{"id":20274,"date":"2012-08-22T13:23:24","date_gmt":"2012-08-22T17:23:24","guid":{"rendered":"http:\/\/www.thedisciplinedinvestor.com\/blog\/?p=20274"},"modified":"2012-08-22T13:23:24","modified_gmt":"2012-08-22T17:23:24","slug":"worth-a-look-the-orange-book-bloombergs-earnings-call-summaries","status":"publish","type":"post","link":"https:\/\/thedisciplinedinvestor.com\/blog\/2012\/08\/22\/worth-a-look-the-orange-book-bloombergs-earnings-call-summaries\/","title":{"rendered":"Worth a Look – Bloomberg’s Orange Book: Earnings Call Summaries"},"content":{"rendered":"

Bloomberg<\/strong><\/a> puts out what they call the Orange Book as a way to get a feel for the overall tone of management during earnings season. Our friend Richard Yamarone, recently a guest on a TDI Podcast<\/strong><\/a>, compiles this and produces a great summary of what is going on.<\/p>\n

Here are his recent comments and takeaways:<\/p>\n

The tone from the C-suite has taken a definitively darker tone. Concerns over consumer confidence and the state of affairs in Europe and China were prevalent during many of the calls. Headwinds related to higher input prices, the so-called \u201cfiscal-cliff,\u201d\u009d and election-related uncertainties were commonplace over the last week as well. Drought-related issues are also beginning to appear in the latest transcripts.<\/em><\/p>\n

Tractor Supply Co. [TSCO] Earnings Call 7\/25\/12<\/strong>: \u201cRegarding the current retail environments, consumers continue to look for compelling value. Purchases are being made by need, and are taking place closer to need.\u201d\u009d<\/p>\n

Universal Forest [UFPI] Earnings Call 7\/20\/12<\/strong>: \u201cOur forward outlook, it\u2018s a good question. It\u2018s overall positive, although we expect relatively slow growth domestically, call it cloudy with a chance of rain, possible thunderstorms in late October or early November. We\u2018re just not getting a clear picture of what the economy is going to do.\u201d\u009d<\/p>\n

Schlumberger [SLB] Earnings Call 7\/20\/12<\/strong>: \u201cThe situation in the global economy remains unsettled. And it seems increasingly clear that the present macro uncertainties will remain for a considerable period of time. In this environment, we believe Brent crude prices in general will be supported around current levels, although they could be subject to periods of considerable volatility.\u201d\u009d<\/p>\n

Verizon [VZ] Earnings Call 7\/19\/12<\/strong>: \u201cWe are showing still some growth in strategic services, and I think if we didn\u2018t have the headwinds and some of these other economic pressures, I believe we\u2018re a double-digit strategic growth company.\u201d\u009d<\/p>\n

Swift Transportation Co. [SWFT] Earnings Call 7\/20\/12<\/strong>: \u201cVolumes in the second quarter were softer than we would have hoped, but they weren\u2018t concerning. We remain cautiously optimistic about the overall economic environment.\u201d\u009d<\/p>\n

Citigroup [C] Earnings Call 7\/20\/12<\/strong>: \u201cWhile the operating environment remained challenging in the second quarter, we\u2018ve continued to manage our business and our balance sheet carefully given the macroeconomic uncertainty. Overall, I\u2018m pleased with our performance in light of the economic environment we faced during the quarter. Loans and deposits in Citicorp had solid growth.\u201d\u009d<\/p>\n

AutoNation [AN] Earnings Call 7\/19\/12<\/strong>: \u201cEmployment is a problem; customers talk about it when they come in. But the trump card is they need to do something. They simply cannot go on. They need a better vehicle to run their lives and to get work. And so, they\u2018re doing something. So those drivers are taking auto sales and sustaining them, despite the economic headwinds that we face.\u201d\u009d<\/p>\n

AMD [AMD] Earnings Call 7\/19\/12<\/strong>: \u201cWe\u2018ve seen a slowdown obviously in the overall consumer spending and global marketplace. And that\u2018s obviously impacted the PC segment.\u201d\u009d<\/p>\n

Chipotle Mexican Grill [CMG] Earnings Call 7\/19\/12<\/strong>: \u201c[W]e believe that our throughput performance would have been even better had we not seen some fall- off in transactions during the quarter, which we believe is due to the sluggishness in the overall economy and a slowing in consumer spending.\u201d\u009d<\/p>\n

Textron [TXT] Earnings Call 7\/19\/12<\/strong>: \u201cI think there\u2018s a lot of concern about heading toward November; a lot of small\/midsize business guys who are our customers are very concerned about the balance of the year and where things are going in terms of the election and politics; you\u2018ve got debt ceilings, you\u2018ve sequestrations, you\u2018ve got massive changes to tax policy.\u201d\u009d<\/p>\n

Safeway [SWY] Earnings Call 7\/19\/12<\/strong>: \u201cI think that what\u2018s happening is that there is so much uncertainty in the economy that, that is contributing toward a consumer that is very, very cautious. So you have to X-out that 20 percent, 25 percent that feels confident, is maybe seeing some recovery in their net worth, hasn\u2018t lost their job, doesn\u2018t think they\u2018re going to lose their job and it\u2018s the high-end retailers and everything is going fine for them. But for the other 75 percent of the economy, they believe they\u2018re in a recession. It doesn\u2018t matter what GDP says.\u201d\u009d<\/p>\n

Sherwin-Williams [SHW] Earnings Call 7\/19\/12<\/strong>: \u201cLooking ahead, the outlook for global economic growth has become increasingly gloomy, and risks to the U.S. economy have increased accordingly.\u201d\u009d Johnson Controls [JCI] Earnings Call 7\/19\/12: \u201cIn general, I guess I\u2018d make the statement that we\u2018ve seen demand slow across several of our industries and geographic markets.\u201d\u009d<\/p>\n","protected":false},"excerpt":{"rendered":"

Bloomberg puts out what they call the Orange Book as a way to get a feel for the overall tone of management during earnings season. Our friend Richard Yamarone, recently a guest on a TDI Podcast, compiles this and produces a great summary of what is going on. Here are his recent comments and<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[12],"tags":[487,483],"class_list":["post-20274","post","type-post","status-publish","format-standard","hentry","category-markets","tag-earnings","tag-markets","et-doesnt-have-format-content","et_post_format-et-post-format-standard"],"acf":[],"_links":{"self":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/20274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/comments?post=20274"}],"version-history":[{"count":0,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/posts\/20274\/revisions"}],"wp:attachment":[{"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/media?parent=20274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/categories?post=20274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thedisciplinedinvestor.com\/blog\/wp-json\/wp\/v2\/tags?post=20274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}