Forward Air’s FWRD second-quarter consolidated revenue increased 8% but was roughly flat when excluding the addition of TQI, which was acquired in March. The core airport-to-airport business fell 5% from last year, driven by 3% deterioration in total yield and a low-single-digit fall in tonnage. A large portion of the revenue decline relates to a…
Santos’s second-quarter production rose 2% to 12.4 million barrels of oil equivalent (mmboe), marginally below expectations, and full-year 2013 production guidance has been reduced by 3% to between 52 and 55 mmboe. The decline reflects deferred oil and gas production from Chim Sao in Vietnam due to power system constraints, steeper than- expected natural field…
Diodes, Inc. management issued a mid-quarter update after the market close. Regarding 4Q13 revenue and operating expenses, not a lot has changed since management issued guidance on November 12. Gross margin, however, is now expected to be 60bp higher than the midpoint of previous guidance. The slight positive variance to gross margin could be due…
QAD reported a respectable quarter last night, delivering in line total revenue and GAAP EPS above estimates. However, management maintained guidance in its seasonally strong F4Q, implying a slight fade in expectations. Importantly, the company continues to notch deals for its on-demand business, particularly from existing on-demand customers rolling out the solution to new sites…
Ahead of the market open, CEVA issued a 3Q13 earnings pre-announcement which calls for September quarter revenue to approximate $10.0 million versus prior guidance of $11.5-$12.5 million. While CEVA has disappointed in recent quarters, we are sticking with our Buy rating for a few reasons. First, we believe the 3Q13 license miss is temporary in…
On Monday morning, it was announced that Avago Technologies (AVGO), a leader in advanced optical, analog and mixed-signal chip design, will acquire LSI Corp (LSI), a strong market participant in hard disk drive semiconductor, system-level silicon for communications and server applications and flash storage solutions. AVGO will pay $6.6 billion for LSI, or $11.15 per…
