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Fundamental data is updated weekly, as of the prior weekend. Please download the Full Report and Dividend Report for any changes.
Jan 23, 2025
Kinder Morgan Is Now Covering Cash Dividends Paid with Free Cash Flow
Image: Kinder Morgan’s shares have been on a tear after the midstream energy giant reports healthier free cash flow that covers cash dividends paid.Kinder Morgan is doing a much better job covering dividends with traditional free cash flow these days. For the three months ended December 31, 2024, cash flow from operations was $1.51 billion, with capital expenditures coming in at $772 million, resulting in free cash flow of $738 million, which was in excess of the company’s cash dividends paid of $642 million in the quarter. For the year ended December 31, 2024, free cash flow was $3 billion, which was in excess of cash dividends paid of $2.6 billion, resulting in free cash flow after cash dividends paid of $449 million.
Jan 22, 2025
Netflix Records Biggest Quarter of Net Adds in Its History
Image Source: Netflix. Looking to 2025, Netflix expects revenue to be between $43.5-$44.5 billion (12%-14% year-over-year growth), up $500 million from its prior forecast (despite foreign currency headwinds) and an operating margin of 29%, up one percentage point from its prior forecast and two percentage points higher than the 27% operating margin in 2024. Management noted that the return in 2025 of its biggest shows (Squid Game, Wednesday and Stranger Things) gives it optimism heading into the new year.
Jan 16, 2025
Taiwan Semiconductor's Results Showcase Strong Growth
Image Source: TSM. Looking to the first quarter of 2025, TSM expects revenue to be between US$25-US$25.8 billion based on the exchange rate assumption of 1 U.S. dollar to 32.8 NT dollars. This was above consensus calling for US$24.75 billion in revenue in the quarter. Gross profit margin is targeted between 57% and 59%, while operating profit margin is expected to be between 46.5%-48.5%. All told, we continue to like TSM’s strong top-line growth and free cash flow generation, and the firm remains a core idea in the ESG Newsletter portfolio.
Jan 15, 2025
Bank Earnings Roundup: C, WFC, GS, JPM
Image Source: Hakan Dahlstrom. Citigroup launches a new, multi-year program to repurchase $20 billion in stock, Wells Fargo puts up strong earnings growth in the fourth quarter, Goldman Sachs issued a blockbuster fourth quarter report, while JPMorgan CEO Jamie Dimon warns of inflation and geopolitical risks.
Jan 14, 2025
KB Home’s Outlook for 2025 Better Than Expected
Image: KB Home’s shares have done well since the beginning of 2023. Looking to fiscal 2025, KB Home's housing revenue is expected in the range of $7.00-$7.5 billion, compared to the consensus forecast of $6.89 billion, with the average selling price in the range of $488,000-$498,000. Homebuilding operating income as a percentage of revenues is targeted at roughly 10.7%, which assumes no inventory-related charges. For the year, housing gross profit margin is targeted in the range of 20.0%-21.0% and assumes no inventory-related charges. Selling, general, and administrative expenses as a percentage of housing revenues is expected in the range of 9.6%-10.0%. We liked KB Home’s fourth quarter results and outlook for fiscal 2025 and what they imply with respect to the health of the housing market. KB Home doesn’t make the cut for any newsletter portfolio, however.
Jan 13, 2025
Walgreens Reports Better Than Feared Results, Shares Yield 8.5%
Image Source: Walgreens. Looking to 2025, Walgreens maintained its adjusted earnings per share guidance of $1.40-$1.80 (consensus was at $1.53), noting “growth in U.S. Healthcare and International segments more than offset by a decline in U.S. Retail Pharmacy, a higher adjusted effective tax rate, and lower contributions from sale-leaseback and Cencora earnings.” Shares of Walgreens are trading at just 7.4x current fiscal year earnings, while boasting a yield of 8.5% at the time of this writing. Though improving, free cash flow continues to be negative at Walgreens, however, and while its dividend is far from safe after its dividend cut, the company is working aggressively to get things back on track.
Jan 11, 2025
Delta Delivers Most Profitable December Quarter in Its History
Image Source: Colin Brown. We liked Delta’s fourth quarter results and outlook for 2025, but we’re not interested in adding any airline to the newsletter portfolios. Airline economics are notoriously difficult to forecast, and their operating results are heavily levered to volatile jet fuel prices. Swings in the economic environment can also have a large impact on performance given the operating leverage inherent to their business models. Delta is currently riding an upswing in demand, but we remain cautious on shares given the volatility innate to an airline’s business model. We remain on the sidelines.
Jan 8, 2025
Dividend Aristocrat Caterpillar’s Dividend on Solid Ground
Image Source: Caterpillar. Though Caterpillar’s top line is under pressure “due to the impact of lower-than-expected sales to users in its Construction Industries segment and the timing of deliveries in its Resource Industries and Energy & Transportation segment,” Caterpillar’s lucrative services business and backlog remain healthy, and it covers its dividend nicely with ME&T free cash flow. Shares yield 1.6% at the time of this writing.
Jan 8, 2025
Lowe’s Experiences Softness in Bigger Ticket Discretionary Demand
Image: Lowe’s shares have rallied nicely since the beginning of 2023. Buoyed in part by anticipated modest storm-related demand in the fourth quarter, management expects total sales for the full year 2024 of $83.0-$83.5 billion (was $82.7-$83.2 billion)—consensus was $82.99 billion--and comparable sales to be between -3.0% to -3.5% (was -3.5% to -4.0%). Its adjusted operating margin for the year is now targeted in the range of 12.3%-12.4% (was 12.4%-12.5%), while adjusted diluted earnings per share is expected in the range of $11.80-$11.90 (was $11.70-$11.90), the midpoint above consensus of $11.81. Our fair value estimate of $242 for Lowe’s shares is roughly in-line with where the firm’s equity is trading, and while its recently raised guidance was well-received, we remain on the sidelines with respect to the company in the newsletter portfolios. Shares yield 1.9%.
Jan 6, 2025
Target Expects Ho Hum Holiday Results
Image Source: Target. For the holiday fourth quarter, Target expects 1.5% comparable sales growth with GAAP and adjusted earnings per share in the range of $1.85-$2.45 (versus $2.64 consensus), translating to a full year expected GAAP and adjusted earnings per share range of $8.30-$8.90. The midpoint of the guidance range was down compared to its prior outlook in the range of $9.00-$9.70 and the consensus mark of $9.52. Target appears to be losing share against Walmart, Amazon and Costco, and there is no clear path to regaining it. Target’s shares yield 3.3% at the time of this writing.


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