Ready for some more earnings?
At the open, the Dow was up 64.06 points, the Nasdaq was up 24.46 and the S&P 500 was up 3.81.
BP (BP - Get Report) posted stronger-than-expected fourth quarter earnings Tuesday, wrapping up a lucrative earnings season for western oil majors, as underlying profits surged from a year ago despite a slump in global crude prices, reported The Street's Martin Baccardax.
BP is Real Money's stock of the day.
BP said underlying replacement cost profits, which strip out the value of oil held in inventory, rose to $3.477 billion over the three months ending in December, up 65% from the $583 million reported over the same period last year and topping the company-supplied forecast of $2.63 billion. BP also said it will pay a 10.25 cents per share dividend, an increase of 2.5%.
"We now have a powerful track record of safe and reliable performance, efficient execution and capital discipline," said CEO Bob Dudley. "And we're doing this while growing the business - bringing more high-quality projects online, expanding marketing in the Downstream and doing transformative deals such as BHP."
After the bell on Monday, Alphabet (GOOGL - Get Report) reported Q4 revenue of $39.28 billion (up 22% in dollars and 23% in constant currency and GAAP EPS of $12.77. Excluding traffic acquisition costs (TAC - ad-revenue sharing payments), revenue was $31.84 billion, up 23% and above a $31.3 billion consensus.
Here's Eric Jhonsa's top takeaways from Alphabet's earnings:
- All Three Google Reporting Segments Beat Revenue Estimates
- R&D and Capital Spending Grew Rapidly
- Capex, Hardware and YouTube Content Weighed on Margins
- TAC and Forex Pressures Were Less Than Expected
- A Few Interesting Stats Were Shared on the Earnings Call
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