Author: John Ingram

Colgate-Palmolive (CL) Q3 2017 results were relatively soft with weak sales growth of 3.0% and weaker organic sales growth of 1.5%. Colgate lowered 2017 margin guidance to 20-50bps (increase from last year) from 75-125bps. Even with disappointing results, we believe Colgate is maintaining its leadership position worldwide, and will weather this current lukewarm consumer environment. We maintain our price target and position size. Continue reading “Colgate-Palmolive Q3 2017 results”

3M (MMM) reported strong Q3 2017 results with EPS of $2.33 (versus expectations of $2.21), an increase over last year of 8.4%. Organic sales growth was an impressive 6.6% as 3M had growth in all business groups across all geographies. Stock rallied 7% on the news. Continue reading “3M (MMM) Q3 2017 Results”

Sensata (ST) reported 3Q17 organic sales +3.7% and adjusted EPS +9.5%, beating consensus. Organic sales growth was 3.6% and organic growth in sensors for heavy off-road vehicles (HVOR) was 19.5%.  We are maintaining our price target and position size. Continue reading “Sensata (ST) Q3 2017 Results”

Bank of America (BAC) Q3 EPS of $.48 was above market expectations ($.46) due to solid expense control, modest loan growth and increase in net interest margin. BAC continues to be levered to rising rates, improve the balance sheet and return capital to shareholders. Continue reading “Bank of America (BAC) Q3 2017 Results”

Whirlpool (WHR) reported Q3 2017 earnings of $3.83 below street expectations of $3.94.  Margins fell mainly due to raw material inflation and product mix.  For 2017, the company has lowered guidance 7% to 13.60-13.90.  Positives for the quarter were solid performance in N. America, strong share buybacks and announcement of cost and price initiatives.  WHR is trading down 10% today. Continue reading “Whirlpool (WHR) Q3 2017 results”

Travelers (TRV) reported Q3 EPS of $.91, well above consensus of $0.42. Earning expectations had dropped due to expected losses from hurricanes. Travelers’ hurricane losses were only 2% of book value which is lowest of all the major insurers, showing excellent risk management. Traveler’s combined ratio was 103.2%, excluding catastrophic losses the ratio was 92.9%. Travelers is a high quality, disciplined underwriter of insurance that is focused on returning capital to shareholders. Continue reading “Travellers Q3 2017 earnings”

Bank of America (BAC) Q3 EPS of $.48 was above market expectations ($.46) due to solid expense control, modest loan growth and increase in net interest margin. BAC continues to be levered to rising rates, improve the balance sheet and return capital to shareholders. Continue reading “BAC Q3 Results”