Ford, Verizon, Honeywell: Earnings Central
NEW YORK (
) --
Verizon (VZ) - Get Report, Honeywell (HW) and Ford (F) - Get Report are three of today's most notable earnings in this, TheStreet's rundown of the week's quarterly reports.
FRIDAY'S EARNINGS
Ford (F) - Get Report Drives Past Estimates
Revenue:
Revenue rose 17% to $31.3 billion. Excluding Volvo sales in 2009, revenue was up 30%.
Earnings:
Second-quarter net profit rose 15% to $2.6 billion from a year earlier. Earnings per share fell to 61 cents from 69 cents due to an increase in outstanding shares. Excluding items, earnings came in at 68 cents a share, blowing past estimates of 40 cents.
Outlook:
Ford lowered the top end of its range on expectations of a slower second half to 11.5 million to 12 million vehicles in the U.S. and 14.5 to 15 million vehicles in Europe.
Share performance:
The stock is up 3.6% at $12.51. See recent
here.
Verizon (VZ) - Get Report Posts Loss on Severance Costs
Revenue:
Second-quarter revenues posted a 0.3% decline to $26.8 billion.
Earnings:
Verizon posted a loss of $198 million, or 7 cents a share, a swing from a year-earlier income of $1.48 billion, or 52 cents a share. Excluding severance charges, it posted a profit of 58 cents, beating Wall Street estimates of 56 cents.
Outlook:
The wireline spinoff to
Frontier
(FTR) - Get Report
is expected to improve growth.
Share performance:
The stock is up 3.7% at $28. See recent
here.
Honeywell (HON) - Get Report Raises Outlook
Revenue:
Rebounding demand for turbochargers and general industrial products drive revenues higher by 8% to $8.2 billion from $7.6 billion a year earlier.
Earnings:
Profits came in at 60 cents per share, flat on a year-on-year basis. Excluding items, earnings per share rose 24% to 78 cents compared with 63 cents a year earlier. Analysts were expecting 57 cents.
Outlook:
Honeywell raised its outlook, expecting 2010 sales of $32.4 billion to $32.9 billion, earnings in the range of $2.40 per share to $2.50 per share on a reported basis.
Share performance:
The stock is up 1.5% at $43.30 on Friday morning. See recent
here.
Schlumberger (SLB) - Get ReportMeets Estimates
Revenue:
A 10% rise in oilfield-services revenue drove total revenues up 7.4% to $5.94 billion versus $5.53 billion in the year-ago quarter.
Earnings:
Second-quarter earnings rose to $818 million, or 68 cents per share. Analysts were expecting 68 cents on earnings of $5.9 billion.
Outlook:
Management sees a continued slow build of activity in the second half. It said it isn't planning any resumption of drilling activity in the deepwater Gulf of Mexico this year.
Share performance:
The stock is down 3.5% at $59.18 on Friday morning. See recent
here.
McDonald's (MCD) - Get Report Beats by a Penny
Revenue:
Strong same-store sales helped revenues rise 5% to $5.95 billion, higher than estimates.
Earnings:
Profits rose 13% to $1.23 billion, or $1.13 per share, beating estimates by a penny.
Outlook:
Management did not provide an outlook.
Share performance:
The stock is down 1.8% at $70.04 on Friday morning. See recent
here.
THURSDAY'S EARNINGS
Microsoft (MSFT) - Get Report Beats Estimates
Revenue:
Fourth-quarter revenues rose 22% to $16.04 billion, driven by Office 2010 and Windows 7.
Earnings:
Profit rose 48% to $4.52 billion, or 51 cents a share, beating estimates of 46 cents.
Outlook:
The company expects full-year operating expense of $26.9 billion to $27.3 billion.
Share performance:
The stock is flat on extended trading. See recent
(MSFT) - Get Report
here.
Amazon (MSFT) - Get Report Misses Estimates, Guides Lower
Revenue:
Electronics and general merchandise drove revenues higher by 41% to $6.54 billion.
Earnings:
Profits jumped 45% to $207 million, or 45 cents a share. Analysts were expecting 54 cents.
Outlook:
Amazon expects third-quarter revenue in the range of $6.9 billion to $7.63 billion, short of analysts' estimates of $7.15 billion
Share performance:
The stock plunged 15% in extended trading. See recent
here.
AT&T (T) - Get Report Raises Full-Year Outlook
Revenue:
Demand for iPhones boosted subscribers, but revenue came in flat at $30.8 billion.
Earnings:
Profit rose 26% year-on-year to 68 cents a share. Adjusted earnings rose to 61 cents a share, beating estimates at 57 cents.
Outlook:
Management forecasts "strong" earnings in 2010. It had expected "stable- to- improved earnings" earlier.
Share performance:
The stock ended 2.3% higher on Thursday. See recent
AT&T stock action here.
SunTrust Banks (STI) - Get Report Narrows Loss
Revenue:
Total revenue came in at $2.16 billion, down 2% compared to a year earlier, but up 14% sequentially. Net interest margin rose 39 basis points to 3.3%.
Earnings:
SunTrust posted a net loss of $56 million, or 11 cents a share, narrower than its loss of $164 million, or 41 cents a share, in the year-earlier Excluding preferred dividends, mainly related to its government bailout funds, the bank would have earned $12 million in the June period.
Outlook:
The bank did not provide an outlook in its earnings release.
Share performance:
The stock rose 9.6% on Thursday and was flat in extended hours. See recent
here.
Caterpillar (CAT) - Get Report Ups Outlook as Profits Soar
Revenue:
Sales and revenues were up 31% at $10.41 billion
Earnings:
Profit jumped to $1.09 a share, blowing away estimates of 85 cents.
Outlook:
Caterpillar raised its full-year profit outlook to $3.15 to $3.85 from previous guidance of $2.50 to $3.25.It increased its full-year sales and revenue forecast to $39 billion to $42 billion.
Share performance:
The stock rose 1.7% on Thursday and was flat in extended hours. See recent
here.
WEDNESDAY'S EARNINGS
Qualcomm (QCOM) - Get Report Beats Revenue Estimates
Revenue:
June quarter sales declined 2% year-over-year to $2.71 billion, higher than expected $2.63 billion.
Earnings:
Net income rose 4% year-on-year to $767 million or 47 cents a share. Adjusted earnings rose 6% to 57 cents a share, beating estimates at 54 cents.
Outlook:
Management expects to report sales of $2.67 to $2.93 billion in the September quarter and earnings of 39 to 43 cents. Adjusted earnings is estimated at 55 to 59 cents. Analysts are expecting 57 cents.
Share Performance:
The stock is up 4.2% in extended trading. See recent
here.
eBay (EBAY) - Get Report Sees Strong Growth in Paypal
Revenue:
Sales in the June quarter rose 6% to $2.2 billion, led by strong performance of PayPal.
Earnings:
Profits per share rose 24% to 31 cents. Adjusted for items, profits rose 8% to 40 cents a share, beating estimates of 38 cents on revenues of $2.17 billion.
Outlook:
Management lowered full-year guidance to reflect the impact of pressure from a stronger U.S. dollar. Revenue is expected to range between $8.8 and $ 9 billion, while adjusted profits are expected to range from $1.60 to $1.65 a share.
Share Performance:
The stock is up 3.4% in extended trading. See recent
here.
Netflix (NFLX) - Get Report Displays Soft Sales
Revenue:
Sales rose to $519.8 million short of street expectations of $524 million. Subscribers surged by 42%.
Earnings:
Profits came in at 80 cents a share, significantly higher than the estimated 70 cents.
Outlook:
Management expects to end the third quarter with 16.3 million to 16.7 million subscribers and GAAP EPS of 61 to 74 cents.
Share Performance:
The stock is down 9% in extended trading. See recent
here.
Starbucks (SBUX) - Get Report Raises Dividend, Outlook
Revenue:
Sales rose 9% to $2.6 billion led by same-store sales growth of 9%.
Earnings:
Profits rose 35% to 27 cents a share. Adjusted for items, earnings were at 29 cents, in line with estimates.
Outlook:
Management expects adjusted EPS for 2010 at $1.22 to $1.23.
Share Performance:
The stock is down 2% in extended trading as in-line results failed to impress. See recent
here
Morgan Stanley (MS) - Get Report Beats View on Higher Trading
Revenue:
Revenue rose 53% to $8 billion.
Earnings:
Net income rose to $1.09 per share from a loss of $1.10 a year-ago. Earnings from continuing operations were 80 cents per share, comfortably beating estimates of 46 cents.
Outlook:
Management did not provide a specific outlook but were cautious in their tone, predicting a difficult market environment in the months ahead.
Share performance:
Shares are up 9% in Wednesday trading. See recent
here.
Wells Fargo (WFC) - Get Report Beats Profit View
Revenue:
Revenue dropped $1 billion from the year-ago quarter to $21.4 billion, in line with estimates.
Earnings:
Profits rose 12% to 55 cents a share, beating estimates of 48 cents.
Outlook:
Management did not share its outlook on the impact of financial regulatory reform.
Share performance:
Shares rose 3.1% in extended trading. See recent
here.
Coca-Cola (KO) - Get Report Profit Rises on Higher Volumes
Revenue:
Revenue rose 5% to $8.67 billion, on higher volume growth.
Earnings:
Profits rose 16% to $1.02 a share. Excluding items, earnings were at $1.06 a share beating estimates by 3 cents.
Outlook:
Management said it remains on track in the integration of
Coca-Cola Enterprises'
(CCE)
North America bottling unit.
Share Performance:
The stock is up more than 1.5% in afternoon trading. See recent
action here.
TUESDAY'S EARNINGS
Yahoo! (YHOO) Profit Jumps 51%
Revenue:
Revenue rose 2 % to $1.6 billion.
Earnings:
Net income jumped 53% to $213 million or 15 cents a share, as operating margins improved. Analysts were expecting 14 cents.
Outlook:
Revenue for the third quarter is expected to range between $1.57 billion to $1.65 billion.
Share Performance:
The stock was sliding 5% in extended trading. See recent
here.
Apple (AAPL) - Get ReportZooms Past Estimates
Revenue:
Revenue for the June quarter grew 61% to $15.7 billion, one billion dollars more than estimates. Apple sold 8.4 million iPhones, 3.27 million iPads.
Earnings:
Profits soared to $3.51 share from $2.01 a year-ago. Analysts were expecting $3.11 a share.
Outlook:
Apple expects revenue for the fourth quarter to be $18 billion and earnings to be at $3.44 a share. Consensus for the September quarter revenue was at $17.03 billion.
Share Performance:
The stock rose 3.1% in extended trading. See recent
here.
Boston Scientific (BSX) - Get ReportProfits Drop
Revenue:
Revenue for the June quarter declined 9.5% to $1.9 billion.
Earnings:
Profits declined 38 % to $98 million or 6 cents a share from 10 cents a share in year ago quarter. Adjusted or Non-GAAP profit declined 40% to 12 cents a share.
Outlook:
Management expects revenues for third quarter to range from $1.85 billion to $1.93 billion and profits on a GAAP basis to range from 1 cent to 5 cents a share. Adjusted earnings are expected to range from 10 cents to 13 cents a share.
Share Performance:
The stock rose 1.6% in extended trading. See recent
Boston Scientific stock action
here.
Goldman Sachs (GS) - Get Report Misses on Revenue
Revenue:
Revenue dropped 35% to $8.8 billion from $12.8 billion in year-ago quarter on lower trading revenue. Analysts were expecting revenue of $8.9 billion.
Earnings:
Earnings declined 83% to 79 cents a share. Excluding settlement expenses and U.K. bank payroll tax, earnings were $2.75 a share, beating estimates of $2.08.
Outlook:
No guidance was provided.
Share Performance:
Shares were shedding 2.3% in Tuesday morning trading. See recent
here.
PepsiCo (PEP) - Get Report Tops Revenue Estimates But Disappoints on Profits
Revenue:
The beverage and snack maker saw revenue rise nearly 40% to $14.8 billion.
Earnings:
Profit declined 8% to 98 cents a share on currency impact. Analysts were expecting $1.08 on revenue of $14.4 billion.
Outlook:
Pepsi expects to maintain its earnings growth target of 11% to 13% for the full year.
Share Performance:
The stock rose 2% to $62.40 in Tuesday morning trading. See recent
here.
Johnson & Johnson (JNJ) - Get Report Cuts View on Recalls
Revenue:
Revenue for June quarter rose 0.6% to $15.3 billion.
Earnings:
Profit was at $3.4 billion, or $1.23 a share. Excluding items, earnings per share came in at $1.21, a 5.2% increase over year-ago quarter.
Outlook:
Earnings outlook for the year was revised to $4.65 to $4.75 a share to reflect the impact of product recalls.
Share Performance:
The stock was down 2.2% in Tuesday morning trading. See recent
Johnson & Johnson stock action
here.
MONDAY'S EARNINGS
IBM (IBM) - Get Report Misses on Sales, Raises Guidance
Revenue:
Revenue rose 2% to $23.7 billion, below estimates of $24.17
Earnings:
Earnings rose 13% to $2.61 a share, beating estimates of $2.58.
Outlook:
IBM raises full-year earnings estimate to at least $11.25, but still short of consensus expectations of $11.27.
Share Performance:
The stock, which rose 1.4% ahead of earnings, was shedding 3.8% in extended trading. See recent
here.
Texas Instruments (TXN) - Get Report Reports Profit Growth In-line
Revenue:
Revenue grew 42% to $3.5 billion on robust demand.
Earnings:
Earnings jumped three-fold to 62 cents a share, in line with estimates.
Outlook:
Texas Instruments expects revenue for the third quarter to be $3.55 billion to $3.88 billion, against expectations of $3.59 billion. Profits per share are estimated to range between 64 cents and 74 cents, against projections of 64 cents.
Share Performance:
The stock declined 6.7% in extended hours as the company failed to exceed expectations. See recent
Texas Instruments stock action
here.
Zion Bancorp (ZION) - Get Report Widens Loss
Revenue:
Net interest income fell 8% to $ 583 million on declining loan balances and lower net interest margins.
Earnings:
Losses widened to 84 cents a share compared to 57 cents in year-ago quarter. Estimates placed the loss at 55 cents
Outlook:
No outlook was provided.
Share Performance:
The stock declined 3.2% in aftermarket hours.See recent
here.
Halliburton (HAL) - Get Report Profit Rises on Higher Natural Gas Drilling
Revenue:
Revenue grew 26% to $4.39 billion.
Earnings:
Profits jumped 83% to 53 cents a share, against estimates of 37 cents.
Outlook:
Halliburton expects suspension of drilling in the Gulf of Mexico to negatively impact earnings by 5 to 8 cents per quarter in the second half of the year.
Share Performance:
Shares rose 5.1% in premarket trading. See recent
here.
Hasbro (HAS) - Get Report Profit Rises on Cost Cuts
Revenue:
Revenue fell 7% to $737.8 million.
Earnings:
Earnings rose 11% to 29 cents a share, beating estimates by 5 cents.
Outlook:
Hasbro expects revenues to be weighted towards the second half of the year as new initiatives launch.
Share Performance:
The stock was unchanged in premarket trading. See recent
here.
Delta Airlines (DAL) - Get Report Swings to Profit as Travelers Return
Revenue:
Uptick in travel helped boost revenue 17% to $8.17 billion.
Earnings:
Earnings excluding special items rose to 65 cents a share, against estimates of 63 cents. Including items, earnings came in at 55 cents a share.
Outlook:
Delta expects strong double-digit growth in passenger revenue per available seat mile in the third quarter.
Share Performance:
Shares fell 1.9% in premarket trading. See recent
action here.
McMoRan (MMR) Reports Lower Losses
Revenue:
Revenue rose 11.8% to $108 million.
Earnings:
Losses narrowed to 23 cents a share, from $1.40 a year earlier. Estimates were at 23 cents a share.
Outlook:
Management expects average daily production in 2010 at 160 million cubic feet equivalent per day, or MMcfe/d, compared with previous guidance of 170 MMcfe/d.
Share Performance:
Shares ended Friday at $10.78. See recent
here.
-- Reported by Shanthi Venkataraman in New York.
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