The normally quiet weekend was livened up this past Saturday with Berkshire Hathaway’s annual shareholders’ meeting and quarterly report. Warren Buffett was not replaced as the company’s board chair. The company’s class B stock earnings per share (EPS) fell by more than 50% year over year. Operating earnings were essentially flat, and the results were skewed by differences in unrealized gains and losses. Berkshire repurchased $3.2 billion in classes A and B common stock during the quarter. Shares were up about 1.3% in mid-morning trading Monday.
Pipeline operator Enterprise Products traded down about 1.1% early Monday after posting first-quarter results that beat both profit and revenue estimates. Revenue rose 24.3% year over year. Also, ON Semiconductor beat both top-line and bottom-line estimates. Shares traded up about 1.9%.
Before markets opened on Friday, Chevron, Exxon Mobil, Phillips 66 and Weyerhaeuser reported quarterly results. Every market sector closed lower Friday, with energy and materials posting the smallest losses.
Chevron missed on both profit and revenues, and the shares closed down by about 3.2% on Friday. Exxon Mobil missed on EPS but handily beat on revenues. The stock closed down 2.2% on Friday.
Refiner Phillips 66 beat the EPS estimate and restarted its $2.5 billion stock buyback program. The stock closed Friday down about 0.5%.
Lumber giant Weyerhaeuser beat estimates on both the top and bottom lines. Shares closed down about 1.6% on Friday.
After markets close Monday, Devon Energy, Diamondback Energy, Mosaic and Williams will report quarterly results. Before markets open on Tuesday, BP, Marathon Petroleum, Paramount Global and Pfizer will release quarterly earnings reports. We also have previewed three companies set to report results after Tuesday’s closing bell: Airbnb, AMD and Livent.
Here is a look at three more companies also reporting earnings after markets close on Tuesday.
Lyft
Ride-hailing operator Lyft Inc. (NASDAQ: LYFT) has seen its share price plummet by about 49% over the past 12 months. The stock’s 52-week high was posted early last July. Last week the company restated 2021 financial statements. Instead of an incorrectly stated loss of $1.01 billion ($3.02 per share), the restated loss is $1.06 billion ($3.17 per share). The erroneous data did not affect the financial outlook Lyft gave in February. Shares fell nearly 3% following the Friday report.
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