Key Highlights

  • Gerdau (NYSE:GGB) showed a 22.79% EPS miss in published market data, yet adjusted EBITDA rose 37.8% to 3.771 billion reais. Coca-Cola FEMSA (NYSE:KOF) showed a 16.03% miss despite revenue up 10.9% and record volume.
  • Principal Financial Group (NASDAQ:PFG) missed by 8.45% with operating EPS of USD 2.22 against USD 2.42, though earnings excluding variances were USD 2.49. Public Storage (NYSE:PSA) showed an 8.17% EPS miss while core FFO edged up 0.7% to USD 4.34.
  • Noble Corporation (NYSE:NE) posted an adjusted loss of USD 0.57 per share against a USD 0.23 profit estimate, mainly because a USD 133.0 million tax charge exceeded pre-tax income of USD 16.0 million.
  • In four of the five cases the company's own measures looked better than the listed EPS comparison, so the labels reflect differing bases, currencies and estimates as much as weak operations.

Gerdau (NYSE:GGB): EBITDA Up 37.8% but a Reported Miss

Gerdau (NYSE:GGB) reported third quarter 2026 adjusted EBITDA of 3.771 billion Brazilian reais, up 37.8%, with a 20.2% margin that was the highest since the second quarter of 2023. Net income was 1.563 billion reais, or 0.79 reais per share, up from 0.54 reais. Published market data listed EPS of USD 0.77 against USD 1.00, a 22.79% miss on a currency basis the company release does not reconcile. North America earned 2.912 billion reais of adjusted EBITDA, about 76% of the total, while Brazil faced rising imports. The company declared a dividend of 0.34 reais per share payable December 15, 2026. Gerdau (NYSE:GGB) gave no numeric guidance. Import pressure in Brazil and shipments down 5.6% year over year are the risks. Brazil earned 741 million reais at a 10.7% margin, and South America earned 160 million reais, down 31.8% year over year. Fitch and S&P revised the outlook to positive, and net debt to adjusted EBITDA was 0.58 times.

Coca-Cola FEMSA (NYSE:KOF): Record Volume but an EPS Miss

Coca-Cola FEMSA (NYSE:KOF) reported third quarter 2026 revenue up 10.9% to 79.7 billion Mexican pesos and record volume of 1.1 billion unit cases, up 5.3%. Adjusted EBITDA rose 16.2% to 16.8 billion pesos, helped by a 1.1 billion peso Brazil insurance recovery. Majority net income rose only 5.5% to 6.2 billion pesos because net financing expense climbed to 2 billion pesos from 1.3 billion, and published market data showed EPS of USD 1.59 against USD 1.89, a 16.03% miss. Mexico operating income fell 3.1% on higher marketing, labor and freight costs. Coca-Cola FEMSA (NYSE:KOF) plans more pricing in Mexico in mid-November, expects a moderately optimistic 2027 and will announce a capital return mechanism in early 2027. Peso weakness is the main risk. Colombia volume rose 15.9% and capacity is strained in Colombia and Venezuela. Hedging covers 65% of 2026 PET and 88% of sugar, but only 16% of 2027 PET, which leaves more raw material exposure next year if prices rise.

Principal Financial Group (NASDAQ:PFG): Operating EPS Miss of 8.45%

Principal Financial Group (NASDAQ:PFG) reported third quarter 2026 non-GAAP operating earnings of USD 2.22 per share against a USD 2.42 consensus, an 8.45% miss, though earnings excluding significant variances were USD 2.49. Net income attributable to the company was USD 631.9 million, or USD 2.91 per share, against USD 0.95 a year earlier. Retirement and Income Solutions earned USD 297.8 million before taxes, the largest segment, and assets under management were USD 785.0 billion, with net outflows of USD 10.7 billion. The company returned USD 429 million and raised its dividend USD 0.01 to USD 0.85 payable December 18, 2026. Principal Financial Group (NASDAQ:PFG) gave no numeric outlook, saying it is confident in its 2026 outlook. Outflows and market-sensitive fees are the main risks. Assets under administration were USD 1,840.3 billion, and the company repurchased USD 250 million of shares while paying USD 179 million of dividends. The USD 0.27 gap between reported and adjusted operating EPS is simple arithmetic on the two stated figures.

Public Storage (NYSE:PSA): Slow Growth, Raised Guidance, Big Deals

Public Storage (NYSE:PSA) reported third quarter 2026 core FFO of USD 4.34 per share, up 0.7% from USD 4.31. Same store revenue and NOI each rose 0.5% and average occupancy was 92.2%. Net income per share fell 35.5% to USD 1.69, and published market data showed an EPS miss, USD 2.11 against USD 2.29. Even so, the company raised 2026 core FFO guidance to USD 16.90 to 17.10 and closed the all-stock National Storage Affiliates acquisition on July 22, 2026 and the Public Storage Canada deal on September 1, 2026 for USD 1.2 billion including debt. Public Storage (NYSE:PSA) now relies on acquisitions for growth, which brings integration costs and share dilution. Weak housing turnover and rent competition are the other risks. Excluding the two large deals, the company bought 25 facilities for USD 258.4 million in the quarter. An all-stock deal issues new shares, so per-share growth depends on how much cash flow the acquired facilities add relative to those shares.

Noble Corporation (NYSE:NE): USD 117.0 Million Loss From a Tax Charge

Noble Corporation (NYSE:NE) reported a third quarter 2026 net loss of USD 117.0 million, or USD 0.73 per share, because a USD 133.0 million income tax provision exceeded pre-tax income of USD 16.0 million. Published market data showed an adjusted loss of USD 0.57 per share against a USD 0.23 profit estimate. Revenue fell to USD 728.8 million from USD 798.0 million, adjusted EBITDA was USD 200.9 million, and contract backlog was USD 6.7 billion. Fleet utilization improved to 70% from 67%. The company trimmed the top of 2026 adjusted EBITDA guidance to USD 850 million to USD 900 million and declared a USD 0.50 dividend. Noble Corporation (NYSE:NE) faces day-rate pressure, tax volatility and rig downtime. Marketed rigs were 70% utilized, and backlog includes about USD 560 million of new contracts since July. The dividend is payable December 17, 2026, and the company made no share repurchases in the first nine months of 2026.

Where Things Stand

The five stocks listed as misses show that a miss label is not a verdict on the business, and this is a description, not advice. Gerdau (NYSE:GGB) grew EBITDA sharply and the miss appears to be a currency or estimate basis issue. Coca-Cola FEMSA (NYSE:KOF) faced financing costs and Mexican cost pressure. Principal Financial Group (NASDAQ:PFG) fell short mainly on operating variances and outflows. Public Storage (NYSE:PSA) grew slowly and relied on acquisitions. Noble Corporation (NYSE:NE) had the clearest real earnings hit, driven by taxes and lower revenue. Guidance, cash flow and balance sheet strength matter more than the single surprise number.