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Bank of America
@dividenddollars on Commonstock wrote a great summary of the strong report HERE
You can find the full report and transcript HERE
In short, GAAP EPS came in at $0.81 (beat by $0.03), and revenue came in at $24.5B (beat by $1.05B).
BAC increased their dividend last month by 4.8%. They also bought back $450 million in share repurchases that covered employee issuances so as to not dilute.
Johnson & Johnson
You can find the full report and transcript HERE
Q3 Non-GAAP EPS of $2.55 beats by $0.06.
Revenue of $23.8B (+2.0% Y/Y) beats by $360M.
The company is maintaining FY2022 guidance midpoints for adjusted operational sales and reported adjusted EPS; increasing adjusted operational EPS performance and offsetting continued unfavorable currency impacts.
Updated FY2022 Guidance:
Revenue of $93B-$93.5B from prior guidance of $93.3B-$94.3B vs. $95.25B consensus; Adj. EPS of $10.02-$10.07 from prior guidance of $10.00-$10.10 vs. $10.04 consensus.
“Our third quarter performance demonstrates our continued strength and resilience across all three of our businesses,” said Joaquin Duato, Chief Executive Officer.
Netflix
You can find the full report and transcript HERE
I covered it on my channel as well as on Commonstock.
FYI, I will compare Netflix's numbers with their own forecast and not analysts'.
Here are some of the highlights.
Revenue $7.92B vs $7.83B (forecasted), up 5.9% YOY
Operating Income $1.53B vs $1.25B
Operating margin 19.3% vs 16%
Net Income $1.39B vs $961M
Diluted EPS $3.10 vs $2.14
Global Streaming Paid Net Additions 2.41M vs 1M (sandbagging at work), reaching 223.09M.
I don't own shares of Netflix but to those that said that they're done because of two "bad" quarters, you just got proven wrong. The pandemic pulled a lot of growth forward and the current macro environment is making it tricky to predict things. Netflix still has a lot of growth ahead. The shift from linear to streaming is far from over.
ASML
You can find the full report and transcript HERE
Q3 Key metrics:
Net bookings €8.9B (+44% Y/Y).
Net sales +10% Y/Y to €5.8B (vs. €5.3B guidance).
Net income of €1.7B
Gross margin 51.8% (vs. 50% guidance).
Operating margin 34%.
Operating cash flow €1.2B.
Expected sales for 2022 around €21 billion
Q4 Guidance:
Net sales ~€6.4B.
Gross margin 49%.
Philip Morris International
@kostofff wrote a great summary on Commonstock, you can find it HERE
You can find the full report and transcript HERE
Q3 Non-GAAP EPS of $1.53 beats by $0.17.
Revenue of $8.03B (-1.1% Y/Y) beats by $730M.
Targets 2022 Full-Year Reported Diluted EPS of $5.47 to $5.62 from prior outlook of $5.73 to $5.88.
Adjusted Diluted EPS of $5.81 to $5.96 vs. $5.58 consensus and Pro Forma Adjusted Diluted EPS of $5.22 to $5.33 from prior outlook of $5.23 to $5.34, Representing Currency-Neutral Growth of 10% to 12%
"We delivered very strong performance in the third quarter, driving quarterly adjusted diluted EPS of $1.53 per share despite pressures related to currency, the supply chain and inflation," said Jacek Olczak, Chief Executive Officer.
Tesla
You can find the full report and transcript HERE
Tesla Daily covered both the report and the call on his channel.
AT&T
You can find the full report and transcript HERE
The company added 964,000 total subscribers and maintained its cash flow guidance for the rest of the year. That’s very important since the dividend yield is 7.1%.
Adjusted EPS $0.68 on $30B in revenue, topping estimates of $0.61 per share and $29.86B in sales.
The company added 708,000 total postpaid phone subscribers during the period, bringing its total to 2.2M through Q3.
Wireless service revenue grew 5.6% year-over-year, the highest in over a decade.
The company also added 338,000 Fiber subscribers, what the company said was its second-best quarter for subscriber growth in its history.
Mobility revenue for the period was up 6% year-over-year to $20.3B, including equipment revenue of $4.9B, thanks to "increased sales and mix of higher-priced smartphones."
Wireline revenues fell 4.5% year-over-year to $5.7B, as demand for legacy voice and data services continued to fall and the company simplified its product portfolio. Also included in the results was $100M in revenue from intellectual property sales.
Outlook
Adjusted earnings to be $2.50 or more, up from previous guidance of $2.42-$2.46 per share, but below the $2.55 per share consensus.
Shares soared 10%, which is very rare for T.
Kering
@porchester wrote a great summary on Commonstock, which you can find HERE
You can find the full report and transcript HERE
Snap “The market destroyer”
You can find the full report and transcript HERE
They should have sold to Meta all those years ago. Would have saved us the trouble…
Non-GAAP EPS of $0.08 beats by $0.09.
Revenue of $1.13B (+5.6% Y/Y) misses by $10M (slowest sales growth on record).
DAUs were 363 million in Q3 2022, an increase of 57 million, or 19% year-over-year.
DAUs increased sequentially and year-over-year in each of North America, Europe, and Rest of World.
Given uncertainties related to the operating environment, we are not providing our expectations for revenue or adjusted EBITDA for the fourth quarter of 2022.
Board of directors has authorized a stock repurchase program of up to $500 million of its Class A common stock. (wow mazel tov!) — This will offset +- 5 months of SBC.
Verizon Communications
You can find the full report and transcript HERE
Q3 Non-GAAP EPS of $1.32 beats by $0.03.
Revenue of $34.2B (+4.0% Y/Y) beats by $410M.
Wireless service revenue growth and higher wireless equipment revenue more than offset wireline declines and the net impact of merger and acquisition (M&A) activity in 2021.
Total Wireless:
Total wireless service revenue of $18.8 billion, a 10.0 percent increase year over year.
Total retail postpaid churn of 1.17 percent, and retail postpaid phone churn of 0.92 percent.
Postpaid phone net additions of 8,000.
Total Broadband:
Total broadband net additions of 377,000, including 342,000 fixed wireless net additions, reflecting a strong demand for reliable and high-value broadband offerings. Total broadband net additions increased 109,000 from second-quarter 2022, and fixed wireless net additions increased 86,000 from second-quarter 2022.
More than 40 million households covered by fixed wireless in third-quarter 2022, including over 30 million households covered by 5G Ultra Wideband.
61,000 Fios Internet net additions, an increase from 36,000 Fios Internet net additions in second-quarter 2022.
Outlook and guidance
Reported wireless service revenue growth of 8.5 to 9.5 percent.
Reported service and other revenue growth of minus 1 percent to flat.
Adjusted EBITDA growth of minus 1.5 percent to flat.
Re-affirms adjusted EPS of $5.10 to $5.25 vs. $5.17 consensus.
Adjusted effective income tax rate in the range of 23 percent to 25 percent.
Capital spending, excluding C-Band, in the range of $16.5 billion to $17.5 billion. Additional expenditures related to the deployment of the company's C-Band 5G network are expected to be in the range of $5 billion to $6 billion.