Earnings season is in full swing, and earnings blowouts from some of the biggest U.S. companies were helping drive stocks higher Tuesday, July 24.
Markets had a strong open Tuesday. The Dow Jones Industrial Average
Here's a rundown of Tuesday's earnings action.
Verizon Communications Inc. (VZ)
Verizon shares were up 0.55% to $51.03 after the telecommunications company reported earnings of $1.20 a share, topping analyst estimates of $1.14. Revenue of $32.3 billion, a 5.4% year-over-year increase, also beat Wall Street estimates of $31.78 billion. The company added 398,000 monthly-pay subscribers, topping the 352,000 estimate.
Alphabet Inc. (GOOGL)
Alphabet opened at a record high and was climbing 4.38% to $1,264 after its earnings beat. Alphabet reported adjusted earnings of $11.75 a share, well ahead of the market's expectation of $9.64. Adjusted revenue of $26.24 billion was hurt by the $5.1 billion European Union fine that was recently levied against the company. Analysts were expecting the company to report revenue of $25.58 billion.
Lockheed Martin Corp. (LMT)
Lockheed Martin shares were flat in morning trading after the aerospace and defense company reported earnings of $1.2 billion, or $4.05 a share, topping analyst estimates. Revenue of $13.4 billion also topped analysts' forecasts of $12.73 billion. Lockheed also raised its full-year revenue guidance to between $50.35 billion to $51.85 billion. Earnings guidance was also raised to between $16.75 and $17.05 a share.
Harley-Davidson Inc. (HOG)
Harley-Davidson reported second-quarter earnings of $1.45 A share, topping analysts' estimates of $1.34. Revenue from motorcycle products declined 3.3% to $1.53 billion as retail sales fell 3.6% worldwide. Harley maintained its full-year shipments forecast of between 231,000 and 236,000. Harley shares were up 6.4% Tuesday.
United Technologies Corp. (UTX)
United Technologies was down 1.24% to $131 a share in premarket trading despite the industrial company topping analysts' top- and bottom-line expectations. The company also raised its 2018 earnings and revenue guidance.
Eli Lilly & Co. (LLY)
Eli Lilly shares rose 1.7% in market trading following its earnings beat. The drugmaker reported a loss of $259.9 million but earnings on an adjusted basis were $1.50 a share vs. analysts' expectations of $1.31. Revenue for the quarter rose 9% to $6.36 billion, topping analysts' forecasts of $6.09 billion.
3M Co. (MMM)
3M reported second-quarter earnings of $1.86 billion, or $2.59 a share, matching Wall Street's expectation for the period. The maker of Post-it notes, industrial coatings and ceramics reported revenue of $8.39 billion, topping expectations of $8.32 billion. The company expects full-year earnings between $10.20 and $10.45 a share. Shares were down 2% in morning trading.
Sherwin-Williams Co (SHW)
Sherwin-Williams shares were flat after the Cleveland-based company said that it had net income of $5.73 a share, topping analysts' expectations of $5.59. Revenue of $4.77 billion also topped expectations of $4.71 billion. Sherwin-Williams expects full-year earnings between $19.05 and $19.35 a share.