NEW YORK ( TheStreet) -- Bank of America ( BAC) posted first-quarter earnings Thursday morning that beat analysts' estimates as did Morgan Stanley ( MS). The two banks were among the following companies reporting earnings Thursday: DuPont ( DD), Travelers ( TRV), Danaher ( DHR), Verizon ( VZ), EMC ( EMC) and Nokia ( NOK). Bank of America The bank reported first-quarter earnings of 3 cents a share on $22.5 billion in revenue. On a valuation-adjusted basis, earnings came in at 28 cents a share, topping analysts' estimates of 12 cents a share on $22.51 billion in revenue. "The narrowing of our credit spreads reflects the significant progress we've made to strengthen the balance sheet," Chief Financial Officer Bruce Thompson said in a statement. "During the quarter, we increased our Tier 1 common equity ratio by 92 basis points from the prior quarter, improved our liquidity to record levels and continued to reduce risk-weighted assets. While the improvement in our credit spreads results in a negative adjustment to earnings this quarter, it should not overshadow the positive momentum that we are seeing in our businesses." Shares of Bank of America rose 2.8% in premarket trading Thursday to $9.17. TheStreet Ratings gives Bank of America a C- grade and hold rating.
DuPont The chemical company reported first-quarter earnings of $1.49 billion, or $1.57 a share, up from year-earlier earnings of $1.43 billion, or $1.52. Analysts, on average, were expecting earnings of $1.55 a share. "DuPont's market-driven science and commitment to innovation and productivity are winning in key markets, despite economic headwinds early in the first quarter," DuPont CEO Ellen Kullman said in a statement. "Around the world, we are bringing our science closer to local markets by collaborating with customers and partners in our new DuPont Innovation Centers. We are prioritizing our R&D portfolio to deliver food, energy and protection solutions for the world's growing population." Consolidated sales increased 12% to $11.2 billion with the biggest increase by region coming from Latin America with sales of $1.2 billion, up 23%. Shares of DuPont fell 2 cents, or 0.04%, in premarket trading Thursday to $53.25. TheStreet Ratings gives DuPont an A- grade with a buy rating and $60.53 price target.
Danaher The industrial products manufacturer reported first-quarter earnings of $612.9 million, or 73 cents a share, up from year-earlier earnings of $429.4 million, or 61 cents. "The quarter progressed largely as we expected and we were particularly pleased with our team's execution which led to excellent core operating margin expansion, cash flow and earnings performance," CEO Lawrence Culp said in a statement. "In addition, we were encouraged by the sequential business improvement within the quarter and anticipate core growth will accelerate in the second quarter. With improving core growth, the cost reductions undertaken in 2011 and an attractive acquisition environment, we believe we are well positioned for the balance of 2012 and beyond." Danaher narrowed its guidance for full-year 2012 net earnings to between $3.25 and $3.35 a share. Previous guidance was for between $3.20 and $3.35. Shares of Danaher fell 47 cents, or 0.86%, in premarket trading Thursday to $54.22. TheStreet Ratings gives Danaher an A+ grade with a buy rating and $62.94 price target.
EMC The company reported first-quarter earnings of $587 million, or 27 cents a share. Analysts, on average, were anticipating earnings of 36 cents a share. "EMC's solid first-quarter results are ongoing proof that we are executing on our strategy and on track to deliver our 'triple play' - simultaneously taking market share, reinvesting for growth and delivering improved earnings this year," Chief Financial Officer David Goulden said in a statement. "Based upon our strong start to the year and our opportunity, we now have greater confidence in our ability to meet and potentially exceed our 2012 financial goals for consolidated revenue, non-GAAP EPS and free cash flow. Additionally, with continued steady execution, we are well on our way to achieving the financial potential of 2014 consolidated revenue of over $28 billion, which represents compound annual revenue growth of at least 13% from 2010 and non-GAAP EPS growth even greater than this." The company anticipates that consolidated GAAP net income for this year will be $2.8 billion, or about $1.25 a share. Shares of EMC fell 2.64% in premarket trading Thursday to $28.37. TheStreet Ratings gives EMC an A grade with a buy rating and $33.73 price target.