TRANSCRIPT:
The Kroger Co., (KR), Q4 2019, Mar. 7, 2019
Call Time:
3/7/2019, 10:00am
Transcript Analysis Time :
3/7/2019, 3:36pm

I'll take that one, Karen. Well, obviously, a lot of -- we made a lot of investments in 2018, which affects a wide variety of different lines. And it's difficult to say, obviously fuel had a good quarter or -- and a good year. When you look at trying to back into the core, what do you do with digital, which has been a headwind, and we continue to invest in digital. If you don't back that headwind out and put that in the growing a new business category, yes, that would drag the core down the way you do it. But if you look at the digital investments we've made along with the other investments we've made, in the fourth quarter, I talked about the new warehouses that we opened up to support our digital business. That -- if you look at that all in the core, yes, the core declined. I won't go into a specific number, but it really is how you slice and dice all of this. All of that said, and I wouldn't necessarily discourage you from looking at the different pieces of the business because we do have to do a better job of helping you all understand and explain where the alternative profit streams are going to come from because some of them won't affect the top line. Some of them will just be profit. But when you're trying to transform a company and you have a first year of a plan, we take all the pieces and all the available flows and profitability together and then decide how to invest them in which business, which is what we did in 2018.

Pressure increasing from digital and core competitors

I'll take that one, Karen. Well, obviously, a lot of -- we made a lot of investments in 2018, which affects a wide variety of different lines. And it's difficult to say, obviously fuel had a good quarter or -- and a good year. When you look at trying to back into the core, what do you do with digital, which has been a headwind, and we continue to invest in digital. If you don't back that headwind out and put that in the growing a new business category, yes, that would drag the core down the way you do it. But if you look at the digital investments we've made along with the other investments we've made, in the fourth quarter, I talked about the new warehouses that we opened up to support our digital business. That -- if you look at that all in the core, yes, the core declined. I won't go into a specific number, but it really is how you slice and dice all of this. All of that said, and I wouldn't necessarily discourage you from looking at the different pieces of the business because we do have to do a better job of helping you all understand and explain where the alternative profit streams are going to come from because some of them won't affect the top line. Some of them will just be profit. But when you're trying to transform a company and you have a first year of a plan, we take all the pieces and all the available flows and profitability together and then decide how to invest them in which business, which is what we did in 2018.

The Kroger Co.
Financial
Cost-Price
Portfolio
KR
The Kroger Co.
Edited Copy
The Kroger Co., (KR), Q4 2019, Mar. 7, 2019
The Kroger Co., (KR), Q4 2019, Mar. 7, 2019
Kroger disappointed, what's the source?
Let's explore
Financial
Cost-Price
TRANSCRIPT:
Oracle Corporation (ORCL), Q2 2019, Dec 17, 2018
Call Time:
12/17/2018, 5:00pm
Transcript Analysis Time :
1/8/2019, 9:35am

Now the beauty of what Amazon did is they put them in Amazon Cloud and they made them (databases) available on the cloud. They did that long before we made the Oracle database available on the cloud. But in terms of technology, there is no way that someone can move, a normal person would move from an Oracle database to an Amazon database.

So we think we’re – as I said in my opening remarks, we think we’re not only going to hold onto our 50% share, we’re going to expand it. Nobody, save maybe – Jeff Bezos gave the command, “I want to get off the Oracle database,” and they’ve been working on this for a few years to try to get off the Oracle database and get onto the Amazon databases. It’s taken Amazon, who’s dedicated to doing this several years and they’re not there yet.

Competitive Threats From Amazon Spooked Berkshire

Now the beauty of what Amazon did is they put them in Amazon Cloud and they made them (databases) available on the cloud. They did that long before we made the Oracle database available on the cloud. But in terms of technology, there is no way that someone can move, a normal person would move from an Oracle database to an Amazon database.

So we think we’re – as I said in my opening remarks, we think we’re not only going to hold onto our 50% share, we’re going to expand it. Nobody, save maybe – Jeff Bezos gave the command, “I want to get off the Oracle database,” and they’ve been working on this for a few years to try to get off the Oracle database and get onto the Amazon databases. It’s taken Amazon, who’s dedicated to doing this several years and they’re not there yet.

Oracle Corporation
Financial
Guidance
Portfolio
ORCL
Oracle Corporation
Edited Copy
Oracle Corporation (ORCL), Q2 2019, Dec 17, 2018
Oracle Corporation (ORCL), Q2 2019, Dec 17, 2018
What chased Berkshire out of Oracle?
Let's check the transcript
Financial
Guidance
General Electric Company (GE), Q4 2019, Jan 31, 2019
Call Time:
1/31/2019, 8:00am
Transcript Analysis Time :
1/31/2019, 2:07pm

Orders were $34.1 billion, down 1% reported and up 4% organically, with particular strength in equipment orders, up 7% organically, driven by Aviation commercial engines and renewable. The services orders were up 1% organically.

Equipment revenues grew 10%, and services were up 6% organically. Industrial profit margins were 7.5% in the quarter, down 150 basis points year-over-year on a reported and organic basis, driven by significant declines in Power and renewables.

For the year, margins were down 80 basis points organically. Industrial profit was down 16% in the quarter with Aviation, Healthcare and Baker Hughes GE all delivering strong profit growth, offset mostly by Power. Specifically, Aviation had another outstanding quarter and year, expanding total year margins while shipping over 1,100 LEAP engines.

Net earnings per share was $0.07, which includes losses from discontinued operations related to GE Capital. GAAP continuing EPS was $0.08, and adjusted EPS was $0.17. I'll walk the GAAP continuing EPS to adjusted EPS on the right side of the page.

Starting from GAAP. Continuing was $0.08 and we had $0.06 gains, principally from the sale of Distributed Power. And as you will recall, in the third quarter, we booked a $22 billion impairment charge related to Power goodwill based on our best estimate at that time.

Plenty of Questions, Few Concrete Answers

Orders were $34.1 billion, down 1% reported and up 4% organically, with particular strength in equipment orders, up 7% organically, driven by Aviation commercial engines and renewable. The services orders were up 1% organically.

Equipment revenues grew 10%, and services were up 6% organically. Industrial profit margins were 7.5% in the quarter, down 150 basis points year-over-year on a reported and organic basis, driven by significant declines in Power and renewables.

For the year, margins were down 80 basis points organically. Industrial profit was down 16% in the quarter with Aviation, Healthcare and Baker Hughes GE all delivering strong profit growth, offset mostly by Power. Specifically, Aviation had another outstanding quarter and year, expanding total year margins while shipping over 1,100 LEAP engines.

Net earnings per share was $0.07, which includes losses from discontinued operations related to GE Capital. GAAP continuing EPS was $0.08, and adjusted EPS was $0.17. I'll walk the GAAP continuing EPS to adjusted EPS on the right side of the page.

Starting from GAAP. Continuing was $0.08 and we had $0.06 gains, principally from the sale of Distributed Power. And as you will recall, in the third quarter, we booked a $22 billion impairment charge related to Power goodwill based on our best estimate at that time.

General Electric
Guidance
Financial
Portfolio
GE
General Electric
Edited Copy
General Electric Company (GE), Q4 2019, Jan 31, 2019
General Electric Company (GE), Q4 2019, Jan 31, 2019
Has Power bottomed-out at GE?
Let's explore
Guidance
Financial

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