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Recent Articles
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Lockheed Martin Raises 2024 Guidance, F-35 Program in Focus
Oct 23, 2024
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Image: Lockheed Martin’s shares have done well of late.
We liked Lockheed Martin’s guidance revisions for 2024, but we’re keeping a watchful eye on its F-35 program revenues, which experienced lower sales in the quarter due to delays in receiving additional contractual authorization and funding under its Lots 18-19 contract. The company’s Missiles and Fire Control (MFC) segment and Rotary and Mission Systems (RMS) segment experienced sales increases of 8% and 6%, respectively, in the quarter. Operating profit growth was most pronounced in its MFC division. The high end of our fair value estimate range stands at $649 per share, and we continue to like shares as an idea in the Dividend Growth Newsletter portfolio.
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Philip Morris Raises 2024 Guidance, Shares Catapult to All-Time Highs
Oct 22, 2024
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Image: Shares of Philip Morris catapult to all-time highs.
On the heels of strength witnessed in the third quarter, Philip Morris raised its outlook for adjusted diluted earnings per share, excluding currency, to $6.85-$6.91 (was $6.67-$6.79 per share), reflecting 14%-15% growth, up from prior expectations of 11%-13%. We like the earnings momentum behind Philip Morris’ business, and the company has a big winner on its hands with ZYN nicotine pouches. The high end of our fair value estimate range for Philip Morris stands at $134 per share. Shares yield 4.5%.
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Procter & Gamble Maintains Outlook for Fiscal 2025
Oct 21, 2024
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Image: P&G maintained its outlook for fiscal 2025, as shares flirt with all-time highs.
For fiscal 2025, P&G expects adjusted free cash flow productivity to be 90% and to pay roughly $10 billion in dividends while buying back $6-$7 billion in shares. P&G’s quarterly update revealed some top-line pressure and expectations for higher commodity prices, but the company maintained its all-in sales guidance, organic growth guidance, diluted net earnings per share growth guidance, and core earnings per share guidance for fiscal 2025. Shares of P&G yield 2.4% at the time of this writing.
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Netflix Continues to Deliver on Content and Engagement, Free Cash Flow Robust
Oct 19, 2024
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Image: Netflix’s shares are trading at all-time highs.
We liked Netflix’s revenue and operating income improvement in the third quarter, as well as its outlook for the fourth quarter of 2024 and 2025. Netflix is delivering with respect to content and customer engagement, and we like the fact that the firm continues to generate strong free cash flow. Netflix continues to build its advertising business, with ads membership up 35% on a sequential basis. Looking to the fourth quarter, Netflix has a nice slate of content, including Squid Game S2, the Jake Paul/Mike Tyson fight, and two NFL games on Christmas day, which Netflix expects to drive paid net additions higher in the quarter than in its most recently reported third quarter. The high end of our fair value estimate range for Netflix is $867 per share.
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