Category: Diversified Tech

Analysis, Diversified Tech, Finance

Steel Dynamics Delivers Strong Sequential Growth in Quarter

In the third quarter of 2013, Steel Dynamics delivered improved sequential operating results. Companywide operating income increased 64% to $113 million in the third quarter from a base of $69 million in the second quarter. While shipment volume increased across nearly every product line, steel operating income per ton increased to $94, which amounts to the company’s best result since the third quarter of 2011. … Continue reading Steel Dynamics Delivers Strong Sequential Growth in Quarter

Mark DeFranceLeave a comment
Diversified Tech, Finance

Blackstone Reports Net Income Increase in Third Quarter

Despite facing difficult year-over-year comparisons, narrow-moat rated Blackstone reported positive results for the third quarter, with economic net income, or ENI, rising 3% on a 1% increase in revenue. Total assets under management, or AUM, reached a record $248 billion, up 21% when compared with third quarter 2012, with double-digit gains reported in each of its investment operations. Fee-earning AUM rose just 12% year over … Continue reading Blackstone Reports Net Income Increase in Third Quarter

Mark DoerrLeave a comment
Analysis, Diversified Tech, Finance

Dupont Meets Expectations but Chemicals Business Struggles

On Tuesday, DuPont reported third-quarter results that generally matched our expectations. DuPont experienced year-over-year operating earnings improvement in all of its segments except performance chemicals. We’re raising our fair value estimate to $57 per share from $55 to account for slight modifications to our forecast and the effect of the time value of money since our last update. We are maintaining our narrow moat rating … Continue reading Dupont Meets Expectations but Chemicals Business Struggles

Kristen BartonLeave a comment
Diversified Tech, Finance

Amphenol Delivers Strong Q2 Results

Amphenol delivered solid results that were within our range of expectations.  Sales grew to $1.15 billion in the third quarter, a 5% increase year over year. Revenue rose across the board relative to the year-ago quarter through a combination of organic and inorganic growth. On the operating front, gross margins expanded by 40 basis points, to 31.6%, from the year-ago quarter, and operating margins came in … Continue reading Amphenol Delivers Strong Q2 Results

John BellichLeave a comment
Diversified Tech, Finance, Services Sector

Plains All American Pipeline Announces Plans of Proposed Merger

On Tuesday, Plains All American Pipeline PAA announced the negotiated terms of its proposed merger with its natural gas storage subsidiary, PAA Natural Gas StoragePNG. PNG’s public unitholders are to receive 0.445 common unit of PAA, higher than the proposal of 0.435 common unit announced in August. The amount is equivalent to about $23.27 per PNG unit, or 2.3% higher than before. The increase probably resulted from … Continue reading Plains All American Pipeline Announces Plans of Proposed Merger

Ryan HoltzLeave a comment
Diversified Tech, Finance, Services Sector

Quest Diagnostics Struggles Continue in Q3

Quest Diagnostics followed up its earlier release of disappointing preliminary third-quarter results with more details behind the under performance and pulled back its outlook for the full year. The addition of this information has not materially changed our assumptions and we are holding steady on our $65 fair value estimate. Despite the new management team’s well-publicized plans to improve Quest’s operations and enhance efficiencies, we … Continue reading Quest Diagnostics Struggles Continue in Q3

Chris LewisLeave a comment