In today’s briefing:
- IRDM: Orbiting Like Usual
- CLIMATETECH & SUSTAINABLE INVESTING – Greenland Technologies Holding Corp.
- Insulet Corp (PODD US): Slow Recovery Is Expected on Easing Competition Fear; 2023 Guidance Raised
- Independence Contract Drilling, Inc. – Estimate Update Reflects Curtailed Industry Drilling Activity
- International Business Machines (IBM) Corporation: Strengthening IT Automation and Optimizing Technology Investments! – Key Drivers
- IPAR: Adding and Growing
- Intuitive Surgical Inc.: Can The da Vinci System Be A Game Changer For The Medical Industry? – Key Drivers
- Kinder Morgan Inc.: Pipeline Expansion & Other Factors That Make This Co The Unsung Hero Of Energy! – Financial Forecasts
- Las Vegas Sands Corp.: The Comeback King of the Casino Industry! – Major Drivers
- LyondellBasell: A 5.5% Dividend Yield That Is Worth Your Attention
IRDM: Orbiting Like Usual
- IRDM reported second quarter results showing continued growth in service revenue. Commentary related to direct to device and an increase in equipment revenue that drew the ire of investors
- IOT had a larger increase in the number of subscribers than we were expecting, resulting in service revenue remaining towards the higher end of the 9% to 11% growth forecast
- We believe IRDM is managing the business for the longer term and not for a specific quarter, which could contrast with investor expectations related to equipment inventory
CLIMATETECH & SUSTAINABLE INVESTING – Greenland Technologies Holding Corp.
Greenland Technologies President and CEO Raymond Wang joined WTR’s Tim Regan and Graham Mattison for a discussion of the company’s transmission business and its evolution to selling all-electric powered industrial equipment in the US through its HEVI division.
Here are a number of highlights from our podcast episode.
All-electric HEVI front loaders and excavators match a comparable diesel’s performance.
Insulet Corp (PODD US): Slow Recovery Is Expected on Easing Competition Fear; 2023 Guidance Raised
- Insulet Corp (PODD US), with expanding user-base and product innovation, is well-positioned to face competition in the US patch pump market. Large and underpenetrated target market offers immense growth potential.
- Insulet raised Omnipod 2023 revenue growth guidance to 21–25% from 17–22% previously. The U.S. Omnipod revenue growth guidance has been raised to 27–31% from 21–26% earlier.
- For 2023, Insulet expects gross profit margin of 65–66%, compared with 61.7% in 2022. Insulet has reaffirmed high-single-digit operating profit margin for 2023 compared with 2.9% in 2022.
Independence Contract Drilling, Inc. – Estimate Update Reflects Curtailed Industry Drilling Activity
The US rig count has declined in recent months as operators have curtailed activity in the face of declining oil and natural gas prices.
According to the Baker Hughes rig count, total US working rigs had declined to 669 on July 21, 2023, from 755 on March 31, 2023.
ICD’s fleet of pad-optimal super-spec rigs primarily serves customers in the Haynesville, Permian, and Eagle Ford regions.
International Business Machines (IBM) Corporation: Strengthening IT Automation and Optimizing Technology Investments! – Key Drivers
- IBM delivered a mixed result in the recent quarter, with revenues below market expectations, but it managed to surpass the analyst consensus regarding earnings.
- The last quarter demonstrated strong execution of their hybrid cloud and AI strategy, with solid growth in their software and consulting segments.
- Additionally, their enterprise AI initiatives, including the Watsonx platform, show promising results with multiple use cases across various industries.
IPAR: Adding and Growing
- IPAR continued to experience momentum in demand in the second quarter with preliminary sales ending up at $309 million compared to our Street high estimate of $283.7 million
- IPAR’s management is taking a conservative approach with sales forecast given the supply chain and sales volatility in certain regions.
- The strength in second quarter sales was across multiple brands and in both segments
Intuitive Surgical Inc.: Can The da Vinci System Be A Game Changer For The Medical Industry? – Key Drivers
- Intuitive Surgical managed to exceed analyst expectations in terms of revenue as well as earnings.
- Cholecystectomy and hernia repair procedures grew more frequently in general surgery.
- SP procedure growth was accretive in the quarter, with a 40% global increase driven by accelerated growth in the United States.
Kinder Morgan Inc.: Pipeline Expansion & Other Factors That Make This Co The Unsung Hero Of Energy! – Financial Forecasts
- Kinder Morgan had a disappointing performance in the last quarter with revenues below Wall Street expectations.
- The natural gas and terminals businesses outperformed with increased transport and gathering volumes, while the CO2 business beat the production plan.
- Kinder Morgan’s strong performance in various segments and ability to adapt to market dynamics demonstrate its resilience and expertise in the energy industry.
Las Vegas Sands Corp.: The Comeback King of the Casino Industry! – Major Drivers
- Las Vegas Sands managed to exceed analyst expectations in terms of revenue as well as earnings.
- With its scale and substantial investment, Las Vegas Sands is well-positioned to benefit from this trend.
- We give Las Vegas Sands Corp. a ‘Hold’ rating with a revised target price.
LyondellBasell: A 5.5% Dividend Yield That Is Worth Your Attention
- LyondellBasell stock offers a high dividend yield of 5.5% and improving cash flow coverage.
- Some major headwinds are dissipating and this puts LyondllBasell in a very good position to improve its profitability profile.
- LyondellBasell (NYSE:LYB) delivered nearly 16% total return since December of last year, when I took a deep dive into the company’s operations and explained why the stock is attractive for anyone looking for attractive risk-reward opportunities.
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