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 Baxter’s wide economic moat is stable, built by intangible assets … Continue reading Baxter Third Quarter Results On Track to Meet Full Year Guidance

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 earnings and cash flows through this cycle reinforce our narrow … Continue reading Danaher Posts a Strong Bottom Line; Meets Analysts Expectations in Quarter

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 be a common theme reported by most truckload carriers for … Continue reading Heartland Sees Revenue Declines of 3% in Quarter