Danaher Posts a Strong Bottom Line; Meets Analysts Expectations in Quarter

Danaher delivered third-quarter earnings of $0.84 per share, a 9% increase versus the prior year. The company reaffirmed its full-year earnings guidance, which was higher than our full-year estimates. We have increased our fair value estimate to $62 per share to reflect better-than-expected performance and cash earned since our last report. The resiliency of Danaher’s earnings and cash flows through this cycle reinforce our narrow … Continue reading Danaher Posts a Strong Bottom Line; Meets Analysts Expectations in Quarter

Westamerica Bancorporation Earnings Drop on Interest Declines

Third-quarter profits at Westamerica Bancorporation fell 16% year on year to $16.7 million, or $0.63 a share, from $20.0 million, or $0.73 a share. Earnings decreased largely due to lower net interest income as a result of declining asset yields. While we are not making changes to our narrow moat rating or fair value estimate, we probably will trim our near-term earnings assumptions. Net interest … Continue reading Westamerica Bancorporation Earnings Drop on Interest Declines

Nestle Posts Solid Results Despite Slower Growth in Emerging Markets

Nestle’s underlying sales increased 4.4% during the first nine months of fiscal 2013, driven by 3.0% volume growth and 1.4% higher prices. While concerns surrounding slowing growth in some emerging markets have circulated throughout the consumer products industry, Nestle’s performance was again skewed toward developing regions (up 8.8%, and about 45% of consolidated sales), while developed markets remain lackluster (up just 1.1%). The European business … Continue reading Nestle Posts Solid Results Despite Slower Growth in Emerging Markets