Brian Nelson

Taiwan Semiconductor’s Revenue Performance Is Fantastic

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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 … Read more

Dividend Increases/Decreases for the Week of July 18

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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 … Read more

ASML Cannot Confirm Growth in 2026 at This Stage

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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, … Read more

Fastenal’s Second Quarter Results a Positive Read Through for the Broader Economy

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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 … Read more

Delta Air Lines Restores Financial Guidance

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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 … Read more

Dividend Increases/Decreases for the Week of July 11

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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 … Read more

Constellation Brands Maintains Comparable Earnings Per Share Outlook

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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 … Read more

Dividend Increases/Decreases for the Week of July 4

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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 … Read more

General Mills’ Top Priority Is to Restore Volume-Driven Organic Sales Growth

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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 … Read more

Nike’s Fiscal Fourth Quarter Better Than Feared

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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 … Read more