Stock Market Nerd – Earnings Round-Up – Enphase (ENPH); Chipotle (CMG); Intel (INTC); Caterpillar (CAT) – April 27, 2024

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Stock Market Nerd Earnings Round-Up – Enphase (ENPH); Chipotle (CMG); Intel (INTC); Caterpillar (CAT) – April 27, 2024

Enphase

Enphase is a player in residential and commercial solar energy. Its sector is wildly cyclical and rate sensitive.

Results:

  • Missed revenue estimate by 5.3% & missed guide by 6.1%.
  • Missed GAAP EBIT estimate by 51% & missed guide by 17%.
  • Missed EBIT guide by 14%.
  • Missed $104M FCF estimate by $54M.

Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases

Next Quarter Guidance & Valuation:

  • Revenue Missed by 11%.
  • Missed 46.5% GAAP GPM estimate by 300 bps.
  • Missed $19M GAAP EBIT estimate by $19M.

Enphase trades for 38x 2024 earnings, with earnings expected to shrink by 34% Y/Y.

Balance Sheet:

  • $1.6B in cash & equivalents.
  • $1.2B in debt.
  • Diluted shares -3.7% Y/Y.

Chipotle (CMG)

Results:

  • Slightly beat revenue estimates by 0.3%.
  • Beat EBIT estimates by 7.2%.
  • Beat $11.71 GAAP EPS estimates by $1.30.

Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases

Annual Guidance & Valuation:

Chipotle raised its comparable store sales guidance from mid-single digits to high single digits.

Chipotle trades for 57x 2024 earnings, with earnings expected to grow by 24% Y/Y.

Balance Sheet:

  • $727M in cash & equivalents.
  • $700M in investments.
  • Share count fell slightly Y/Y.

Intel (INTC)

Results:

  • Missed revenue estimates by 0.5% but met revenue guidance.
  • Beat 44.5% GPM estimates & beat its same guide by 60 bps.
  • Beat $0.13 EPS estimates by $0.05.
  • Beat EBIT estimates by 23.4%.

Source: Brad Freeman – SEC Filings, Company Presentations, and Company Press Releases

Next Quarter Guidance & Valuation:

  • Revenue guidance missed by 4.3%.
  • GAAP EPS guidance missed $0.01 estimates by $0.06.
  • EPS guidance missed $0.26 estimates by $0.16.
  • GPM guidance sharply missed 45.4% estimates by 190 bps.

Intel trades for 30x 2024 earnings, with earnings expected to grow by 3% Y/Y.

Balance Sheet:

  • $21 billion in cash & equivalents.
  • Inventory flat Y/Y.
  • $56.3B in debt; 
  • Share count rose 2.1% Y/Y.

Caterpillar (CAT)

I only had time to listen to the prepared remarks here (finished this article at 1:00am last night), but there were some interesting nuggets to share. As a heavy machinery industrial, this company is macro-sensitive and impacted by interest rates. Higher rates weigh on fixed business investment; that weighs on CAT. This quarter, the theme was North American resilience. On the heels of an excellent 2023, it sees that market’s growth slowing, yet remaining quite robust. The only pocket of weakness it’s seeing is in Europe.

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