Sunday, July 30, 2023

Week in Review 30/23



 

Welcome and thanks for reading!

In this review, I will make a summary of important and interesting news and events over the last week related to my portfolio holdings. Also, I will put together some interesting articles from other websites that caught my attention during the past week.



Received Dividends:



July 26, 2023


  • €50.87 – Cisco Systems, Inc. (CSCO)


July 27, 2023


  • €89.31 – The Bank of Nova Scotia (BNS)


July 28, 2023


  • €62.48 – Canadian Imperial Bank of Commerce (CM)


Week 30: Total net dividends €202.66


Dividend income is reported after the deduction of taxes. Check more at my Monthly Dividend sheet.



Portfolio Holdings News:



July 24, 2023



  • Prudential Financial, Inc. (PRU) to Reinsure $12.5B Guaranteed Universal Life Block with Somerset Re; PRU announced an agreement to reinsure a portion of its guaranteed universal life block with Somerset Re, resulting in approximately $450 million of proceeds. Somerset Re will reinsure approximately $12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey. This transaction, covering policies written prior to 2015, represents approximately one-third of Prudential’s total guaranteed universal life statutory reserves.


  • TC Energy Corporation (TRP) Sells Stake In Columbia Gas Business For $5.2-Billion; TRP announced that it has entered into an agreement to monetize a 40 per cent interest in its Columbia Gas Transmission, LLC and Columbia Gulf Transmission, LLC systems. Total proceeds for the transaction are expected to be $5.2 billion (US$3.9 billion) in cash, to be paid at closing, subject to certain customary adjustments.


July 25, 2023


  • UPM-Kymmene Corporation (UPM) Reports Second-Quarter Results 2023; UPM reports earnings per share €0.15, missing analyst estimates by €0.16 and decreasing 70% year-over-year. Revenue of €2,558 million misses analyst estimates by €124 million and decreased 0.2% versus the same quarter last year. Management guides full-year 2023 comparable EBIT decrease from 2022.


  • UPM-Kymmene Corporation (UPM) plans closure of its Plattling mill in Germany; UPM plans to permanently close its Plattling mill in Germany, reducing the uncoated and coated publication paper capacity by 595,000 tonnes in Europe. These plans are a continuation of necessary steps to proactively ensure competitiveness of our operations and align graphic paper capacity to a profitable customer demand.




  • Verizon Communications Inc. (VZ) Reports Second-Quarter 2023 Results; VZ reports Non-GAAP EPS of $1.21, beating analyst estimates by $0.04 but decreasing 7.6% year-over-year. Revenue fell 3.6% to $32.6 billion, which was $720 million less than expected. For 2023 Management guides total wireless service revenue growth of 2.5 percent to 4.5 percent, Adjusted EBITDA of $47.0 billion to $48.5 billion and Adjusted EPS of $4.55 to $4.85.



  • NextEra Energy, Inc. (NEE) Reports Second-Quarter 2023 Financial Results; NEE reports Non-GAAP EPS of $0.88, beating analyst estimates by $0.06 and increased 8.6% year-over-year. Revenue grew 41.9% to $7.35 billion, topping estimates by $1.18 billion. For 2023 and 2024, Management continues to expect adjusted earnings per share to be in the ranges of $2.98 to $3.13 and $3.23 to $3.43, respectively.


  • Kimberly-Clark Corporation (KMB) Announces Second Quarter 2023 Results; KMB reports second quarter Non-GAAP EPS of $1.65, 23% above last year's result and $0.17 more than expected. Revenue of $5.1 billion misses analyst estimates by $30 million but increased 1% versus the same quarter last year. Management raised 2023 outlook for organic growth to 3% - 5%, and for adjusted earnings per share growth of 10% - 14%.


  • RTX Corporation (RTX) Reports Q2 2023 Results; RTX reports Non-GAAP EPS of $1.29, beating analyst estimates by $0.11 by increasing 11% year-over-year. Revenue grew 12.3% to $$18.32 billion, topping estimates by $620 million. Company backlog of $185 billion; including $73 billion of defense and $112 billion of commercial. Management updates outlook for full year 2023: Sales of $73.0 - $74.0 billion, up from $72.0 - $73.0 billion, Adjusted EPS of $4.95 - $5.05 , up from $4.90 - $5.05 and Free cash flow of approximately $4.3 billion, down from approximately $4.8 billion. RTX unit Pratt & Whitney unit found a manufacturing defect in some jet engines.






  • Canadian National Railway Company (TSE:CNR) Announces Second Quarter Results; CNR reports Non-GAAP EPS of C$1.76, missing analyst estimates by C$0.03 and decreasing 8.8% year-over-year. Revenue of C$4.06 billion misses analyst estimates by C$83 million and decreased 6.5% versus the same quarter last year. Management is updating its full-year outlook and now expects flat to slightly negative year-over-year growth in adjusted diluted EPS in 2023.



July 26, 2023


  • AT&T Inc. (T) Reports Second Quarter Earnings; T reports Non-GAAP EPS of $0.63, beating analyst estimates by $0.03 but decreasing 3.1% year-over-year. Revenue of $29.92 billion misses analyst estimates by $30 million but decreased 0.9% versus the same quarter last year. Free cash flow was $4.2 billion for the quarter.


  • The Coca-Cola Company (KO) Reports Second Quarter 2023 Results; KO reports Non-GAAP EPS of $0.78, beating analyst estimates by $0.06 and increased 11% year-over-year. Revenue grew 6.2% to $12 billion, topping estimates by $250 million. For FY2023 Management guides organic revenue (non-GAAP) growth of 8% to 9%, Comparable currency neutral EPS (non-GAAP) growth of 9% to 11% and comparable EPS (non-GAAP) growth of 5% to 6%.


  • Lockheed Martin Corporation (LMT) Selected To Develop Nuclear-Powered Spacecraft; LMT has won a contract from the Defense Advanced Research Projects Agency (DARPA) to develop and demonstrate a nuclear-powered spacecraft under a project called Demonstration Rocket for Agile Cislunar Operations (DRACO). The project will represent a rapid advancement in propulsion technology to benefit exploration and national defense.


  • General Dynamics Corporation (GD) Reports Second-Quarter 2023 Financial Results; GD reports second quarter GAAP EPS of $2.70, 1.8% below from last year but $0.10 ahead of estimates. Revenue of $10.2 billion beats analyst estimates by $730 million and increased 10.5% versus the same quarter last year. GD ended the quarter with record-high backlog of $91.4 billion, a 4.3% increase from the year-ago quarter.


  • Union Pacific Corporation (UNP) Reports Second Quarter 2023 Results; UNP reports GAAP EPS of $2.57, missing analyst estimates by $0.20 and decreasing 12% year-over-year. Revenue of $5.96 billion misses analyst estimates by $160 million and decreased 4.9% versus the same quarter last year. Management forecasting $50 to $70 million in labor expense from new agreements in second half of 2023.


July 27, 2023


  • NESTE Corporation (NESTE) Reports Second Quarter Earnings; NESTE reports comparable earnings per share €0.63, missing analyst estimates by €0.08 and decreasing 34.4% year-over-year. Revenue of €5,351 million misses analyst estimates by €422 million and fell 24% versus the same quarter last year.


  • Kesko Corporation (KESKO) Reports Second Quarter Earnings; KESKO reports earnings per share €0.38, beating analyst estimates by €0.01 but decreasing 15.6% year-over-year. Revenue decreased 0.8% to €3,104.7 million, which was in line with expectations. Management now estimates that its comparable operating profit in 2023 will be €680-760 million. Before, the Management estimated that its comparable operating profit would be in the range of €680-800 million.


  • Intel Corporation (INTC) Reports Second-Quarter 2023 Financial Results; INTC reports second quarter Non-GAAP EPS of $0.13, 54% below last year's result but $0.16 more than expected. Revenue of $12.9 billion beats analyst estimates by $760 million but decreased 15.7% versus the same quarter last year. Management guides third-quarter 2023 revenue of approximately $12.9 billion to $13.9 billion and non-GAAP EPS attributable to Intel of $0.20.


  • Edison International (EIX) Reports Second Quarter 2023 Results; EIX reports Non-GAAP EPS of $1.01, beating analyst estimates by $0.06 and increased 7.5% year-over-year. Revenue of $3.96 billion misses analyst estimates by $320 million and decreased 1.2% versus the same quarter last year. Management reaffirmed 2023 EPS guidance of $4.55-$4.85.


  • AbbVie Inc. (ABBV) Reports Second-Quarter 2023 Financial Results; ABBV reports Non-GAAP EPS of $2.91 , beating analyst estimates by $0.10 but decreasing 13.6% year-over-year. Revenue decreased 4.9% to $13.87 billion, which was $350 million more than expected. Management raises 2023 adjusted diluted EPS guidance range from $10.57 - $10.97 to $10.90 - $11.10.



  • Bristol-Myers Squibb Company (BMY) Reports Second Quarter Financial Results for 2023; BMY reports second quarter Non-GAAP EPS of $1.75, 9% below last year's result and $0.24 less than expected. Revenue of $11.2 billion misses analyst estimates by $610 million and decreased 5.8% versus the same quarter last year. Management revises outlook for total revenues to low single-digit decline, GAAP EPS to $3.72-$4.02, and Non-GAAP EPS to $7.35-$7.65.


  • Baxter International Inc. (BAX) Reports Second-Quarter 2023 Results; BAX reports Non-GAAP EPS of $0.55, missing analyst estimates by $0.06 and decreasing 25% year-over-year. Revenue of $3.71 billion misses analyst estimates by $80 million but increased 3.3% versus the same quarter last year. For Third-Quarter 2023 Management guides sales growth from continuing operations of approximately 2% on a reported basis and 1% on a constant currency basis and adjusted earnings from continuing operations of $0.65 to $0.67 per diluted share.





  • RTX Corporation (RTX) has been awarded a $175.05M ID/IQ contract for the B-2 Advanced High Frequency Radar Components and end items.


  • Digital Realty Trust, Inc. (DLR) Reports Second Quarter 2023 Results; DLR reports FFO of $1.68 , beating analyst estimates by $0.02 but decreasing 2.3% year-over-year. Revenue grew 24.5% to $1.37 billion, which was in line with expectations. Management guides 2023 Core FFO per share and constant-currency Core FFO per share outlook to $6.55 - $6.65.


  • Digital Realty Trust, Inc. (DLR) and TPG Announce Joint Venture of Hyperscale Data Centers; DLR and TPG Real Estate announced that they have established a joint venture in which TPG will acquire a majority stake in three stabilized hyperscale data centers in Northern Virginia (the "Portfolio"). Digital Realty will maintain a minority interest in the portfolio while continuing to manage the day-to-day operations of the assets, providing a seamless customer experience.






July 28, 2023



  • The Procter & Gamble Company (PG) Announces Fourth Quarter and Fiscal Year 2023 Results; PG reports Non-GAAP EPS of $1.37, beating analyst estimates by $0.05 and increased 13% year-over-year. Revenue grew 5.5% to $20.6 billion, topping estimates by $610 million. For FY2024 Management guides all-in sales growth in the range of three to four percent versus the prior year, organic sales growth in the range of four to five percent, diluted net earnings per share growth in the range of six to nine percent versus fiscal 2023 EPS of $5.90.


  • T. Rowe Price Group, Inc. (TROW) Reports Second Quarter 2023 Results; TROW reports second quarter Non-GAAP EPS of $2.02, 12.8% above from last year and $0.29 ahead of estimates. Revenue of $1.61 billion beats analyst estimates by $20 million and increased 6.6% versus the same quarter last year. Q2 end assets under management of $1.40 trillion.


  • W. P. Carey Inc. (WPC) Announces Second Quarter 2023 Financial Results; WPC reports AFFO of $1.36, beating analyst estimates by $0.07 and increased 3.8% year-over-year. Revenue of $452.6 million beats analyst estimates by $22.12 million and increased 31.4% versus the same quarter last year. Management narrowed 2023 AFFO guidance range between $5.32 and $5.38 per diluted share.



Articles that caught my attention:





Thanks for stopping by, have a nice next week!


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