Earnings Previews: ADM, Corning, DR Horton, PepsiCo

After markets closed Thursday afternoon, electricity generator FirstEnergy reported quarterly results that missed analysts’ consensus earnings estimate but beat on revenues. The company issued guidance for the current quarter and fiscal year that was in line with expectations. Shares traded down by less than 1% in Friday’s premarket. Self-styled camera company Snap missed Wall Street estimates on both profits and revenue but did manage to increase its number of daily active users outside the United States by 10 million. Shares traded up by less than 1% Friday morning.

Before markets opened on Friday, Regions Financial reported quarterly results that beat profit estimates but missed on revenue. Shares traded up by 1.2%. Miner and steel producer Cleveland-Cliffs beat the consensus earnings estimate by a penny and the revenue estimate by about 10%. The company said it expects to gin up record free cash flow in 2022. Shares traded up by 7.7%.

Gold miner Newmont missed estimates on both the top and bottom lines. The company said it expects costs to rise by 5% this year due to inflation, royalty payments and production taxes. Shares traded down about 2.8% in Friday’s premarket. Oilfield services giant Schlumberger beat both top-line and bottom-line estimates and raised its dividend by 40%. The stock traded up by around 2.6%.

American Express also beat top-line and bottom-line estimates, and it reaffirmed previous fiscal 2022 guidance. The stock traded down by about 1%, largely due to increased expenses related to recruiting new cardholders. Verizon managed to meet profit estimates but missed slightly on revenue expectations. The stock dropped by about 2.4% in Friday’s premarket session.

No quarterly reports are due out Friday afternoon. We have previewed three companies due to report before the opening bell on Monday: Activision Blizzard, Coca-Cola and Otis Worldwide.

Here are previews of four firms set to report results before markets open on Tuesday.

Archer Daniels Midland

Agricultural products and food supplier Archer Daniels Midland Co. (NYSE: ADM) has seen its share price increase by more than 67% over the past 12 months. That is more than four times the share price increase in farm equipment maker Deere, but only about 60% of the annual gain put up by fertilizer maker Mosaic. Rising food prices have driven the stock price higher and are likely to continue to do so until, suddenly, they don’t. The shares may be a good example of a momentum stock where timing is everything.

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