Kinder Morgan Expected to Capitalize on Natural Gas Demand
July 20, 2025
Image Source: TradingView By Brian Nelson, CFA On July 16, Kinder Morgan (KMI) reported mixed second quarter results with revenue beating the consensus forecast, but non-GAAP earnings per share coming in line with expectations. Second quarter net income attributable to KMI was $715 million, up 24% from the same period a year ago. Adjusted EBITDA advanced 6%, to $1.97 billion from the same period last year. Management had a lot to say about the quarterly results and outlook: With historic growing natural gas demand forecasts, a positive federal regulatory environment, and highly supportive federal permitting agencies, the future for our company is very bright. We will continue to reap the benefit of a business model structured around long-term take-or-pay, fee-based
Johnson & Johnson Raises 2025 Guidance
July 20, 2025
Image Source: J&J By Brian Nelson, CFA On July 16, Johnson & Johnson (JNJ) reported better than expected second quarter results with both revenue and non-GAAP earnings per share exceeding the consensus forecast. The healthcare giant reported adjusted operational sales growth of 3% in the quarter (2.4% growth in Innovative Medicine and 4.1% growth in MedTech) and adjusted earnings per share of $2.77, down modestly on a year-over-year basis. Free cash flow was ~$6.2 billion in the quarter, also down from $7.5 billion that it registered in the second quarter of last year. Management had the following to say about the results: Today’s strong results reflect the depth and strength of Johnson & Johnson’s uniquely diversified business operating across both
Netflix Raises 2025 Revenue and Margin Guidance
July 19, 2025
Image Source: Netflix By Brian Nelson, CFA On July 17, Netflix (NFLX) reported better than expected second quarter results with revenue and GAAP earnings per share beating the consensus forecast. The company grew revenue 15.9% in the quarter on a year-over-year basis, and its operating margin was 34.1%, up roughly seven percentage points on a year-over-year basis. Both revenue and operating income came in above its guidance due to foreign exchange and the timing of certain expenses. Net income came in at $3.1 billion in the quarter, up from $2.1 billion in last year’s quarter, while diluted earnings per share came in at $7.19, up from $4.88 in the second quarter of 2024 (+47% year-over-year). Netflix’s top line continues to
Taiwan Semiconductor’s Revenue Performance Is Fantastic
July 19, 2025
Image Source: Taiwan Semi By Brian Nelson, CFA On July 17, Taiwan Semiconductor Manufacturing (TSM) reported mixed second quarter results with earnings per ADR exceeding the consensus estimate, but revenue falling a bit short relative to the consensus forecast. In the quarter, consolidated revenue came in at NT$933.79 billion, net income was NT$398.27 billion, and diluted earnings per share was NT$15.36 (US$2.47 per ADR unit). On a year-over-year basis, second quarter revenue increased 38.6%, while net income and diluted earnings per share both increased 60.7%. On a sequential basis, second quarter results showcased a 11.3% increase in revenue and a 10.2% increase in net income. In US dollars, second quarter revenue was $30.07 billion, beating guidance of $28.4-$29.2 billion, and
Dividend Increases/Decreases for the Week of July 18
July 18, 2025
Below we provide a list of firms that raised their dividends during the week ending July 18. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week Banco Santander (Brasil) S.A. (BSBR): now $0.0655 per share quarterly dividend, was $0.0463. Bank of New York Mellon (BK): now $0.53 per share quarterly dividend, was $0.47. Citigroup (C): now $0.60 per share quarterly dividend, was $0.56. Community Financial System (CBU): now $0.47 per share quarterly dividend, was $0.46. Cummins (CMI): now $2.00 per share quarterly dividend, was $1.82. Duke Energy (DUK): now $1.065
ASML Cannot Confirm Growth in 2026 at This Stage
July 16, 2025
Image: ASML’s shares fell under pressure following uncertainty regarding expected 2026 performance. By Brian Nelson, CFA ASML Holding (ASML) reported solid second quarter results July 16 with revenue and earnings per share coming in ahead of the consensus forecast. Second quarter net sales were €7.7 billion on a gross margin of 53.7%. Net income was €2.3 billion. Quarterly net bookings in the second quarter were €5.5 billion, of which €2.3 billion was EUV. The company ended the quarter with €7.25 billion in cash and short-term investments. Here is what management had to say about the results: Our second-quarter total net sales came in at €7.7 billion, at the top end of our guidance. The gross margin was 53.7%, above guidance,
Fastenal’s Second Quarter Results a Positive Read Through for the Broader Economy
July 16, 2025
Image Source: TradingView By Brian Nelson, CFA On July 14, Fastenal (FAST) reported better than expected second quarter results with revenue and GAAP earnings coming in ahead of the consensus forecasts. The wholesale distributor of industrial and construction supplies recorded net sales growth of 8.6% in the quarter, with gross profit expanding 9.2% and operating income jumping 12.7%. Income before income taxes advanced 13%, while net income and diluted net income per share increased 12.8% and 12.7%, respectively. The strength in sales in the quarter was “due to a growth in the number of customer sites spending $10k or more per month with Fastenal and, to a lesser degree, growth in average monthly sales per customer site across all customer
Delta Air Lines Restores Financial Guidance
July 12, 2025
Image Source: TradingVIew By Brian Nelson, CFA On July 10, Delta Air Lines (DAL) reported results for its June quarter that beat consensus expectations on the top and bottom lines. On a non-GAAP basis, operating revenue came in at a record $15.5 billion, up 1% year over year, with operating income of $2 billion on an operating margin of 13.2%. Pre-tax income came in at $1.8 billion with a pre-tax margin of 11.6%. Delta reported earnings per share of $2.10 and operating cash flow of $1.8 billion in the quarter. Management had the following to say about the results: In the June quarter, Delta delivered record revenue on a 13 percent operating margin, generating $1.8 billion in pre-tax profit and
Dividend Increases/Decreases for the Week of July 11
July 11, 2025
Below we provide a list of firms that raised their dividends during the week ending July 11. The dividend reports of covered firms on this list will be updated shortly with the new information. To access our dividend reports use the ‘Symbol’ search box in our website header. Firms Raising Their Dividends This Week Coca-Cola FEMSA (KOF): now $0.9877 per share quarterly dividend, was $0.8830. Enterprise Products Partners (EPD): now $0.545 per share quarterly dividend, was $0.535. Industrial Logistics Properties (ILPT): now $0.05 per share quarterly dividend, was $0.01. Levi Strauss (LEVI): now $0.14 per share quarterly dividend, was $0.13. Marsh & McLennan (MMC): now $0.90 per share quarterly dividend, was $0.81. PB Financial (PBNC): now $0.59 per
Constellation Brands Maintains Comparable Earnings Per Share Outlook
July 5, 2025
Image Source: Constellation Brands By Brian Nelson, CFA On July 1, beer, wine and spirits producer Constellation Brands (STZ) reported disappointing first quarter fiscal 2026 results with revenue and non-GAAP earnings per share missing the consensus forecast. Comparable net sales dropped 6%, while comparable organic net sales fell 4%. Comparable operating income tumbled 11%, while comparable net income attributable to the company fell 12%. Comparable adjusted earnings before interest and taxes fell 13%, while comparable diluted net income per share dropped 10%, to $3.22. Management had the following to say about the results: While we continued to face softer consumer demand largely driven by what we believe to be non-structural socioeconomic factors, our teams remain focused on executing the key
