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Netflix’s Domestic Business on a Roll in First Quarter

April 24, 2013 – 4:38 pm |
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Netflix reported first-quarter results that were better than expected for both domestic streaming sub growth and contribution margin. Netflix added 2 million subscribers to reach 29.2 million at the end of March, with adjusted EPS of $0.31 ahead of consensus expectations.

However, our view on competition, especially from the pay- TV distributors shifting as the expected roll-out of authentication Read more […]

Crown Holdings Reveals Strong Emerging-Market Volume Growth

April 22, 2013 – 8:51 am |
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Crown Holdings’ first-quarter results were mixed. On the positive side, global beverage can volume growth was up an impressive 6% in the quarter, buoyed by 18% volume growth in Asia-Pacific. Crown recently completed a number of major projects in the Asia-Pacific region and has a few more remaining this year, including a new plant in Vietnam and another in Cambodia, which should continue to drive near-term Read more […]

Market Share Gain Encouraging for Tsingtao Brewery

April 19, 2013 – 9:57 am |

Tsingtao Brewery posted full-year 2012 results that came in below our expectations, but our big-picture view is still in play. Net profit only grew 1.2% on an 11.3% revenue increase. The slower-than-expected profit growth was hampered by a 2% contraction in gross margin due to higher barley costs, and a negative product mix shift towards lower-tier brands. Volume growth of 10.5% was above our own expectations, Read more […]

Core Reports Strong First-Quarter Results, Led by Deep-Water Gulf of Mexico

April 18, 2013 – 10:32 am |

Core Labs reported record results yet again in the first quarter of 2013, led by healthy demand for its services from the deep-water Gulf of Mexico. Analysts were particularly impressed by the strong revenue growth at 11% year-over-year to $261 million in a weak drilling environment, which serves to emphasize the company’s differentiated production-oriented business model and wide economic moat. Operating Read more […]

St. Jude Faces Weak Revenue Growth, but Delivers on 1Q Earnings

April 18, 2013 – 3:11 am |

St. Jude Medical reported first-quarter results that fell slightly short of expectations on the top line, but met projections on the bottom line. St. Jude’s quarterly revenue growth was hampered the timing of new products that should roll out over the next few quarters, but the firm’s wide moat remains intact based on the innovation seen in St. Jude’s pipeline.

During first quarter, St. Jude improved Read more […]

With PC Sales Down, Intel and Microsoft Shifting Gears

April 17, 2013 – 8:27 am |
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During the first quarter, personal computer unit sales fell a surprising 14% year over year, according to IDC, reflecting the largest decline in nearly two decades. Consistent with our sector view, we expect mobile devices, including tablets and smartphones, to continue to pressure PC volume in 2013 and beyond as smartphone and tablet global penetration rates are still low relative to PCs.

While Read more […]

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