Orix Corp Ads (NYSE:IX) Releases Earnings Results, Beats Expectations By $0.41 EPS

Orix Corp Ads (NYSE:IX) announced its earnings results on Thursday. The real estate investment trust reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.16 by $0.41, Zacks reports. Orix Corp Ads had a net margin of 18.02% and a return on equity of 13.08%. The firm had revenue of $7.06 billion for the quarter, compared to analyst estimates of $7.37 billion.

Here are the key takeaways from Orix Corp Ads’ conference call:

• Record first-quarter net income reached JPY 280.8 billion, up JPY 173.5 billion year over year and representing 53% of the unchanged JPY 530 billion full-year forecast.
• Core earnings improved across asset management, transportation and insurance, while capital recycling generated approximately JPY 300 billion of cash inflows. ORIX also completed the ORIX Bank transfer and agreed to acquire aircraft-parts company AerFin to expand its aviation value chain.
• Results remain highly exposed to Kioxia’s share price; JPY 540 billion of the JPY 840 billion first-half forecast is non-cash Kioxia-related gains. Management noted that the share-price decline since June could result in Kioxia-related valuation losses in the third quarter.
• ORIX changed its dividend policy to base shareholder distributions on adjusted profit excluding Kioxia-related gains and losses, while maintaining the higher-of-39%-payout-ratio or prior-year dividend framework. The interim dividend is forecast at JPY 107.27 per share, and JPY 78.4 billion of the planned JPY 250 billion buyback had been completed by the end of July.

Orix Corp Ads Stock Down 2.9%

Shares of IX stock traded down $1.20 during mid-day trading on Friday, reaching $40.09. 204,047 shares of the company’s stock traded hands, compared to its average volume of 198,606. Orix Corp Ads has a 12 month low of $24.19 and a 12 month high of $42.39. The company has a market cap of $44.51 billion, a P/E ratio of 11.07, a P/E/G ratio of 0.89 and a beta of 0.88. The company has a quick ratio of 1.73, a current ratio of 1.77 and a debt-to-equity ratio of 1.30. The company’s 50-day moving average price is $39.44 and its 200-day moving average price is $35.20.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Corient Private Wealth LLC grew its holdings in Orix Corp Ads by 1.1% during the fourth quarter. Corient Private Wealth LLC now owns 35,114 shares of the real estate investment trust’s stock valued at $1,026,000 after purchasing an additional 367 shares during the period. Franklin Resources Inc. increased its position in Orix Corp Ads by 2.8% in the third quarter. Franklin Resources Inc. now owns 16,147 shares of the real estate investment trust’s stock worth $422,000 after buying an additional 445 shares in the last quarter. Raymond James Financial Inc. raised its stake in shares of Orix Corp Ads by 2.7% in the second quarter. Raymond James Financial Inc. now owns 17,157 shares of the real estate investment trust’s stock worth $386,000 after buying an additional 457 shares during the period. Vise Technologies Inc. raised its stake in shares of Orix Corp Ads by 1.5% in the third quarter. Vise Technologies Inc. now owns 40,174 shares of the real estate investment trust’s stock worth $1,049,000 after buying an additional 577 shares during the period. Finally, Parr Mcknight Wealth Management Group LLC lifted its position in shares of Orix Corp Ads by 1.0% during the 2nd quarter. Parr Mcknight Wealth Management Group LLC now owns 67,964 shares of the real estate investment trust’s stock valued at $1,531,000 after buying an additional 677 shares in the last quarter. 1.73% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on IX. Weiss Ratings upgraded shares of Orix Corp Ads from a “hold (c)” rating to a “hold (c+)” rating in a report on Wednesday, July 29th. Zacks Research downgraded Orix Corp Ads from a “strong-buy” rating to a “hold” rating in a report on Monday, July 27th. Finally, Wall Street Zen lowered Orix Corp Ads from a “buy” rating to a “hold” rating in a research report on Sunday, June 7th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has an average rating of “Hold”.

About Orix Corp Ads

ORIX Corporation ADS (NYSE: IX) is the American depositary share listing of ORIX Corporation, a diversified financial services group headquartered in Tokyo, Japan. The company operates across multiple business lines that include leasing and lending, real estate, investment and asset management, and a range of retail and corporate financial services. ORIX’s ADS program allows U.S. investors to access ownership in the Tokyo-based group through shares traded on the New York Stock Exchange.

Core activities include equipment leasing and installment financing for corporate customers, corporate lending and structured finance, and real estate development and property management.