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INDUSTRIALS Archives | Page 156 of 295 | Smartkarma

Sep 24
0

Daily Brief Industrials: Doosan Robotics, Toshiba Corp, Steelcase Inc Cl A and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Doosan Robotics Institutional Lockups Breakdown Leaked Pre-Disclosure: Analyzing Flow Schedule
  • (Mostly) Asia-Pac Weekly Risk Arb Wrap: Costa, Origin, Healius, Symbio, Poly Culture, Lansen, MPI
  • Steelcase, Inc. – Early 3Q Order Flow Rebounding; Raising Estimates

Doosan Robotics Institutional Lockups Breakdown Leaked Pre-Disclosure: Analyzing Flow Schedule

By Sanghyun Park

  • The immediate float rate on the listing date (October 5) has reached 19.25% as the institutional lockup volume is not as high as initially expected.
  • Even with a low institutional lockup level, there seems to be a possibility of a certain IPO day pop.
  • The first exit point we can look for in the short term would be the 1-month lockup release (1.44% of SO) one month after listing.

(Mostly) Asia-Pac Weekly Risk Arb Wrap: Costa, Origin, Healius, Symbio, Poly Culture, Lansen, MPI

By David Blennerhassett

Steelcase, Inc. – Early 3Q Order Flow Rebounding; Raising Estimates

By Water Tower Research

  • We are raising our estimates following an upbeat conference call and follow-up with SCS management.

  • Our adjusted 3QFY24 estimate, now at $0.25, is up from $0.21 and at the midpoint of guidance.

  • Full-year FY24 guidance is now $0.80-0.90. Our new FY24 EPS estimate is $0.88, up from $0.71 pre-release and near the top end of guidance.

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Sep 23
0

Daily Brief Industrials: SK Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • SK Inc: Updated NAV Valuation Analysis

SK Inc: Updated NAV Valuation Analysis

By Douglas Kim

  • Our base case valuation of SK Inc is NAV of 17.5 trillion won (NAV per share of 239,095 won), representing a 60% upside from current levels.
  • SK Inc has underperformed most other SK Group related companies YTD but this underperformance may be excessive and SK Inc could outperform as more value investors seek deeply discounted companies.
  • SK Inc’s dividend yield is 3.3%, which is higher than the dividend yields of most other major SK Group companies excluding SK Telecom which has a dividend yield of 6.5%.

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Sep 23
0

Daily Brief Industrials: SK Inc and more

By | Daily Briefs, Industrials

In today’s briefing:

  • SK Inc: Updated NAV Valuation Analysis

SK Inc: Updated NAV Valuation Analysis

By Douglas Kim

  • Our base case valuation of SK Inc is NAV of 17.5 trillion won (NAV per share of 239,095 won), representing a 60% upside from current levels.
  • SK Inc has underperformed most other SK Group related companies YTD but this underperformance may be excessive and SK Inc could outperform as more value investors seek deeply discounted companies.
  • SK Inc’s dividend yield is 3.3%, which is higher than the dividend yields of most other major SK Group companies excluding SK Telecom which has a dividend yield of 6.5%.

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Sep 22
0

Daily Brief Industrials: Hanwha Systems Co Ltd, Evergreen Marine Corp, Caterpillar Inc, Ametek Inc, Odyssey Marine Exploration , Paccar Inc, Trex Company and more

By | Daily Briefs, Industrials

In today’s briefing:

  • A Proactive Long Short Basket Setup Targeting KOSPI Size Index’s Next Rebal
  • Monthly Container Shipping Tracker | Rates Stable | Fuel (Barely) Lower Y/Y | (September 2023)
  • Caterpillar Inc.: North America’s Construction Boom: How Caterpillar Is Capitalizing on It! – Major Drivers
  • AMETEK Inc.: Recent Acquisition Could Skyrocket Its Growth! – Major Drivers
  • Odyssey Marine Exploration, Inc. – Minerals for the Future
  • PACCAR Inc.: Road to Dominance: Profits
  • Trex Company Inc.: Innovating Beyond Traditional Decking Boundaries! – Major Drivers

A Proactive Long Short Basket Setup Targeting KOSPI Size Index’s Next Rebal

By Sanghyun Park

  • We need to focus on the top 2 candidates among the Mid→Large candidates in the screening table mentioned above and the bottom 4 candidates among the Large→Mid candidates.
  • Since they are relatively far from the borderline, there is a significant likelihood that their classification will change. So, flow trading timing on these candidates could be brought forward.
  • Monitoring Doosan Robotics’s market cap potentially nearing ₩3T and keeping an eye on the listing date of Ecopro Materials, we should make changes to the Mid→Large candidates from early December.

Monthly Container Shipping Tracker | Rates Stable | Fuel (Barely) Lower Y/Y | (September 2023)

By Daniel Hellberg

  • Our index suggests pricing momentum remains depressed, but stable in Q3; fuel prices have begun to rise from Q2 lows, but probably don’t offer much lift to earnings now
  • We looked at intra-Asian carrier TS Lines (which applied to list its shares in Hong Kong in April) and provided a quick update on market conditions in the Intra-Asian trade
  • Shares of a few container shipping companies — including Evergreen Marine of Taiwan — have performed well YTD in 2023; we remain positive on the sector’s medium-term outlook

Caterpillar Inc.: North America’s Construction Boom: How Caterpillar Is Capitalizing on It! – Major Drivers

By Baptista Research

  • Caterpillar managed to exceed analyst expectations in terms of revenue as well as earnings, with sales and revenues soaring by 22%, primarily driven by increased sales volume and price realization.
  • This remarkable growth extended across all three primary segments: Construction Industries, Resource Industries, and Energy & Transportation, with sales to users registering a substantial 16% increase year-over-year.
  • Energy & Transportation also witnessed a remarkable increase in sales to users across all applications, including oil and gas, power generation, industrial, and transportation.

AMETEK Inc.: Recent Acquisition Could Skyrocket Its Growth! – Major Drivers

By Baptista Research

  • AMETEK Inc. delivered an all-around beat in the most recent quarterly result, characterized by outstanding operational execution and significant results.
  • The company achieved strong sales growth, surpassing expectations and setting histories for sales, operating income, operating margins, earnings per share, and EBITDA.
  • AMETEK’s Electronic Instruments Group demonstrated exceptional performance with widespread sales growth across divisions, while the Electromechanical Group also reported strong sales growth.

Odyssey Marine Exploration, Inc. – Minerals for the Future

By Water Tower Research

  • Initiating coverage of Odyssey Marine Exploration (OMEX), a pioneer in deep-ocean exploration that has pivoted away from exploring shipwrecks and is now using the vast experience accumulated over decades of undersea work to discover, validate, and develop subsea deposits rich in critical metals and minerals that are beneficial to society, including polymetallic nodules containing metals critical to battery production and phosphate, an important fertilizer component.

  • It’s all over but the waiting. Having completed the evidentiary phase and submitted post-hearing briefs in September 2022, OMEX is currently awaiting the decision of a NAFTA tribunal related to its arbitration against Mexico over what it believes was an illegal denial of an environmental permit to develop a phosphate resource located off the western coast of the country.

  • The potential for an award of monetary damages may exceed $2 billion and can provide longer-term project funding and development opportunities that would be made possible by such an infusion of capital.

PACCAR Inc.: Road to Dominance: Profits

By Baptista Research

  • PACCAR Inc. managed to exceed analyst expectations in terms of revenue and earnings.
  • PACCAR Parts reported double-digit revenue growth, accompanied by substantial pretax profit increases.
  • PACCAR Financial Services also contributed positively to the company’s strong quarter, benefiting from an excellent portfolio and favorable used truck results.

Trex Company Inc.: Innovating Beyond Traditional Decking Boundaries! – Major Drivers

By Baptista Research

  • Trex Company, Inc. delivered an all-around beat in the previous quarter, demonstrating the durability of customer demand for its goods and the power of the outdoor living market.
  • Despite a slight sales dip compared to the significant second quarter of last year, Trex saw mid-single-digit growth in channel sell-through.
  • Trex unveiled the Trex Select T-Rail system in the quarter.

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Sep 22
0

Daily Brief Industrials: Hanwha Systems Co Ltd, Evergreen Marine Corp, Caterpillar Inc, Ametek Inc, Odyssey Marine Exploration , Paccar Inc, Trex Company and more

By | Daily Briefs, Industrials

In today’s briefing:

  • A Proactive Long Short Basket Setup Targeting KOSPI Size Index’s Next Rebal
  • Monthly Container Shipping Tracker | Rates Stable | Fuel (Barely) Lower Y/Y | (September 2023)
  • Caterpillar Inc.: North America’s Construction Boom: How Caterpillar Is Capitalizing on It! – Major Drivers
  • AMETEK Inc.: Recent Acquisition Could Skyrocket Its Growth! – Major Drivers
  • Odyssey Marine Exploration, Inc. – Minerals for the Future
  • PACCAR Inc.: Road to Dominance: Profits
  • Trex Company Inc.: Innovating Beyond Traditional Decking Boundaries! – Major Drivers

A Proactive Long Short Basket Setup Targeting KOSPI Size Index’s Next Rebal

By Sanghyun Park

  • We need to focus on the top 2 candidates among the Mid→Large candidates in the screening table mentioned above and the bottom 4 candidates among the Large→Mid candidates.
  • Since they are relatively far from the borderline, there is a significant likelihood that their classification will change. So, flow trading timing on these candidates could be brought forward.
  • Monitoring Doosan Robotics’s market cap potentially nearing ₩3T and keeping an eye on the listing date of Ecopro Materials, we should make changes to the Mid→Large candidates from early December.

Monthly Container Shipping Tracker | Rates Stable | Fuel (Barely) Lower Y/Y | (September 2023)

By Daniel Hellberg

  • Our index suggests pricing momentum remains depressed, but stable in Q3; fuel prices have begun to rise from Q2 lows, but probably don’t offer much lift to earnings now
  • We looked at intra-Asian carrier TS Lines (which applied to list its shares in Hong Kong in April) and provided a quick update on market conditions in the Intra-Asian trade
  • Shares of a few container shipping companies — including Evergreen Marine of Taiwan — have performed well YTD in 2023; we remain positive on the sector’s medium-term outlook

Caterpillar Inc.: North America’s Construction Boom: How Caterpillar Is Capitalizing on It! – Major Drivers

By Baptista Research

  • Caterpillar managed to exceed analyst expectations in terms of revenue as well as earnings, with sales and revenues soaring by 22%, primarily driven by increased sales volume and price realization.
  • This remarkable growth extended across all three primary segments: Construction Industries, Resource Industries, and Energy & Transportation, with sales to users registering a substantial 16% increase year-over-year.
  • Energy & Transportation also witnessed a remarkable increase in sales to users across all applications, including oil and gas, power generation, industrial, and transportation.

AMETEK Inc.: Recent Acquisition Could Skyrocket Its Growth! – Major Drivers

By Baptista Research

  • AMETEK Inc. delivered an all-around beat in the most recent quarterly result, characterized by outstanding operational execution and significant results.
  • The company achieved strong sales growth, surpassing expectations and setting histories for sales, operating income, operating margins, earnings per share, and EBITDA.
  • AMETEK’s Electronic Instruments Group demonstrated exceptional performance with widespread sales growth across divisions, while the Electromechanical Group also reported strong sales growth.

Odyssey Marine Exploration, Inc. – Minerals for the Future

By Water Tower Research

  • Initiating coverage of Odyssey Marine Exploration (OMEX), a pioneer in deep-ocean exploration that has pivoted away from exploring shipwrecks and is now using the vast experience accumulated over decades of undersea work to discover, validate, and develop subsea deposits rich in critical metals and minerals that are beneficial to society, including polymetallic nodules containing metals critical to battery production and phosphate, an important fertilizer component.

  • It’s all over but the waiting. Having completed the evidentiary phase and submitted post-hearing briefs in September 2022, OMEX is currently awaiting the decision of a NAFTA tribunal related to its arbitration against Mexico over what it believes was an illegal denial of an environmental permit to develop a phosphate resource located off the western coast of the country.

  • The potential for an award of monetary damages may exceed $2 billion and can provide longer-term project funding and development opportunities that would be made possible by such an infusion of capital.

PACCAR Inc.: Road to Dominance: Profits

By Baptista Research

  • PACCAR Inc. managed to exceed analyst expectations in terms of revenue and earnings.
  • PACCAR Parts reported double-digit revenue growth, accompanied by substantial pretax profit increases.
  • PACCAR Financial Services also contributed positively to the company’s strong quarter, benefiting from an excellent portfolio and favorable used truck results.

Trex Company Inc.: Innovating Beyond Traditional Decking Boundaries! – Major Drivers

By Baptista Research

  • Trex Company, Inc. delivered an all-around beat in the previous quarter, demonstrating the durability of customer demand for its goods and the power of the outdoor living market.
  • Despite a slight sales dip compared to the significant second quarter of last year, Trex saw mid-single-digit growth in channel sell-through.
  • Trex unveiled the Trex Select T-Rail system in the quarter.

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  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
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  • ✓ Events & Webinars
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Sep 21
0

Daily Brief Industrials: Toshiba Corp, Airports of Thailand, JSW Infrastructure, Steelcase Inc Cl A and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Toshiba Tender Offer Ends Today – Upcoming Index Selldown Schedule
  • Airport of Thailand (AOT): Not the Right Time
  • JSW Infrastructure IPO – Would Need a Wider Discount to Its Larger and More Dominant Peer
  • Steelcase, Inc. – 2QFY24 Beats on Strong Deliveries; Order Trends Still Pressured

Toshiba Tender Offer Ends Today – Upcoming Index Selldown Schedule

By Travis Lundy

  • The JIP Tender Offer for Toshiba Corp (6502 JP) closes today. I expect that we will see results announced as early as late tonight, but by law, by latest tomorrow.
  • There will be at least three major index downweights, and possibly deletions, most likely in the following five trading days.
  • This shows the approximate maximum share and dollar amounts to be sold, and approximate dates. 

Airport of Thailand (AOT): Not the Right Time

By Henry Soediarko

  • Visa-Free travel for Chinese tourists is certainly a boost for the Airports of Thailand (AOT TB) .
  • Compared to 2019 operational numbers, the 2023 number is still very low despite the large YoY gain thanks to the low base in 2022. 
  • The valuation is still high as the share price has run ahead of its fundamentals.

JSW Infrastructure IPO – Would Need a Wider Discount to Its Larger and More Dominant Peer

By Clarence Chu

  • JSW Infrastructure (5978490Z IN) is looking to raise US$336m in its India IPO.
  • JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
  • In this note, we will look at JSWI’s RHP updates, undertake a peer comparison, and share our thoughts on valuation.

Steelcase, Inc. – 2QFY24 Beats on Strong Deliveries; Order Trends Still Pressured

By Water Tower Research

  • Post Tuesday’s close, Steelcase reported 2QFY24 adjusted EPS of $0.31 and revenue of $855 million, both better than consensus of $0.20 and $829 million.

  • Deliveries accelerated as supply chain constraints abated. Pricing and margin improvements gained traction, aiding sales and buoying gross margin to 33.2%, up 411 bps versus 2QFY23 and 195 bps above our estimate, which we felt was aggressive.

  • Steelcase delivered a 6.2% 2QFY24 adjusted operating margin, ~+2% Y/Y and 170 bps above our estimate.

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Sep 21
0

Daily Brief Industrials: Toshiba Corp, Airports of Thailand, JSW Infrastructure, Steelcase Inc Cl A and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Toshiba Tender Offer Ends Today – Upcoming Index Selldown Schedule
  • Airport of Thailand (AOT): Not the Right Time
  • JSW Infrastructure IPO – Would Need a Wider Discount to Its Larger and More Dominant Peer
  • Steelcase, Inc. – 2QFY24 Beats on Strong Deliveries; Order Trends Still Pressured

Toshiba Tender Offer Ends Today – Upcoming Index Selldown Schedule

By Travis Lundy

  • The JIP Tender Offer for Toshiba Corp (6502 JP) closes today. I expect that we will see results announced as early as late tonight, but by law, by latest tomorrow.
  • There will be at least three major index downweights, and possibly deletions, most likely in the following five trading days.
  • This shows the approximate maximum share and dollar amounts to be sold, and approximate dates. 

Airport of Thailand (AOT): Not the Right Time

By Henry Soediarko

  • Visa-Free travel for Chinese tourists is certainly a boost for the Airports of Thailand (AOT TB) .
  • Compared to 2019 operational numbers, the 2023 number is still very low despite the large YoY gain thanks to the low base in 2022. 
  • The valuation is still high as the share price has run ahead of its fundamentals.

JSW Infrastructure IPO – Would Need a Wider Discount to Its Larger and More Dominant Peer

By Clarence Chu

  • JSW Infrastructure (5978490Z IN) is looking to raise US$336m in its India IPO.
  • JSW Infrastructure (JSWI) is the fastest growing port-related infrastructure company in terms of growth in installed cargo handling capacity and cargo volumes handled during FY20 to FY22, according to CRISIL.
  • In this note, we will look at JSWI’s RHP updates, undertake a peer comparison, and share our thoughts on valuation.

Steelcase, Inc. – 2QFY24 Beats on Strong Deliveries; Order Trends Still Pressured

By Water Tower Research

  • Post Tuesday’s close, Steelcase reported 2QFY24 adjusted EPS of $0.31 and revenue of $855 million, both better than consensus of $0.20 and $829 million.

  • Deliveries accelerated as supply chain constraints abated. Pricing and margin improvements gained traction, aiding sales and buoying gross margin to 33.2%, up 411 bps versus 2QFY23 and 195 bps above our estimate, which we felt was aggressive.

  • Steelcase delivered a 6.2% 2QFY24 adjusted operating margin, ~+2% Y/Y and 170 bps above our estimate.

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Sep 20
0

Daily Brief Industrials: Volkswagen (Pref), R R Kabel, United Parcel Service Cl B, ZTO Express Cayman and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Liquid Universe of European Ordinary and Preferred Shares: September‘23 Report
  • R R Kabel IPO Trading – Average Subscription Rates but Strong Insti Demand
  • United Parcel Service Inc.: The Digital Power Play Boosting Revenues in 2023! – Major Drivers
  • ZTO Express (2057 HK/​​ZTO US): Rock Solid Competitive Position

Liquid Universe of European Ordinary and Preferred Shares: September‘23 Report

By Jesus Rodriguez Aguilar

  • Since mid-August, spreads have not followed a clear pattern across our European liquid universe of ordinary and preferred shares (10 have tightened, 9 widened).
  • Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, Volkswagen (probably the most interesting situation), Grifols, Atlas Copco.
  • Possible trades long ordinary / short preferred shares: Fuchs, Henkel, Schindler, SSAB Svenska Stal.

R R Kabel IPO Trading – Average Subscription Rates but Strong Insti Demand

By Ethan Aw

  • R R Kabel (2333180Z IN) raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th Sep 2023.
  • R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).
  • We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.

United Parcel Service Inc.: The Digital Power Play Boosting Revenues in 2023! – Major Drivers

By Baptista Research

  • United Parcel Service, Inc. delivered a mixed result in the recent quarter, with revenues below market expectations but managed to surpass the analyst consensus regarding earnings.
  • Consolidated revenue for the quarter was $22.1 billion, a 10.9% decrease from the prior year.
  • All three segments showed flexibility in the quarter, reducing total expenses by $2.1 billion compared to the same period last year.

ZTO Express (2057 HK/​​ZTO US): Rock Solid Competitive Position

By Osbert Tang, CFA

  • ZTO Express Cayman (2057 HK)‘s impressive 1H23 and 2Q23 results are only reflections of its competitive strengths. We believe the company is poised to generate even better profitability. 
  • Its market share expansion, excellent cost management, positive volume growth, new business initiatives and solid net cash position are all strengths that drive long-term outlook.
  • While trading on premium vs. peers, ZTO’s PER valuations are well justified by its leadership position, healthy financial position, and high EPS CAGR for FY23-FY25F.

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Sep 20
0

Daily Brief Industrials: Volkswagen (Pref), R R Kabel, United Parcel Service Cl B, ZTO Express Cayman and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Liquid Universe of European Ordinary and Preferred Shares: September‘23 Report
  • R R Kabel IPO Trading – Average Subscription Rates but Strong Insti Demand
  • United Parcel Service Inc.: The Digital Power Play Boosting Revenues in 2023! – Major Drivers
  • ZTO Express (2057 HK/​​ZTO US): Rock Solid Competitive Position

Liquid Universe of European Ordinary and Preferred Shares: September‘23 Report

By Jesus Rodriguez Aguilar

  • Since mid-August, spreads have not followed a clear pattern across our European liquid universe of ordinary and preferred shares (10 have tightened, 9 widened).
  • Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, Volkswagen (probably the most interesting situation), Grifols, Atlas Copco.
  • Possible trades long ordinary / short preferred shares: Fuchs, Henkel, Schindler, SSAB Svenska Stal.

R R Kabel IPO Trading – Average Subscription Rates but Strong Insti Demand

By Ethan Aw

  • R R Kabel (2333180Z IN) raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th Sep 2023.
  • R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).
  • We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.

United Parcel Service Inc.: The Digital Power Play Boosting Revenues in 2023! – Major Drivers

By Baptista Research

  • United Parcel Service, Inc. delivered a mixed result in the recent quarter, with revenues below market expectations but managed to surpass the analyst consensus regarding earnings.
  • Consolidated revenue for the quarter was $22.1 billion, a 10.9% decrease from the prior year.
  • All three segments showed flexibility in the quarter, reducing total expenses by $2.1 billion compared to the same period last year.

ZTO Express (2057 HK/​​ZTO US): Rock Solid Competitive Position

By Osbert Tang, CFA

  • ZTO Express Cayman (2057 HK)‘s impressive 1H23 and 2Q23 results are only reflections of its competitive strengths. We believe the company is poised to generate even better profitability. 
  • Its market share expansion, excellent cost management, positive volume growth, new business initiatives and solid net cash position are all strengths that drive long-term outlook.
  • While trading on premium vs. peers, ZTO’s PER valuations are well justified by its leadership position, healthy financial position, and high EPS CAGR for FY23-FY25F.

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Sep 19
0

Daily Brief Industrials: Seibu Giken , Cummins Inc, iPower , Quanta Services, Steelcase Inc Cl A and more

By | Daily Briefs, Industrials

In today’s briefing:

  • Seibu Giken IPO – Quick Note – Not Particularly Enticing
  • Cummins Inc.: High Demand
  • IPower, Inc. -Reports 4Q23 Results
  • Quanta Services Inc.: Renewable Solutions Skyrocket! Why Their Strategy Matters? – Major Drivers
  • Steelcase, Inc – Preview: 2QFY24 Expected to Improve Sequentially

Seibu Giken IPO – Quick Note – Not Particularly Enticing

By Sumeet Singh

  • Seibu Giken (6223 JP) (SG) is looking to raise around US$93m in its Japan IPO via selling a mix of primary and secondary shares.
  • SG sells desiccant dehumidifiers and VOC concentrators in over fifty countries globally. Its two main products accounted for over 90% of its revenue in 2022.
  • In our previous note, we looked at the company’s past performance. In this note, we talk about valuations.

Cummins Inc.: High Demand

By Baptista Research

  • Cummins Inc. delivered mixed results in the quarter, with revenues above expectations but below-par earnings.
  • Cummins’ organic sales growth rate was 12%, driven by increased pricing and strong end-market demand for its goods globally, with a balance of 19% rise in sales generated by including Meritor.
  • Due to the inclusion of Meritor, high demand, and better pricing, the quarter’s revenue increased.

IPower, Inc. -Reports 4Q23 Results

By Water Tower Research

  • iPower reported 4Q23 and FY23 revenue of $23.4 million and $88.9 million, respectively, up 6% and 12% versus last year’s results.

  • The company reported a loss per share of $0.10 for the quarter, and a loss per share of $0.40 for the year, reflecting the unusual transportation and warehousing expenses experienced as a result of last year’s supply chain disruption.

  • Inventories declined from $30.4 million at the end of FY22 to $20.6 million, with management targeting a further reduction to about $15 million. 

Quanta Services Inc.: Renewable Solutions Skyrocket! Why Their Strategy Matters? – Major Drivers

By Baptista Research

  • Quanta Services, Inc. surpassed the revenue and earnings expectations of Wall Street.
  • They resulted in significant quarterly revenues exceeding $5 billion for the first time in company history and a backlog of $27.2 billion.
  • In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

Steelcase, Inc – Preview: 2QFY24 Expected to Improve Sequentially

By Water Tower Research

  • Steelcase reports 2QFY24 after market close on Tuesday, September 19, with its earnings conference call on Wednesday, September 20 at 8:30 am ET.

  • We expect 2Q24 EPS of $0.20 (also consensus) on revenue of $827.8 million (consensus of $829 million). Our EPS estimate is a penny lower than last year on lower revenue.

  • Following 1Q24 results, we shaved our 2Q24 revenue estimates by ~$20 million, but with evidence of better execution on gross margin, our earnings estimate ticked down by only $0.01.

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