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Vale S.A. 02-20 03:46 GMT  
(Report with Analyst's Data Sheet) 
Following a second dam burst in less than four years, Vale S.A. (VALEBZ) has been trying to contain the damage from the two disasters. Iron ore prices have shot...
Complacency by Cedric Rimaud, CFA
Novelis Inc. 02-20 03:41 GMT  
(Report with Analyst's Data Sheet) 
Novelis Inc. (HNDLIN) had a solid fiscal 2019 third quarter benefitting from continued strong demand from the automotive sector and favorable market...
More Leverage by Evan Mann, CFA
PepsiCo 02-20 03:20 GMT  
(Report with Analyst's Data Sheet) 
PepsiCo closed out a very good year in 2018 with a very impressive fourth quarter. Organic revenue increased 4.6% in the quarter, following a 4.9% increase in the...
Top Line Acceleration by Dave Novosel, CFA
Walmart 02-20 00:39 GMT
(Comment)
Walmart turned in a very strong fiscal fourth quarter on the sales front, with comparable-store sales at...
Earnings by Carol Levenson, CFA
Walmart turned in a very strong fiscal fourth quarter on the sales front, with comparable-store sales at Walmart U.S. rising by 4.2%, making its two-year fourth quarter performance the best in nine years. The sales increase came from both traffic and ticket, with particular strength in grocery and toys. E-Commerce sales rose 43%. Comparable-store sales for the year were up 3.6%, the best performance in ten years, with e-commerce sales increasing by 40%. Investments in wages and technology as well as a less profitable mix sent the consolidated adjusted operating margin down slightly, although on a reported basis expenses were leveraged thanks to the sales increase and good store productivity (the prior year featured substantial one-time expenses). Adjusted earnings rose 3%. For the year the company generated $11.3 billion in free cash flow, down slightly from the prior year thanks to working capital movements and higher capital spending. Share repurchases and acquisitions far exceeded free cash flow, sending debt higher by $11.5 billion. The acquisitions are unlikely to be contributing EBITDA in the near term. We estimate rent-adjusted debt/EBITDAR rose to 2.3x (from 1.8x), a historical high but not worrisome given the company's scale, diversification, market share, and financial flexibility. Walmart reaffirmed its October guidance for this year, expecting a slightly lower but still respectable increase in comparable-store sales of 2.5%-3.0%.
Top Ten 02-19 03:30 GMT  (Report)
In light of the strong domestic economy, several firms on our list are performing extremely well in terms of revenue growth or margin expansion or free cash flow, or...
Top Ten by Gimme Credit
Newell Brands 02-19 03:17 GMT  
(Report with Analyst's Data Sheet) 
Newell has redefined "normalized" earnings now that its integration of Jarden is nearly complete and transformation costs are dwindling. It is also...
The New Normal by Carol Levenson, CFA
Turkiye Petrol Rafinerileri A.S. 02-19 03:02 GMT  
(Report with Analyst's Data Sheet) 
Turkiye Petrol Rafinerileri A.S. (Tupras, TUPRST) released its results for 4Q18. Revenue came broadly in line with market...
Margin Squeeze Ahead by Alexandre Dray
Post Holdings 02-19 02:48 GMT  
(Report with Analyst's Data Sheet) 
Post Holdings (POST) recently delivered a good earnings report, and its improved financial performance received a vote of confidence as investors including...
Well Received  by Kim Noland
EQT Corp. 02-15 13:58 GMT
(Comment)
EQT shares traded down sharply yesterday after the company reported a huge loss of $637 million for...
Earnings by Dave Novosel, CFA
EQT shares traded down sharply yesterday after the company reported a huge loss of $637 million for the fourth quarter. The loss was primarily the result of goodwill impairment charges of $531 million and lease impairments and expirations of $244 million. Revenue increased dramatically because of the acquisition of Rice Energy. Sales volume rose substantially and the average price of natural gas equivalents was up 3%. EQT generated $531 million in cash from operating activities, which exceeded its forecast. The Company outlined plans for $2.2 -$2.3 billion of cash from operations in 2019 along with capital expenditures estimates of $1.9 to $2.0 billion, suggesting $300 to $400 million of adjusted free cash flow. EQT also intends to realize another $50 million of cost savings in 2019. Management took some time to argue that the claims of the Rice brothers regarding costs are flawed. Management noted reservoir quality differences, the fact that Rice Energy did not operate the same set of assets, and that the Rice cost curve is based on pre-inflation well cost results. The date for the annual meeting still has not been set.
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Altria 02-12 
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Jan 10, 2019 | Bloomberg
CL on PG&E's Downgrade to Junk -Q- "The other shoe has dropped" for PG&E...which might be the tipping point in favor of a bankruptcy decision."
Dec 20, 2018 | Bloomberg
DN on Frontier Communications -Q- "GimmeCredit wonders how Frontier can meet obligations in 2021-22. Fundamental pressures include erosion of voice, video and broadband revenue."
Nov 19, 2018 | Barron's
CL on CA Wildfires - Q- "The utility conceivably could have embraced Plan B-meaning bankruptcy-...Levenson warned that the potential liability warrants a junk rating, and she recommends selling the bonds."
Nov 14, 2018 | Bloomberg
CL on PG&E's Financial Crisis-Q-"It's not unusual for downgrades to come fast and furiously in situations like this, so a downgrade to below investment grade is certainly a real possibility,"
Nov 1, 2018 | CNN
CL on GE's Debt Headaches-Q-"Nobody leaves" commercial paper "voluntarily"..."This is a sign of reduced financial flexibility"
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