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Here are highlights from Friday's Analyst Blog:
DaVita Results Dented by Costs
DaVita, Inc. (NYSE: DVA | Quote | Chart | News | PowerRating) is the largest provider of dialysis services to patients suffering from End-Stage Renal Disease (ESRD), and a major operator of integrated dialysis centers.
The company reported in line with consensus with 3Q08 net income of $93.9M, or EPS of $0.89, compared with net income and EPS of $94.5M and $0.88 in 3Q07. Excluding after-tax gains from insurance settlements and after-tax gains on the sale of investment securities net income for 3Q07 was $89.3M, or EPS of $0.83.
Cousins Ppys a Sell After Report
Cousins Properties Inc. (NYSE: CUZ | Quote | Chart | News | PowerRating) reported 3rd quarter results on November 5. The company reported total revenue of $46.7 million, up from $37.7 million in the year-earlier quarter.
Job growth and consumer spending continue to plummet along with the US economy. CUZ has a concentration of assets in Atlanta and Dallas, two markets with increasing downtown and suburban office vacancies. The company exceeded our 3Q FFO estimates by $0.16 per share, mainly due to a large development fee ($0.19 per share).
Fifth Third Target Lowered
With assets over $116.0 billion and around 21,500 employees, Fifth Third Bancorp (Nasdaq: FITB | Quote | Chart | News | PowerRating) has been consistently ranked among the top 20 banks in the country on numerous metrics. The Cincinnati-based company operates 18 affiliates, with 1,298 full-service banking centers, including 93 bank Mart locations and 2,329 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri and Georgia.
Fifth Third reported a loss of $0.04 per share on a core basis on account of higher credit costs. Results were significantly below our expectations. Deteriorating credit quality and significant exposure in the Florida market resulted in rating downgrades, as well. We expect nonperforming assets and delinquencies to continue to trend upward, as well as loan loss provisions.
ProLogis Remains a Buy
ProLogis (NYSE: PLD | Quote | Chart | News | PowerRating) owns and manages interests in 2,898 distribution facilities, service offices and properties, spanning about 548 million square feet (including under development properties) of space in 136 markets, including North America (68% of operating portfolio square footage as of September 30, 2008), Europe (22%) and Asia/Pacific (10%).
In 3Q08, PLD reported FFO [funds from operations] of $0.63 per share, versus $1.41 in 3Q07, primarily due to lower CDFS [Corporate Distribution Facilities Services] gains, and reduced income from property operations. Operationally, the company's portfolio continues to perform relatively well with stable occupancies and slightly increasing rents.
AutoNation Down in Current Market
We expect AutoNation (NYSE: AN | Quote | Chart | News | PowerRating) to be hurt by a continuing weak new car market. The company is disproportionately exposed to Florida and California, states that will be hit the most by a slowing car market.
Moreover, the credit crisis in the U.S. led to a 22% decline in AutoNation's sales followed by a 32% decline in net profits in the third quarter of 2008. AutoNation's higher debts and interest charges are also a major cause of concern.
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