Company Notes

This morning, TE Connectivity (TEL; $146.49; O/P) announced it signed a definitive agreement to acquire privately held Richards Manufacturing, a producer of a range of components, mainly for utility grids as well as certain industrial…

Vertiv Holdings (VRT; $123.25; E/W) reported Q4 non-GAAP EPS of $0.99, which beat our $0.81 and the Street’s $0.82 on sales of $2,346mm (vs. our $2,147mm and the Street’s $2,155mm). Recall, VRT’s Q4 outlook called…

The shares of Lyft (LYFT; $12.66; O/P) traded down 10%+ last night after management raised the spectra of incremental rideshare pricing pressures even as it produced a healthy Q4 EBITDA beat with Q1E EBITDA guidance…

Lyft (LYFT; $14.39; O/P) posted Q4 adjusted EBITDA of $113mm (2.6% of gross bookings) vs. our $103mm (2.4% of gross bookings) and the Street’s $104mm (2.4% of gross bookings) on total gross bookings of $4.28B,…

This morning, we attended Sandisk’s inaugural Investor Day in New York City ahead of its pending separation from Western Digital (WDC; $69.13; O/P) as a publicly traded company under the stock symbol SNDK. We note…

We are reducing our 2025E EPS for Amkor Technology (AMKR; $24.36; E/W) from $1.85 to $1.35 after its Q4 profits more than lived up to expectations, albeit on weaker than expected sales trends that management…

Amkor Technology (AMKR; $24.36; E/W) reported Q4 EPS of $0.43, which were ahead of our $0.40 and the Street’s $0.38 despite sales of $1,629mm that missed our $1,679mm and the Street’s $1,663mm). Recall, AMKR’s Q4…

We would approach Sensata’s (ST; $25.52; E/W) Q4 results and outlook with caution, scheduled for Tuesday (2/11 after market), especially given examples we have seen during EPS season of the increasingly volatile auto supply chain…

We reduce our 2025E EPS for Belden (BDC; $115.06; E/W) from $7.55 to $7.00 after it produced some Q4 sales and operating profit upside (see table), but with disappointing Q1E guidance, due to incremental currency…

We raise 2025E EPS for Aptiv (APTV; $63.48; E/W) from $6.75 to $7.30 after management offered up its initial thinking on full 2025E guidance, which was consistent with our prior sales and operating profit estimates,…

Earlier this week, Husqvarna, which is a large supplier of lawnmowers, leaf and snow blowers, as well as other home and garden equipment, announced a strategic manufacturing partnership with Flex (FLEX; $43.82; O/P). We note…

Belden (BDC; $116.29; E/W) reported Q4 non-GAAP EPS of $1.92 which was ahead of our $1.70 and the Street’s $1.69, albeit including $0.18 of benefits from non-operating items vs. our modeling. At the same time,…

Aptiv (APTV; $61.27; E/W) reported adjusted Q4 EPS of $1.75, which beat our $1.59 and the Street’s $1.65 on sales of $4,907mm (vs. our $4,844mm and the Street’s $4,904mm). Recall, APTV previously disclosed it expected…

We bump up our 2025E EBITDA for Uber Technologies (UBER; $64.48; O/P) from $8.25B to $8.33B (+28% YoY vs. +60% in 2024 and +137% in 2023), which now assumes free cash flows (FCF) of $8B…

Uber Technologies (UBER; $69.75; O/P) posted Q4 adjusted EBITDA of $1,842mm (4.2% of gross bookings), which was slightly ahead of our forecast of $1,833mm (4.2% of gross bookings) and in line with the Street’s $1,842mm…