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Research Alert: Rcl: Strong Q1 Beat On Demand Strength; Lowers Full-year Guidance
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:RCL reported Q1 adjusted EPS of $3.60, up 33% Y/Y and significantly beating the $3.20 consensus estimate. Total revenue of $4.45B, up 11%, was in line with consensus, while onboard revenue surged 14% and net yields grew 2% excluding currency effects. In our view, the strong onboard spending result signals consumer willingness to spend and reflects RCL's effective push to capture destination spending through private island destinations and targeted marketing. Management lowered 2026 adjusted EPS guidance this quarter to $17.10-$17.50, from $17.70-$18.10, citing higher fuel costs and geopolitical impacts. We believe the 300bps expansion in adjusted EBITDA margins to 38% showcases the operational leverage inherent in the business model, with net cruise costs excluding fuel rising only 0.6% in constant currency. The company's strong balance sheet with $6.9B liquidity and $1.1B returned to shareholders this quarter demonstrates its continued ability to invest in growth while rewarding shareholders.
$RCL
Research
Research Alert: Wayfair: Solid Q1 With Active Customer Growth And Strong Margins
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:Wayfair delivered solid Q1 results with revenue of $2.931B (+7% Y/Y), beating consensus by $43M, while adjusted EBITDA of $151M (+42% Y/Y) exceeded the $146M estimate. Adjusted EBITDA margins of 5.2% (+130 bps Y/Y) marked the best Q1 performance since 2021, with active customers returning to growth (+1.4% Y/Y to 21.4M) for the first time in nearly two years. The company continues to gain market share despite challenging macroeconomic conditions, outperforming the broader home furnishings category by a high-single-digit spread. Management will provide Q2 guidance on the earnings call, with expectations for a cautiously optimistic outlook given ongoing market share gains. We expect continued progress toward the long-term 10%+ margin target, with revenue growth flowing efficiently to profitability. Customer engagement metrics improved with LTM revenue per active customer rising 5.2% Y/Y to $591 and orders per customer increasing to 1.88 from 1.85, indicating stronger purchasing frequency among the existing base.
$W
Research
Research Alert: Tt: Q1 Earnings Well Above Expectations; 2026 Guidance Raised
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:TT posted Q1 adjusted EPS of $2.63 vs. $2.45 (+7%), well ahead of the $2.53 consensus. TT's Q1 sales increased 6% to $4.97B ($150M ahead of consensus), but adjusted EBIT margin contracted 20 bps to 16.0%. Organic bookings were up 24 percent, led by Americas Commercial HVAC, which was up approximately 40 percent. TT ended Q1 2026 with a record backlog of $10.7 billion, up over 30% from year-end 2025 levels. TT now expects 2026 revenue growth of ~9.5% versus 8.5%-9.5% previously and adjusted EPS of $14.75-$14.95, up from $14.65-$14.85 previously. TT's Q1 results demonstrate strong commercial momentum, and the record backlog provides excellent visibility. However, margin compression and slower organic revenue conversion warrant monitoring. The increased guidance reflects management's confidence in executing on its substantial order book. From our perspective, the growth in TT's backlog was particularly impressive and should reaffirm investor confidence in its near- and intermediate-term growth prospects.
$TT