Company Notes
March 16, 2023
Jabil (JBL; $80.33; O/P) reported FQ2 (Feb) “core” non-GAAP EPS of $1.88, which beat our $1.84 and the Street’s $1.85 on sales of $8,134mm (vs. our $8,000mm and the Street’s $8,089mm) and despite ~$0.05 of…
March 15, 2023
We refined our “bottoms up” work around our Mobileye Global (MBLY; $40.93; E/W) forecasts after reviewing the company’s recent 10-K filing. Although, there is no change to our 2023/2024E sales, gross margin, and EPS forecasts,…
March 14, 2023
Last night, Hyzon Motors (HYZN; $1.00) announced that Parker Meeks was appointed to CEO on a permanent basis, effective immediately, after taking charge as interim CEO back in August of last year (“CEO Transition Announced”;…
March 14, 2023
Last night, Hyzon Motors (HYZN; $1.00) announced that Parker Meeks was appointed to CEO on a permanent basis, effective immediately, after taking charge as interim CEO back in August of last year (“CEO Transition Announced”;…
March 9, 2023
This morning, Tritium (DCFC; $1.66; O/P) provided full disclosure on its H2 of C2022 results and outlook, much of which was already discussed at its Analyst Day in January (“Analyst Day Highlights Manufacturing Progress”; 1/23)….
March 9, 2023
We reiterate our Outperform on Jabil shares (JBL; $84.84; O/P) ahead of its FQ2 (Feb) results and outlook, scheduled for next Thursday (3/16 before market). We are comfortable with our FQ2E sales, operating margin, and…
March 8, 2023
Yesterday, we attended Visteon’s (VC; $168.55; NR) Investor Day in New York, which among other things, provided further support for the idea that Corning’s (GLW; $34.42; E/W) Automotive Glass Solutions’ business is well positioned to…
March 8, 2023
We have had some time to reflect on last Tuesday’s (2/28) Luminar Day in Orlando, Florida, which we attended in-person. The meeting provided us an opportunity to catch up on the quickly expanding investment story…
March 8, 2023
Yesterday, we attended the Optical Networking and Communications Conference (OFC) in San Diego, where we toured Corning’s (GLW; $34.44; E/W) trade show booth and sat in on CEO Wendell Weeks’ Plenary Session. Our meetings highlighted…
March 7, 2023
On Monday (3/6), we hosted an investor meeting in Tempe, AZ with Benchmark Electronics (BHE; $23.82; O/P) CEO Jeff Benck at its headquarters, after which we toured one of its newest electronics manufacturing services (EMS)…
March 3, 2023
Earlier this week, Hyliion (HYLN; $2.80; NR) announced a new partnership with Hyzon Motors (HYZN; $1.25) to develop a prototype of a heavy-duty hydrogen-based fuel cell electric vehicle (FCEV). We think this news further highlights…
March 3, 2023
We cut F2024E (Jan) EPS for Dell Technologies (DELL; $40.17; E/W) from $6.10 to $5.15 after the company’s FQ1E (Apr) and full F2024E outlook disappointed, as we warned was likely. Dell pointed to weakening demand…
March 3, 2023
ChargePoint (CHPT; $11.26; O/P) produced another quarter of robust sales growth in FQ4 (Jan), albeit somewhat below Street expectations, with further gross margin improvements and opex discipline that led to better than expected operating losses….
March 2, 2023
Micron (MU; $54.87; E/W) provided an incrementally bearish update when CFO Mark Murphy, along with Manish Bhatia (EVP, Global Operations) presented at an investor conference earlier this morning. Basically, the detailed commentary provided yet another…
March 1, 2023
We reviewed Lyft’s (LYFT; $9.94; E/W) 10-K, which was filed on Monday (2/27). The document further highlighted how rising insurance costs and newly required reserve adjustments pressured the company’s cost of revenue and thus adjusted…