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…
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…
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…
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…
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,…
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…
