Live Markets: Debt concerns, paydown plans feature on 3Q earnings calls

DXC Technology

22/11/2023 17:16

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    DEBT CONCERNS, PAYDOWN PLANS FEATURE ON 3Q EARNINGS CALLS
    Discussions about rising interest rate costs were featured
on the conference calls of a number of companies during third
quarter earnings, with several firms indicating that paying down
debt would be a key priority, according to Goldman Sachs.
    The investment bank noted that “debt paydown and leverage
ratios were key topics on 3Q earnings calls.”
    Companies that indicated that paying down debt would take
priority over other capital spending alternatives included
Western Digital Corp  WDC.O , FMC Corp  FMC.N , Organon & Co
 OGN.N , Tyler Technologies,  TYL.N , Boeing Co  BA.N  and EQT
Corp.  EQT.N 
    Several companies noted that higher interest rates on
short-term and variable rate debt were causing a drag, Goldman
said, including IQVIA Holdings  IQV.N , Baxter International
 BAX.N , DXC Technology  DXC.N , Bunge Global  BG.N  and
Comerica Inc.  CMA.N .
    Others also indicated that they are targeting the paydown of
these types of debt. These include L3Harris Technologies Inc.
 LHX.N , Marathon Oil Corp  MRO.N , American Airlines Group Inc.
 AAL.O , CenterPoint Energy Inc.  CNP.N  and PPG Industries Inc.
  PPG.N .
    
    (Karen Brettell)
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 (Terence Gabriel is a Reuters market analyst. The views
expressed are his own)