Sunday, August 4, 2024

Week in Review 31/24



 

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:



July 29, 2024


  • €63.99– The Bank of Nova Scotia (TSE:BNS)
  • €88.62– Canadian Imperial Bank of Commerce (TSE:CM)


July 31, 2024


  • €37.45 – Edison International (EIX)
  • €13.04 – LTC Properties, Inc. (LTC)
  • €102.98 – The Toronto-Dominion Bank (TSE:TD)
  • €82.88 – TC Energy Corporation (TSE:TRP)


August 1, 2024


  • €66.72 – AT&T Inc. (T)
  • €114.19 – Verizon Communications Inc. (VZ)
  • €28.82 – General Mills, Inc. (GIS)
  • €49.46 – Bristol-Myers Squibb Company (BMY)


Week 31: Total net dividends 584.16


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



My Portfolio's Transactions:



August 2, 2024



  • I purchased 60 shares of Brookfield Renewable Corporation (BEPC) at $27.21 per share plus commission


At today's exchange rate, that purchase 60 shares of BEPC will increase €58.14 of my expected annual net dividend income. Following this acquisition, the portfolio now contains a total of 260 Brookfield Renewable Corporation shares at an average purchase price of $26.21 and yield on cost is 5.42%. After this acquisition, BEPC ’s weight of my portfolio is about 0.97% and its share of future annual dividend income is approximately 1.13%.



Portfolio Holdings News:


July 29, 2024


  • McDonald's Corporation (MCD) Reports Second Quarter 2024 Results; MCD reports Non-GAAP EPS of $2.97, a 11% decrease from the previous year and $0.10 lower than expected. Revenue of $6.5 billion was flat whit year-over-year and was $130 million less than expected. Management sees operating margin in the full year being in the mid-to-high 40% range and a free cash flow conversion rate in the 90% range.


  • Raytheon Co., an RTX Corporation (RTX) business, said that it has secured a $325 million ceiling increase modification to previously awarded contract FA8672-19-D-0001 for the StormBreaker® Small Diameter Bomb Increment II.



July 30, 2024


  • The Procter & Gamble Company (PG) Announces Fourth Quarter and Fiscal Year 2024 Results; PG reports fourth quarter Non-GAAP EPS of $1.40, 2% above from last year and $0.03 more than expected. Revenue fell 0.1% to $20.53 billion, missing analyst estimates by $210 million. Management expects fiscal 2025 diluted net earnings per share growth in the range of 10% to 12% versus fiscal 2024 GAAP EPS of $6.02 and expects adjusted free cash flow productivity of 90% and expects to pay around $10 billion in dividends and to repurchase $6 to $7 billion of common shares in fiscal 2025.


  • Pfizer Inc. (PFE) Reports Second-Quarter 2024 Results; PFE reports Non-GAAP EPS of $0.60, a 11% decrease from the previous year but $0.14 better than expected. Revenue grew 2.2% to $13.28 billion, topping estimates by $260 million. Management raises full-year 2024 revenue guidance to a range of $59.5 to $62.5 billion and raises adjusted diluted EPS guidance to a range of $2.45 to $2.65.



  • Starbucks Corporation (SBUX) Reports Q3 Fiscal 2024 Results; SBUX reports Q3 Non-GAAP EPS of $0.93, in line with analyst estimates and decreased 7% year-over-year. Revenue fell 1.1% to $9.1 billion, missing estimates by $150 million. SBUX opened 526 net new stores in Q3, ending the period with 39,477 stores: 52% company-operated and 48% licensed. Starbucks Rewards loyalty program 90-day active members in the U.S. totaled 33.8 million, up 7% year-over-year.



  • Illinois Tool Works Inc. (ITW) Reports Second Quarter 2024 Results; ITW reports second quarter GAAP EPS of $2.54, 2% above from last year and $0.07 more than expected. Revenue of $4.03 billion misses analyst estimates by $50 million and decreased 1.0% versus the same quarter last year. For FY24 Management is lowering the top-end of its full year GAAP EPS guidance range of $10.30 to $10.70 per share to a narrower range of $10.30 to $10.40 per share, an increase of six percent compared to the prior year at the midpoint. Free cash flow is expected to exceed 100 percent of net income and the company plans to repurchase approximately $1.5 billion of its own shares.


  • Unum Group (UNM) Reports Second Quarter 2024 Results; UNM reported second quarter Non-GAAP EPS of $2.16, a 4.9% grow from the previous year and $0.14 above estimates. Revenue increased 3.9% to $3.23 billion, which was in line with estimates. Book value per common share of $55.63 grew 18.2 percent over the year-ago quarter. For full-year 2024 Management guides after-tax adjusted operating earnings per share increased to 10 percent to 15 percent. New share repurchase authorization of $1.0 billion effective August 1, 2024.


  • Ares Capital Corporation (ARCC) Announces June 30, 2024 Financial Results; ARCC reports Q2 Non-GAAP EPS of $0.61, beating analyst estimates by $0.03 and increased 5.2% year-over-year. Revenue of $755 million beats analyst estimates by $39.87 million and increased 19.1% versus the same quarter last year. Net investment income of $358M increased from $325M in the prior quarter and $314M in the year ago quarter.


  • Archer-Daniels-Midland Company (ADM) Second Quarter 2024 Results; ADM reports Non-GAAP EPS of $1.03, missing analyst estimates by $0.21 and decreasing 46% year-over-year. Revenue of $22.25 billion misses analyst estimates by $910 million and decreased 11.7% versus the same quarter last year. Management affirms its previously provided EPS guidance for the full year and 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 Second Quarter 2024 Financial Results; WPC reports Q2 FFO of $1.17, 14% below last year's result but $0.01 more than expected. Revenue fell 13.9% to $389.7 million, missing analyst estimates by $4.77 million. 2024 AFFO guidance revised to between $4.63 and $4.73 per diluted share, vs. $4.74 consensus, based on anticipated full year investment volume of between $1.25 billion and $1.75 billion.


July 31, 2024




  • WEC Energy Group, Inc. (WEC) Reports Second-Quarter Results; WEC reports second quarter GAAP EPS of $0.67, 27.2% below last year's result but $0.04 more than expected. Revenue of $1.77 billion missing analyst estimates by $90 million and decreased 3.3% versus the same quarter last year. Management is reaffirming its 2024 earnings guidance of $4.80 to $4.90 per share. This assumes normal weather for the remainder of the year.


  • Eversource Energy (ES) Reports Second Quarter 2024 Results; ES reports Q2 GAAP EPS of $0.95, compared with earnings of $0.04 for the second quarter of 2023, which was in line with estimates. Revenue fell 3.8% to $2.53 billion, missing analyst estimates by $380 million. Management reaffirms its 2024 non-GAAP recurring earnings projection of between $4.50 per share and $4.67 per share and reaffirms its long-term earnings per share growth rate within the range of 5 to 7 percent from a 2023 base of $4.34 per share.


  • The Kraft Heinz Company (KHC) Reports Second Quarter 2024 Results; KHC reports Q2 Non-GAAP EPS of $0.78, beating analyst estimates by $0.04 but decreased 1.3% year-over-year. Revenue of $6.5 billion misses analyst estimates by $60 million and decreased 3.3% versus the same quarter last year. For fiscal year 2024 Management now guides Organic Net Sales to be down 2 percent to flat versus the prior year, Adjusted Operating Income growth of 1 to 3 percent versus the prior year and Adjusted EPS growth of 1 to 3 percent, or in the range of $3.01 to $3.07.


  • Altria Group, Inc. (MO) Reports 2024 Second-Quarter and First-Half Results; MO reports Q2 Non-GAAP EPS of $1.31, equal versus prior year and $0.03 below of estimates. Revenue of of $5.28 billion, net of excise taxes, misses analyst estimates by $110 million and decreased 3.0% versus the same quarter last year. Management narrow guidance for 2024 full-year adjusted diluted EPS to be in a range of $5.07 to $5.15 vs $5.10 consensus, representing a growth rate of 2.5% to 4.0% from a base of $4.95 in 2023.


  • General Dynamics Corporation (GD) Land Systems was awarded ~$174.47M cost-plus-fixed fee contract for retrofit and repair to support the Stryker family of vehicles.


  • Raytheon Missiles and Defense, one of the four segments of RTX Corporation (RTX) awarded ~$2.09B fixed-price-incentive contract for low-rate initial production of Lower Tier Air and Missile Defense System.


  • Aflac Incorporated (AFL) Announces Second Quarter Results; AFL reports Q2 Non-GAAP EPS of $1.89, up 19.6% versus prior year and $0.29 ahead of estimates. Revenue of $5.14 billion beats analyst estimates by $830 million but decreased 0.6% versus the same quarter last year. Adjusted book value per share was $52.26 at June 30, 2024 vs. $50.22 at March 31, 2024.


  • Fortis Inc. (FTS) Releases Second Quarter 2024 Results; FTS reports Q2 Non-GAAP EPS of $0.67, beating analyst estimates by C$0.02 and increasing 8.1% year-over-year. Revenue rose 2.9% to $2.67 billion from a year ago, while analysts expected C$2.71 billion. Management expects its long-term growth in rate base will drive earnings that support dividend growth guidance of 4-6% annually through 2028.


August 1, 2024


  • Intel Corporation (INTC) Reports Second-Quarter 2024 Financial Results; INTC reports Non-GAAP EPS of $0.02, missing analyst estimates by $0.08 and decreasing 85% year-over-year. Revenues fell by 0.9% to $12.83 billion, missting estimates by $150 million. Management forecasting third-quarter 2024 revenue of $12.5 billion to $13.5 billion and also anticipates losing an adjusted $0.03 per share. Management suspending dividend starting in the fourth quarter of 2024.


  • Dominion Energy, Inc. (D) Announces Second-Quarter 2024 Earnings; D reports second quarter Non-GAAP EPS of $0.65, 85.7% above last year's result and $0.08 more than expected. Revenue of $3.49 billion misses analyst estimates by $240 million but increased 10.1% versus the same quarter last year. Management reaffirms its full-year 2024 operating earnings guidance range of $2.62 to $2.87 per share. The company also reaffirms its full-year 2025 operating earnings guidance range of $3.25 to $3.54 per share and the other financial guidance provided at the March 1, 2024.




  • ConocoPhillips (COP) announces second-quarter 2024 results; COP reports Non-GAAP EPS of $1.98, beating analyst estimates by $0.03 and increasing 7.6% year-over-year. Revenue for the quarter ended June 30 was $14.14 billion, compared with $12.88 billion a year earlier, while analysts expected $14.73 billion. Declared ordinary dividend of $0.58 per share and variable return of cash (VROC) of $0.20 per share payable in the third quarter. For the full year, Management narrowed its production outlook to 1.93M-1.94M boe/day from prior guidance of 1.91M-1.95M boe/day and said the planned purchase of Marathon Oil (MRO) is progressing, and expects to close late in Q4.



  • AbbVie Inc. (ABBV) Completes Acquisition of Cerevel Therapeutics; ABBV announced that it has completed its acquisition of Cerevel Therapeutics (NASDAQ: CERE). With the completion of the acquisition, Cerevel is now part of AbbVie. Management also reaffirmed its 2024 full-year adjusted diluted EPS guidance of $10.71-$10.91.


  • Kontoor Brands, Inc. (KTB) Reports 2024 Second Quarter Results; KTB reports second quarter Non-GAAP EPS of $0.98, 27% above from last year and $0.10 more than expected. Revenue of $607 million beating analyst estimates by $14 million but decreased 1% versus the same quarter last year. For full year 2024 Management guides revenue to be in the range of $2.57 to $2.63 billion, representing a decrease of 1 percent to an increase of 1 percent and Adjusted EPS is now expected to approximate $4.80 ($4.70 to $4.80 prior), representing an increase of 8 percent compared to the prior year on an adjusted basis.


  • Eaton Corporation plc (ETN) Reports Second Quarter 2024 Results; ETN reports Q2 Non-GAAP EPS of $2.73, 24% above last year's result and $0.12 more than expected. Revenue of $6.4 billion beats analyst estimates by $50 million and increased 8.5% versus the same quarter last year. For the full year 2024 Management is raising guidance for Adjusted earnings per share to between $10.65 and $10.75, up 17% at the midpoint over the prior year, Operating cash flow raised $100 million and narrowed to between $4.2 billion to $4.4 billion, and free cash flow raised $100 million and narrowed to between $3.4 billion to $3.6 billion.


  • Prudential Financial, Inc. (PRU) Announces Second Quarter 2024 Results; PRU reports Q2 Non-GAAP EPS of $3.39, 9.7% above last year's result but $0.06 less than expected. Adjusted book value per Common share of $98.42 versus $97.38 per share for the year-ago quarter. Assets under management of $1.482 trillion versus $1.415 trillion for the year-ago quarter.



  • Omega Healthcare Investors, Inc. (OHI) Reports Second Quarter 2024 Results; OHI reports FFO of $0.71, a 4.1% decrease from the previous year but $0.03 better than expected. Revenue grew 1.0% to $252.7 million, topping estimates by $45.69 million. Management increased the guidance range of its 2024 Adjusted FFO to a range of $2.78 to $2.84 per diluted share from the previous range of $2.70 and $2.80 per diluted share.


  • BCE Inc. (BCE) Reports Second Quarter 2024 Results; BCE reports Non-GAAP EPS of C$0.78, missing analyst estimates by C$0.01 and decreased 1.3% year-over-year. Operating revenues fell to C$6.01 billion from C$6.07 billion. Analysts were expecting for revenue to remain virtually unchanged at C$6.06 billion. Free cash flow increased 8.0% to $1,097 million. Management reconfirming all 2024 financial guidance targets.


  • TC Energy Corporation (TRP) Reports Second Quarter Results; TRP reports Non-GAAP EPS of C$0.94, beating analyst estimates by C$0.03 but decreasing 2.1% year-over-year. Revenue of C$4.09 billion beats analyst estimates by C$29 million and increased 6.7% versus the same quarter last year. Comparable EBITDA of C$2.7 billion compared to C$2.5 billion in 2023 and segmented earnings of C$2.0 billion compared to C$1.0 billion in second quarter 2023. 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.


August 2, 2024





  • Magna International Inc. (MGA) Announces Second Quarter 2024 Results; MGA reports second quarter Non-GAAP EPS of $1.35, 11.7% below last year's result and $0.10 less than expected. Revenue slipped 0.7% to $10.96 billion, missing analyst estimates by $50 million. For FY2024 Management guides Adjusted Net Income $1.5B - $1.7B and Total Sales $42.5B - $44.1B.


  • LyondellBasell Industries N.V. (LYB) Reports Second Quarter 2024 Earnings; LYB reports Q2 Non-GAAP EPS of $2.24, 2.8% above last year's result and $0.02 more than expected. Revenue of $10.56 billion beats analyst estimates by $190 million and increased 2.4% versus the same quarter last year. Third quarter, Management expects margins to continue to benefit from low costs for natural gas and natural gas liquids utilized in LYB's North American and Middle East production relative to higher oil-based costs in most other regions.


  • TELUS Corporation (TSE:T) Reports Second Quarter Results; T reports Non-GAAP EPS of C$0.25, beating analyst estimates by C$0.03 and increasing 31.6% year-over-year. Operating revenue rose slightly to C$4.97 billion from C$4.95 billion, missing forecasts of a rise to C$5.01 billion. The company added a total of 332,000 new subscribers to its services, up 13%, including 101,000 mobile phones and 161,000 connected devices. Management lowered its FCF guidance to C$2.1 billion from C$2.3 billion.


  • Enbridge Inc. (ENB) Reports Second Quarter 2024 Financial Results; ENB reports second quarter Non-GAAP EPS of C$0.58, 14.7% below last year's result and C$0.05 less than expected. Adjusted EBITDA of C$4.3 billion, an increase of 8%, compared with C$4.0 billion in 2023. Management increased its EBITDA guidance in the range of $17.7 billion to $18.3 billion while distributable cash flow per share was unchanged at $5.40 to $5.80.





Articles that caught my attention:





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