Saturday, April 29, 2017

Monthly Archives: April 2015

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Western Digital announced its Q3 FY 2015 earnings on Tuesday, April 29, reporting a 4% year-on-year decline in net revenues to $3.55 billion. Correspondingly, the hard drive manufacturer reported a nearly 10% y-o-y decrease in the number of units shipped, to 54.5 million during the quarter. Net revenues were slightly lower than the guided range of $3.60-$3.70 billion given by the company at the end of fiscal Q2?15. However, a favorable product mix led Western Digital?s non-GAAP gross margin to improve by a percentage point over the prior year period to 31.1%, which was slightly higher than the company?s implied guidance of about 30%. The company has given revenue guidance of about $3.50-$3.60 billion for Q4 FY 2015 and expects margins to be around 27%-32%.

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The Vanguard Large-Cap ETF (VV) is seeing unusually high volume in afternoon trading Thursday, with over 1.0 million shares traded versus three month average volume of about 194,000. Shares of VV were off about 0.5% on the day.

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Akamai put out a strong set of numbers in its quarterly earnings report which was released recently. The company generated revenues of $527 million in Q1 2015, about 16% higher than the prior-year quarter and in-line with the company’s guidance. However, unfavorable currency movements also had a detrimental effect on the company’s revenues for the quarter. Ignoring the effect of currency headwinds, the company’s overall revenues actually registered a 20% uptick for the quarter. Diluted EPS for the quarter excluding extraordinary items came in at $0.61 as compared to $0.58 for Q1 2014. Akamai?s growth is driven by secular trends of increasing Internet content and traffic, as people increasingly take to the web for shopping, streaming videos, accessing social media, playing games and downloading software on computers and mobile devices. The company also saw strong demand for its value-added services such as security solutions and app accelerators. These services have high margins, which suggests that despite the commoditization of content delivery business, Akamai can improve, or at least sustain, its margins in the near term.

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MGM Resorts will report its Q1 2015 earnings on May 4th. We believe the company continues to face headwinds from a decline in gambling, both in Macau and the Las Vegas Strip. While Macau witnessed a decline of 37% in gaming, Las Vegas Strip gaming declined less than 1% during the first quarter. Its not just VIP gaming in Macau that is facing headwinds, mass-market gaming revenues also declined around 27% in the first quarter. Accordingly, we expect MGM to post lower revenues and EBITDA as compared to the prior year period.

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Chevron Corporation (CVX) declared a quarterly dividend of one dollar and seven cents ($1.07) per share, payable June 10, 2015, to holders of common stock as shown on the transfer records of the Corporation at the close of business on May 19, 2015.

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Corning announced its first quarter 2015 results on Tuesday, April 28. The company’s GAAP revenues declined 1% due to currency-related headwinds. However, its core sales improved 4%, to reach $2.43 billion, driven by growth at its Optical Communications and Specialty Materials segments. Corning’s Display Technologies and Environmental Technologies segments were also in the positive. Its Life Sciences segment reported a decline in core sales as a result of foreign exchange headwinds. Corning’s core earnings increased 14%, to $484 million, driving a 21% increase in core earnings per share, to reach $0.35. The market was expecting earnings per share of $0.34. Despite the earnings beat, Corning’s stock declined 1.4% through the day, as investors did not welcome the prospects of lower revenue growth in the future due to currency headwinds.

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