Recommendation Updates

Follow the latest news on active Turnaround Letter purchase recommendations.

Large Cap / Telecommunication Services

Motorola Financials Released

On January 25, 2012, Motorola Solutions, Inc. (NYSE: MSI) announced its fourth-quarter and full-year 2011 results highlighted by fourth-quarter sales of $2.3 billion, up 5% from the fourth quarter of 2010 and full-year sales of $8.2 billion, up 8% from 2010. GAAP operating earnings in the fourth quarter of 2011 were $276 million or 12% of sales, compared to $272 million or 12% of sales in the fourth quarter of 2010. GAAP earnings per share from continuing operations were $0.54, compared to a GAAP earnings of $0.49 in the fourth quarter of 2010. For the full year 2011, GAAP operating earnings were $858 million or 10% of sales, compared to $751 million or 10% of sales in 2010. GAAP earnings per share from continuing operations were $2.20, compared to GAAP earnings of $0.72 in 2010. During the fourth quarter of 2011, the company generated $44 million in operating cashflow from continuing operations, which included a $250 million incremental contribution to the U.S. pension plan. The company ended the quarter with total cash of $5.1 billion while returning $366 million to shareholders through share repurchases during the quarter. Motorola Solutions’ outlook for the first quarter of 2012 is for revenue growth of approximately 4% compared with the first quarter of 2011 and earnings per share from continuing operations of $0.50 to $0.55 per share. For the full-year 2012, the company expects revenue growth of approximately 5% compared with 2011 and operating earnings of approximately 17% of sales.

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Is there value in bankrupt PG&E’s stock?

In nearly every case, the shares of a company in bankruptcy become worthless. In very rare cases, however, they can become great investments. W.R. Grace (NYSE:GRA) shares produced a 75-fold return, as an example. With California utility PG&E (NYSE:PCG) now in bankruptcy, the range of possible outcomes for its equity is wide.

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EV/EBITDA: What Is It & Why Are We Using It More?

In reading recent editions of The Turnaround Letter, you have probably noticed that we are increasingly using EV/EBITDA as a valuation measure, rather than the better-known price/earnings multiple.  We thought it might be useful to describe this measure and why we like it.

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Turnaround Letter Stock Pick Named Top Performer of 2017

 

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What Last Year's Top Stock Pickers Are Buying in 2018

 

This Forbes write-up follows up on the recent Top Stock Tips report--naming The Turnaround Letter's Crocs recommendation the top performer of 2017: With 90% gains, CROX beat out 100 other investment ideas included in the report; and the stock continues to have value investing appeal, according to Putnam.

 

George notes, "We see additional upside for the stock in 2018 as management's efforts continue to bear fruit, though the gains will likely be more muted than we saw in 2017."