Streetbeat News

Dividends

FTXR

NSC

SUPP

Norfolk Southern Corporation (NYSE:NSC) reported disappointing first-quarter FY24 financial results, with a 4% decline in railway operating revenue to $3.004 billion, missing consensus estimates. Adjusted EPS fell by 25% Y/Y to $2.49, below expectations. The company also highlighted a $600 million settlement related to the East Palestine derailment class action lawsuit. Despite these challenges, Norfolk Southern declared a quarterly dividend of $1.35 per share. NSC shares dropped 4.4% to $234.23. Exposure to NSC can also be gained through TCW Transform Supply Chain ETF (BATS:SUPP) and First Trust Nasdaq Transportation ETF (NASDAQ:FTXR).

Portfolio Pulse from Lekha Gupta

April 24, 2024 | 5:13 pm

IYT

ODFL

SUPL

Old Dominion Freight Line, Inc. (NASDAQ:ODFL) shares dropped after reporting a first-quarter FY24 revenue miss, with a slight increase in revenue not meeting expectations. The company saw a 1.2% year-over-year revenue increase to $1.460 billion, missing the consensus of $1.473 billion, attributed to a mix of a rise in LTL revenue per hundredweight and a decrease in LTL tons per day. Operating income slightly increased, and EPS was in line with consensus. The company also returned significant amounts to shareholders through repurchases and dividends. Exposure to ODFL can also be gained through IShares Trust IShares U.S. Transportation ETF (BATS:IYT) and ProShares Trust ProShares Supply Chain Logistics ETF (NYSE:SUPL).

Portfolio Pulse from Lekha Gupta

April 24, 2024 | 4:50 pm

FVD

RCI

TDIV

Rogers Communications Inc (NYSE:RCI) reported a 28% year-over-year revenue growth for Q1 2024, reaching $3.64 billion, surpassing the consensus of $3.58 billion. Adjusted EPS was $0.73, beating the consensus of $0.72. The growth was driven by increases in wireless and cable service revenues, with wireless service revenue up 9% and cable service revenue rising 94% due to the Shaw acquisition. However, media revenue decreased by 5%. The company also saw a 34% increase in adjusted EBITDA and a 58% increase in free cash flow. Rogers declared a quarterly dividend of 50 cents for its Class B Non-Voting and Class A Voting shares. Despite the positive earnings report, RCI shares dropped 3.7% to $38.12. Investors can also gain exposure to RCI through First Trust VL Dividend (NYSE:FVD) and First Trust NASDAQ Technology Dividend Index Fund (NASDAQ:TDIV).

Portfolio Pulse from Anusuya Lahiri

April 24, 2024 | 4:32 pm

BAMG

BUL

FTV

Fortive Corporation (NYSE:FTV) shares dropped after reporting Q1 FY24 results with a slight revenue miss but improved EPS. The company adjusted its FY24 revenue forecast downwards while raising its EPS outlook. Dividends were declared, and exposure to FTV can be gained through BAMG and BUL ETFs.

Portfolio Pulse from Lekha Gupta

April 24, 2024 | 4:19 pm

OC

Owens Corning Inc (NYSE:OC) reported a slight decline in Q1 fiscal 2024 net sales to $2.3 billion, narrowly beating consensus estimates. Despite a sales drop, the company saw a significant increase in adjusted EPS to $3.59 from $2.80 a year ago, surpassing expectations. Adjusted EBIT and EBITDA also rose, with margins expanding significantly. The company highlighted its margin expansion and enhanced product lineup as key drivers of its performance. Owens Corning also reported positive operating cash flow, continued share repurchases, and dividend payments. Looking ahead, it expects Q2 net sales to align with the previous year and maintains a focus on innovation with 13 new or enhanced products introduced.

Portfolio Pulse from Akanksha Bakshi

April 24, 2024 | 4:06 pm

OTIS

Otis Worldwide Corp (NYSE:OTIS) reported a 2.7% Y/Y sales growth for Q1 fiscal 2024, missing consensus estimates. Adjusted operating profit and EPS exceeded previous figures, with notable performance in service sales and maintenance portfolio units. Despite this, OTIS shares fell by 4.47%. The company raised its EPS outlook and quarterly dividend by 14.7%, planning to increase its share repurchase target to $1 billion.

Portfolio Pulse from Akanksha Bakshi

April 24, 2024 | 4:03 pm

GWW

W.W. Grainger, Inc. (NYSE:GWW) has increased its quarterly dividend by 10% to $2.05 per share and refreshed its share repurchase authorization to up to 5 million shares, replacing the existing authorization. The dividend is payable on June 1, 2024, to shareholders of record as of May 13, 2024. This marks the company's 53rd consecutive year of increased dividends, demonstrating its commitment to shareholder returns while continuing to invest in the business.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 2:08 pm

RILY

B. Riley Financial, Inc. (NASDAQ:RILY) shares surged after an independent investigation by Winston & Strawn LLP found no involvement or knowledge of misconduct by the company or its executives related to allegations against Brian Kahn. The investigation followed claims by short sellers and an internal review. The stock's significant rise is also attributed to heavy trading volume and a high short interest. B. Riley pays a dividend with a yield of 10.68% as of April 24.

Portfolio Pulse from Erica Kollmann

April 24, 2024 | 2:06 pm

RSPC

T

XLC

AT&T Inc. reported a slight decline in Q1 2024 operating revenues to $30.03 billion, missing consensus estimates. However, adjusted EPS of $0.55 exceeded expectations, leading to a stock price increase. The company saw declines in Mobility equipment revenues and Business Wireline revenues but reported increases in wireless net adds, AT&T Fiber net adds, and improved churn rates. Adjusted EBITDA rose to $11.0 billion, with significant increases in operating cash flow and free cash flow. AT&T's focus under CEO John Stankey has been on its core communications services, recovering from recent incidents including a network outage and a security breach. The company maintains its FY24 outlook with expected growth in wireless and broadband revenues, and reaffirms its 2025 EPS growth guidance. AT&T stock is accessible through ETFs like RSPC and XLC.

Portfolio Pulse from Anusuya Lahiri

April 24, 2024 | 1:00 pm

META

Meta Platforms, Inc. (NASDAQ:META) is expected to report Q1 earnings with a significant increase in both earnings per share and revenue, according to analysts. Keybanc and JMP Securities analysts have provided optimistic ratings and price targets for META ahead of the earnings release. Additionally, the article outlines how investors can generate monthly income from Meta's dividends, emphasizing the required investment to achieve specific income goals. META's stock price recently rose 3%, indicating positive market sentiment.

Portfolio Pulse from Avi Kapoor

April 24, 2024 | 12:44 pm