SEC Digest
Stay up to date on what's going on in the world of SEC Filings with our daily SEC Digest.

Chesapeake, Time Warner, Viacom: Filings Digest August 6, 2014

In today’s SEC filings digest, Chesapeake revenues rise and profits fall, Time Warner earnings rise, and Viacom earnings fall.

Chesapeake revenues rise and profits fall

Chesapeake Energy Corporation (CHK) announced its financial results for the second quarter of fiscal year 2014, posting an increase in revenue and drop in profit. The natural gas company saw revenue improve 10% to $5.15B, beating analyst expectations of $4.91B, while daily production rose 13%. Earnings fell from $580M and $0.68 per share to $191M and $0.22 per share, impacted by a loss on the repurchasing of debt securities. Excluding these charges, adjusted earnings would have fell from $0.51 to $0.36 per share, missing analyst expectations of $0.44 per share. CEO Doug Lawler commented that the company expects production to rise as more wells are connected. Lawler has faced pressure to turn the company around after former CEO Aubrey McClendon spent money aggressively and put the company into deeper debt.

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CVS, Lifetime, Scotts Miracle-Go: Filings Digest August 5, 2014

In today’s SEC filings digest, CVS revenue and earnings improve, Lifetime sales rise, and Scotts Miracle-Gro revenue and earnings dip.

CVS revenue and earnings improve

CVS Caremark Corporation (CVS) announced its financial results for the second fiscal quarter of 2014, posting strong performance in revenue and earnings. The pharmacy retail chain posted a 10.7% increase in net revenue, up from $31.2B last year to $34.6B this year. Operating profit improved, thanks to strong revenue and expense management, by nearly 12% from $1.97B to $2.21B. CVS posted earnings of $1.2B and $1.07 per share, up from the year-ago $1.12B and $0.92 per share. President and CEO Larry Merlo commented that the company exceeded its own expectations, and is pleased with the company’s cash flow and ability to return value to shareholders. CVS raised and narrowed its annual earnings guidance from the $4.36 to $4.50 range to now between $4.43 and $4.51 per share.

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Michael Kors, Henry Schein, Loews: Filings Digest August 4, 2014

In today’s SEC filings digest, Michael Kors performance jumps, Henry Schein revenue and earnings rise, and Loews profits tumble.

Michael Kors performance jumps

Michael Kors Holdings Limited (KORS) announced its financial results for the first fiscal quarter of 2015, posting results that improved from a year ago. The luxury lifestyle brand saw revenues jump 43.4% from $640.9M in the year-ago quarter to $919.2M this quarter. Net income increased similarly from $125.0M and $0.61 per share to $187.7M and $0.91 per share. All of the company’s business segments saw substantial growth, namely in wholesale and retail operations, while regional performance was most increased in Europe, more than double from a year ago, while North America revenue saw strong improvement as well. Chairman and CEO John Idol commented that the company has strong momentum worldwide and that the company is focused on making strategic investments that will enable continued, long-term growth and returns for shareholders.

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GoPro, Burger King, Clorox: Filings Digest August 1, 2014

In today’s SEC filings digest, GoPro revenue rises, Burger King beats earnings estimates, and Clorox profit drops.

GoPro revenue rises

GoPro Inc. (GPRO) announced its financial results for the second quarter of fiscal year 2014, its first report since completing its initial public offering in June. GoPro revenues jumped 38% to $244.6M, beating analyst expectations of $238M. Adjusted earnings were $11.8M and $0.08 per share, a jump from the year-ago net loss of $3.2M and $0.03 per share. Overall earnings actually worsened, with the company posting a net loss of $19.8M and $0.24 per share. Back in June, the company listed its stock at the high end of its projected $21.00 to $24.00 price range, at $24.00 per share, and GoPro shares have soared since then. Despite the strong improvement in revenue the company’s stock price has dropped nearly 10% since its earnings announcement. GoPro is exploring ways to stay ahead of the competition as potential competitors could attempt to undercut the $200 to $400 price range for GoPro cameras.

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Colgate, Cigna, Exxon Mobil: Filings Digest July 31, 2014

In today’s SEC filings digest, Colgate earnings and revenue increase, Cigna profits rise, and Exxon Mobil earnings jump.

Colgate earnings and revenue increase

Colgate-Palmolive Co. (CL) announced its financial results for the second quarter of fiscal year 2014, posting earnings and revenue that increased from a year ago. Net sales grew slightly by 0.1% to $4.35B, up from $4.34B last year, while the company’s gross margin improved from 58.3% to 58.6%. Net income grew from the year-ago $561M and $0.60 per share to $622M and $0.67 per share. Colgate’s earnings were dragged down slightly due to a $54M allotment it has set up related to starting its four-year global growth program, resulting in adjusted earnings of $0.73 per share. CEO Ian Cook commented that the company is pleased with its organic growth and is eager to increase gains globally.

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In today’s SEC filings digest, American Express earnings beat expectations, Booz Allen Hamilton revenue and earnings dip, and Hess adjusted earnings beat predictions.

In today’s SEC filings digest, American Express earnings beat expectations, Booz Allen Hamilton revenue and earnings dip, and Hess adjusted earnings beat predictions.

American Express earnings beat expectations

American Express Company (AXP) announced its second quarter financial results for the fiscal year 2014, posting earnings that beat analyst expectations. The credit card company’s revenue ticked upward 5% from $8.25B to $8.66B, a reflection of increased consumer spending. American Express sold half of its corporate-travel business in June to a group of investors, which boosted earnings $0.05 per share. Overall company profit rose from the year-ago $1.41B and $1.27 per share to $1.53B and $1.43 per share. The company continues to seek growth opportunities, and invested some of the proceeds of its corporate-travel sale to a new credit card targeting consumers without bank accounts and offering no annual fees. Credit card balances increased 5% to $66.3M while card-member spending increased 9%, signs the company views as promising.

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McGraw Hill, UPS, Pfizer: Filings Digest July 29, 2014

In today’s SEC filings digest, McGraw Hill Financial beats expectations, UPS profits tumble, and Pfizer beats analyst predictions.

McGraw Hill Financial beats expectations

McGraw Hill Financial, Inc. (MHFI) announced its financial results for the second quarter of fiscal year 2014, posting results that beat analyst expectations. Revenue jumped 7.7% to $1.35B, beating analyst predictions of $1.30B. Earnings improved from the year-ago $254M and $0.91 per share to $292M and $1.06 per share, beating analyst expectations at $0.99 per share. With strong quarterly results, McGraw Hill increased its annual guidance by $0.05 to a revised range between $3.80 and $3.90 per share. The company’s largest segment, S&P Ratings, saw revenue rise 11% to $664M as the company seeks to streamline its operation to become a global financial data organization. McGraw Hill is currently in a dispute with the U.S. Department of Justice in which the Department alleges the company misrepresented credit ratings to earn more business.

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In today’s SEC filings digest, Dollar Tree to purchase Family Dollar, Tyson revenue and earnings rise, and Cummins performance rises.

In today’s SEC filings digest, Dollar Tree to purchase Family Dollar, Tyson revenue and earnings rise, and Cummins performance rises.

Dollar Tree to purchase Family Dollar

Dollar Tree, Inc. (DLTR) announced it has entered an agreement to purchase Family Dollar Stores Inc. (FDO) in a cash, shares, and debt deal valued at approximately $9.2B. Family Dollar has struggled in recent times, closing stores and slashing prices in an effort to remain a competitive discount retailer. The newly combined entity, the second and third-largest discount retailers, will now become the single-largest deep discounter in the United States, topping the current leader Dollar General Corporation (DG). The transaction will involve a purchase price of $74.50 per share of Family Dollar, a 23% premium from Friday’s closing price, composed of $59.60 cash and $14.90 in Dollar Tree shares. Once completed, the newly-formed company will continue to operate under the Family Dollar and Dollar Tree brands, with a combined store count topping 13,000. Family Dollar CEO Howard Levine will remain a part of the combined company, reporting directly to Dollar Tree’s CEO Bob Sasser.

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Amazon, Starbucks, Moody’s: Filings Digest July 25, 2014

In today’s SEC filings digest, Amazon misses expectations, Starbucks revenue and earnings rise, and Moody’s revenue and earnings increase.

Amazon misses expectations

Filing in Focus: Amazon 8-K, July 24, 2014

Amazon.com Inc. (AMZN) announced its financial results for the second fiscal quarter of 2014, posting results that missed expectations. The online retail giant saw revenue increase 23%, up from $15.70B a year ago to $19.34B, though operating expenses increased by a similar margin. Amazon’s earnings worsened from the year-ago net loss of $7M and $0.02 per share to $126M and $0.27 per share, missing expectations of $0.15 per share. The company is forecasting a large operating loss next quarter between $410M and $810M. Analysts have been mixed about Amazon, with several pointing to increased revenue that is being used to fund new products that will earn back the losses. Others are becoming more concerned about the long-term profitability of the company and its new endeavors, including same-day grocery delivery service.

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Caterpillar, 3M, Ford: Filings Digest July 24, 2014

In today’s SEC filings digest, Caterpillar profits rise, 3M earnings and revenue increase, and Ford beats estimates.

Caterpillar profits rise

Caterpillar Inc. (CAT) announced its financial results for the second fiscal quarter of 2014, posting an increase in profits. The heavy-equipment maker reported revenues of $14.15B, a 3% decline from the year-ago $14.62B, also missing analyst expectations at $14.46B. Earnings improved from $960M and $1.45 per share to $999M and $1.57 per share. Adjusted earnings rose from $1.48 per share last year to $1.69, beating analyst $1.53 per share predictions. By segment, resource industries saw a 29% decline while the construction industries segment increased by 11%; other company segments were essentially flat. Chairman and CEO Doug Oberhelman commented that the company is very pleased with its earnings results, despite the poor performance of its mining segment, resource industries.

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