No CSL result can be truly understood unless one assesses what is happening to the cost levers that management is pulling.
Because, at first glance, 5% increase in Operating Profit might look to be a bit muted, this needs to be seen in the context of a 14% increase in R&D spend (all fully expensed), and 29% increase in General and Admin expenses (slated due to "facilities expansion and new technology").
These rates are clearly running well ahead of the 9% increase in Revenues.
Presumably these are "good costs" that form the base for future, long-term expansion of the business.
But it means that the current underlying earnings growth is really running at rates that are close to double the actual reported figures.
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$288.93 |
Change
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Mkt cap ! $139.9B |
Open | High | Low | Value | Volume |
$287.64 | $289.70 | $287.16 | $174.5M | 601.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 149 | $288.79 |
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Price($) | Vol. | No. |
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$288.96 | 1858 | 1 |
View Market Depth
No. | Vol. | Price($) |
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1 | 2 | 288.780 |
1 | 1 | 288.700 |
1 | 1297 | 288.580 |
1 | 1297 | 288.430 |
1 | 651 | 288.340 |
Price($) | Vol. | No. |
---|---|---|
288.960 | 1858 | 1 |
289.000 | 1006 | 2 |
289.070 | 850 | 1 |
289.130 | 297 | 1 |
289.220 | 894 | 1 |
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