Sunday, May 4, 2025

Week in Review 18/25

 



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 28, 2025


  • €82.76 – The Bank of Nova Scotia (BNS)
  • €64.26 – Canadian Imperial Bank of Commerce (CM)


April 30, 2025


  • €37.84 – Edison International (EIX)
  • €117.43 – Altria Group, Inc. (MO)
  • €12.39 – LTC Properties, Inc. (LTC)
  • €99.47 – The Toronto-Dominion Bank (TD)
  • €68.44 – TC Energy Corporation (TRP)


May 1, 2025


  • €63.83 – AT&T Inc. (T)
  • €111.56 – Verizon Communications Inc. (VZ)
  • €27.62 – General Mills, Inc. (GIS)
  • €49.01 – Bristol-Myers Squibb Company (BMY)
  • €50.09 – CVS Health Corporation (CVS)
  • €33.36 – Power Corporation of Canada (TSE:POW)


Week 18: Total net dividends €818.08


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



Portfolio Holdings News:



April 28, 2025


  • General Dynamics Corporation (GD) has been awarded a $727.8M U.S. Army contract to procure 120 mm Insensitive Munition High Explosive with Tracer tank ammunition cartridges.


  • Scotiabank (BNS) Comments on Expected Contribution from KeyCorp's First Quarter Earnings; BNS announced today that the expected net income contribution from its ownership interest in KeyCorp will be approximately CAD $62 million in Q2 2025. This contribution represents the Bank's share of KeyCorp's Q1 2025 net income, includes acquisition-related and other accounting impacts, is net of the Bank's associated funding costs and is reported on a one-month lag.


April 29, 2025


  • Neste Corporation's (NESTE) Interim report for January–March 2025; NESTE reported Q1 comparable EPS of -€0.04, compared to €0.33 in the same period last year, and beating analyst expectations, which had forecast a loss of €0.07 per share. Net sales rose to €5,017 million from €4,801 million a year earlier, though this fell short of the consensus forecast of €5,281.1 million.


  • Kesko Corporation's (KESKO) Interim report for Q1/2025; KESKO reported Q1 comparable EPS of €0.13, falling €0.01 short of analyst expectations and marking an 18.8% decline year-over-year. Revenue totaled €2,827.7 million, up 2.5% from the previous year and beating estimates by €5 million. Management maintained its full-year guidance, expecting comparable operating profit to range between €640–740 million in 2025, compared to €650.1 million in 2024.


  • Tietoevry Corporation (TIETO) Interim report for January–March 2025; TIETO reported Q1 net sales of €470.8 million, down from €492.4 million a year earlier, but slightly above the consensus estimate of €467.3 million. Comparable EBITA declined to €49.8 million from €60.0 million, missing the forecast of €57.1 million. Management expects organic growth in 2025 to range between -2% and +1% (2024 revenue: €1,879.5 million). The adjusted operating margin (adjusted EBITA) is estimated at 12.0–13.0%, in line with 12.0% achieved in 2024.


  • NCC AB (NCC) Interim report for Q1/2025; NCC’s Q1 sales declined by 4.2% to SEK 11,077 million (from SEK 11,561 million), slightly below analyst expectations of SEK 11,153 million. The operating result came in at SEK -170 million, compared to SEK -100 million a year ago and missed the forecast of SEK -155 million. Order intake totaled SEK 14,002 million, up from SEK 13,353 million, but 2.3% below consensus expectations. Order backlog declined to SEK 52,431 million, compared to SEK 56,270 million in the previous year.


  • Edison International (EIX) Reports First-Quarter 2025 Results; EIX reported Q1 Non-GAAP EPS of $1.37, a 21.2% year-over-year increase, beating estimates by $0.16. Revenue declined 6.4% to $3.81 billion, missing analyst expectations by $490 million. Management reaffirmed 2025 core EPS guidance of $5.94 to $6.34, citing regulatory progress and continued grid investments. Long-term EPS growth is targeted at 5% to 7% annually from 2025 to 2028, implying an EPS range of $6.74 to $7.14 by 2028.


  • ONEOK, Inc. (OKE) Announces First Quarter 2025 Earnings; OKE reported GAAP EPS of $1.04, down 4.6% year-over-year and missing analyst estimates by $0.19. Q1 2025 adjusted EBITDA reached $1.78 billion, supported by full-quarter contributions from acquisitions and higher NGL and natural gas processing volumes in the Rocky Mountain region. Management reaffirmed its 2025 financial guidance, projecting continued earnings growth driven by seasonal refined product demand, volume increases, completed capital projects, and synergy realizations.


  • The Kraft Heinz Company (KHC) Reports First Quarter 2025 Results; KHC reported Q1 Non-GAAP EPS of $0.62, reflecting a 10.1% decline year-over-year but coming in $0.02 ahead of analyst expectations. Revenue declined by 6.4% to $6.0 billion, missing estimates by $20 million. For fiscal year 2025, the Company now expects Organic Net Sales down 1.5 to down 3.5 percent versus the prior year and Adjusted EPS in the range of $2.51 to $2.67.


  • Pfizer Inc. (PFE) Reports First-Quarter 2025 Results; PFE reported Q1 Non-GAAP EPS of $0.92, representing a 12% increase year-over-year and $0.24 above analyst expectations. Revenue totaled $13.72 billion, falling short of estimates by $370 million and declining 7.9% compared to the same period last year. For full-year 2025, management expects revenue between $61.0 and $64.0 billion and adjusted diluted EPS in the range of $2.80 to $3.00.


  • Altria Group, Inc. (MO) Reports 2025 First-Quarter Results; MO reported Q1 Non-GAAP EPS of $1.23, marking a 6.0% increase year-over-year and $0.04 above analyst expectations. Revenue declined by 4.2% to $4.52 billion, falling short of estimates by $100 million. For full-year 2025, management expects adjusted diluted EPS in the range of $5.30 to $5.45, representing 2% to 5% growth from the 2024 base of $5.19.


  • The Coca-Cola Company (KO) Reports First Quarter 2025 Results; KO reported Q1 Non-GAAP EPS of $0.73, up 1% from the prior year and $0.01 above analyst expectations. Net revenues declined by 2% to $11.1 billion, mainly due to currency headwinds and the refranchising of bottling operations. For the full year 2025, management expects organic revenue growth of 5%–6% and comparable EPS growth of 2%–3%, compared to $2.88 in 2024.


  • Starbucks Corporation (SBUX) Reports Q2 Fiscal Year 2025 Results; SBUX reported Q2 Non-GAAP EPS of $0.41, a 40% decline year-over-year and $0.07 below analyst expectations. Revenue increased by 2.3% to $8.76 billion, but still missed estimates by $70 million. During the quarter, Starbucks opened 213 net new stores, bringing the total to 40,789 locations worldwide, of which 53% are company-operated and 47% licensed.

  • United Parcel Service, Inc. (UPS) Releases 1Q 2025 Earnings; UPS reported Q1 Non-GAAP EPS of $1.49, up 4.2% year-over-year and $0.11 above analyst expectations. Revenue totaled $21.5 billion, beating estimates by $480 million, despite a 0.9% decline compared to the same quarter last year. Due to ongoing macroeconomic uncertainty, management did not provide updates to its previously issued full-year consolidated outlook.


  • Visa Inc. (V) Reports Second Quarter 2025 Financial Results; V reported Q2 Non-GAAP EPS of $2.76, 10% above from last year and $0.08 more than expected. Revenue grew 9.1% to $9.6 billion, which was $50 million more than expected. Management anticipates steady growth in the back half of 2025, with adjusted net revenue growth expected in the low-double-digits for Q3. Adjusted EPS growth for Q3 is projected in the high-teens. In addition, the board of directors authorized a new $30.0B multi-year share repurchase program.


  • Unum Group (UNM) Reports First Quarter 2025 Results; UNM reported Q1 Non-GAAP EPS of $2.04, reflecting a 3.8% decline year-over-year and coming in $0.15 below of analyst expectations. Revenue of $3.09 billion misses analyst estimates by $250 million and decreased 3.4% versus the same quarter last year. Book value per common share of $63.78 grew 19.5 percent over the year-ago quarter. Management reiterated their 2025 guidance for 6%-10% sales growth across core operations.


  • Ares Capital Corporation (ARCC) Announces March 31, 2025 Financial Results; ARCC reported Q1 Non-GAAP EPS of $0.50, down 15.3% year-over-year and $0.04 below analyst expectations. Total investment income was $732 million, missing estimates by $37.95 million, but showing a 4.4% increase compared to the same quarter last year. As of April 24, 2025, Ares Capital had an investment backlog of approximately $2.6 billion.


  • W. P. Carey Inc. (WPC) Announces First Quarter 2025 Financial Results; WPC reported Q1 AFFO of $1.17, missing analyst expectations by $0.03, though it marked a 2.6% increase year-over-year. Revenue rose 5.3% to $407.44 million, falling $5.3 million short of estimates. Management reaffirmed full-year 2025 AFFO guidance of $4.82 to $4.92 per diluted share, supported by an anticipated investment volume of $1.0 to $1.5 billion for the year.


April 30, 2025




  • QUALCOMM Incorporated (QCOM) Announces Second Quarter Fiscal 2025 Results; QCOM reported Q2 Non-GAAP EPS of $2.85, beating expectations by $0.04 and reflecting a 17% year-over-year increase. Revenue Increased 16.9% year-over-year to $10.98 billion, exceeding estimates by $330 million. For Q3 management guides revenue in the range of $9.9B-$10.7B and Non-GAAP EPS of $2.60-$2.80.


  • Illinois Tool Works Inc. (ITW) Reports First Quarter 2025 Results; ITW reported first-quarter GAAP earnings per share of $2.38, down 12.8% from the prior year but $0.03 above analyst expectations. Revenue declined 3.3% year over year to $3.84 billion, aligning with consensus estimates. Despite the year-over-year declines, management is maintaining its full-year 2025 GAAP EPS guidance of $10.15 to $10.55 per share. Organic growth is projected in the range of 0% to 2%, with enterprise initiatives expected to drive over 100 basis points of margin expansion.


  • Lockheed Martin Corporation (LMT) and Rheinmetall to join forces on centre of excellence for European Security; LMT and Germany’s Rheinmetall announced that they are deepening their partnership by extending a memorandum of understanding initially signed in 2024. The companies intend to extend the scope of collaboration in order to serve as a European center of excellence for the manufacturing and distribution of various rockets and missiles to enhance the security and self-reliance of Europe. The centre of excellence, based in Germany, will be led by Rheinmetall and will primarily operate in Germany and other European countries.


  • Brookfield Infrastructure (BIP, BIPC) Reports First Quarter 2025 Results; BIP reported first-quarter funds from operations (FFO) of $0.82 per unit, representing a 5.1% increase compared to the same period last year. However, the result came in $0.10 below analyst estimates. Revenue for the quarter ended March 31 totaled $5.39 billion, up from $5.19 billion in the prior year.



  • Aflac Incorporated (AFL) Announces First Quarter Results; AFL reported first-quarter non-GAAP earnings per share of $1.66, matching results from the prior year but coming in $0.01 below analyst expectations. Revenue totaled $3.4 billion, missing estimates by $870 million and marking a sharp 37% decline compared to the same quarter last year. Adjusted book value per share was $51.98 as of March 31, 2025, down from $52.87 at the end of December 2024, but up from $50.22 a year earlier.


  • Prudential Financial, Inc. (PRU) Announces First Quarter 2025 Results; PRU reported first-quarter non-GAAP earnings per share of $3.29, reflecting a 7.8% increase from the same period last year and exceeding analyst expectations by $0.11. Book value per common share rose to $83.59, up from $75.00 in the year-ago quarter. Assets under management also increased, reaching $1.522 trillion compared to $1.496 trillion a year earlier. Management reaffirmed intermediate-term financial targets, projecting 5%-8% core adjusted EPS growth through 2027.


May 1, 2025


  • Dominion Energy, Inc. (D) Announces First-Quarter 2025 Earnings Results; D reported first-quarter non-GAAP earnings per share of $0.93, a 69% increase year over year and $0.17 above analyst expectations. Revenue for the quarter was $4.08 billion, exceeding estimates by $300 million and representing a 12.4% increase compared to the same period last year. Management reaffirmed its full-year 2025 operating earnings guidance range of $3.28 to $3.52 per share, along with all other financial guidance previously provided during the fourth-quarter 2024 earnings call.


  • Pinnacle West Capital Corporation (PNW) Reports 2025 First-Quarter Financial Results; PNW reported a net loss of $0.04 per diluted share for the first quarter ended March 31, 2025, compared to earnings of $0.15 per diluted share in the same period last year. Revenue for the quarter rose 8.2% year over year to $1.03 billion, surpassing analyst expectations by $20 million. Despite the quarterly loss, management reaffirmed its full-year 2025 consolidated earnings guidance, projecting earnings in the range of $4.40 to $4.60 per diluted share.


  • Amgen Inc. (AMGN) Reports First Quarter 2025 Financial Results; AMGN reported first-quarter results, with non-GAAP earnings per share of $4.90—up 24% year over year and $0.64 ahead of analyst expectations. Revenue rose 8.7% to $8.1 billion, exceeding estimates by $60 million. Looking ahead, management reaffirmed its full-year 2025 outlook, guiding for total revenues in the range of $34.3 billion to $35.7 billion and non-GAAP EPS between $20.00 and $21.20.


  • Cardinal Health, Inc. (CAH) Reports Second Quarter Fiscal Year 2025 Results; CAH reported second-quarter non-GAAP earnings per share of $2.35, surpassing expectations by $0.20 and marking a 13% increase year over year. Revenue came in at $54.9 billion, missing analyst estimates by $410 million but generally in line with expectations. For fiscal 2025, management raised and narrowed its adjusted EPS guidance to a range of $8.05 to $8.15. Additionally, adjusted free cash flow is now expected to reach the high end of the previously guided $1.5 billion range.


  • CVS Health Corporation (CVS) Reports First Quarter 2025 Results; CVS reporting non-GAAP earnings per share of $2.25—up 71.8% year over year and exceeding analyst expectations by $0.58. Revenue came in at $94.6 billion, topping estimates by $1.23 billion and rising 7.0% from the same period last year. Management raised its full-year 2025 adjusted EPS guidance to a range of $6.00 to $6.20, up from the previous range of $5.75 to $6.00. Additionally, guidance for cash flow from operations was increased to approximately $7.0 billion, compared to the prior outlook of around $6.5 billion.


  • McDonald's Corporation (MCD) Reports First Quarter 2025 Results; MCD reported first-quarter 2025 GAAP earnings per share of $2.60, a 2% decrease from the previous year and $0.09 below analyst expectations. Revenue declined by 3.4% to $5.96 billion, missing estimates by $170 million. Despite the first-quarter challenges, McDonald’s reaffirmed its full-year 2025 financial targets, projecting a 1% increase in adjusted earnings per share in constant currencies. The company also plans to open 2,200 new locations and invest $3–3.2 billion in capital expenditures to drive growth.


  • The Hershey Company (HSY) Reports First-Quarter 2025 Financial Results; HSY reported non-GAAP earnings per share of $2.09, beating analyst estimates by $0.16 despite a 31.9% decline compared to the same quarter last year. Revenue totaled $2.81 billion, down 13.5% year over year, but exceeded expectations by $20 million. Looking ahead, management anticipates continued pressure in the first half of 2025, projecting a roughly 30% decline in EPS, driven by the impact of tariffs and ongoing cost headwinds.


  • Smurfit Westrock Plc (SW) Reports First Quarter 2025 Results; SW reported first-quarter GAAP earnings per share of $0.73, in line with the prior year and $0.06 above analyst expectations. Revenue surged 161% year over year to $7.66 billion, though it fell short of estimates by $260 million. Adjusted EBITDA for the quarter was $1.25 billion, with an adjusted EBITDA margin of 16.4%.


  • Air Products and Chemicals, Inc. (APD) Reports Fiscal 2025 Second Quarter Results; APD reported non-GAAP earnings per share of $2.69 for the quarter, down 6% year over year and falling short of expectations by $0.14. Revenue declined 0.5% to $2.92 billion, missing estimates by $13.8 million. In response to the softer performance, management revised its full-year fiscal 2025 adjusted EPS guidance to a range of $11.85 to $12.15, down from the prior range of $12.70 to $13.00. For the fiscal third quarter, adjusted EPS is projected between $2.90 and $3.00.


  • Omega Healthcare Investors, Inc. (OHI) Reports First Quarter 2025 Results; OHI reported first-quarter funds from operations (FFO) of $0.75 per share, exceeding expectations by $0.01 and marking a 10.3% increase year over year. Revenue came in at $276.79 million, beating estimates by $40.07 million and rising approximately 13.8% compared to the same quarter last year. Management raised its full-year 2025 adjusted funds from operations (AFFO) guidance to a range of $2.95 to $3.01 per share, up from the previous range of $2.90 to $2.98.


  • NNN REIT, Inc. (NNN) Announces First Quarter 2025 Results; NNN reported first-quarter funds from operations (FFO) of $0.86 per share, surpassing analyst expectations by $0.04 and representing a 3.6% year-over-year increase. Revenue rose 7.2% to $230.85 million, beating estimates by $11.01 million. The company maintained strong portfolio performance, with occupancy at 97.7%, just below its 20-year average of 98.2%. Management reaffirmed its full-year 2025 guidance, projecting core FFO per share between $3.33 and $3.38 and adjusted FFO (AFFO) per share between $3.39 and $3.44. Acquisition guidance for the year remains unchanged at $500 million to $600 million.


  • TC Energy Corporation (TRP) Reports First Quarter 2025 Results; TRP reported first-quarter comparable earnings of C$0.95 per share, a 6.9% decline from the prior year and C$0.02 below analyst expectations. Revenue for the quarter totaled C$3.62 billion, up from C$3.51 billion a year earlier and slightly ahead of the C$3.60 billion consensus estimate. Management reaffirmed its 2025 outlook, projecting comparable EBITDA in the range of C$10.7 to C$10.9 billion. The company also maintained its comparable earnings per common share guidance as outlined in its 2024 Annual Report, indicating expectations for a year-over-year decline in 2025.


  • Canadian National Railway Company (TSE:CNR) Announces First Quarter Results; CNR reported first-quarter GAAP earnings per share of C$1.85, an 8% increase year over year and C$0.07 ahead of analyst estimates. Revenue rose 3.5% to C$4.4 billion, surpassing expectations by C$40 million. Operating income totaled C$1.61 billion, up 4% or C$64 million from the prior year. For 2025, management reaffirmed its outlook, expecting adjusted diluted EPS growth of 10% to 15% and maintaining its planned capital investment of approximately C$3.4 billion. While the company’s 2025 guidance and 2024–2026 financial outlook remain unchanged, management cautioned that heightened recessionary risks tied to global tariffs and trade actions could present challenges.


May 2, 2025


  • Eversource Energy (ES) Reports First Quarter 2025 Results; ES reported non-GAAP earnings per share of $1.50 for the quarter, reflecting a modest 0.7% increase year over year but coming in $0.01 below analyst expectations. Revenue rose significantly by 23.7% to $4.12 billion, surpassing estimates by $346 million. Management reaffirmed its fiscal year 2025 earnings guidance range of $4.67 to $4.82 per share. The company also maintained its long-term earnings growth outlook, projecting a cumulative annual EPS growth rate of 5% to 7% through 2029, based on a 2024 earnings baseline of $4.57 per share.


  • Brookfield Renewable (BEP, BEPC) Announces First Quarter Results; BEP reported first-quarter funds from operations (FFO) of $0.48 per unit, beating analyst estimates by $0.01 and representing a 6.7% year-over-year increase. Revenue for the quarter rose to $1.58 billion, up from $1.49 billion in the same period last year. Management reaffirmed its outlook for 2025, continuing to target FFO per-unit growth of over 10%.


  • Chevron Corporation (CVX) Reports First Quarter 2025 Results; CVX reported first-quarter non-GAAP earnings per share of $2.18, representing a 5.8% increase year over year and exceeding analyst expectations by $0.03. Revenue declined 2.3% to $47.61 billion, falling short of estimates by $780 million. Management reaffirmed its full-year share repurchase guidance in the range of $10 billion to $20 billion. The company also reiterated its projection of $10 billion in incremental free cash flow growth by 2026, driven by new production from the Future Growth Project (FGP) and other major developments.


  • RTX Corporation (RTX) Increases Quarterly Dividend; RTX announced that its Board of Directors declared a dividend of 68 cents per outstanding share of RTX common stock, which represents an increase of 7.9 percent over the prior quarter's dividend amount. The dividend will be payable on June 12, 2025 to shareowners of record at the close of business on May 23, 2025.


  • Eaton Corporation plc (ETN) Reports First Quarter 2025 Results; ETN reported first-quarter non-GAAP earnings per share of $2.72, exceeding analyst estimates by $0.01 and marking a 13% year-over-year increase. Revenue rose 7.3% to $6.4 billion, beating expectations by $150 million. For the full year 2025, management projects organic growth of 7.5% to 9.5% and guides for adjusted earnings per share in the range of $11.80 to $12.20—representing an 11% increase at the midpoint compared to the prior year.


  • T. Rowe Price Group, Inc. (TROW) Reports First Quarter 2025 Results; TROW reported first-quarter non-GAAP earnings per share of $2.23, beating analyst estimates by $0.10, though down 6.3% from the prior year. Revenue grew modestly by 0.6% year over year to $1.76 billion, falling short of expectations by $20 million. Assets under management (AUM) declined by $40.3 billion during the quarter, ending at $1.57 trillion as of March 31, 2025.


  • Magna International Inc. (MGA) Announces First Quarter 2025 Results; MGA reported non-GAAP earnings per share of $0.78 for the quarter, representing a 27.8% year-over-year decline and falling short of analyst expectations by $0.08. Revenue came in at $10.1 billion, down 8.2% from the prior year, but exceeded estimates by $370 million. Management updated its 2025 outlook, now expecting total sales in the range of $40.0 to $41.6 billion.


Articles that caught my attention:





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