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Mohegan Sun 09-26 04:20 GMT  
(Report with Analyst's Data Sheet) 
Mohegan Gaming & Entertainment (MGE)'s recent investor day was largely about the company's international development in South Korea, the INSPIRE integrated...
Inspirational by Kim Noland
Azul SA 09-25 05:26 GMT  
(Report with Analyst's Data Sheet) 
Earlier this month, JP Morgan momentarily became a significant minority shareholder in Azul S.A. (AZULBZ) but reduced its holdings below the 5% threshold shortly...
Lighter Debt Load by Cedric Rimaud, CFA
Triumph Group, Inc. 09-25 05:25 GMT  
(Report with Analyst's Data Sheet) 
Triumph Group's (TGI) fiscal 2024 first-quarter sales and adjusted EBITDA disappointed investors with the company's common stock selling off...
Disappointing Start by Evan Mann, CFA
Cisco Systems 09-25 05:24 GMT  
(Report with Analyst's Data Sheet) 
Cisco Systems has made a slew of acquisitions over the past several years, relying on M&A activity to complement organic growth. Yet spending on...
Splunk Makes A Splash by Dave Novosel, CFA
General Mills, Inc. 09-21 15:00 GMT
(Comment)
General Mills delivered 4% organic growth for the fiscal first quarter that ended August...
Earnings by Dave Novosel, CFA
General Mills delivered 4% organic growth for the fiscal first quarter that ended August 17th, matching reported growth of 4%. It marked the slowest growth in the last six quarters. Price/mix accounted for 6 points of the gain, while volume was down 2%, illustrating the increase in elasticities. In terms of segments. International rose 9%. North America Retail and Foodservice were both up 4%, and Pet was flat. Gross margins improved 540 basis points reflecting favorable mark-to market effects, higher pricing, and a shift in mix. SG&A spending relative to sales was higher mostly because of a substantial increase in media investments. That left operating margins significantly higher than last year. Management confirmed its guidance for organic growth of 3% to 4% for the full year, with better margins. Input cost inflation is expected to be roughly 5% this year, mostly due to labor inflation that is affecting sourcing, manufacturing, and logistics costs. Free cash flow was negative in Q1, which is not that unusual, primarily because of a huge use of working capital. GIS repurchased roughly $500 million of its shares, funded by the addition of $550 million of debt. However, we think the increase in revenue and margins will lead to a considerable increase in EBITDA that will offset the higher debt. Therefore leverage is likely to fall to less than 3x by year-end. That would be the lowest this metric has been in the last six years.
Walgreens Boots Alliance 09-01 18:15 GMT
(Comment)
How to bury bad news: Issue a press release on a summer Friday ahead of a...
Management Change by Carol Levenson, CFA
How to bury bad news: Issue a press release on a summer Friday ahead of a national holiday saying your CEO, Rosalind Brewer, was leaving "by mutual agreement" and in the ninth of nine paragraphs warn that earnings for the fiscal year just closed will come in at or near the low end of guidance. You may recall Ms. Brewer was named CEO less than three years ago, and that the company slashed its fiscal year guidance only three months ago. We estimate the new guidance implies a 14% reduction from the high end of initial fiscal 23 guidance, or about $560 million fewer dollars of earnings. The interim CEO is the lead independent director and a search is underway for a permanent replacement. Although there is a lucrative consulting agreement for Ms. Brewer to stay on as an advisor through February, this is not the way CEO transitions are typically done. The positive spin is that the company is seeking somebody with more healthcare experience in keeping with its new strategic direction, but we note the drugstore chains provide more than 95% of WBA's revenue and all of its profit. In our June report, we noted a weaker credit profile reflecting debt-financed healthcare acquisitions, projecting leverage approaching 4x. Moreover, we said the dismal stock performance increases event risk, and today the stock hit a new 52-week low. Lousy visibility and management upheaval now add to the uncertainty.
Amgen 09-15 
Boeing 09-05 
Walgreens 09-01 
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