Huaneng Power International reported 2013 third-quarter earnings of $1.52 per ADR compared with $0.92 per ADR in 2012’s third quarter. The reported results included an asset impairment charge and loss on disposal of noncurrent assets that reduced reported earnings by roughly $0.24 per ADR. Low market coal prices continue to drive strong earnings. We are…
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…
Lithia Motors reported all-time record results of $1.13 per share for adjusted diluted earnings per share from continuing operations. This mark beat consensus by $0.03, and another healthy mid-digit percentage increase in same-store revenue year over year also enabled the company to beat on revenue. Despite what we see as a very strong quarter, management’s…
Sonoco Products announced solid third-quarter results on Thursday, driven primarily by higher overall pricing and improving demand in the Paper & Industrial Converted Products and Display Packaging segments. Management increased its full-year free cash flow (excluding dividend payments of about $129 million) target to $190 million from $150 million and tightened full-year guidance to $2.27-$2.32…
After reviewing Silgan’s disappointing third-quarter results, we are maintaining our $42 per share fair value estimate as well as our narrow economic moat rating. We are, however, reducing our full-year EPS estimate to $2.78 after management lowered guidance to $2.75-$2.85 from $3.00-$3.15. Our longer-term thesis on Silgan is that, while the company currently possesses a…
