Brian Nelson

Valuentum’s Dividend Growth Newsletter Portfolio

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*Portfolio Information as of published date in top, left corner of table. The Dividend Growth Newsletter portfolio is not a real money portfolio. Past results are not a guarantee of future performance, and actual results may differ from simulated information provided. There is substantial risk associated with investing in financial instruments. The Dividend Growth Newsletter portfolio puts into practice our rigorous valuation and dividend growth frameworks. To access our commentary, articles and analysis on holdings in the portfolio of our Dividend Growth Newsletter (as well as each company’s 16-page equity report and dividend report), please use our ‘Symbol’ search box in our website header. The Dividend Growth Newsletter portfolio can always be found in each edition of the monthly Dividend Growth Newsletter. Learn more about your membership >> More … Read more

Microsoft Reports Strong Fiscal Third Quarter Results

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Image Source: TradingView By Brian Nelson, CFA On April 29, Microsoft (MSFT) reported better than expected fiscal third-quarter results with revenue and GAAP earnings per share coming in higher than the consensus forecasts. Quarterly revenue came in at $82.9 billion, increasing 18% (15% in constant currency) year-over-year, and the software giant leveraged that growth into a 20% increase (16% in constant currency) in operating income for the period. Both net income and diluted earnings per share advanced 20% on a GAAP basis and 18% on a constant currency non-GAAP basis. Management had the following to say about the results: We are focused on delivering cloud and AI infrastructure and solutions that empower every business to eval-max their outcomes in the … Read more

Philip Morris Remains a Free Cash Flow Cow

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Image Source: TradingView By Brian Nelson, CFA On April 22, Philip Morris (PM) reported better than expected first quarter results that beat the consensus top- and bottom-line estimates. Net revenues increased 9.1% (2.7% organically), to $10.1 billion, with both its smoke-free and combustibles businesses contributing to the top line advance. Smoke-free revenue was up 12.4% (5.2% organically), while combustibles revenue was up 6.7% (0.9% organically). Philip Morris’ smoke-free business now accounts for 43% of total net revenues. Management had the following to say about the results: Our performance exceeded our expectations in the first quarter, with an outstanding delivery from IQOS driving very good growth for the group against a strong prior-year comparison. Building on excellent broad-based momentum in the … Read more

AT&T Targets $18+ Billion in Free Cash Flow for 2026

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Image Source: TradingView By Brian Nelson, CFA On April 22, AT&T (T) reported first quarter results that beat the consensus estimates on both the top and bottom lines. Operating revenue in the first quarter of 2026 was $31.5 billion, up 2.9% year-over-year, reflecting higher Advanced Connectivity wireless and fiber revenue. Operating revenue in Mexico also advanced, while lower Legacy revenue proved to be a headwind. First-quarter 2026 income from continuing operations totaled $4.2 billion, or $0.54 per diluted share, down from $0.61 in the first quarter of 2025. Cash from operating activities from continuing operations in the first quarter of 2026 was $7.6 billion, down $1.5 billion when compared to 2025, with prior-year operating cash flows including $1.4 billion of … Read more

Tesla’s Future Is “Incredibly Bright”

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Image Source: Tesla By Brian Nelson, CFA On April 22, Tesla (TSLA) reported better than expected first quarter results with revenue and non-GAAP earnings per share coming in better than the consensus estimates. Automotive and total revenues advanced 16% from the year-ago period, while gross profit rose 50%, as gross margins expanded nearly 480 basis points. Though down sequentially, income from operations more than doubled versus the same period last year, as its operating margin swelled 214 basis points. Adjusted EBITDA increased 30% on a 183 basis-point improvement in its EBITDA margin. Year-over-year, non-GAAP net income rose 56%, while non-GAAP earnings per share advanced 52%. Management had the following to say about the results: We continued to make meaningful progress … Read more

UnitedHealth Group Raises 2026 Adjusted Earnings Guidance

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Image Source: TradingView By Brian Nelson, CFA On April 21, UnitedHealth Group (UNH) reported better than feared first quarter results with both revenue and non-GAAP earnings coming in higher than the consensus estimates. First-quarter 2026 revenues grew 2%, to $111.7 billion, while adjusted earnings per share came in at $7.23 compared to $7.20 in the year-ago period. Earnings from operations in the quarter was $9.0 billion, down from $9.1 billion in the first quarter of 2025, while its first-quarter 2026 medical care ratio fell to 83.9% compared to 84.8% in the first quarter of last year. Its first-quarter 2026 operating cost ratio was 13.8%, compared to 12.4% in 2025. Management noted that it continues “to help simplify and modernize health … Read more

Lockheed Martin Reaffirms 2026 Outlook

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Image Source: TradingView By Brian Nelson, CFA On April 23, Lockheed Martin (LMT) reported weak first quarter results that missed expectations on both the top and bottom lines. Revenue was essentially flat on a year-over-year basis, to $18.02 billion, missing estimates by $230 million, while GAAP earnings per share of $6.44 missed the consensus estimate by $0.25 and compared to $7.28 in the first quarter of 2025. Cash flow from operations was $220 million in the first quarter, while free cash flow dipped into the red at -$291 million, compared to $955 million in the first quarter of 2025. Management had the following to say about the results: Lockheed Martin’s superior capabilities in delivering advanced defense technology and systems and … Read more

Johnson & Johnson Raises 2026 Outlook

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Image Source: TradingView By Brian Nelson, CFA Johnson & Johnson (JNJ) recently reported better than expected first quarter results with both revenue and non-GAAP earnings per share exceeding the consensus forecast. First-quarter reported sales growth was 9.9%, to $24.1 billion, with adjusted operational growth of 5.3%. First-quarter earnings per share was $2.14, while adjusted earnings per share came in at $2.70. Management had the following to say about the results: Johnson & Johnson had a strong start to 2026 and is delivering on its promise for a year of accelerated growth and impact. The depth and strength of our portfolio and pipeline is unrivaled and our relentless focus on innovation delivered multiple game-changing approvals this quarter, including ICOTYDE in the … Read more

Key Comments from the Banks This Earnings Season

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Image Source: TradingView By Valuentum Analysts JPMorgan’s (JPM) CEO Jamie Dimon: The Firm delivered strong results in the first quarter, reporting net income of $16.5 billion. Performance was strong across our businesses. In the CIB, revenue grew 19%. Markets revenue reached a record $11.6 billion, while IB fees increased 28% due to stronger advisory and ECM activity. Additionally, Payments continued to deliver very strong results, with double-digit growth in deposits and fees. In CCB, revenue rose 7%. We continued to acquire new customers at a robust rate across the franchise, including achieving record net inflows in self-directed investing and opening more than 450,000 net new checking accounts. Finally, in AWM, revenue increased 11%, and flows remained healthy with $54 billion … Read more

Albemarle Benefiting from Improved Lithium Market Conditions

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Image Source: TradingView By Brian Nelson, CFA Albemarle Corp (ALB) recently reported fourth quarter results that were mixed. Revenue beat expectations, but non-GAAP earnings per share came up a bit short. Fourth quarter net sales were $1.4 billion, up 16%, led by gains in all of its segments. Adjusted EBITDA in the quarter of $269 million was up 7% led by Energy Storage and Ketjen. Albemarle posted an adjusted diluted loss per share of ($0.53). Management had the following to say about the results: Our results for the fourth quarter and full year 2025 are a testament to our team’s focus on execution amid dynamic market conditions. Albemarle achieved year-over-year sales growth of more than 15% in the fourth quarter, … Read more