Earnings Previews: General Electric, Raytheon, UPS, Valero

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 2.85% in mid-morning trading Friday. 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 down by less than 1% Friday morning.

Regions Financial reported quarterly results that beat profit estimates but missed on revenue. Shares traded up by almost 1%. 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 down by less than 1% in mid-morning action Friday.

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 4.3% Friday morning. Oilfield services giant Schlumberger beat both top-line and bottom-line estimates and raised its dividend by 40%. The stock traded around 4.4% higher.

American Express also beat top-line and bottom-line estimates and reaffirmed previous fiscal 2022 guidance. The stock traded down by about 1.7%, 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 5.8% Friday morning.

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, Otis Worldwide) and earnings reports due out Tuesday morning from four companies (ADM, Corning, D.R. Horton, PepsiCo).

Here is a look at what to expect from four more companies also reporting results Tuesday morning.

General Electric

Over the past 12 months, shares of General Electric Co. (NYSE: GE) have slipped by nearly 12%. They dipped to their 52-week low in early March. Last November, the company said it would spin off its health care and energy businesses into separate companies and become primarily an aviation company.

The health care spinoff is expected early next year and the energy spinoff a year later. That means that by mid-2024, what remains of GE will be worth less, probably a lot less. The payoff for investors in shares of the new companies will help salve the wounds, but there is no compelling reason to hold on to the stock in the meantime.

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