TSM

Taiwan Semiconductor Looks to Strong Q4

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Image Source: TSMC By Brian Nelson, CFA On October 16, Taiwan Semiconductor Manufacturing (TSM) reported better than expected third quarter results, with the top and bottom line exceeding the consensus forecasts. In U.S. dollars, third quarter revenue was $33.1 billion, which increased 40.8% year-over-year. Gross margin for the quarter was 59.5% (1.7 percentage points higher than 3Q24), operating margin was 50.6% (3.1 percentage points better than 3Q24), and net profit margin was 45.7%. Management was upbeat on the outlook: Our business in the third quarter was supported by strong demand for our leading-edge process technologies Moving into fourth quarter 2025, we expect our business to be supported by continued strong demand for our leading-edge process technologies. In the third quarter, … Read more

Dividend Increases/Decreases for the Week of October 17

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Below we provide a list of firms that raised their dividends during the week ending October 17. 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                          A.O. Smith Corporation (AOS): now $0.36 per share quarterly dividend, was $0.34. Agree Realty (ADC): now $0.262 per share monthly dividend, was $0.256. Banner (BANR): now $0.50 per share quarterly dividend, was $0.48. Canadian Apartment Properties Real Estate Investment Trust (CAR.UN:CA): now CAD 0.1292 per share monthly dividend, was CAD 0.1291. Citizens Financial Group (CFG): now $0.46 per share quarterly dividend, was $0.42. DBM … Read more

Nvidia Shines in Second Quarter of Fiscal 2026

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Image Source: Nvidia By Brian Nelson, CFA On August 27, market darling Nvidia (NVDA) reported better than expected fiscal second quarter results with both revenue and non-GAAP earnings per share coming in ahead of the consensus forecast. Total revenue increased 56% from the year-ago period, to $46.74 billion (consensus was at $46.13 billion), with Data Center revenue of $41.1 billion advancing by a similar clip, the latter coming in slightly below the consensus estimate of $41.29 billion. In the quarter, GAAP and non-GAAP gross margins were 72.4% and 72.7%, respectively. GAAP and non-GAAP earnings per diluted share were $1.08 and $1.05, respectively. Consensus was at $1.01. Blackwell Data Center revenue increased 17% on a sequential basis, and there were no … Read more

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

Taiwan Semiconductor Expects Strong Growth in 2025

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Image: Taiwan Semiconductor’s shares have done well the past few years. By Brian Nelson, CFA Taiwan Semiconductor (TSM) recently announced first quarter earnings that came in better than expected. First quarter revenue increased 41.6% year-over-year, while net income and diluted earnings per share advanced 60.3% and 60.4%, respectively. Consolidated revenue was NT$839.25 billion ($25.53 billion), net income came in at NT$361.56 billion, while diluted earnings per share was NT$13.94 (US$2.12 per ADR unit). Gross margin for the first quarter was 58.8%, operating margin was 48.5%, and net profit margin was 43.1%. Management had the following to say about the quarter: Our business in the first quarter was impacted by smartphone seasonality, partially offset by continued growth in AI-related demand. Moving … Read more

Nvidia Reports Better Than Expected First Quarter Results

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Image: Nvidia’s shares are flirting with all-time highs. By Brian Nelson, CFA On May 28, Nvidia (NVDA) reported better than expected first-quarter fiscal 2026 results with revenue and non-GAAP earnings per share coming in higher than the consensus forecasts. Revenue increased 69% from the year-ago period thanks to strength in Data Center revenue, which was up 73% from a year ago. Gaming revenue was a record $3.8 billion, up 42% from a year ago. Professional Visualization revenue was up 19% from a year ago, while first quarter Automotive revenue was up 72% from last year. First-quarter non-GAAP gross margin was 71.3%, while first quarter non-GAAP diluted earnings per share was $0.96. Management had the following to say about the results: … Read more

Magnificent 7 Earnings Reports Not Bad Thus Far

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By Brian Nelson, CFA   Shortly after Trump’s Liberation Day, where the President unveiled lofty tariffs on numerous countries, we released our wait-and-see outlook for the equity markets, which thus far has proven to be the right move, with the markets largely recovering from the depths reached in April. The S&P 500 (SPY), for example, is down just 3.3% year-to-date, excluding dividends.   A lot has happened since Liberation Day, including easing of tariffs to a 10% baseline for most, if not all, countries, with the key exception of China, where tariffs remain extremely elevated and prohibitive. Many countries are now reportedly negotiating trade agreements with the White House, and we expect China to be added to that list soon, even if … Read more

Trump Tariffs Higher than Expected; What We’re Doing

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By Brian Nelson, CFA The Trump tariff increases came in larger than what we were expecting, and it remains to be seen how they will flow through the global economy, as we monitor potential retaliatory tariffs from other countries. As it relates to the equity markets, we’re taking a wait and see approach at the moment as we monitor new policy changes related to trade, immigration, fiscal (tax), and regulations. In short, we’re not overreacting to the sell off as we won’t have a great handle on the tariff impact to companies for a few quarters when they report results post-tariff increases. That said, we’re expecting continued market volatility, with meaningful risk to the downside, before trade uncertainty alleviates in … Read more

Taiwan Semiconductor’s Results Showcase Strong Growth

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Image Source: TSM By Brian Nelson, CFA Taiwan Semiconductor (TSM) reported better than expected fourth quarter results January 16, with revenue and GAAP earnings per share coming in above the consensus forecast. The company reported consolidated revenue of NT$868.46 billion, net income of NT$374.68 billion, and diluted earnings per share of NT$14.45 (US$2.24 per ADR unit) in the fourth quarter of 2024. On a year-over-year basis, fourth quarter revenue increased 38.8%, while net income and diluted earnings per share both increased 57%. In U.S. dollars, fourth quarter revenue was $26.88 billion, up 37% on a year-over-year basis and at the high end of management’s guidance. TSM’s foundry operations continue to put up elevated levels of profitability. Gross margin for the … Read more

Taiwan Semiconductor Benefiting from Strong Smartphone and AI Demand

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Image: Taiwan Semiconductor released better than expected results. By Brian Nelson, CFA Taiwan Semiconductor (TSM) reported excellent third quarter results on October 17. In the quarter, consolidated revenue came in at NT$759.69 billion, net income was NT$325.26 billion while diluted earnings per share was NT$12.54 (US$1.94 per ADR unit), all coming in ahead of expectations. On a year over year basis, revenue grew 39%, while net income and diluted earnings per share increased 54.2%. On a sequential basis, revenue advanced 12.8%, while net income leapt 31.2% higher. Return on equity was 33.4% in the quarter, up 7.6 percentage points on a year-over-year basis. On a US-dollar basis, third quarter revenue of $23.5 billion advanced 36% year-over-year, ahead of guidance calling … Read more