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
KeyCorp Impresses as Revenue Jumps Year Over Year
KeyCorp earned $229 million, or $0.25 per diluted share, for the third quarter, up from $211 million, or $0.22 per diluted share, for the same period in 2012. Non interest income grew to $459 million from $429 million in the previous quarter. Reported net interest was $584 million, flat with the previous quarter. Net interest margins declined, falling 12 basis points to 3.11% as earning … Continue reading KeyCorp Impresses as Revenue Jumps Year Over Year
Piper Jaffray Posts Strong Earnings from Acquisitions
Piper Jaffray Companies reported net income applicable to common shareholders of $4.8 million, or $0.33 per diluted share, on $128 million of net revenue for the third quarter of 2013. If $5 million of acquisition-related costs and the results of discontinued operations are excluded, then the company would have reported pro forma earnings per diluted share of $0.57. We are maintaining our current Morningstar economic … Continue reading Piper Jaffray Posts Strong Earnings from Acquisitions
Heartland Sees Revenue Declines of 3% in Quarter
Heartland’s third-quarter consolidated top line fell 3% year over year, while revenue before fuel surcharges declined 4%; slightly behind our expected run rate for the full-year 2013. Management indicated that rates improved, but “inconsistent” freight demand, limited driver availability, and the government’s recently revised hours-of-service rules weighed on tractor utilization. We expect these factors to be a common theme reported by most truckload carriers for … Continue reading Heartland Sees Revenue Declines of 3% in Quarter