C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: Aflac expects Japan benefit ratio between 60 percent and 63 percent for the full year, roughly in line with first quarter results. For the United States, they forecast a benefit ratio of 42 percent to 52 percent. The company plans to continue share buybacks and dividend increases, returning $1.3 billion to shareholders in the first quarter alone.

Call summary: Aflac Japan delivered strong sales growth of 25.5 percent in the quarter, driven by new medical and cancer insurance products, though underlying earned premiums still declined 1.3 percent due to lapses of paid-up policies. In the United States, net earned premiums grew 3.5 percent with solid persistency of 79.3 percent. Management noted that Japan would need about 80 billion yen in annual sales to reach flat earned premium growth, versus 74 billion achieved in 2025.

− EPS missed estimates by 4.4%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: The company expects total sales of about $29.4 billion next quarter, up 84 percent year over year. Within that, AI chip sales should hit $16 billion, up over 200 percent. The company also raised its full-year AI sales target to $56 billion and reiterated guidance for 2027 AI sales to exceed $100 billion. Operating margins will stay stable at 67 percent even as the company grows.

Call summary: Broadcom reported record quarterly revenue of $22.2 billion, up 48 percent from last year, driven by massive AI chip demand. AI chip sales alone hit $10.8 billion, up 143 percent, with bookings exceeding $30 billion against only $10.8 billion shipped, showing extreme customer demand. The company is executing partnerships with Google, Anthropic, OpenAI, and Meta to build large-scale AI compute clusters, with multiple gigawatt commitments starting to ramp in 2027 and beyond.

− Revenue missed estimates by 2.3%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: Bunge raised its full year adjusted earnings guidance to $9 to $9.50 per share from the prior range of $7.50 to $8. The company expects about $5.50 per share in the first half and $3.50 to $4 in the second half, reflecting strong processing margins offset by uncertainty in grain merchandising and tropical oils. Management sees stronger soybean and softseed processing driving results, with biofuels policy support benefiting oil demand.

Call summary: The first quarter was exceptionally strong, with adjusted earnings of $1.83 per share beating consensus by 86 cents. Soybean and softseed processing delivered excellent results across South America and North America, with the combined Viterra footprint driving higher volumes and margins. Grain merchandising and tropical oils underperformed due to higher logistics costs and softer food demand. Management credited global disruption from the Middle East conflict but said Bunge's diversified footprint and operational discipline allowed it to capitalize on biofuels demand and farmer selling rallies.

+ EPS beat estimates by 103.4%

− Revenue missed estimates by 8.2%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: C.H. Robinson reaffirmed its six dollar EPS target for 2026 with no market growth assumed. The company expects double-digit productivity gains in the back half of 2026, particularly from AI automation. Spot rates are now forecast to rise 17 percent year over year, up from an 8 percent expectation three months ago. Personnel expenses should range from $1.25 billion to $1.35 billion for the year.

Call summary: C.H. Robinson delivered first quarter adjusted earnings per share of $1.35, beating consensus of $1.25, though revenue of $4.01 billion missed the expected $4.11 billion. The company maintained its North American Surface Transportation gross margin at 14.6 percent despite a 19 percent year over year jump in truckload spot market costs. Management credited disciplined repricing, higher margins on transactional volumes, and double-digit productivity improvements from artificial intelligence. The company gained market share for the twelfth consecutive quarter and reaffirmed confidence in its six dollar EPS target despite headwinds from elevated spot rates.

+ EPS beat estimates by 6.8%

− Revenue missed estimates by 2.3%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: They raised full-year revenue to between $519 billion and $541 million, up from earlier guidance, driven by strength in QNX and Secure Communications. They expect third quarter revenue between $132 million and $140 million, with the company planning to generate $35 to $40 million in operating cash flow for the full year plus an additional $38 million from a prior sale.

Call summary: BlackBerry delivered a strong second quarter with total revenue of $129.6 million, up 3 percent year over year, and all three divisions beat guidance. QNX revenue hit $63.1 million with 15 percent growth and 32 percent EBITDA margin, driven by royalties and new design wins including a mid-eight-figure ADAS deal in China. The company achieved positive cash flow of $3.4 million despite paying $19 million in back taxes, and management noted that the pause in automotive programs appears to be ending with more momentum expected in the second half of the year.

+ EPS beat estimates by 38.9%; Revenue beat estimates by 10.8%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: BDX expects about $12.50 in adjusted earnings per share for the full year, roughly 6 percent growth after tariffs. Management said low single-digit revenue growth is on track. They plan to return $4 billion from the Waters separation through buybacks and debt paydown.

Call summary: BDX closed its Waters separation today and reported stronger-than-expected first-quarter results with $5.3 billion in revenue and $2.91 in earnings per share. Growth areas like PureWick and biologic drug delivery are performing well with double-digit gains, though China vaccines and Alaris remain headwinds. Management is investing aggressively in high-growth categories and has already captured 80 GLP-1 molecules in drug delivery devices.

+ EPS beat estimates by 3.5%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: DuPont raised full year sales guidance to about $7.2 billion and adjusted earnings to $2.35 to $2.40 per share. They expect about 4 percent organic growth for the year, including roughly 1 percent from pricing to cover higher raw material costs from the Middle East conflict. The company also projects strong margin expansion through the rest of the year.

Call summary: DuPont delivered a strong first quarter with organic sales growth of 2 percent and 20 percent adjusted earnings growth on a pro forma basis. Healthcare sales were especially strong at high single digit growth, while water was hampered by about $10 million in shipment delays from Middle East logistics disruptions. Management emphasized continued innovation, with plans to launch an AI platform for product development, and noted steady progress on their operational improvement program including Kaizen events. The company completed the Aramids divestiture and announced a $275 million accelerated share buyback, returning capital to shareholders while maintaining balance sheet strength.

+ EPS beat estimates by 10.4%

− Revenue missed estimates by 2.0%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: The company expects flat to three percent organic sales growth for the full year. Management said the first half should be stronger because of easier comparisons, but the second half will face tougher comparisons to last year. They are investing in consumer-facing items like stores and marketing while reducing other costs to improve profit margins over time.

Call summary: Estée Lauder returned to growth with a three percent organic sales increase in the quarter, with strong performance in Mainland China and fragrance. The company expanded operating margins by 300 basis points and beat earnings per share expectations by raising unit sales and executing cost cuts through their restructuring plan. Management emphasized that new product launches, expanded online channels like Amazon and TikTok Shop, and stronger consumer demand in China are driving momentum heading into the holiday season.

+ EPS beat estimates by 36.2%

− Revenue missed estimates by 2.3%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: The company expects full year sales to drop 13 to 14 percent from last year's $222 million, mainly because customers ordered early last year to avoid tariffs. Adjusting for that pull forward, sales would be down just 5 percent. They expect third quarter sales to be down about 8 percent year over year. Gross margins are expected to be 42 to 43 percent as tariff costs get released from inventory starting in December.

Call summary: The second quarter revenue came in at $56.6 million, down 5 percent year over year, but beat expectations by $7.2 million. Strong point of sale trends showed 4 percent growth and new products drove 31 percent of sales. However, e-commerce channel fell 15.9 percent due to a major online retailer adjusting purchases for tariffs. The company launched innovative new products like the Caldwell Claycopter and is confident tariff impacts will fully reverse in fiscal 2027.

+ EPS beat estimates by 2649.0%; Revenue beat estimates by 14.5%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: Management reaffirmed its outlook for 20 percent growth in fee-related earnings and 10 percent growth in spread-related earnings in 2026, assuming an 11 percent return on alternative investments. No change to prior guidance despite the weaker quarter.

Call summary: Apollo had a strong quarter in origination at $71 billion and capital formation at $115 billion, though overall revenue fell short at $4.93 billion versus $5.37 billion expected and adjusted earnings of $1.94 per share missed the $1.98 consensus. Management stressed they are being defensive about geopolitical and economic risks while remaining well positioned to grow through their large origination pipeline and $40 billion in Athene cash.

− Revenue missed estimates by 8.2%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: Management raised full year adjusted earnings per share guidance to at least $30.35, up from prior levels. The company plans continued investments in specialty pharmacy and new rebate-free pharmacy model called Signature, rolling out to external clients in 2028.

Call summary: Cigna delivered strong first quarter results with $68.5 billion in revenue and $7.79 adjusted earnings per share, beating expectations. Specialty and Care Services drove growth at 20 percent earnings increase, while Cigna Healthcare achieved 18 percent year-over-year earnings growth. The company is exiting the individual exchange business at year end and exploring strategic alternatives for eviCore prior authorization service, sharpening focus on core high-growth platforms.

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: Copart did not provide formal guidance for future quarters or fiscal year 2026. Management expects industry cycles to drive policy changes and premium growth as insurance carriers reinvest in growth following recent rate increases.

Call summary: Copart reported second quarter revenue of $1.24 billion, up 0.4 percent excluding catastrophic units from the year before. U.S. insurance units fell 4.8 percent but average selling prices rose 9 percent, showing Copart's marketplace advantage. Management cited ongoing consumer underinsurance and lower claims activity, but noted total loss frequency reached 24.2 percent, supporting long-term growth. They invested over $500 million in share buybacks this fiscal year and maintained nearly $6.4 billion in liquidity with no debt.

+ EPS beat estimates by 3.8%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: Disney reaffirmed full year guidance without raising numbers. The company aims for 10 percent streaming margins and expects theatrical releases like The Devil Wears Prada 2 and Toy Story 5 to drive entertainment profits in the back half of the year.

Call summary: Disney reported 25.2 billion in revenue and 1.57 dollars earnings per share, beating analyst expectations. Streaming achieved 12 percent margins ahead of the 10 percent target, and parks revenue exceeded 10 billion dollars for the first time. CEO Iger highlighted 6.5 billion in global box office for 2025 and expressed confidence in both entertainment and experiences businesses driving future growth.

+ EPS beat estimates by 4.4%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: Management expects roughly 16.1 percent revenue growth for the full year 2026, with an adjusted EBITDA margin around 25.7 percent. They plan about 17 percent revenue growth in the next quarter but expect it to step down in Q3 before stabilizing in Q4. They are investing heavily in AI-powered features and product improvements this year.

Call summary: Duolingo had a strong quarter focused on better teaching through new voice features and faster content creation. Daily active users grew 21 percent year over year, slightly above the expected 20 percent. The company published 20,500 course units in just three months, more than 10 times their rate two years ago, powered by AI improvements. Management is experimenting with longer free trials and new monetization tactics that do not hurt user growth.

+ EPS beat estimates by 16.4%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: No specific forward guidance given. Management stated they will provide combined full-year guidance in mid-June once the Cotera merger closes tomorrow and the board aligns on the plan. They expect second quarter production to step up and noted the commodity backdrop is stronger than expected.

Call summary: Devon beat on oil production at 387 thousand barrels per day and generated 816 million dollars in free cash flow despite spending 6 percent less than planned. The company achieved its 1 billion dollar business optimization target ahead of schedule through drilling efficiencies and AI tools like autonomous artificial lift optimization on 850 wells. The Cotera merger closes tomorrow, and management identified 156 distinct value capture opportunities with synergies considered a floor, not a ceiling.

− EPS missed estimates by 2.9%; Revenue missed estimates by 4.3%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: AvalonBay reaffirmed its full year guidance despite beating first quarter expectations. The company still expects rent growth to average about 2 percent for the year, with the first half at about 1.25 percent and the second half at 2.5 percent. Renewal offers for May and June are being sent at 5 percent to 5.5 percent increases, well ahead of earlier renewal offers. Development projects are projected to produce $47 million of income this year, ramping to $120 million in 2027.

Call summary: AvalonBay had a strong first quarter driven by lower operating costs, higher development income, and earlier share buybacks than planned. Rent growth year to date is running in the high 4 percent range, occupancy is steady above 96 percent, and turnover is at historic lows. The company is entering peak leasing season with momentum, especially in New York and Northern California, though Boston, Los Angeles, and Seattle remain softer. Development lease-ups are moving faster than normal, with 32 new residents per month versus a typical 23.

+ EPS beat estimates by 81.5%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: Ameren reaffirmed its full year earnings forecast of $5.25 to $5.45 per share. The company expects to invest more than $70 billion in the grid through 2035 and signed $2.2 billion in data center agreements this quarter.

Call summary: The company earned $1.28 per share in the first quarter, beating consensus of $1.17, driven by steady infrastructure investment and new generation projects. Revenue of $2.18 billion fell short of the $2.28 billion expected due to warmer winter weather in Missouri. Management highlighted progress on data centers and new power plants, with groundbreaking expected this spring on the $2.2 billion in signed agreements.

+ EPS beat estimates by 7.3%

− Revenue missed estimates by 4.6%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

Guidance: CRH reaffirmed its full year adjusted EBITDA guidance of $8.1 billion to $8.5 billion and diluted earnings per share of $5.60 to $6.05. The company expects low to mid single-digit growth in aggregates and cement volumes and prices for the rest of the year, supported by strong infrastructure funding and project backlogs.

Call summary: CRH had a strong start to 2026 with revenue of $7.4 billion, up 9 percent from last year, driven by good early season project activity and disciplined pricing execution. The company is actively managing its portfolio by divesting $1.9 billion of noncore businesses and investing $900 million in nine acquisitions, including a $700 million deal for Axius Water to strengthen its water infrastructure platform. Margins expanded 70 basis points in the quarter as operational improvements and cost discipline offset mid-single-digit inflation in labor and materials.

+ EPS beat estimates by 11.8%; Revenue beat estimates by 3.2%

C Neutral report. Results and guidance were close to expectations, with limited evidence of a reset either way.

+ EPS beat estimates by 80.3%

− Revenue missed estimates by 3.3%