Sunday, November 3, 2024

Week in Review 44/24



 

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:


October 28, 2024


  • €62.43 – Canadian Imperial Bank of Commerce (CM)


October 29, 2024


  • €87.26 – The Bank of Nova Scotia (BNS)


October 31, 2024


  • €37.40 – Edison International (EIX)
  • €12.99 – LTC Properties, Inc. (LTC)
  • €101.11 – The Toronto-Dominion Bank (TD)
  • €80.87 – TC Energy Corporation (TRP)


November 1, 2024


  • €66.37 – AT&T Inc. (T)
  • €115.74 – Verizon Communications Inc. (VZ)
  • €28.71 – General Mills, Inc. (GIS)
  • €49.20 – Bristol-Myers Squibb Company (BMY)


Week 44: Total net dividends €642.09


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



Portfolio Holdings News:



October 28, 2024


  • AbbVie Inc. (ABBV) to Acquire Aliada Therapeutics; ABBV has agreed to acquire all outstanding equity of neuroscience-focused biotech Aliada Therapeutics for $1.4B in cash. The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions.


  • V.F. Corporation (VFC) Reports Second Quarter Fiscal 2025 Results; VFC reports Q2 Non-GAAP EPS of $0.60, 4.8% below last year result but $0.23 above of estimates. Revenue of $2.8 billion beats analyst estimates by $90 million but decreased 5.5% versus the same quarter last year. For Q3 Management expects revenue in the range of $2.7 billion to $2.75 billion, down 1% to down 3% year-over-year in reported dollars and adjusted operating income in the range of $170 million to $200 million.


  • Sikorsky, a Lockheed Martin Corporation (LMT) company, was awarded a $1.24B modification to a contract by the U.S. Army.



October 29, 2024


  • Orion Corporation (ORION) Interim Report Q3 2024; ORION reports basic EPS of €1.14, which was 159% higher than in the comparison period and €0.28 ahead of estimates. Revenue of €471.3 million beats analyst estimates by €11.8 million and increased 56.6% versus the same quarter last year. Management guides the company to achieve a turnover of €1,470 - €1,510 million and an operating profit of €370 - €400 million in 2024.


  • UPM-Kymmene Corporation (UPM) Interim Report Q3 2024; UPM reports comparable EPS €0.42, missing analyst estimates by €0.04 but increasing 50% year-over-year. Revenue fell 2.4% to $€2,521 million, missing estimates by €61 million. Management guides comparable EBIT in Q4 2024 to be on similar level or increase from Q4 2023 (€323 million) and comparable EBIT in full-year 2024 is expected to be on similar level or increase from 2023.



  • Edison International (EIX) Reports Third-Quarter 2024 Results; EIX reports Q3 Non-GAAP EPS of $1.51, up 9.4% versus prior year and $0.12 ahead of estimates. Revenue grew 10.6% to $5.2 billion, topping estimates by $190 million. Management Narrows 2024 core EPS guidance to $4.80-$5.00 and reiterates long-term core EPS growth rate targets of 5%-7% for 2025-2028.


  • ONEOK, Inc. (OKE) Announces Third Quarter 2024 Earnings; OKE reports GAAP EPS of $1.18, a 19.2% increase from the previous year but $0.05 less than expected. For 2024 Management guides net income midpoint of $2.995 billion, earnings per diluted share midpoint of $5.11 and adjusted EBITDA midpoint of $6.625 billion.


  • Pfizer Inc. (PFE) Reports Third-Quarter 2024 Results; PFE reports Q3 Non-GAAP EPS of $1.06, compared with loss of $0.17 for the third quarter of 2023. Revenue grew 31% to $17.7 billion, topping estimates by $2.83 billion. Management increased its full-year revenue and per share adjusted diluted earnings guidance to $61.0B-$64.0B and $2.75-$2.95 from $59.5B-$62.5B and $2.45 - $2.65.



  • RTX Corporation (RTX) has been awarded a $118.4M contract modification by the U.S. Navy for fiscal 2025 Navy procurements for Rolling Airframe Missile Block 2/2A/2B Guided Missile Round Pack, spare replacement components, and recertification.


  • Visa Inc. (V) Reports Fiscal Fourth Quarter and Full-Year 2024 Results; V reports Non-GAAP EPS of $2.71, up 16% versus prior year and $0.13 ahead of estimates. Revenue of $9.62 billion beats analyst estimates by $130 million and increased 11.7% versus the same quarter last year. For Full-Year 2025 Management guides Net Revenue Growth of High single-digit to low double-digit.



  • Visa Inc. (V) Increases Quarterly Dividend; The board of directors declared an increase to V's quarterly cash dividend to $0.590 per share payable on December 2, 2024, to all holders of record as of November 12, 2024.


  • Unum Group (UNM) Reports Third Quarter 2024 Results; UNM reported third quarter Non-GAAP EPS of $2.13, a 9.8% grow from the previous year and $0.02 above estimates. Revenue of $3.22 billion misses analyst estimates by $40 million but increased 4.2% versus the same quarter last year. Book value per common share of $59.36 grew 20.4 percent over the year-ago quarter.


  • W. P. Carey Inc. (WPC) Announces Third Quarter 2024 Financial Results; WPC reports Q3 FFO of $1.18, 10.6% below last year's result but $0.01 more than expected. Revenue of $397.38 million beats analyst estimates by $2.94 million but decreased 11.4% versus the same quarter last year. Management narrowed 2024 AFFO guidance range to between $4.65 and $4.71 per diluted share based on anticipated full year investment volume of between $1.25 billion and $1.75 billion.


October 30, 2024


  • Kesko Corporation (KESKO) Q3 2024 Interim Financial Report; KESKO reports comparable EPS €0.34, beating analyst estimates by €0.01 but decreasing 10.1% year-over-year. Revenue of €3,026.4 million beats analyst estimates by €77.5 million and increased 2.6% versus the same quarter last year. Management expects comparable operating profit in 2024 to be EUR 630-680 million.


  • Brookfield Renewable Corporation (BEPC) Acquires Share of Four UK Offshore Wind Farms from Ørsted; Ørsted has signed a partnership agreement with Brookfield, its institutional partners and its listed affiliate Brookfield Renewable, who will acquire 12.45% minority stakes in four of Ørsted’s operational U.K. offshore wind farms: Hornsea 1, Hornsea 2, Walney Extension, and Burbo Bank Extension, which have a combined total capacity of approximately 3.5 GW. The enterprise value of the transaction is $2.3 billion, $570 million net to Brookfield Renewable.


  • The Kraft Heinz Company (KHC) Reports Third Quarter 2024 Results; KHC reports Q3 Non-GAAP EPS of $0.75, 4.2% above from last year and $0.01 more than expected. Revenue fell 2.9% to $6.38 billion, missing analyst estimates by $40 million. For fiscal year 2024 Management guides Organic Net Sales to be at the low end of the previous guidance range of down 2 percent to flat versus the prior year and adjusted EPS growth to be at the low end of the previous guidance range of 1 to 3 percent, or in the range of $3.01 to $3.07.


  • AbbVie Inc. (ABBV) Reports Third-Quarter 2024 Financial Results; ABBV reports Non-GAAP EPS of $3.00, beating analyst estimates by $0.08 and increasing 1.7% year-over-year. Revenue of $14.46 billion beats analyst estimates by $180 million and increased 3.8% versus the same quarter last year. Management raises 2024 Adjusted Diluted EPS Guidance Range from $10.67 - $10.87 to $10.90 - $10.94.


  • AbbVie Inc. (ABBV) Increased Quarterly Dividend; Board of directors of ABBV declared an increase in the company's quarterly cash dividend from $1.55 per share to $1.64 per share beginning with the dividend payable on February 14, 2025 to shareholders of record as of January 15, 2025. This reflects an increase of approximately 5.8 percent.


  • Amgen Inc. (AMGN) Reports Third Quarter 2024 Financial Results; AMGN reports third quarter Non-GAAP EPS of $5.58, 13% above last year's result and $0.47 more than expected. Revenue grew 23.2% to $8.5 billion and was in line with estimates. For the full year 2024 Management expects total revenues in the range of $33.0 billion to $33.8 billion and Non-GAAP EPS in the range of $19.20 to $20.00.



  • Smurfit Westrock Plc (SW) Reports Third Quarter 2024 Financial Results; SW reported a Q3 loss of $0.30 per diluted share, swinging from earnings of $0.88 a year earlier. Analysts expected earnings of $0.69. Net sales for the quarter ended Sept. 30 rose to $7.67 billion from $2.92 billion a year earlier, while analysts expected $7.52 billion. Management expects to make a full year core profit of $4.7 billion.


  • Illinois Tool Works Inc. (ITW) Reports Third Quarter 2024 Results; ITW reports Q3 Non-GAAP EPS of $2.65 , 4% growth YoY, beating analyst estimates by $0.12. Revenues declined by 1% to $4 billion, missing estimates by $20 million. Management raising full year GAAP EPS guidance by $1.33 to a range of $11.63 to $11.73 per share.




  • Prudential Financial, Inc. (PRU) Announces Third Quarter 2024 Results; PRU reports Non-GAAP EPS of $3.48, in line with analyst estimates by decreaseing 3.9% year-over-year. Book value per Common share of $84.47 versus $70.82 per share for the year-ago quarter. Assets under management of $1.558 trillion versus $1.361 trillion for the year-ago quarter.


  • Ares Capital Corporation (ARCC) Announces September 30, 2024 Financial Results; ARCC reports Non-GAAP EPS of $0.58, missing analyst estimates by $0.01 and decreasing 1.7% year-over-year. Total investment income of $755 million beats analyst estimates by $1.69 million and increased 18.3% versus the same quarter last year. Net assets per share improved to $19.77 at the end of Q3 from $19.61 at the end of Q2.


  • Omega Healthcare Investors, Inc. (OHI) Reports Third Quarter 2024 Results; OHI reports FFO of $0.74, a 4.2% increase from the previous year and $0.03 more than expected. Revenue grew 14.0% to $276.03 million, topping estimates by $59.88 million. Management increased its expected 2024 Adjusted FFO range to be between $2.84 to $2.86 per diluted share from the previous range of $2.78 to $2.84 per diluted share.


October 31, 2024


  • WEC Energy Group, Inc. (WEC) Reports Third-Quarter Results; WEC reports Q3 GAAP EPS of $0.76, beating analyst estimates by $0.06 but decreasing 24% year-over-year. Revenues fell by 5.1% to $1.86 billion, missting estimates by $60 million. Management is affirming its 2024 earnings guidance range of $4.74 to $4.84 per share on a GAAP basis, and $4.80 to $4.90 per share on an adjusted basis.


  • ConocoPhillips (COP) Announces Third-Quarter 2024 Results; COP reports Non-GAAP EPS of $1.78, beating analyst estimates by $0.14 but decreasing 17.6% year-over-year. Total revenue of $13.6 billion was down from $14.9 billion in the same period last year and below consensus of $14 billion. Fourth-quarter 2024 production is expected to be 1.99 to 2.03 million barrels of oil equivalent per day (MMBOED). Full-year production is expected to be approximately 1.94 to 1.95 MMBOED, as compared to prior guidance of 1.93 to 1.94 MMBOED. Management approved an increase to the company’s existing share repurchase authorization by up to $20 billion.


  • Bristol-Myers Squibb Company (BMY) Reports Third Quarter Financial Results for 2024; BMY reports Non-GAAP EPS of $1.80, beating analyst estimates by $0.30 but decreasing 10% year-over-year. Revenue of $11.89 billion beats analyst estimates by $640 million and increased 8.4% versus the same quarter last year. Management Raising 2024 Revenue Guidance to Approximately +5% , Non-GAAP EPS Range Increased to $0.75 to $0.95.



  • Kontoor Brands, Inc. (KTB) Reports 2024 Third Quarter Results; KTB reports third quarter Non-GAAP EPS of $1.37, 12% above from last year and $0.11 more than expected. Revenue was $670.2 million, up from $654.5 million a year earlier, analysts expected $663.5 million. Management now guides 2024 adjusted EPS of $4.83, up from its prior guidance of about $4.80 and revenue to be $2.60 billion, compared with its prior range of $2.57 billion to $2.63 billion.


  • Eaton Corporation plc (ETN) Reports Third Quarter 2024 Results; ETN reports Q3 GAAP EPS of $2.53 , in line with estimates and 14% above last year's result. Revenue grew 7.5% to $6.34 billion, missing estimates by $30 million. For the full year 2024 Management raising Adjusted EPS guidance to between $10.75 and $10.81, up 18% at the midpoint over the prior year.



November 1, 2024


  • Dominion Energy, Inc. (D) Announces Third-Quarter 2024 Earnings; D reports Non-GAAP EPS of $0.98, up 30.7% versus prior year and $0.05 ahead of estimates. Revenue grew 3.4% to $3.94 billion, which was $240 million less than expected. Management narrows its full-year 2024 operating earnings guidance range to $2.68 to $2.83 per share, preserves original midpoint of $2.75 per share and also reaffirmed its full-year 2025 operating earnings guidance range of $3.25 to $3.54 per share.



  • Cardinal Health, Inc. (CAH) Reports First Quarter Fiscal Year 2025 Results; CAH reports Non-GAAP EPS of $1.88, up 9% versus prior year and $0.26 ahead of estimates. Revenue of $52.3 billion beats analyst estimates by $1.48 billion but decreased 4% versus the same quarter last year. Management raised its fiscal 2025 guidance for non-GAAP diluted earnings per share to $7.75-$7.90 from $7.55-$7.70.


  • T. Rowe Price Group, Inc. (TROW) Reports Third Quarter 2024 Results; TROW reports Q3 Non-GAAP EPS of $2.57, beating analyst estimates by $0.22 and increased 18.4% year-over-year. Revenue of $1.79 billion misses analyst estimates by $60 million but increased 6.9% versus the same quarter last year. Assets under management were $1.63 trillion at the end of the quarter, rising 3.9% from $1.57 trillion at the end of Q2. Net client outflows were $12.2 billion, compared with outflows of $3.7 billion in the previous quarter.


  • Magna International Inc. (MGA) Announces Third Quarter 2024 Results; MGA reports Q3 quarter Non-GAAP EPS of $1.28, 12.3% below last year's result and $0.12 less than expected. Revenue of $10.3 billion misses analyst estimates by $90 million and decreased 3.7% versus the same quarter last year. Management guides total sales for FY24 to a range of $42.2B to $43.2B from $42.5B to $44.1B and adjusted net income was lowered to a range between $1.45B to $1.55B from a range of $1.5B to $1.7B.



  • Enbridge Inc. (ENB) Reports Third Quarter 2024 Financial Results; ENB reports third quarter Non-GAAP EPS of C$0.55, 11.3% below last year's result and C$0.01 less than expected. Adjusted EBITDA rose 8% to C$4.20 billion from C$3.87 billion. Distributable cash flow of C$2.6 billion, in line with 2023. Management expects to hit near the top end of its Ebitda guidance range of $17.7 billion to $18.3 billion, and around the midpoint for discounted cash flow per share. Management also reiterated its 2023 to 2026 adjusted EPS growth outlook of 4% to 6%.



Articles that caught my attention:





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