Sigma-Aldrich Posts Strong Numbers; Life Sciences Business Thrives

Sigma-Aldrich reported third-quarter results in line with our expectations. Management increased the lower end of its EPS outlook on a favorable tax benefit, which is generally consistent with our EPS estimate for the year. Regardless, the company’s low-single-digit revenue growth trajectory remains on track with our forecast, and we’re leaving our fair value estimate and economic moat rating unchanged. Sigma’s organic revenue grew 5% from … Continue reading Sigma-Aldrich Posts Strong Numbers; Life Sciences Business Thrives

Still-Weak European Paper Demand Weighed on UPM’s 1Q Results

Despite relatively steady performance from the energy and pulp segments, UPM’s quarterly EBITDA contracted 20% year over year; EBITDA from the paper business was nearly halved over the same period. As the world’s largest producer of graphic paper, UPM remains highly dependent on its paper business, where volume continues to decline–European magazine papers fell 6%, newsprint fell 3%, and fine papers fell 6%–and present significant … Continue reading Still-Weak European Paper Demand Weighed on UPM’s 1Q Results