GE Vernova (GEV) and Sportradar (SRAD) Updates
GE Vernova (GEV) reported a better-than-expected Q1 yesterday that has shares trading higher. The company’s Q1 revenue grew 12% to $8.03 billion, beating by 6.3%. Adjusted EPS of $1.07 beat by $0.63. This was a very strong quarter.
Orders in Power and Electrification remain strong, and full-year guidance was repeated, despite the inclusion of $300 - $400 million in estimated tariff impact, mostly in offshore wind (which is already a weak business). If not for tariffs, management would have raised guidance. Gas turbine pricing sounds very strong. The company repurchased $1.2 billion in stock in Q1 and has begun quarterly dividend payments of $0.25. Analysts love the stock and it remains a top pick at J.P. Morgan. Moving back to buy half. BUY HALF
Sportradar (SRAD)
Shares of Sportradar (SRAD) have traded counter to the broad market the last two days because the company launched a non-dilutive secondary offering in which current institutional shareholders will sell around 23 million shares of stock, roughly 3 million of which will be purchased by SRAD as part of its $200 million share repurchase program. The company also pre-announced Q1 revenue (€309mn in revenue and €57mn in Adjusted EBITDA) that came in about 2% (revenue) and 5% (Adjusted EBITDA) better than analysts expected. There were not a lot of details in the pre-released results, those will come when official results are released on Monday, May 12. The stock is likely selling off due to the increase in trading volume associated with the secondary offering. I expect it to recover. BUY
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