Daily Brief United States: Marathon Petroleum, Booking Holdings, Amgen Inc, Fortinet Inc, Berkshire Hathaway Inc Cl A, Devon Energy, Motorola Solutions, Albemarle Corp, Cf Industries Holdings, Cdw Corp/De and more

• Marathon Petroleum Corporation (MPC) exhibits strong financial health and is investing in growth.
• MPC added two new independent directors to its board demonstrating positive signs of expansion and diversification.
• Additionally, the company maintains an optimistic view of the macro refining environment, with a forecasted increase in oil demand driven predominantly by the growing need for transportation fuels.

• Booking Holdings has made a robust start to 2024 by posting strong first quarter results.
• The company revealed that travelers booked nearly 300 million room nights across its platforms in Q1, exceeding its expectations and showing growth of 9% YoY. Moreover, revenue for Q1 stood at $4.4 billion, reflecting a growth of 17%, while adjusted EBITDA was approximately $900 million, climbing Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
• In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

• Amgen Inc. witnessed strong growth in the Q1 of 2024 with total revenue increasing by 22% YoY. This was largely driven by strong volume growth, including over $900 million from the integration of Horizon Pharmaceuticals’ legacy portfolio.
• The growth was also supported by robust product sales from brands like Repatha, TEZSPIRE, EVENITY, Prolia, and BLINCYTO. Amgen projects full-year sales of approximately $500 million for Neulasta.
• The company has advanced many of its pipeline products; it awaits approval for tarlatamab, hopes to bring this innovative cancer solution to patients with small-cell lung cancer.

• Fortinet, the multinational cybersecurity company, has showcased notable financial results for the first quarter of 2024.
• They declared an operating margin increase of a first quarter record of 28.5%, and a record cash flow from operations of $830 million.
• Their adjusted free cash flow margin was also their highest yet at 61%.

• Thousands of people from around the world gather in Omaha for Berkshire Hathaway shareholder meeting at Warren Buffet’s house.
• Questions arise about who will take over Berkshire Hathaway after Buffet’s reign and what will happen to the company.
• Berkshire Hathaway annual meeting features a variety of booths and shops representing the conglomerate’s diverse business holdings, attracting shareholders and fans alike.

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• Devon Energy’s Q1 2024 results exceeded operational and financial targets, setting a strong foundation for continued progress throughout the year.
• The company delivered results that surpassed its targets by a significant margin, including a production output 4% higher than expected, averaging 664,000 BOE per day.
• This output increase was driven by three principal factors: excellent well productivity, improved cycle times across drilling and completion operations, and easing infrastructure constraints across Devon’s Delaware Basin assets.

• Motorola Solutions, Inc. showcased robust financial performance in the first quarter of 2024, marked by a 10% revenue growth and a significant 27% increase in its earnings per share.
• This strong performance was complemented by an expanded operating margin by 220 basis points and a record first quarter operating cash flow of $382 million.
• The growth was propelled by various segments.

• Albemarle Corporation’s first quarter earnings of 2024 revealed a net sales of $1.4 billion and adjusted EBITDA of $291 million.
• Despite the decline of 47% year-over-year, which was caused largely by reduced prices, the firm experienced volumetric growth led by the energy storage segment.
• The firm also confirmed its ability to navigate the market dynamism and confirmed delivery of over $9 million in productivity and restructuring cost savings, as part of efforts geared towards aligning costs with the current market situation.

• The first quarter of 2024 was marked by operational disruptions and lower production for CF Industries Holdings Inc., a leading global manufacturer of hydrogen and nitrogen products.
• Unplanned downtime and plant outages caused by severe cold in January resulted in a significant loss of production, which affected the company’s earnings.
• The company reported an adjusted EBITDA of $460 million for the quarter.

• CDW Corporation has reported its Q1 2024 earnings.
• Despite a challenging market environment, gross profit came in at $1.1 billion, while non-GAAP operating income stood at $404 million.
• Gross margin for the period was a Q1 record, demonstrating the resilience of CDW’s underlying profitability and strategic integrity.