BlackBerry Ltd. (BB)
- 1Q27 Revenue: $152.9M, +25.6% YoY, beat estimates by $15.35M
- 1Q27 Non-GAAP EPS: $0.04, beat estimates by $0.01
- 2Q27 Guidance: Expect revenue of $137-148M, adjusted EBITDA of $20-30M and non-GAAP EPS of $0.03-0.04.
- FY27 Guidance: Expect revenue of $594-621M, adjusted EBITDA of $119-139M and non-GAAP EPS of $0.16-0.20.
- Comment: BlackBerry reported a strong start to fiscal 2027, driven by continued momentum in its QNX software business and improving performance across its secure communications segment. First-quarter revenue rose 26% YoY to US$152.9mn, prompting management to raise its full-year revenue guidance to US$594-621mn. QNX revenue increased 26% to US$72.3mn, supported by growing adoption of software-defined vehicles and a nearly US$1bn royalty backlog that provides strong long-term revenue visibility. Meanwhile, the Secure Communications division grew 24% YoY to US$73.6mn, benefiting from resilient demand from government and public sector customers. The stronger-than-expected results reflect BlackBerry’s successful transformation into a software-focused company serving mission-critical automotive and cybersecurity markets. Looking ahead, BlackBerry is well positioned to benefit from the accelerating adoption of software-defined vehicles, autonomous driving technologies, and increasing demand for secure embedded operating systems. The QNX division’s nearly US$1bn royalty backlog provides strong earnings visibility, while deeper integration with next-generation automotive platforms should support sustained growth over the coming years. At the same time, the Secure Communications business is expected to remain supported by stable government and enterprise demand for cybersecurity solutions. As both businesses continue to scale, BlackBerry appears well positioned to deliver steady revenue growth and improved profitability, supported by long-term secular trends in connected vehicles, critical infrastructure, and cybersecurity. 2Q27 recommended trading range: $9 to $12. Positive Outlook.
黑莓公司（BB)
- 27财年第一季度营收：1.529亿美元，同比增长25.6%，超出市场预期1535万美元
- 27财年第一季度非公认会计准则每股收益：0.04美元，超出市场预期0.01美元
- 27财年第二季度指引：预计营收1.37亿–1.48亿美元，调整后EBITDA为2000万–3000万美元，非公认会计准则每股收益为0.03–0.04美元
- 27财年全年指引：预计营收5.94亿–6.21亿美元，调整后EBITDA为1.19亿–1.39亿美元，非公认会计准则每股收益为0.16–0.20美元
- 短评：黑莓在27财年开局强劲，主要得益于QNX软件业务的持续势头以及安全通信部门业绩的改善。第一季度营收同比增长26%至1.529亿美元，促使管理层将全年营收指引上调至5.94亿–6.21亿美元。在软件定义汽车日益普及以及近10亿美元特许权使用费积压订单（提供强劲的长期营收可见度）的支撑下，QNX营收增长26%至7230万美元。同时，安全通信部门同比增长24%至7360万美元，受益于政府和公共部门客户需求的韧性。超预期的业绩反映了黑莓成功转型为一家专注于服务关键任务汽车和网络安全市场的软件公司。展望未来，黑莓有望充分受益于软件定义汽车和自动驾驶技术的加速普及，以及对安全嵌入式操作系统日益增长的需求。QNX部门近10亿美元的特许权使用费积压订单提供了强劲的盈利可见度，而与下一代汽车平台的深度融合应能支撑未来几年的持续增长。同时，安全通信业务预计将继续得到政府和企业对网络安全解决方案稳定需求的支持。随着两大业务持续扩张，在联网汽车、关键基础设施和网络安全的长期结构性趋势支撑下，黑莓似乎已具备实现稳健营收增长和盈利能力提升的有利条件。27财年第二季度建议交易区间：9美元至12美元。积极前景。
FedEx Freight Holding Company Inc (FDXF)
- 4Q26 Revenue: $2.4B, +4.8% YoY, beat estimates by $140M
- 4Q26 adjusted operating income: $363M
- June through the end of December 2026 Guidance: Expects adjusted operating income of $605M to $645M, compared with $600M in the year-ago period. It also expects adjusted earnings per share for the June-to-December period of $2.4 to $2.6.
- Comment: FedEx Freight delivered a solid first quarter as an independent company following its spin-off from FedEx, with revenue rising 4.8% YoY to US$2.4bn, exceeding expectations on the back of higher fuel surcharges and increased weight per shipment. However, adjusted operating income declined 23.9% due to one-time separation costs, softer shipment volumes, and higher labor expenses. Management provided its first standalone outlook, forecasting 4%-6% revenue growth and adjusted operating income growth of 0.8%-7.5% for the seven months ending December 2026, supported by improving industrial demand, strengthening U.S. manufacturing activity, tighter industry capacity, and rising freight rates. The company also expects adjusted operating income of US$605-645mn and adjusted EPS of US$2.40-2.60 over the period as it transitions to a calendar-year reporting schedule. Looking ahead, FedEx Freight is well positioned to benefit from an improving industrial economy, recovering manufacturing activity, and a favorable less-than-truckload (LTL) pricing environment driven by tighter industry capacity. As separation-related costs normalize, management expects operating profitability to improve while leveraging its leading market position and nationwide LTL network. Continued strength in freight rates, coupled with disciplined cost management and steady industrial demand, should support earnings growth over the medium term, although shipment volumes may remain sensitive to broader macroeconomic conditions and customer spending trends. 1Q27 recommended trading range: $140 to $180. Neutral Outlook.
联邦快递货运控股公司（FDXF)
- 26财年第四季度营收：24亿美元，同比增长4.8%，超出市场预期1.4亿美元
- 2026年6月至12月指引：预计调整后营业利润为6.05亿–6.45亿美元（高于上年同期的6亿美元），同时预计该期间（6月至12月）调整后每股收益为2.4–2.6美元
- 短评：联邦快递货运在从联邦快递分拆独立后的首个季度交出了稳健的答卷，营收同比增长4.8%至24亿美元，在燃油附加费上涨和单票重量增加的推动下超出市场预期。然而，受一次性分拆成本、货运量疲软以及劳动力成本上升的影响，调整后营业利润下降了23.9%。管理层提供了独立后的首个业绩展望，预计截至2026年12月的七个月内，在工业需求改善、美国制造业活动增强、行业运力收紧以及运费上涨的支撑下，营收将增长4%–6%，调整后营业利润将增长0.8%–7.5%。随着公司向日历年度财报过渡，预计该期间调整后营业利润为6.05亿–6.45亿美元，调整后每股收益为2.40–2.60美元。展望未来，联邦快递货运有望充分受益于工业经济改善、制造业活动复苏，以及行业运力收紧带来的有利零担（LTL）定价环境。随着分拆相关成本趋于正常化，管理层预计营业利润率将得到改善，同时利用其领先的市场地位和全国性的零担网络。运费的持续坚挺，加上严格的成本管理和稳定的工业需求，应能支撑中期盈利增长，尽管货运量可能仍对更广泛的宏观经济状况和客户支出趋势较为敏感。27财年第一季度建议交易区间：140美元至180美元。中性前景。
