The timing of customer purchases weighed on third-quarter revenue, while a higher share of optical equipment lifted gross margin. Goldman Sachs expects shipments to increase in the fourth quarter, while cutting future earnings forecasts because of longer delivery cycles.
An improved product mix and cost pass-through drove gross margin to a record, but a slower-than-expected ramp-up in lubricant additives, expenses and foreign exchange losses also weighed on Goldman Sachs' earnings forecasts.
Third-quarter revenue and operating profit were 2% and 6% above Goldman Sachs’ forecasts, respectively, but net profit missed expectations because of lower investment income. Domestic retail channels are under pressure, and the company is increasing investment overseas. Goldman Sachs has lowered its earnings forecasts and target price.
In the third quarter of 2026, the company's revenue and net profit both fell short of Goldman Sachs' expectations. Rural inclusive vaccination programs pushed the decline in the average selling price of flu vaccines beyond expectations, prompting Goldman Sachs to cut its earnings forecasts for the next three years and its target price.
Third-quarter revenue rose 97.5% year over year, but higher R&D expenses weighed on the operating margin. Goldman Sachs is optimistic about growth from large-package equipment and new CPO products, and expects gross margin improvement to occur mainly in the second half of 2027.
The Federal Reserve held rates steady, while the Bank of Canada has already raised them; Goldman Sachs expects further rate increases of varying degrees from central banks in the US, Europe, Japan and Canada. Meanwhile, US earnings have exceeded expectations, but returns on AI investment and the impact on employment remain market concerns.
An adjustment to its overseas strategy reduced revenue growth from approximately 20% in the second quarter to low single digits in the third quarter. Alongside operating deleverage and foreign exchange losses, this led Goldman Sachs to cut its earnings forecasts and target price.
Goldman Sachs expects Focus Media's revenue to remain under pressure in the fourth quarter and recover modestly in 2027; the coverage expansion from its proposed acquisition of Xinchao Media remains contingent on completion of the deal.
Third-quarter net profit turned positive, but sales continued to fall, and land acquisition spending widened the operating cash outflow. Goldman Sachs maintained its full-year loss forecast and neutral rating.
Fewer visitors and lower ticket prices drove Songcheng Performance’s third-quarter revenue down 33% year on year, while relatively stable performance costs amplified pressure on profit. Goldman Sachs cut its earnings forecasts for the next three years and maintained its Sell rating relative to peers.
A better mix of high-value MLCC and FC-BGA products pushed third-quarter operating profit above Goldman Sachs’ and market expectations. Goldman raised its earnings forecasts while lowering its outlook for camera modules.
GE Vernova’s third-quarter Power segment orders grew 178% year over year on an organic basis, while gas turbine equipment prices and margins also rose. Goldman Sachs believes tight supply and demand will support an improvement in Mitsubishi Heavy Industries’ gas turbine profitability and generate demand for Japan Steel Works’ large components business.
The UK autumn budget introduces modest measures, but rising debt interest costs and recent downgrades to growth forecasts have pushed up the deficit. Goldman Sachs believes tight departmental spending plans will put pressure on next year's spending review.
Third-quarter revenue in 2026 rose 25% year on year, while net profit grew 175% from a low base, exceeding Goldman Sachs' forecast by 52%. Goldman Sachs raised its earnings forecasts but remains concerned about the profit potential of the robotics business and the company's valuation.
Goldman Sachs sees modest differentiation for Amgen’s dazodalibep in improving dryness symptoms. Early data for two allogeneic CAR-T therapies are also encouraging, although patient numbers and follow-up remain limited.
The Federal Reserve held interest rates unchanged in October after its previous hike. Goldman Sachs believes the meeting language and the chair’s remarks support a pace of hikes at every other meeting, but another hike next March remains possible if inflation exceeds the bank’s expectations.
Third-quarter property EBITDA was slightly above Goldman Sachs’ expectations, but fell 6% quarter on quarter after adjusting for the VIP win rate. Slot machine expansion lifted market share, while Goldman cut its earnings forecasts and target price following a recent weakening in gaming revenue.
Goldman Sachs believes improved profitability in the existing life insurance business supported operating profit, but weaker new policy sales and new business margins weighed on the outlook for future growth.
Goldman Sachs maintains its Buy rating: the company's third-quarter revenue rose 66% year over year, but its operating margin fell to 6% from the previous quarter; land investment rose sharply in the same period, while the full-year sales forecast depends on an acceleration in the fourth quarter.
Goldman Sachs expects WH Group’s fourth-quarter operating profit to fall 38% year over year and has cut its earnings forecasts for the group over the next three years because of weakness in US hog production and fresh pork. Improving costs in Chinese packaged meat and shareholder returns provide some support.
