In the first quarter, Echo posted 21% revenue growth (9% organic). The increase includes a boost from the October 2013 Sharp Freight acquisition, and partly reflects a 13% rise in shipment volume (less-than-truckload, or LTL, and truckload volume expanded 11% and 18%, respectively). We note that shipment activity slowed relative to the 20% year-over-year gains…
St. Jude Medical released third-quarter performance that was generally consistent with our expectations, and we have not altered our projections for the full year. However, we plan to modestly raise our fair value estimate to reflect the reduced share count and cash flow realized since our last update. While St. Jude continues to wrestle with…
Skyworks Solutions reported healthy fiscal second quarter earnings. Although the company gave investors a third-quarter outlook that was modestly below our expectations, it hinted at nice growth in the second half of calendar 2013. Skyworks’ revenue was $425 million in the March quarter, slightly above the outlook of $420 million as discussed by management in…
Airgas reported second-quarter results that were below analyst’s projections, and the firm subsequently lowered its 2014 earnings guidance. Although reported revenue increased 4% (2% organic and 2% from acquisitions) compared with the year-ago period, the core business environment was more subdued. The 2% organic sales consisted of pricing up 3% and volume down 1%. Gross margins…
Nokia’s second-quarter earnings report had a couple of bright spots but was mostly concerning as the firm’s mobile phone business continues to languish. The favorable view of Nokia’s pending acquisition of the remainder of its Nokia Siemens Networks (NSN) joint venture is mostly offset by a rapidly deteriorating basic phone market and only modest Windows…
Mattel MAT continues to adapt to children’s demands, innovating new products tailored to changing tastes. With a number of new franchises coming on line in 2013 (including Ever After High and Max Steel), the company will maintain the wide brand recognition it has captured over numerous decades, keeping its narrow rating intact. While second-quarter results…
