Sunday, May 5, 2024

Week in Review 18/24



 

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:



April 29, 2024


  • €88.96– The Bank of Nova Scotia (BNS)
  • €63.89– Canadian Imperial Bank of Commerce (CM)


April 30, 2024


  • €37.84– Edison International (EIX)
  • €118.77– Altria Group, Inc. (MO)
  • €13.18– LTC Properties, Inc. (LTC)
  • €103.52– The Toronto-Dominion Bank (TD)
  • €82.82– TC Energy Corporation (TRP)


May 1, 2024


  • €67.46– AT&T Inc. (T)
  • €115.09– Verizon Communications Inc. (VZ)
  • €28.76– General Mills, Inc. (GIS)
  • €33.35– Bristol-Myers Squibb Company (BMY)
  • €53.21– CVS Health Corporation (CVS)
  • €26.12– Medical Properties Trust, Inc. (MPW)
  • €32.83– Power Corporation of Canada (TSE:POW)


Week 18: Total net dividends €865.81


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



Portfolio Holdings News:



April 29, 2024


  • WEC Energy Group, Inc. (WEC) To Acquire Solar Energy Center; WEC announced that the company has agreed to acquire a 90% ownership interest in the Delilah I Solar Energy Center. Delilah I will generate renewable energy under a long-term power purchase agreement with a global automaker. WEC Energy Group's investment is expected to total $459 million for the 90% ownership interest.




April 30, 2024


  • Edison International (EIX) Reports First-Quarter 2024 Results; EIX reports first quarter Non-GAAP EPS of $1.13, 3.7% above from last year and $0.02 more than expected. Revenue grew 2.5% to $4.07 billion, which was $90 million less than expected. Management affirms 2024 core EPS guidance of $4.75-$5.05 and reiterates long-term core EPS growth rate targets of 5%-7% for 2021-2025 and 5%-7% for 2025-2028.


  • ONEOK, Inc. (OKE) Announces First Quarter 2024 Earnings; OKE reports GAAP EPS of $1.09, a 53.4% decrease from the previous year and $0.07 lower than expected. Adjusted EBITDA of $1.44 billion decreased 16.9% versus the same quarter last year. 2024 Guidance: Net income increased $70 million to a midpoint of $2.88 billion and earnings per diluted share increased to a midpoint of $4.92.


  • General Mills, Inc. (GIS) Completed The Acquisition of Edgard & Cooper; GIS announced it has completed the acquisition of Edgard & Cooper, one of Europe’s leading independent premium pet food brands. Edgard & Cooper is one of the fastest-growing and most-recognized independent pet food companies in Europe, with estimated 2023 retail sales of more than €100 million across 13 markets.


  • The Coca-Cola Company (KO) Reports First Quarter 2024 Results ; KO reports Q1 Non-GAAP EPS of $0.72, beating estimates by $0.02 and 7% higher than the prior year. Revenue grew 2.7% to $11.3 billion, topping estimates by $330 million. For full year 2024 Management expects comparable EPS (non-GAAP) growth of 4% to 5%, versus $2.69 in 2023.




  • Illinois Tool Works Inc. (ITW) Reports First Quarter 2024 Results; ITW reports first quarter Non-GAAP EPS of $2.44, 5% above last year's result and $0.08 more than expected. Revenue of $4 billion was flat whit year-over-year and was $30 million less than expected. Management reaffirming full-year organic growth guidance of 1 to 3% and raising full-year GAAP EPS guidance by $0.30 to a range of $10.30 to $10.70 per share.


  • Eaton Corporation plc (ETN) Reports First Quarter 2024 Results; ETN reports Non-GAAP EPS of $2.40, beating analyst estimates by $0.11 and increasing 28% year-over-year. Revenue increased 7.7% to $5.9 billion, which was in-line with estimates. For the full year 2024 Company is raising organic growth guidance from 6.5-8.5% to 7-9% and adjusted earnings per share guidance to between $10.20 and $10.60, up 14% at the midpoint over the prior year.


  • Prudential Financial, Inc. (PRU) Announces First Quarter 2024 Results; PRU reports Q1 Non-GAAP EPS of $3.12, 20.6% below last year's result and $0.03 less than expected. Adjusted book value per Common share of $97.03 versus $97.29 per share for the year-ago quarter. Assets under management of $1.496 trillion versus $1.417 trillion for the year-ago quarter.


  • Unum Group (UNM) Reports First Quarter 2024 Results; UNM reported first quarter Non-GAAP EPS of $2.12, a 13.4% grow from the previous year and $0.15 above estimates. Revenue increased 5.6% to $3.2 billion, which was in line with estimates. Book value per common share of $53.38 grew 13.9 percent over the year-ago quarter.


  • Unum Group (UNM) Increase Dividend; UNM announced that its board of directors has authorized an increase of 15% in the quarterly dividend paid on its common stock. The new rate of 42 cents per common share, or $1.68 per share on an annual basis, will be effective with the dividend expected to be paid in the third quarter of 2024.



  • Archer-Daniels-Midland Company (ADM) Reports First Quarter 2024 Results; ADM reports Non-GAAP EPS of $1.46, a 30% decrease from the previous year but $0.09 better than expected. Revenue decreased 9.2% to $21.85 billion, which was $430 million lower what analysts had expected. Management continues to expect adjusted earnings per share in the range of $5.25 to $6.25 for the full year.


  • W. P. Carey Inc. (WPC) Announces First Quarter 2024 Financial Results; WPC reports Q1 FFO of $1.14, missing estimates by $0.01 and down 13.0% from $1.31 per diluted share for the 2023 first quarter. Revenues declined by 8.9% to $389.8 million, missting estimates by $6.11 million. Management affirming 2024 AFFO guidance of between $4.65 and $4.75 per diluted share.



May 1, 2024



  • WEC Energy Group, Inc. (WEC) Reports First-Quarter Results; WEC reports first quarter GAAP EPS of $1.97, 22.4% above from last year and $0.06 more than expected. Revenue of $2.68 billion misses analyst estimates by $260 million and decreased 7.3% versus the same quarter last year. Management is reaffirming its 2024 earnings guidance of $4.80 to $4.90 per share.


  • Eversource Energy (ES) Reports First Quarter 2024 Results; ES reports Q1 Non-GAAP EPS of $1.49, beating analyst estimates by $0.02 and increased 5.7% year-over-year. Revenue of $$3.33 billion misses analyst estimates by $390 million and decreased 12.2% versus the same quarter last year. Management reaffirms its 2024 non-GAAP earnings projection of between $4.50 per share and $4.67 per share.



  • UGI Corporation (UGI) Reports Fiscal 2024 Second Quarter Results; UGI reports second quarter Non-GAAP EPS of $1.97, 17.3% above from last year and $0.33 more than expected. Revenue of $2.47 billion misses analyst estimates by $600 million and decreased 20.3% versus the same quarter last year. Management affirms its fiscal 2024 adjusted diluted EPS guidance range of $2.70-3.00 per share.


  • Brookfield Renewable (BEP, BEPC) and Microsoft Collaborating to Deliver New Renewable Power Capacity Globally; Brookfield Asset Management (BAM), together with BEP, BEPC and Microsoft (MSFT), are pleased to announce the signing of a global renewable energy framework agreement to contribute to Microsoft’s goal of having 100% of its electricity consumption, 100% of the time, matched by zero carbon energy purchases by 2030. The agreement provides a pathway for Brookfield to deliver over 10.5 gigawatts of new renewable energy capacity between 2026 and 2030 in the U.S. and Europe.



  • The Kraft Heinz Company (KHC) Reports First Quarter 2024 Results; KHC reports Non-GAAP EPS of $0.69, in line with analyst estimates and increased 1.5% year-over-year. Revenue of $6.41 billion misses analyst estimates by $20 million and decreased 1.2% versus the same quarter last year. For fiscal year 2024 Management guides Organic Net Sales growth of 0 to 2 percent versus the prior, Adjusted Operating Income growth of 2 to 4 percent versus the prior year and Adjusted EPS growth of 1 to 3 percent, or in the range of $3.01 to $3.07.


  • Pfizer Inc. (PFE) Reports First-Quarter 2024 Results; PFE reports first quarter Non-GAAP EPS of $0.82, 33% below last year's result but $0.31 more than expected. Revenue of $14.9 billion beating analyst estimates by $980 million but decreased 19.5% versus the same quarter last year. Management reaffirms full-year 2024 revenue guidance of $58.5 to $61.5 Billion and raises adjusted diluted EPS guidance to $2.15 to $2.35.


  • CVS Health Corporation (CVS) Reports First Quarter 2024 Results; CVS reports Non-GAAP EPS of $1.31, missing analyst estimates by $0.39 and decreasing 40.5% year-over-year. Revenue of $88.4 billion misses analyst estimates by $800 million but increased 3.7% versus the same quarter last year. For Full-Year 2024 Management revised adjusted EPS guidance to at least $7.00 from at least $8.30 and revised cash flow from operations guidance to at least $10.5 billion from at least $12.0 billion.


  • Aflac Incorporated (AFL) Announces First Quarter Results; AFL reports Q1 Non-GAAP EPS of $1.66, up 7.1% versus prior year and $0.08 ahead of estimates. Revenue of $5.4 billion beats analyst estimates by $1.1 billion and increased 12.5% versus the same quarter last year. Adjusted book value per share was $50.22 at March 31, 2024, compared with $47.55 at Dec. 31, 2023.


  • Ares Capital Corporation (ARCC) Announces Financial Results; ARCC reports first quarter Non-GAAP EPS of $0.59, 3.5% above last year's result but $0.01 less than expected. Total investment income for the quarter ended March 31 was $701 million, up from $618 million a year earlier. In the first quarter of 2024, Ares Capital made new investment commitments of approximately $3.6 billion, of which approximately $2.5 billion were funded.


  • Fortis Inc. (FTS) Releases First Quarter 2024 Results; FTS reports Q1 Non-GAAP EPS of C$0.93, beating analyst estimates by C$0.03 and increasing 2.2% year-over-year. Revenue for the quarter ended March 31 fell to C$3.12 billion, down from C$3.32 billion a year earlier and C$320 million less than expected. Management expects its long-term growth in rate base to drive earnings that support dividend growth guidance of 4% to 6% annually through 2028.


May 2, 2024


  • Essential Utilities, Inc. (WTRG) Reports Financial Results for Q1 2024; WTRG reports Q1 GAAP EPS of $0.97, 34.7% above last year's result and $0.20 more than expected. Revenue fell 15.7% to $612.07 million, missing estimates by $138 million. Management expects to exceed the February 2024 guidance of $1.96 to $2.00 in diluted net income per share due to the gain on the sale of the business's assets.


  • Dominion Energy, Inc. (D) Announces First-Quarter 2024 Earnings; D reports first quarter Non-GAAP EPS of $0.55, 6.8% below last year's result but $0.03 more than expected. Revenue fell 6.4% to $3.63 billion, missing analyst estimates by $360 million. Management affirms its full-year 2024 operating earnings guidance range of $2.62 to $2.87 per share and also affirms its full-year 2025 operating earnings guidance range of $3.25 to $3.54 per share.



  • Pinnacle West Capital Corporation (PNW) Reports 2024 First-quarter Financial Results; PNW reports Q1 GAAP EPS of $0.15, which compares a loss of $0.03 per share for the same period in 2023. Revenue of $951.71 million misses analyst estimates by $30.84 million but increased 0.7% versus the same quarter last year. For 2024 Management continues to estimate its consolidated earnings guidance will be in the range of $4.60 to $4.80 per diluted share.


  • ConocoPhillips (COP) Announces First-Quarter 2024 Results; COP reports Non-GAAP EPS of $2.03, in line with analyst estimates and decreased 14.7% year-over-year. Delivered total company production of 1,902 thousand barrels of oil equivalent per day. Second-quarter 2024 production is expected to be 1.91 to 1.95 million barrels of oil equivalent per day. Declared variable return of cash (VROC) of $0.20 per share payable in the second quarter.


  • Baxter International Inc. (BAX) Reports First-Quarter 2024 Results; BAX reports Non-GAAP EPS of $0.65, up 10% versus prior year and $0.04 ahead of estimates. Revenue grew 2.3% to $3.59 billion, topping estimates $40 million. For full-year 2024 Management expects sales growth of approximately 2% on a reported basis and 2% to 3% on a constant currency basis. The company expects adjusted earnings, before special items, of $2.88 to $2.98 per diluted share.


  • Cardinal Health, Inc. (CAH) Reports Third Quarter Fiscal Year 2024 Results; CAH reports Q3 Non-GAAP EPS of $2.08, beating analyst estimates by $0.13 and increasing 20% year-over-year. Revenue of $$54.9 billion misses analyst estimates by $1.21 billion but increased 8.7% versus the same quarter last year. For FY24 Management raised and narrowed its fiscal year 2024 guidance range for non-GAAP diluted earnings per share to $7.30 to $7.40, from $7.20 to $7.35.


  • Amgen Inc. (AMGN) Reports First Quarter 2024 Financial Results; AMGN reports Q1 Non-GAAP EPS of $3.96, beating analyst estimates by $0.05 but decreased 1% year-over-year. Revenue grew 22.1% to $7.45 billion, which was in line with expectations. For the full year 2024 Management now expects revenues in the range of $32.5 billion to $33.8 billion and on a non-GAAP basis, EPS in the range of $19.00 to $20.20.


  • Kontoor Brands, Inc. (KTB) Reports 2024 First Quarter Results; KTB reports first quarter Non-GAAP EPS of $1.16, consistent with prior year and $0.25 more than expected. Revenue fell 5% to $631 million, beating analyst estimates by $23 million. For full year 2024 Management guides revenue to be in the range of $2.57 to $2.63 billion and adjusted EPS to be in the range of $4.70 to $4.80 ($4.65 to $4.75 prior), representing an increase of 6 to 8 percent compared to the prior year on an adjusted basis excluding the out-of-period duty charge.



  • Digital Realty Trust, Inc. (DLR) Reports First Quarter 2024 Results; DLR reports Q1 FFO of $1.67, beating analyst estimates by $0.05 and increased 0.6% year-over-year. Revenue of $1.33 billion misses analyst estimates by $30 million and decreased 0.7% versus the same quarter last year. Management maintained 2024 Core FFO per share outlook of $6.60 - $6.75.



  • BCE Inc. (BCE) Reports First Quarter 2024 Results; BCE reports Non-GAAP EPS of C$0.72, beating analyst estimates by C$0.02 but decreased 15.3% year-over-year. Revenue slipped 0.7% to C$6.01 billion, missing analyst estimates by C$33 million. Management reconfirming all 2024 financial guidance targets, revenue growth from 0% to 4% and adjusted EPS growth from (7%) to (2%).



May 3, 2024


  • NCC AB (NCC) Interim Report For The First Quarter 2024; NCC reports first quarter net sales of SEK 11,561 M (12,464). Operating profit/loss amounted to SEK -100 M (152) in the first quarter. Cash flow before financing for the quarter amounted to SEK 42 M (19). Orders received in the first quarter amounted to SEK 13,353 M (16,288). The Group’s order backlog amounted to SEK 56,270 M (58,910) at the end of the quarter.



  • RTX Corporation (RTX) Increases Quarterly Cash Dividend; RTX announced that its Board of Directors declared a dividend of 63 cents per share, which represents an increase of 6.8 percent over the prior quarter's dividend amount. The dividend will be payable on June 13, 2024 to shareowners of record at the close of business on May 17, 2024.


  • Magna International Inc. (MGA) Announces First Quarter 2024 Results; MGA reports first quarter Non-GAAP EPS of $1.08, 6.1% below last year's result and $0.16 less than expected. Revenue of $11 billion beats analyst estimates by $20 million and increased 2.8% versus the same quarter last year. For 2024 Management now guides Total Sales of $42.6 - $44.2 billion, down from previous outlook $43.8 - $45.4 billion.


  • TC Energy Corporation (TRP) Reports First Quarter 2024 Financial Results; TRP reports Non-GAAP EPS of C$1.24, beating analyst estimates by C$0.09 and increasing 2.5% year-over-year. Comparable EBITDA on the quarter rose to $3.09 billion from $2.78 billion. Management reaffirmed its 2024 comparable EBITDA outlook at $11.2 to $11.5 billion. It expects comparable earnings per common share to be lower than 2023 due to the net impact of higher net income attributable to non-controlling interests.



Articles that caught my attention:





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