In today’s briefing:
- Danaher Corporation: This Diagnostics Innovator Continues To Go Strong – Key Drivers
- Corning Incorporated: Is The Drop In Revenues A Point Of Concern? – Key Drivers
- Centene Corporation: Improving Market Position In Medicare Advantage – Key Drivers
- Enphase Energy Inc.: Launch of New Home Energy Systems & Other Drivers
- Earthstone Energy, INC. – Gaining Permian Efficiency
- Dow Inc.: What Is Its Biggest Competitive Advantage? – Key Drivers
- Chipotle Mexican Grill Inc.: Improved Digital Capabilities & A 6
- Elevance Health Inc.: Major Drivers
- Biogen Inc.: The Lecanemab Progress On The Alzheimer’s Front & Other Drivers
- 3M Company: The Secret Strategy to Boost Its Supply Chain and Manufacturing Operations – Key Drivers
Danaher Corporation: This Diagnostics Innovator Continues To Go Strong – Key Drivers
- Danaher successfully navigated a dynamic operating environment in this quarter to deliver an all-around beat.
- The strength of its customer base business grew by 6% in this quarter.
- For the quarter, the gross profit margin was 61% and the operating margin was down due to lower COVID volume in its diagnostics and biotechnology businesses.
Corning Incorporated: Is The Drop In Revenues A Point Of Concern? – Key Drivers
- Corning saw a sequential drop in its total revenues of around 7% in the recent result but this was still better than analyst expectations.
- Despite the lower sales, Corning’s actions to raise prices and restore productivity ratios resulted in gross margin expanding 160 basis points.
- Although multiple markets remain weak, the company expects results to improve in the second quarter.
Centene Corporation: Improving Market Position In Medicare Advantage – Key Drivers
- Centene had a successful first quarter, showing continued positive momentum operationally which was demonstrated by its all-around beat.
- The company raised its premium and service revenue forecast by $3.7 billion, with full-year 2023 adjusted EPS guidance at $6.40.
- We give Centene Corporation a ‘Buy’ rating with a revised target price.
Enphase Energy Inc.: Launch of New Home Energy Systems & Other Drivers
- Enphase Energy had a decent first quarter and managed an all-around beat with no significant supply shortages and a stable overall supply environment.
- The company also experienced significant growth in Europe, with revenue rising 25% sequentially and more than tripling year-on-year.
- In addition, the company launched its most potent Enphase Energy System, featuring the new IQ Battery 5P and IQ8 Microinverters.
Earthstone Energy, INC. – Gaining Permian Efficiency
- Earthstone generated $272 million of adjusted EBITDA in 1Q23 on average production of 104.4 MBOE/d.
- Production was slightly below the 104.8 MBOE/d produced in 4Q22 and 194% higher than 1Q22.
- 1Q22 adjusted EBITDA was $123 million. Y/Y gains in both production and adjusted EBITDA demonstrate the impact of three major Permian Basin asset acquisitions that closed in 2022.
Dow Inc.: What Is Its Biggest Competitive Advantage? – Key Drivers
- Dow had a challenging quarter given the ongoing market dynamics.
- The year’s first quarter is expected to align with the fourth-quarter performance, with discrete headwinds of $75 million.
- We give Dow Inc. a ‘Hold’ rating with a revised target price.
Chipotle Mexican Grill Inc.: Improved Digital Capabilities & A 6
- It was a successful quarter for Chipotle Mexican Grill, reporting an all-around beat.
- The company’s quarterly sales were $2.4 billion and it retained about 80% of digital sales and has recovered almost 80% of in-restaurant sales.
- We give Chipotle Mexican Grill a ‘Hold’ rating with a revised target price.
Elevance Health Inc.: Major Drivers
- Elevance Health’s first quarter results were solid and the company delivered an all-around beat with a growth of around 15% compared to last year.
- The company had 48.1 million medical members at the end of the first quarter.
- Due to organic growth in Medicaid and Medicare Advantage, dual-eligible special needs plans, and group members, risk-based membership increased by roughly 1 million members year over year.
Biogen Inc.: The Lecanemab Progress On The Alzheimer’s Front & Other Drivers
- Biogen had a successful first quarter with an all-around beat.
- The company executed the launch of Leqembi, an immediate transformative product in the Alzheimer’s disease therapeutic area.
- Biogen has been experiencing a lot of competition, making it necessary to think about how to grow the business in the future.
3M Company: The Secret Strategy to Boost Its Supply Chain and Manufacturing Operations – Key Drivers
- 3M delivered an all-around beat in the latest result and managed costs aggressively in a challenging environment.
- The company experienced noteworthy end-market weakness in consumer electronics, shifting consumer spending patterns along with the mixed industrial end markets and retailer destocking.
- The electronic business of the company saw adjusted organic sales declines.
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