Tidewater (NYSE: TDW) earned $1.90 per share in the second quarter of fiscal 2010, which ended 30 September 2009, up from $1.85 in the same quarter of last year. The recent quarter included a $34.4 million favorable resolution to tax litigation; earnings would have been $0.66 less, or a disappointing $1.24, without the tax benefit.
This post examines the Income Statement in the earnings announcement and the accompanying 10-Q and compares the entries for the quarter to our "look-ahead" estimates. Our target for Tidewater's Net Income in the latest quarter was $1.56 per share.
In a second article, we will report Tidewater's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.
31 October 2009
29 October 2009
PG: Income Statement Analysis for the September 2009 Quarter
Procter & Gamble (NYSE: PG) surpassed expectations by earning $1.06 per diluted share in the three months that ended 30 September 2009, which was the first quarter of fiscal 2010. Net income was $1.03 per share in the same quarter last year.
This post examines the Income Statement in the earnings announcement and the accompanying 10-Q, and it compares the entries on each line to our "look-ahead" estimates.
In a second article, we will report P&G's scores as measured by the GCFR financial gauges. The follow-up post will provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.
This post examines the Income Statement in the earnings announcement and the accompanying 10-Q, and it compares the entries on each line to our "look-ahead" estimates.
In a second article, we will report P&G's scores as measured by the GCFR financial gauges. The follow-up post will provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.
Labels:
Earnings Analysis,
PG
Location:
Cincinnati, OH
28 October 2009
COP: Income Statement Analysis for the September 2009 Quarter
ConocoPhillips (NYSE: COP) earned $1.00 per share during the third quarter of 2009, down sharply from $3.40 in the same period of 2008. The latest results surpassed the expectations of many analysts, but we were disappointed. Our target for Conoco's Net Income in the latest quarter was $1.17 per share.
Since the shares fell almost 3 percent in value after the results were released, other investors must also have thought Conoco's earnings would be higher.
This post examines the Income Statement for the quarter in the earnings announcement, and it compares the entries on each line to our "look-ahead" estimates. We've also garnered some insights from the conference call transcript made available by Seeking Alpha.
In a second article, we will report Conoco's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.
Since the shares fell almost 3 percent in value after the results were released, other investors must also have thought Conoco's earnings would be higher.
This post examines the Income Statement for the quarter in the earnings announcement, and it compares the entries on each line to our "look-ahead" estimates. We've also garnered some insights from the conference call transcript made available by Seeking Alpha.
In a second article, we will report Conoco's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.
Labels:
COP,
Earnings Analysis
Location:
houston, tx
BP: Financial Gauge Analysis through the September 2009 Quarter
Using the financial statements in BP's earnings announcement, we have now updated a set of Cash Management, Growth, Profitability and Value metrics. This post reports on the metrics and the associated financial gauge scores.
Some background information about BP and the business environment in which it is currently operating can be found in the beginning of our look-ahead. BP prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as adopted for use by the European Union. Reports prior to 2006 complied with UK Generally Accepted Accounting Principles.
In summary, BP's latest quarterly results has produced the following changes to the gauge scores:
- Cash Management: 6 of 25 (down from 10 in June)
- Growth: 0 of 25 (down from 3)
- Profitability: 4 of 25 (down from 5)
- Value: 4 of 25 (down from 10)
- Overall: 16 of 100 (down from 31)
The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.
Labels:
BP,
Gauge Analysis
Location:
london, uk
27 October 2009
BP: Income Statement Analysis for the September 2009 Quarter
BP (NYSE: BP) surpassed expectations by achieving a $1.69 per ADR profit attributable to shareholders in the third quarter of 2009, which ended 30 September. The profit in the same period last year was $2.58/ADR.
This post examines the Group Income Statement for the quarter in the earnings announcement, and it compares the entries on each line to our "look-ahead" estimates. Our target for BP's Net Income in the quarter was $1.31 per share.
In a second article, we will report BP's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.
This post examines the Group Income Statement for the quarter in the earnings announcement, and it compares the entries on each line to our "look-ahead" estimates. Our target for BP's Net Income in the quarter was $1.31 per share.
In a second article, we will report BP's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.
Labels:
BP,
Earnings Analysis
Location:
london, uk
26 October 2009
MSFT: Financial Gauge Analysis for the September 2009 Quarter
Using the financial statements in Microsoft's 10-Q, we have now updated a set of Cash Management, Growth, Profitability and Value metrics. This post reports on the metrics and the associated financial gauge scores.
In summary, Microsoft's latest quarterly results has produced the following changes to the gauge scores:
- Cash Management: 21 of 25 (unchanged from June)
- Growth: 5 of 25 (up from 1)
- Profitability: 13 of 25 (up from 12)
- Value: 14 of 25 (down from 18)
- Overall: 57 of 100 (down from 61)
The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.
Labels:
Gauge Analysis,
MSFT
Location:
redmond, wa, usa
24 October 2009
MSFT: Income Statement Analysis for the September 2009 Quarter
Windows 7, which replaces the disappointing Windows Vista, became available one day before the release of earnings for the September quarter. Many are wondering if the new operating system will trigger a new cycle of personal computer sales.
This post examines the Income Statement in the earnings announcement and the accompanying 10-Q, and it compares the entries on each line to our "look-ahead" estimates.
Labels:
Earnings Analysis,
MSFT
Location:
Redmond, WA, USA
21 October 2009
AAPL: Financial Gauge Analysis for the September 2009 Quarter
Using the financial statements in Apple's earnings announcement, we have now updated a set of Cash Management, Growth, Profitability and Value metrics. This post reports on the metrics and the associated financial gauge scores.
In summary, Apple's latest quarterly results has produced the following changes to the gauge scores:
- Cash Management: 13 of 25 (unchanged from June)
- Growth: 8 of 25 (down from 10)
- Profitability: 12 of 25 (down from 13)
- Value: 8 of 25 (down from 11)
- Overall: 41 of 100 (down from 48)
We were certainly surprised that the scores fell after a clearly spectacular quarter. The reasons why are discussed below with the financial metrics that determine the gauge scores.
If necessary, we will adjust the gauge scores after Apple files a 10-K report with the SEC.
Labels:
AAPL,
Gauge Analysis
Location:
cupertino, california, usa
19 October 2009
AAPL: Income Statement Analysis for the September 2009 Quarter
This post examines the Income Statement for the quarter and compares the entries on each line with guidance provided by Apple after the June quarter. We did not write a look-ahead post prior to the release of the earnings announcement.
Labels:
AAPL,
Earnings Analysis
18 October 2009
NOK: Financial Gauge Analysis for the September 2009 Quarter
Using the financial statements in Nokia's earnings announcement [pdf], we have now updated a set of Cash Management, Growth, Profitability and Value metrics. This post reports on the metrics and the associated financial gauge scores.
Some background information about Nokia and the business environment in which it is currently operating can be found in the beginning of our look-ahead. We can update this description with news that the U.S. International Trade Commission on 16 October affirmed an earlier decision that "Nokia products do not infringe InterDigital's [NASDAQ: IDCC] patents." Coincidentally, on the same day, Nokia announced that its Chief Financial Officer will take over management of the company's Mobile Phones division and the current global sales boss will switch to the CFO position.
We recommend this recent article in the NY Times on what Nokia is doing to improve its weak sales in the U.S.
Getting back to the business at hand, Nokia's latest quarterly results has produced the following changes to the gauge scores:
- Cash Management: 7 of 25 (up from 4 in June)
- Growth: 0 of 25 (down from 1)
- Profitability: 4 of 25 (down from 10)
- Value: 7 of 25 (down from 9)
- Overall: 23 of 100 (down from 29)
Labels:
Gauge Analysis,
NOK
Location:
Espoo, Finland
17 October 2009
INTC: Financial Gauge Analysis for the September 2009 Quarter
Using the financial statements in Intel's earnings announcement, we have now updated a set of Cash Management, Growth, Profitability and Value metrics. This post reports on the results and the associated financial gauge scores.
Some background information about Intel and the business environment in which it is currently operating can be found in the beginning of the look-ahead.
- Cash Management: 13 of 25 (unchanged from June)
- Growth: 1 of 25 (up from 0)
- Profitability: 11 of 25 (up from 10)
- Value: 0 of 25 (down from 3)
- Overall: 24 of 100 (down from 27)
Because the press release did not include a complete Cash Flow statement, we had to estimate certain values. We will adjust the gauge scores after Intel files a 10-Q report with the SEC.
The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.
Labels:
Gauge Analysis,
INTC
Location:
Santa Clara, California
15 October 2009
NOK: Income Statement Analysis for the September 2009 Quarter
This post examines the Income Statement and compares the entries on each line to our "look-ahead" estimates. The earnings announcement [pdf] was our principal source for this analysis.
In a second article, we will report Nokia's scores as measured by the GCFR financial gauges. The follow-up post will also provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.
Some background information about Nokia and the business environment in which it is currently operating can be found in the beginning of the look-ahead.
Labels:
Earnings Analysis,
NOK
Location:
Unknown location
13 October 2009
INTC: Income Statement Analysis for the September 2009 Quarter
In a second article, we will report Intel's scores as measured by the GCFR financial gauges. The follow-up post will provide the latest figures for the various financial metrics we use to analyze Cash Management, Growth, Profitability and Value.
Some background information about Intel and the business environment in which it is currently operating can be found in the beginning of the look-ahead.
Our principal sources for the income statement analysis were the earnings announcement, the CFO's commentary [pdf], and the Seeking Alpha conference call transcript.
Labels:
Earnings Analysis,
INTC
Location:
Santa Clara, CA, USA
12 October 2009
PEP: Financial Gauge Analysis for the September 2009 Quarter
We have since analyzed the financial statements in PepsiCo's 10-Q for the quarter to update the metrics we use to assess Cash Management, Growth, Profitability and Value. This post reports on these metrics and the associated financial gauge scores.
Some background information about PepsiCo and the business environment in which it is currently operating can be found in the beginning of our look-ahead.
In summary, PepsiCo's latest GCFR gauge scores are as follows:
- Cash Management: 15 of 25 (up from 12 in June)
- Growth: 4 of 25 (up from 1)
- Profitability: 14 of 25 (up from 11)
- Value: 12 of 25 (down from 14)
- Overall: 50 of 100 (up from 44)
The current and historical values for the financial metrics that determine the gauge scores are listed below, with some brief commentary.
Labels:
Gauge Analysis,
PEP
Location:
Purchase, NY, USA
11 October 2009
HD: Look Ahead to October 2009 Quarterly Results
Home Depot earned $0.66 per share in the second quarter, down from $0.71 in the comparable period last year. Revenue was 9.1 percent lower; sales to professional contractors were especially weak. More encouragingly, the company claimed "total customer transactions were positive for the first time in two years" and "We also had the largest gain in total market share that we have seen in five years."
We have now modeled Home Depot's Income Statement for the quarter that will end on 1 November 2009. The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data that the company is scheduled to announce on 17 November 2009. GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.
Labels:
HD,
Look Ahead
Location:
Atlanta, GA, USA
08 October 2009
PEP: Income Statement Analysis for the September 2009 Quarter
In a second article, we will report PepsiCo's scores as measured by the GCFR Financial Gauges. The follow-up post will also provide the latest figures for the financial metrics we use to analyze Cash Management, Growth, Profitability and Value.
Our principal sources were the earnings announcement, the 10-Q for the quarter, and the Seeking Alpha conference call transcript. Some background information about PepsiCo and the business environment in which it is currently operating can be found in the look-ahead.
The company reported it is "on-track with its plans to acquire" Pepsi Bottling Group, Inc. (NYSE: PBG) and PepsiAmericas, Inc., (NYSE: PAS). The proposed transactions are expected to close later this year or early in 2010. Eric J. Foss, PBG's Chairman and CEO, will become CEO of the new PepsiCo Bottling North America (PBNA).
Labels:
Earnings Analysis,
PEP
Location:
Purchase, NY, USA
06 October 2009
WMT: Look Ahead to October 2009 Quarterly Results
Walmart earned $0.88 per share in the July quarter. Although Net Income did not change significantly from the comparable period last year, earnings per share increased by $0.01 because fewer shares were outstanding.
Sales at the company's eponymous U.S. stores increased just slightly, 0.3 percent, relative to the second quarter of last year. Same-store sales fell 1.5 percent. Reported Revenue at international stores declined 5.1 percent, but Revenue at these stores increased 11.5 percent on a constant currency basis. Sam's Club sales slipped 3.2 percent.
We have now modeled Wal-Mart's Income Statement for the quarter that will end on 31 October 2009. The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data that the company is scheduled to announce on 12 November 2009. GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.
Labels:
Look Ahead,
WMT
Location:
Bentonville, AR, USA
04 October 2009
EIX: Look Ahead to September 2009 Quarterly Results
In the second quarter, Edison lost $0.05 per share, compared to income of $0.79 per share in the same period last year. However, on a non-GAAP, "Core" basis, earnings slipped merely to $0.78 per share. Core results excluded a $262 million "charge from finalizing a global settlement with the Internal Revenue Service in May 2009 and the related termination of cross-border, leveraged leases."
Lower energy prices, especially for natural gas, cut electric utility revenue and costs.
We have now modeled Edison International's Income Statement for the September 2009 quarter. The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data the company will announce in November. GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.
Labels:
EIX,
Look Ahead
Location:
Rosemead, CA, USA
01 October 2009
BR: Look Ahead to September Quarterly Results
Broadridge earned $0.83 per share in the quarter, up from $0.69 last year. However, Revenue declined 7.1 percent. An improved Gross Margin and lower operating expenses, partially offset by higher non-operating expenses, enabled Broadridge to beat expectations handily.
The company's relatively short existence as an independent entity has caused its scores to fluctuate widely from quarter to quarter
We have now modeled Broadridge's Income Statement for the September 2009 quarter. The intent of this exercise was to produce a baseline for identifying deviations, positive or negative, in the actual data that the company will announce in November. GCFR estimates are derived from trends in the historical financial results and guidance provided by company management.
Labels:
BR,
Look Ahead
Location:
Lake Success, NY, USA
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