Manhattan Associates reported better than expected 3Q total revenue and EPS. License revenue was $1.7 million lighter than we expected, though the company made up the deficit on services. Investor sentiment was somewhat cautious heading into the print, resulting in the stock up marginally (1%- 3%) in after-hours trading. While MANH executed reasonably well, sluggish…
Tyco reported strong fiscal second-quarter results in the face of continued weakness in global commercial construction. The security and fire firm increased year-overyear organic revenue by 2% in the quarter, a slight acceleration from 1% growth in the prior quarter. Increased project selectivity in North America commercial security curbed revenue from growing further, but the…
In the first quarter, Spain’s Grupo BBVA reported profits of EUR 1,734 million, largely driven by gains of about EUR 823 million on disposals. Impairment losses fell 51% sequentially to EUR 1,376 million on the non-recurrence of special provisions in the trailing quarter, but the benefit of this was largely offset by a 7% sequential…
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…
In the second quarter, Finnish forest products company Stora Enso had a surprising loss in its Paper and Writing segment. Even though the secular headwinds for publishing paper in Europe are well known, Stora had previously been able to turn a consistent profit in the business in recent years. Management says it is stepping up…
