SYK beat consensus revenue and EPS as it benefited from an improving orthopedic implant market and stronger MedSurg growth. SYK’s gross margin was weaker than we had expected though it was able to offset this with SG&A leverage. SYK is now excluding amortization from its adjusted EPS. While we now have estimates both including and…
Mineral Resources’ AUD 180 million fiscal 2013 net profit comfortably exceeded analyst’s AUD 141 million forecast. Despite a 26% fall in headline profit, versus fiscal 2012, underlying profit increased 11% and marks an impressive seventh consecutive year of profit growth since the company listed in 2006. However, we maintain our thesis that inadequate operational and…
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…
