was up 10%. The core airport-to-airport business grew 4% from last year, driven by solid 5.5% tonnage growth, partly offset by a 1% fall in total yield. Forward Air Solutions (the pooled distribution…
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…
