Sunday, August 6, 2023

Week in Review 31/23



 

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 31, 2023


  • €34.55 – Edison International (EIX)
  • €97.98 – The Toronto-Dominion Bank (TD)
  • €63.96 – TC Energy Corporation (TRP)


August 1, 2023


  • €65.70 – AT&T Inc. (T)
  • €92.79 – Verizon Communications Inc. (VZ)
  • €27.97 – General Mills, Inc. (GIS)
  • €30.88 – Bristol-Myers Squibb Company (BMY)
  • €47.19 – CVS Health Corporation (CVS)
  • €30.75 – Power Corporation of Canada (TSE:POW)


August 3, 2023


  • €95.68 – Telia Company (TELIA)


Week 31: Total net dividends €587.45


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



Portfolio Holdings News:



July 31, 2023


  • Lockheed Martin Corporation (LMT) awarded ~$556.11M modification (P00100) to contract W31P4Q-20-C-0023 for Phased Array Tracking Radar to Intercept on Target Advanced Capability-3 production. LMT was also awarded ~$501.7M modification (P00001) to contract W31P4Q-23-C-0005 to manufacture and deliver an Air-to-Ground Missile System.



August 1, 2023


  • WEC Energy Group, Inc. (WEC) reports second-quarter results; WEC reports GAAP EPS of $0.92, beating analyst estimates by $0.09 and increased 1.1% year-over-year. Revenue of $1.83 billion misses analyst estimates by $200 million and decreased 3.0% versus the same quarter last year. Management is reaffirming its 2023 annual earnings guidance of $4.58 to $4.62 per share.


  • Pfizer Inc. (PFE) Reports Second-Quarter 2023 Results; PFE reports Non-GAAP EPS of $0.67, beating analyst estimates by $0.09 but decreasing 67% year-over-year. Revenue of $12.7 billion misses analyst estimates by $700 million and decreased 54.1% versus the same quarter last year. Management narrows 2023 Revenue Guidance Range to $67 to $70 Billion and Adjusted Diluted EPS of $3.25 to $3.45.



  • Altria Group, Inc. (MO) Reportsv2023 Second-Quarter and First-Half Results; MO reports second quarter Non-GAAP EPS of $1.31, 4% above from last year and $0.01 ahead of estimates. Revenue grew 1.3% to $5.44 billion, which was in line with expectations. Management reaffirm guidance to deliver 2023 full-year adjusted diluted EPS in a range of $4.89 to $5.03. This range represents an adjusted diluted EPS growth rate of 1% to 4% from a $4.84 base in 2022.



  • V.F. Corporation (VFC) Reports First Quarter Results; VFC reports first quarter Non-GAAP EPS of -$0.15 compared year-over-year Non-GAAP EPS of $0.09. Revenue decreased 8.0% to $2.08 billion, which was $10 million more than expected. For FY24 Management reiterates full year EPS guidance range of $2.05 to $2.25.


  • Triton International Limited (TRTN) Reports Second Quarter 2023 Results; TRTN reports Non-GAAP EPS of $2.38 , beating analyst estimates by $0.04 but decreasing 18.5% year-over-year. Revenue of $386.5 million misses analyst estimates by $9.84 million and decreased 8.3% versus the same quarter last year. On April 12, 2023, TRTN announced it had entered into a definitive agreement to be acquired by Brookfield Infrastructure. TRTN has set August 24, 2023 as the date of the special general meeting of shareholders to approve the transaction. Triton expects the transaction will close in the third quarter of 2023.


  • Illinois Tool Works Inc. (ITW) Reports Second Quarter 2023 Results; ITW reports Non-GAAP EPS of $2.41, in line with expectations and increasing 9.1% year-over-year. Revenue of $4.1 billion misses analyst estimates by $30 million but increased 1.6% versus the same quarter last year. Management is raising its full-year GAAP EPS guidance by $0.10 to $9.55 to $9.95 per share. Free cash flow is projected to be greater than 100 percent of net income and the company plans to repurchase approximately $1.5 billion of its own shares.


  • Eaton Corporation plc (ETN) Reports Second Quarterly Results; ETN reports second quarter Non-GAAP EPS of $2.21, 18% above last year's result and $0.10 more than expected. Revenue grew 12.5% to $5.9 million, topping estimates $150 million. Management raised its full year adjusted earnings per share guidance to between $8.65 and $8.85 and for the third quarter of 2023 adjusted earnings per share of between $2.27 and $2.37.



  • Prudential Financial, Inc. (PRU) Announces Second Quarter2023 Results; PRU reports Non-GAAP EPS of $2.94, missing analyst estimates by $0.07 albeit increasing 25.6% year-over-year. Book value per Common share of $77.65 versus $82.92 per share for the year-ago quarter, adjusted book value per Common share of $97.38 versus $97.91 per share for the year-ago quarter. Assets under management of $1.415 trillion versus $1.410 trillion for the year-ago quarter.


  • Unum Group (UNM) Reports Second Quarter 2023 Results; UNM reports Non-GAAP EPS of $2.06, beating analyst estimates by $0.20 and increasing 7.3% year-over-year. Revenue of $3.11 billion beats analyst estimates by $20 million and increased 2.3% versus the same quarter last year. Book value per common share of $47.06 grew 21.0 percent over the year-ago quarter. Management guides Full-year 2023 outlook of an increase in after-tax adjusted operating income per share of 20 percent to 25 percent when comparing historically reported 2022 results.


August 2, 2023



  • Avista Corporation (AVA) Reports Financial Results for the Second Quarter of 2023; AVA reports second quarter GAAP EPS of $0.23, 43.8% above from last year and $0.08 ahead of estimates. Revenue of $368.6 million was nearly the same as the same quarter last year and misses analyst estimates by $1.48 million. Management are confirming 2023 consolidated earnings guidance with a range of $2.27 to $2.47 per diluted share.


  • UGI Corporation (UGI) Reports Third Quarter Results; UGI reports Non-GAAP EPS of $0.00 compared to Non-GAAP PS of $0.06 in the prior-year period and missing analyst estimates by $0.02. Revenue of $1.66 billion misses analyst estimates by $150 million and decreased 18.2% versus the same quarter last year.



  • The Kraft Heinz Company (KHC) Reports Second Quarter 2023 Results; KHC reports quarter Non-GAAP EPS of $0.79, 12.9% above last year's result and $0.03 more than expected. Revenue of $6.72 billion misses analyst estimates by $80 million but increased 2.6% versus the same quarter last year. For FY2023 Management guides Organic Net Sales growth of 4 to 6 percent versus the prior year and Adjusted EPS to be in the range of $2.83 to $2.91.


  • CVS Health Corporation (CVS) reports second quarter results; CVS reports second quarter Non-GAAP EPS of $2.21, 12.7% below from last year but $0.09 ahead of estimates. Revenue grew 10.5% to $88.92 billion, topping estimates by $88.92 billion. Management confirmed Adjusted EPS guidance range of $8.50 to $8.70 and confirmed cash flow from operations guidance range of $12.5 billion to $13.5 billion.


  • Emerson Electric Co. (EMR) Reports Third Quarter 2023 Results; EMR reports third quarter Non-GAAP EPS of $1.29, 40% above from last year and $0.19 ahead of estimates. Revenue grew 13.5% to $3.94 billion, topping estimates by $60 million. For FY2023 Management guides Adjusted Earnings Per Share $4.40 - $4.45 and Free Cash Flow $2.2B - $2.3B.


  • Main Street Capital Corporation (MAIN) Announces Monthly Dividend Increase; MAIN announce that its Board of Directors declared regular monthly cash dividends of $0.235 per share for each of October, November and December 2023. This represent a 2.2% increase from the regular monthly dividends declared for the third quarter of 2023 and a 6.8% increase from the regular monthly dividends paid in the fourth quarter of 2022. In addition the Board of Directors declared a supplemental cash dividend of $0.275 per share payable in September 2023.



  • Nutrien Ltd. (NTR) Reports Second Quarter 2023 Results; NTR reports Non-GAAP EPS of $2.53, missing analyst estimates by $0.25 and decreasing 57% year-over-year. Revenue fell 19.7% to $11.65 billion, topping estimates by $630 million. Management are revising full-year 2023 adjusted EBITDA guidance to $5.5 to $6.7 billion and full-year 2023 adjusted net earnings guidance1 to $3.85 to $5.60 per share.




  • Fortis Inc. (FTS) Releases Second Quarter 2023 Results; FTS reports second quarter Non-GAAP EPS of C$0.62, 8.8% above from last year and C$0.16 ahead of estimates. Capital expenditures of C$2.0 billion in the first half of 2023, C$4.3 billion annual capital plan on track. Management expects its long-term growth in rate base will drive earnings that support dividend growth guidance of 4-6% annually through 2027.


August 3, 2023



  • Pinnacle West Capital Corporation (PNW) Reports 2023 Second-Quarter Financial Results; PNW reports GAAP EPS of $0.94, missing analyst estimates by $0.21 and decreasing 35.2% year-over-year. Revenue grew 5.7% to $1.12 billion, topping estimates by $40 million. Management increased its 2023 consolidated earnings range to $4.10 to $4.30 per diluted share on a weather-normalized basis from a previously disclosed range of $3.95 to $4.15 per diluted share.



  • ConocoPhillips (COP) ConocoPhillips Reports Second-Quarter 2023 Results; COP reports Non-GAAP EPS of $1.84, missing analyst estimates by $0.12 and decreasing 53.5% year-over-year. Production for the second quarter of 2023 was 1,805 MBOED, an increase of 113 MBOED from the same period a year ago. For Third-quarter 2023 production is expected to be 1.78 to 1.82 million barrels of oil equivalent per day (MMBOED).



  • Gilead Sciences, Inc. (GILD) Announces Second Quarter 2023 Financial Results; GILD reports second quarter Non-GAAP EPS of $1.34, 15.2% below last year's result but $0.30 less than expected. Revenue of $6.59 billion beats analyst estimates by $140 million and increased 5.3% versus the same quarter last year. For the full-year Management expects Non-GAAP diluted earnings per share between $6.45 and $6.80 compared to $6.60 and $7.00 previously.



  • Amgen Inc. (AMGN) Reports Second Quarter Results; AMGN reports third quarter Non-GAAP EPS of $5.00, 8% above from last year and $0.51 ahead of estimates. Revenue grew 5.9% to $6.98 billion, topping estimates by $300 million. For 2023 Management guides total revenues in the range of $26.6 billion to $27.4 billion and non-GAAP basis, EPS in the range of $17.80 to $18.80.


  • Kontoor Brands, Inc. (KTB) Reports 2023 Second Quarter Results; KTB reports Non-GAAP EPS of $0.778 , beating analyst estimates by $0.14 but decreasing 29.4% year-over-year. Revenue grew 0.3% to $616 million, topping estimates by $8.47 million. Management guides FY2023 adjusted EPS is expected to be in the range of $4.55 to $4.75.



  • Main Street Capital Corporation (MAIN) Announces Second Quarter 2023 Results; MAIN reports NII of $1.12, beating analyst estimates by $0.10 and increased 44% year-over-year. Total investment income of $127.6 million beats analyst estimates by $5.69 million and increased 49.8% versus the same quarter last year. Net asset value of $27.69 per share at June 30, 2023, representing an increase of $0.46 per share, or 1.7%, compared to $27.23 per share at March 31, 2023.


  • Air Products and Chemicals, Inc. (APD) Reports Fiscal 2023 Third Quarter Results; APD reports third quarter Non-GAAP EPS of $2.98, 12% above from last year and $0.07ahead of estimates. Revenue decreased 5% to $3.03 billion, which was $260 million less than expected. Management increased fiscal 2023 full-year adjusted EPS guidance by $0.05 at the midpoint to $11.40 to $11.50, up 11 to 12 percent over prior year adjusted EPS and fourth quarter adjusted EPS guidance of $3.04 to $3.14, up seven to 10 percent over prior year.




August 4, 2023


  • Dominion Energy, Inc. (D) Announces Second-Quarter 2023 Earnings; D reports Non-GAAP EPS of $0.53, beating analyst estimates by $0.06 but decreasing 31.2% year-over-year. Revenue of $3.79 billion beats analyst estimates by $70 million and increased 5.3% versus the same quarter last year. Management initiates third-quarter 2023 operating earnings guidance of $0.72 to $0.87 per share.




  • Illinois Tool Works Inc. (ITW) Announce Dividend Increase; The Board of Directors of ITW declared a dividend on the company's common stock of $1.40 per share, a seven percent increase, for the third quarter of 2023. The dividend will be paid on October 12, 2023 to shareholders of record as of September 29, 2023.



  • LyondellBasell Industries N.V. (LYB) Reports Second Quarter 2023 Earnings; LYB reports second quarter Non-GAAP EPS of $2.44, 53% below last year's result but $0.14 more than expected. Revenue of $10.3 billion misses analyst estimates by $790 million and decreased 30.6% versus the same quarter last year. Management expects for Q3 average operating rates of 85% for North American olefins and polyolefins (O&P) assets and 75% for European O&P as well as Intermediates & Derivatives assets in line with global market demand.


  • TELUS Corporation (TSE:T) reports financial results for second quarter 2023; T reports Non-GAAP EPS of C$0.19, missing analyst estimates by C$0.04 and decreasing 40.6% year-over-year. Revenue of $6.49 billion beats analyst estimates by $100 million and increased 7.3% versus the same quarter last year. Revenue of C$4.95 billion was in line with estimates and increased 12.8% versus the same quarter last year. Management updating Free Cash Flow guidance for 2023 to approximately $1.5 billion.


  • Enbridge Inc. (ENB) Reports Second Quarter 2023 Financial Results; ENB reports second quarter Non-GAAP EPS of $0.68, 1.5% above from last year and in line with estimates. Cash provided by operating activities of C$3.4 billion, compared with C$2.5 billion in 2022. Distributable cash flow of C$2.8 billion, an increase of 1%, compared with C$2.7 billion in 2022. Management reaffirms its 2023 financial guidance for EBITDA and DCF.



Articles that caught my attention:





Thanks for stopping by, have a nice next week!


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