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
Dividend Increases/Decreases for the Week of July 4
July 4, 2025
Below we provide a list of firms that raised their dividends during the week ending July 4. 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 CF Bankshares (CFBK): now $0.08 per share quarterly dividend, was $0.07. Diversified Royalty (DIV:CA): now CAD 0.0229 per share monthly dividend, was CAD 0.0208. Itau Unibanco (ITUB): now $0.0029 per share monthly dividend, was $0.0020. Trican Well Service Ltd. (TCW:CA): now $0.055 per share quarterly dividend, was $0.050. PNC Financial (PNC): now $1.70 per share quarterly dividend, was $1.60. Firms Lowering Their Dividends This
General Mills’ Top Priority Is to Restore Volume-Driven Organic Sales Growth
June 28, 2025
Image: General Mills’ shares have been under pressure as of late. By Brian Nelson, CFA On June 25, General Mills (GIS) reported mixed fiscal fourth quarter results with revenue coming up short of forecasts, but non-GAAP earnings per share exceeding the consensus estimate. In the fourth quarter, net sales dropped 3% driven by lower pound volume and unfavorable net price realization and mix, while organic sales were also down 3%, in line with expectations. Adjusted gross margin was down 220 basis points. Adjusted operating profit of $622 million was down 22% in constant currency, while its adjusted operating profit margin fell 330 basis points year-over-year. Adjusted diluted earnings per share came in at $0.74, which was down 27% in constant
Nike’s Fiscal Fourth Quarter Better Than Feared
June 28, 2025
Image: Nike’s shares have been pummeled of late. By Brian Nelson, CFA On June 26, Nike (NKE) reported better than expected fourth quarter fiscal 2025 results with revenue and GAAP earnings per share exceeding the consensus forecasts. Fiscal fourth quarter revenues were $11.1 billion, down 12% on a reported basis and 11% on a currency-neutral basis. Nike Direct revenues were down 14% on a reported and currency-neutral basis in the quarter, while wholesale revenues fell 9% on a reported and currency-neutral basis in the period. Quarterly revenues for Converse fell 26%. Gross margin declined 440 basis points in the fiscal fourth quarter, to 40.3%, while diluted earnings per share fell 86% in the quarter, to $0.14. Management had the following
Clorox Misses Consensus Estimates in Its Fiscal Third Quarter
June 28, 2025
Image: Clorox’s shares have been under pressure more recently. By Brian Nelson, CFA Clorox (CLX) recently reported disappointing third quarter fiscal 2025 results, with both revenue and non-GAAP earnings per share missing the consensus forecast. Net sales declined 8% primarily due to the divestitures of the VMS and Argentina businesses. Organic sales fell 2% due primarily to unfavorable price mix. Organic volume was flat driven by a consumption slowdown across most of its businesses. Gross margin increased 240 basis points, while adjusted earnings per share declined 15% to $1.45 from $1.71 in the year-ago period. Management had the following to say about the results: In the third quarter, heightened macroeconomic uncertainties drove changes in shopping behaviors, resulting in temporary category
Dividend Increases/Decreases for the Week of June 27
June 27, 2025
Below we provide a list of firms that raised their dividends during the week ending June 27. 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 AZZ (AZZ): now $0.20 per share quarterly dividend, was $0.17. Bank of South Carolina (BKSC): now $0.21 per share quarterly dividend, was $0.19. Cadiz Inc. 8.875% DEP PFD A (CDZIP): now $0.56 per share quarterly dividend, was $0.55. Chorus Aviation (CHR:CA): now CAD 0.08 per share quarterly dividend, was CAD 0.07. Euroholdings Ltd. (EHLD): now $0.14 per share quarterly dividend. First Bancorp (FNLC): now
Disney Expects Strong Earnings Growth in Fiscal 2025
June 25, 2025
Image Source: Valuentum By Brian Nelson, CFA Disney (DIS) recently reported better than expected second quarter fiscal 2025 results, with both revenue and non-GAAP earnings per share beating the consensus forecast. Revenue increased 7% to $23.6 billion, while income before income taxes increased $2.4 billion, to $3.1 billion. Total segment operating income increased 15%, to $4.4 billion in the quarter. Adjusted earnings per share increased 20%, to $1.45 from $1.21 in the second quarter of fiscal 2024. Management had the following to say about the results: Our outstanding performance this quarter—with adjusted EPS up 20% from the prior year driven by our Entertainment and Experiences businesses—underscores our continued success building for growth and executing across our strategic priorities. Following an
