We’re maintaining our fair value estimate and moat rating for Avnet AVT after it reported third-quarter results that indicate trepidation from enterprise businesses in Western markets, but continued growth in emerging markets. Avnet generated $6.3 billion of total sales, in line with seasonality and our own expectations. Pro-forma sales to higher-margin Western markets (EMEA and…
Ametek AME delivered first-quarter earnings of $0.51 per diluted share, an 11% increase versus the first quarter of 2012. While operating margin performance was ahead of pace to meet our full-year expectation, revenue growth, including acquisitions, of 7% was a bit weaker than we anticipated. Management increased the bottom end of its full-year EPS guidance…
American Electric Power AEP reported $0.80 ongoing EPS for the first quarter of 2013, flat from the year-ago quarter. Management reaffirmed ongoing 2013 EPS guidance of $3.05 to $3.25. The company recently announced a $0.49 quarterly dividend, a 4.3% increase and in line with the previously announced increased targeted dividend payout ratio of 60% to…
Range Resources RRC reported first-quarter results Thursday. Quarterly production came in at 876 MMcfe per day, up 4% sequentially and 34% year over year and above both the company’s guidance and our forecast of 839 MMcfe/d. Growth was led by Range’s Marcellus acreage, where the firm continued to deliver impressive results across both its liquids-rich…
NTT DoCoMo DCM reported fiscal year-end results that were generally in line with our expectations, but margin guidance for this year was lower than we anticipated. We have put our fair value estimate under review as we revise our model projections. There is no change to our economic moat rating. Revenue grew 5.4% year over…
Diageo is the world’s largest spirits maker, and the strength of its portfolio is unmatched. With eight of the world’s top 25 brands and unrivaled global distribution scale, the firm generates robust free cash flows and has a wide economic moat, in our view. With its strong brand portfolio and unmatched distribution scale, the firm…
