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Earnings Previews: Devon Energy, Diamondback Energy, Mosaic, Williams

After markets closed on Thursday, Amazon missed analysts’ consensus estimates for both profit and revenue. The company also noted that incremental costs will rise another $4 billion in the current quarter, on top of a $6 billion increase in the first quarter. Shares traded down about 9% in Friday’s premarket session.

Apple beat estimates on both the top and bottom lines. Supply chain issues are expected to nick $4 billion to $8 billion off current-quarter sales, but the company did not provide specific guidance. The March quarter was Apple’s best ever for iPhone and Services revenue. The stock traded down about 2.6% Friday morning.

Robinhood missed analysts’ estimates on both the top and bottom lines, and shares traded down about 11% in Friday’s premarket. Monthly active users declined and cryptocurrency trading was down substantially.

Intel beat both top-line and bottom-line estimates, but shares traded more than 3% lower Friday morning.

Roku posted positive surprises on both per-share losses and revenues. Second-quarter guidance was below consensus estimates, but the company reaffirmed full-year guidance. Shares traded about 4.8% higher in Friday’s premarket.

U.S. Steel beat the consensus estimate for earnings per share (EPS) but missed on revenue. The company expects the current quarter to be its best ever, with better earnings, higher free cash flow and increased shareholder returns. Shares traded up 3.3% in the premarket.

Before Friday’s opening bell, Chevron reported that it missed analysts’ consensus estimates for both the top and bottom lines. U.S. crude oil production rose 10% year over year in the first quarter, and worldwide production reached just over 3 million barrels of crude daily. The stock traded down about 1.6%.

Exxon Mobil also missed the consensus EPS estimate but revenue soared by 53% year over year. The company increased its stock buyback program to a new total of $30 billion through 2023. Shares traded down about 1%.

Phillips 66 shares traded up about 1% after the country’s largest refiner beat EPS estimates and said it had recommenced its share buyback program on March 31.

Weyerhaeuser beat estimates on both the top and bottom lines. The company’s outlook was mixed, with its timber harvesting division expected to be significantly lower in the second quarter while the products division is expected to generate higher year-over-year revenue. Shares traded up about 1.6%.


The week ahead actually begins Saturday, with Berkshire Hathaway’s annual meeting in Omaha. Our preview for the start of the week includes Berkshire, Enterprise Products and ON Semiconductor.

Next week features reports from a number of independent oil and gas production companies; commodities producers, including gold miners; and other energy companies.

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