Earnings Week Jul. 17 - Jul. 21
Netflix, Tesla, ASML, TSMC, American Airlines, United Airlines, American Express
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ASML
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q2 GAAP EPS of €4.93.
Net profit was up 35% from a year ago to €1.9 billion, beating average analyst expectations of €1.82 billion, according to Refinitiv data.
Revenue of €6.9 billion (+27.8% Y/Y), beating average analyst expectations of €6.74 billion, according to Refinitiv data.
Reported gross margin of 51.3%.
Quarterly net bookings in Q2 of €4.5 billion of which €1.6 billion is EUV.
Outlook: ASML expects Q3 2023 net sales between €6.5 billion and €7.0 billion and a gross margin of around 50%.
ASML expects 2023 net sales growth towards 30% compared to 2022 vs. prior guidance of growth over 25%.
Netflix
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q2 GAAP EPS of $3.29 beats by $0.44.
Revenue of $8.19B (+2.8% Y/Y) misses by $100M.
Revenue growth was driven by a 6% increase in average paid membership, while ARM declined 3% year over year (-1% 2 F/X neutral).
Global streaming paid memberships: +5.89M to 238.39M.
Q3 Guidance: Revenue of $8.52B ($8.68B consensus), up 7.5% Y/Y, operating income of $1.89B and Diluted EPS of $3.52 vs. $3.23 consensus.
Tesla
For the transcript and press release click HERE
I’ve also covered it on my channel in detail.
Q2 Non-GAAP EPS of $0.91 beats by $0.09.
Revenue of $24.93B (+47.3% Y/Y) beats by $200M.
Automotive GM% EX Credits 18.1%
Energy GM% 18.4%
United Airlines
For the transcript and press release click HERE
Q2 Non-GAAP EPS of $5.03 beats by $0.98.
Revenue of $14.18B (+17.1% Y/Y) beats by $250M.
In addition to YOY EPS and pre-tax margin improvement, achieved highest quarterly adjusted EPS and second-quarter adjusted pre-tax margin in company history.
TRASM down 0.4% compared to second-quarter 2022.
CASM down 4.0%, and CASM-ex up 2.0%, compared to second-quarter 2022
Average fuel price per gallon of $2.66.
Trailing twelve months adjusted net debt1 to adjusted EBITDAR of 2.4x.
Outlook: Expects full-year 2023 adjusted EPS to now be $11-$12 vs. consensus of $9.65.
The Bear Cave Short Report On Hershey…
American Airlines
For the transcript and press release click HERE
Q2 Non-GAAP EPS of $1.92 beats by $0.33.
Revenue of $14.1B (+4.7% Y/Y) beats by $370M.
Based on demand trends and the current fuel price forecast and excluding the impact of special items, the company expects its third-quarter 2023 adjusted earnings per diluted share to be between $0.85 and $0.95 ($0.91 consensus). American now expects its full-year 2023 adjusted earnings per diluted share2 to be between $3.00 and $3.75 ($3.04 consensus)
TSMC
For the transcript and press release click HERE
Q2 GAAP EPADR of $1.14 beats by $0.06.
Revenue of $15.68B (-13.7% Y/Y) beats by $300M.
In the second quarter, shipments of 5-nanometer accounted for 30% of total wafer revenue; 7- nanometer accounted for 23%. Advanced technologies, defined as 7-nanometer and more advanced technologies, accounted for 53% of total wafer revenue.
"Our second quarter business was impacted by the overall global economic conditions, which dampened the end market demand, and led to customers’ ongoing inventory adjustment,"
The global foundry is also pushing back the start of production from its new plant being built in Arizona to 2025, from 2024, in part due to insufficient amount of skilled workers required for equipment installation.
Intuitive Surgical
For the transcript and press release click HERE
Q2 Non-GAAP EPS of $1.42 beats by $0.09.
Revenue of $1.76B (+15.8% Y/Y) beats by $20M.
Worldwide da Vinci procedures grew approximately 22% compared with the second quarter of 2022. During the second quarter of 2022, the Company’s procedure volumes were negatively impacted by COVID-19 cases and increased hospitalizations and government interventions impacting parts of Asia, particularly China.
The compound annual growth rate between the second quarter of 2019 and the second quarter of 2023 was approximately 17%.
The Company placed 331 da Vinci surgical systems, compared with 279 in the second quarter of 2022.
The Company grew its da Vinci surgical system installed base to 8,042 systems as of June 30, 2023, an increase of 13% compared with 7,135 as of the end of the second quarter of 2022.
American Express
For the transcript and press release click HERE
Q2 GAAP EPS of $2.89 beats by $0.08.
Revenue of $15.05B (+12.3% Y/Y) misses by $310M.
The increase was primarily driven by higher average loan volumes and increased Card Member spending.
Total Network Volumes of $426.6B
“Based on our results to date, we are reaffirming the full-year 2023 guidance we provided in January for revenue growth of 15 percent to 17 percent and EPS of $11.00 to $11.40. We remain committed to running the company with a focus on achieving our longer-term growth aspirations in a steady-state environment.”