This AM (2/12/20), LAD reported Q4 results. Total revenue growth of 9.9% was above Cons. of 8.2% and our 8.7%. EPS of $2.95 narrowly missed Cons. of $2.97 but beat our $2.94. Shares were down -5.5%.
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With concerns over the Coronavirus spreading, we think US Retailers will likely be viewed as near-term relative safe-haven stocks given limited direct exposure to China. However, should the virus spread into a pandemic, especially in China, we see a greater impact to US retailers from indirect supply chain exposure or US GDP growth.
To help gear up for 2020 we analyzed 2019 performance, identified 10 key themes into 2020, analyzed post Q3 earnings reaction, and analyzed the key issue facing each stock under coverage into 2020.
This AM (10/23/19), LAD reported Q3 results. Total revenue growth of 7.8% was above prior Cons. of 1.0% and our 4.1%. EPS of $3.39 beat Cons. of $3.09 and our $3.04. Shares were up 15.6% (vs. flat for the S&P 500).
Today (10/07/19) we are assuming broader coverage of hardlines and internet retail with deep-dive reports on four companies, including a LOW downgrade to PP. We also have two ratings changes from our existing retail coverage (AAP to UP and ORLY to OP), and assuming coverage of six additional retail names with concise 1-page investment tear sheets.
Ford’s Q2 Call showed why it’s tough to be a bull. Maintaining Market Perform
Ford’s elevated launch costs are likely to continue through 2020, so the Street needs to lower numbers. We’re incrementally more concerned about transparency.
Tesla: Mission on-pace, stock price not exciting near-term
We thought the quarter was better than feared and demonstrated that the company is on solid footing. But also don’t see profitability getting much better near-term as it looks like mgmt. is targeting vehicle affordability over profitability. Good for the mission but likely to leave the stock range-bound.
Veoneer 2Q19 Preview: Expectations of improving cash burn in the 2nd half may be at risk
VNE’s cash burn is expected to moderate meaningfully in 2nd half 2019 on higher top-line and lower R&D costs. We see some risk to both which could refocus investors on the potential for another dilutive capital raise sometime in 2020.
This morning (07/24/19), LAD reported Q2 results. Total revenue growth of 4% was above cons. of 3% and our -0.4%. EPS of $2.95 beat cons. of $2.82 and our $2.75. Shares were up 13% (vs. flat for the SP 500)
This morning (04/24/19), LAD reported Q1 results. Total revenue growth of 7.1% was in-line with cons. of 7.5% but beat our 4.3%. EPS of $2.44 beat cons. of $2.16 and our $2.07. Shares were up 8% (vs. flat for the SP 500).
We wanted to flag a few highlights in today's Wolfe Research Auto Daily...
Tesla robo-taxi plans certainly look ambitious, but capability (and promise of big improvements) should spur demand in the base business
While the deployment timeline may be (unbelievably) ambitious, TSLA’s full self driving initiative has implications for TSLA as well as other stocks. Tesla lead in Auto 2.0 continues to grow with major advantage in consumer-owned semi-autonomous capability added to most efficient, lowest cost EV powertrain.
LAD – Contending with high SALT exposure and a CFO departure
We see a slightly-risky setup for Lithia's Wednesday morning report. Here's why...
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