Q4 2024 Earnings Conference Call Recaps: PPG Industries (PPG)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers PPG Industries’ (PPG) Q4 2024 earnings call.
PPG Industries (PPG) is known for its paints, coatings, and specialty materials, serving industries like aerospace, automotive, construction, and industrial manufacturing. PPG’s quarter highlighted strategic portfolio optimization, including the divestiture of its US and Canada architectural coatings business, positioning the company for higher margins and a more focused growth strategy. Aerospace coatings hit record sales, with a growing $300 million backlog signaling sustained demand. Industrial coatings gained $100 million in new business, partly due to a competitor’s exit from South America. However, weak European demand and auto OEM softness weighed on overall performance. Tariffs on TiO2 and epoxies will push raw material costs up low single digits in 2025, but PPG plans to offset this with pricing actions. Despite a slow start expected in Q1, management projects full-year EPS growth of 7%, with stronger performance in the second half. After missing on estimates, PPG shares sank more than 5% on 1/31…
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Q4 2024 Earnings Conference Call Recaps: Deckers Outdoor (DECK)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Deckers Outdoor’s (DECK) Q3 2025 earnings call.
Deckers Outdoor (DECK) is best known for its UGG and HOKA brands. UGG has evolved from a winter boot brand into a global lifestyle powerhouse, while HOKA has rapidly gained market share in the high-performance running and outdoor footwear space. The company thrives on a scarcity-driven pricing model that prioritizes full-price sales over aggressive discounting. DECK provides key insights into consumer demand for premium footwear, serving a mix of fashion-conscious consumers, athletes, and outdoor enthusiasts, with an increasing global presence. DECK delivered a record quarter, with revenue up 17% YoY to $1.83 billion and gross margins hitting an all-time high of 60.3%. UGG’s revenue rose 16% to $1.2 billion, fueled by success internationally, strong full-price sell-through, and new sneaker and hybrid collections. HOKA jumped 24% to $531 million, with DTC sales up 27% and strong international momentum, particularly in China. Heading into Q4, DECK expects a slowdown in growth due to inventory constraints but remains confident in long-term demand. The company topped estimates, but the stock fell close to 20% on 1/31 on the slowing growth story…
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Q4 2024 Earnings Conference Call Recaps: Intel (INTC)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Intel’s (INTC) Q4 2024 earnings call.
Intel (INTC) is a semiconductor leader that designs and manufactures central processing units (CPUs), accelerators, and system-on-chip (SoC) solutions for PCs, data centers, and AI applications. The company powers everything from personal computers to cloud infrastructure, with its x86 architecture remaining a backbone of computing. With government-backed CHIPS Act support and an aggressive push into AI-powered computing, INTC is right there in the mix of competition with AMD, NVIDIA, and new market entrants. This quarter, INTC reported revenue of $14.3 billion, up 7% sequentially, but guided Q1 2025 down to $11.7-$12.7 billion amid macro uncertainty and competitive pressures. The company remains dominant in AI PCs, expecting to ship over 100 million units by 2025. In data centers, Intel sees progress with its Granite Rapids and Clearwater Forest chips but admitted lagging in cloud AI. Foundry services gained traction, with Intel 18A advancing, but the unit posted a $2.3 billion loss. Intel secured $7.86 billion in CHIPS Act grants, reinforcing its US manufacturing push. INTC’s stock fell on 1/31 despite better-than-expected results…
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Q4 2024 Earnings Conference Call Recaps: Apple (AAPL)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Apple’s (AAPL) Q1 2025 earnings call.
Apple (AAPL) is the largest company in the world by market cap, the maker of the iPhone, Mac, iPad, Apple Watch, and AirPods. Its services segment, encompassing the App Store, iCloud, Apple Music, and Apple TV+, is a growing profit engine. As a consumer electronics powerhouse, AAPL provides insights into global consumer demand, premium brand loyalty, and innovation in AI, privacy, and computing. AAPL posted record Q1 revenue of $124.3B (4% YoY growth). Apple Intelligence fueled iPhone demand in markets where it launched, helping iPhone 16 outperform its predecessor. China revenue fell 11%, hurt by inventory adjustments and delayed AI rollout. Meanwhile, India set a new sales record. Mac (+16% YoY) and iPad (+15% YoY) saw strong upgrades, with Apple Silicon driving AI-powered features. Services revenue hit $26.3B (14% YoY growth), with over 1 billion paid subscriptions. The company’s mention of “AI” on its conference call remains well below other megacap tech companies, at seven mentions for the second straight quarter. After beating estimates, AAPL shares opened 4% higher on 1/31, but those gains were wiped out intraday…
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The Former Speaker Buys AI
Artificial intelligence continues to permeate throughout the economy, and one such example coming out of the Health Care sector is Tempus AI (TEM). Founded in 2015 and IPO’ing last June, TEM uses AI to analyze medical data in order to help provide diagnoses and treatment options for patients. As shown below, the stock saw a solid rally in the first couple of months after its IPO but quickly gave up those gains throughout the late summer and fall before a failed retest of those highs in November. By December, the stock had fallen through its 50-DMA and continued to erase any post-IPO gains. That is until the past couple of weeks. On January 14, the stock found a bottom which also happened to be the same day that House Rep and former Speaker of the House Nancy Pelosi purchased 50 call options in the stock that was later revealed in a disclosure on January 17. In reaction to the disclosure, the stock saw a one-day jump of 21.5%. There has been further follow through in the days since with the stock now back above its 50-DMA and at its highest level since early December. Since Pelosi’s purchase, TEM has rallied more than 80% from the low $30s to the high $50s!
Pelosi (more specifically, Pelosi’s husband Paul) has garnered a reputation as a successful trader in recent years as the trading activity of politicians has become increasingly scrutinized. Up to this point, most of Pelosi’s trades have been in larger-cap names that didn’t necessarily move when the disclosure came out. TEM is one of the first stocks we can recall that likely rallied significantly because of a Pelosi trade disclosure.
Unusual Whales has created two counterpart ETFs that are meant to track Republican Trading (KRUZ) and Democratic Trading (NANC) based on trading activity disclosures from members of Congress and their spouses. As shown below, the Democratic Trading ETF has outperformed SPY since the ETF’s inception in early 2023 with NANC up 58.9% compared to a 46.6% gain in the S&P 500 (SPY). The Republican Trading ETF (KRUZ) has gained roughly 30%, which means it’s up about half as much as the Democratic ETF. Based on these two ETFs at least, investors have recently been better off following the trading patterns of Democrats rather than Republicans in Congress.
Bespoke’s Morning Lineup — 1/31/25
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“The most important lesson an investor can learn is to be dispassionate when confronted by unexpected and unfavorable outcomes.” – Peter Bernstein
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
The S&P 500 ETF (SPY) is currently trading up roughly 0.4% pre-market, while the Nasdaq 100 ETF (QQQ) is up 0.8%. Apple (AAPL) is driving futures higher with a 4% pre-market gain after reporting mostly weaker-than-expected earnings yesterday after the close.
As shown below, all of the key US index ETFs across markets caps are currently in “neutral” territory.
Below is a look at how the biggest decliners during Monday’s sell-off have done since. There were 25 stocks in the S&P 1500 that fell more than 15% on Monday, and those names have averaged a bounce-back gain of 8.06% since Monday’s close. However, they’re still down an average of 13% on the week, so they have some work to do to recover Monday’s losses.
The Closer – Tariffs, NIPAs, More Tech Earnings – 1/30/25
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we start out with a look into the whipsaw in stocks after tariff news (page 1) followed by a dive into the first estimate of Q4 National Income and Product Accounts (pages 1-3). We finish with a recap of the latest earnings including the results from Apple (AAPL) and Intel (INTC).
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Q4 2024 Earnings Conference Call Recaps: IBM (IBM)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers IBM’s (IBM) Q4 2024 earnings call.
IBM (IBM) specializes in hybrid cloud computing, artificial intelligence, and consulting services. Its Red Hat subsidiary drives cloud adoption, while watsonx AI powers enterprise AI applications. The company’s mainframes (IBM Z) remain essential for mission-critical workloads in the banking, retail, and government sectors. IBM is a major force in quantum computing and cybersecurity, offering insight into how large enterprises integrate AI and automation. IBM closed 2024 strong, with $12.7 billion in free cash flow, its highest in years. Generative AI adoption accelerated, with IBM’s AI book of business hitting $5 billion, up $2 billion QoQ. Red Hat grew 17%, with OpenShift reaching $1.4 billion ARR, up 25%. The IBM Z16 mainframe cycle remains its most successful ever, with the upcoming Z17 launch in mid-2025 set to expand AI integration. Consulting signings hit a record $1.5 billion in AI-driven bookings, though macro uncertainty still impacts client IT spending. IBM projects 5%+ revenue growth in 2025, with HashiCorp’s acquisition strengthening its cloud automation strategy. Despite global uncertainties, IBM sees tech investment as a top enterprise priority. IBM shares were up more than 12% on 1/30 in reaction to the report and on optimism related to AI…
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Q4 2024 Earnings Conference Call Recaps: United Parcel Service (UPS)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers United Parcel Service’s (UPS) Q4 2024 earnings call.
United Parcel Service (UPS) is one of the world’s largest package delivery and supply chain management companies, serving businesses ranging from small e-commerce sellers to major corporations. UPS provides a key barometer for global trade, consumer demand, and business-to-business shipping trends. UPS is reshaping its business by cutting its largest customer, Amazon, by over 50% by mid-2026 to improve profitability. This move will reconfigure its network, close 10% of facilities, and drive $1 billion in cost savings through the Efficiency Reimagined initiative. The company ended its reliance on USPS for SurePost (UPS’s economy shipping service that uses UPS’s network for most of the package’s journey but traditionally relied on USPS for final-mile residential delivery), citing service risks, and now delivers 100% in-house. Small and medium-sized businesses (SMBs) continue to be a priority, making up 28.9% of US volume, with a goal of 32% in 2025. International growth was strong, with Asia export volumes up 15.4%. Healthcare logistics remains a major focus, targeting $20 billion in revenue by 2026. UPS expects 6% revenue per piece (RPP) growth in 2025, emphasizing pricing discipline and higher-margin customers. UPS results were mixed as revenues came up short, and the stock tanked around 14% in reaction to the Amazon news…
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Q4 2024 Earnings Conference Call Recaps: Meta Platforms (META)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Meta Platform’s (META) Q4 2024 earnings call.
Meta Platforms (META) is a global leader in social media, digital advertising, and artificial intelligence, operating Facebook, Instagram, WhatsApp, Messenger, and now Threads. The company is at the forefront of AI development with its Meta AI assistant and open-source Llama models, while also pushing into hardware with Ray-Ban Meta smart glasses and virtual reality through its Quest headsets. Meta’s platforms serve billions of users daily. META closed 2024 reporting $48.4 billion in revenue (+21% YoY). AI was the central theme, with Meta AI scaling to 700M+ users and Llama 4 expected to surpass proprietary models. CEO Mark Zuckerberg called AI glasses a potential “next computing platform,” while Threads hit 320M MAUs, adding 1M users daily. Ad revenue was up 21% and AI-driven tools like Andromeda improved ad performance. META is spending heavily, with $60B-$65B in capex planned for 2025, primarily on AI infrastructure. Regulatory shifts and TikTok’s uncertain future could also reshape competition. META shares were up about 3% at the opening bell on 1/30…
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