Category: Services Sector

Analysis, BioTech, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Weatherford’s 1Q Results Are Respectable Given Recent History; Net Debt Position Worsens

Weatherford’s WFT first-quarter results were respectable given its recent history, but it still has many areas that can be improved. Revenue was $3.8 billion, up 7% from the prior year, while down 5% sequentially. Segment operating income was $429 million, roughly flat compared with the prior quarter’s $432 million (excluding items), but a decline of 23% from the prior year, thanks to weaker North American … Continue reading Weatherford’s 1Q Results Are Respectable Given Recent History; Net Debt Position Worsens

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Analysis, BioTech, Commodities, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Swisscom Reports Light 1Q Results, but We’re Maintaining Our Fair Value Estimate

Swisscom SCMN reported first-quarter results that were a bit light, but we are maintaining our fair value estimate and moat rating for now. The firm’s revenue declined 2.4% year over year versus our full-year projection of a decline of 0.6%. Swisscom showed good subscriber growth, but weak average revenue per user, or ARPU. In Switzerland, the firm’s broadband base improved 4.1% to 1.75 million, its … Continue reading Swisscom Reports Light 1Q Results, but We’re Maintaining Our Fair Value Estimate

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Analysis, BioTech, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Goldcorp Incurs Elevated Cash Costs in 1Q While Increasing Production

Goldcorp GG reported disappointing first-quarter results Thursday, with considerable production growth that was met with sizable cost inflation. While the firm’s key growth projects remain on track to boost production, we believe its elevated operating expenses do not show signs of material remission. Goldcorp’s cost position rests near the middle of the industry cost curve, which is the primary reason we don’t think it enjoys … Continue reading Goldcorp Incurs Elevated Cash Costs in 1Q While Increasing Production

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Analysis, BioTech, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Valeant Reports In Line 1Q, Again Exceeds Synergy Targets

Valeant VRX reported first-quarter results that were largely in line with our expectations and we do not anticipate making any changes to our fair value estimate or moat rating. Revenue grew 25% and cash EPS grew 43% over the prior year, largely because of the integration of Medicis. The firm continues to see very strong performance in the emerging markets, and shows no signs of … Continue reading Valeant Reports In Line 1Q, Again Exceeds Synergy Targets

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Analysis, BioTech, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

Manulife’s New Insurance Sales Fall Due to Price Increases

A record level of assets under management and robust wealth product sales drove an 18% increase in Manulife’s MFC first-quarter earnings over first-quarter 2012. On an operating basis, the company earned CAD 619 million in the quarter, or CAD 0.32 per share, meeting our expectations. Core return on shareholders’ equity was 10.6%, consistent with the levels achieved in previous quarters. GAAP income was CAD 540 … Continue reading Manulife’s New Insurance Sales Fall Due to Price Increases

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Analysis, BioTech, Diversified Tech, Finance, Mergers & Acquisitions, Semiconductors, Services Sector, Software, Tech IPO, Venture Capital

ARC Resources Outperforms in 1Q; Maintaining 2013 Outlook

ARC Resources reported earnings after the market close Wednesday. The firm exceeded our expectations for production levels and earnings thanks to favorable well results in the Cardium region and minimal gas plant downtime at Dawson. Production for the quarter averaged 95.4 thousand barrels of oil equivalent per day. In addition to the favorable operations in the Cardium and Dawson plays, additional gas processing capacity at … Continue reading ARC Resources Outperforms in 1Q; Maintaining 2013 Outlook

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