Poetic Portfolios

I’m a little late looking at earnings, but I wanted to make sure I reviewed the progress of Markel to check it with my investment thesis. Their third quarter demonstrated the investment gains that were expected as book value rose from $222 per share at year-end 2009 to $274 per share at the end of the third quarter, a 23% increase. Read the rest of this entry »

In their fourth quarter, Dawson Geophysical’s (DWSN) business continued to contract. Another crew was cut in the quarter as revenues fell 45% as compared to the fourth quarter of 2008 to $47 million. The company lost $2 million for the quarter or $0.26 per share. Dawson’s business, however, depends largely on natural gas prices. The rise in natural gas prices could lead to greater demand from their customers later this year. Read the rest of this entry »

Last summer and fall I noted that Oyo Geospace (OYOG) was getting their balance sheet in order and that a turnaround may be on its way for the company as oil prices have risen. I didn’t expect their earnings to show any improvement until their fiscal fourth quarter. Their fourth quarter, however, was disappointing in regard to their earnings. Read the rest of this entry »

Lexington Realty Trust (LXP) has grown to be the largest position in the Against the Sky Portfolio. Given its recent rise, now is a good time to take a look at their most recent quarter, determine if they are executing their strategy, and double-check their valuation. Read the rest of this entry »

As 2009 has come to a close, it’s time to take a look at the Against the Sky Portfolio, check its performance, and test its asset allocation. Overall, I’m pleased with the performance of the portfolio, but in my search for value, I suspect that I’ve drifted from its original intent. Read the rest of this entry »

Middleby’s (MIDD) third quarter earnings release was very similar to their second quarter. Organic growth was down significantly, but the company continues to maintain strong profits. In their third quarter, net earnings were $15.5 million, or $0.83 per share as compared to $16.3 million or $0.96 per share for the third quarter of 2008. Read the rest of this entry »

I continue to hold CapitalSource (CSE) because I believe it will recover very quickly as the economy improves. However, this is a company in transition, and with each news release it is as if the company is completely new. I’m often tempted to sell simply based on how complicated it is. My four part series took a close look at this company, and I thought it would be useful to take another look after their third quarter earnings and other recent announcements. Read the rest of this entry »

Up until the financial crisis, long-time investors knew not to trust Ctrip’s management when they provided guidance of 25% growth. Inevitably, the company produced earnings and revenue growth well in excess of 25%. In their most recent quarter, Ctrip seems to have resumed their phenomenal growth. For their fiscal third quarter, they produced net revenue growth of 47% on a year-over-year basis. Excluding the impact of the ezTravel acquisition, net revenues grew at a 40% year-over-year rate. Earnings growth was even more impressive, growing 80% on a year-over-year basis to $28 million. Read the rest of this entry »

ADP continues to hold steady in the current economy based on their first quarter earnings report. Revenues compared to the first quarter of 2009 declined 4% to $2.1 billion. ADP notes that net earnings from continuing operations increased 2% while diluted earnings per share from continuing operations increased 4% from $0.54 to $0.56 per share. Read the rest of this entry »

In a recent post, I calculated an intrinsic value for Netflix at $43 per share. This assumed 22% growth this year. In their third quarter, Netflix posted profits that were up 48% year-over-year on a revenue increase of 24%. Gross margins remained relatively constant, but net margins grew largely as a result of less marketing as a percentage of gross profit. Read the rest of this entry »