- Scott Peters
- 20 Apr, 2022
- New York City
M&T Bank said first quarter 2022 net interest income declined 8% to $904 million, net income fell 19% to $362 million, and earnings per share fell to $2.62 from $3.33 a year ago. The bank also completed the acquisition of People's United for $8.4 billion on April 1. Loan loss provision in the quarter was $10 million compared to $25 million a year ago and non-performing loans increased to $2.13 billion from $1.96 billion a year ago.
- Scott Peters
- 20 Apr, 2022
- New York City
IBM gained 8% after the company reported quarterly revenues gained 7.7% from a year ago and estimated higher annual revenues in mid-single digit.
Avis Budget Group soared 13% after Barclays revised its rating higher ahead of earnings in two weeks.
Baker Hughes dropped 5% after the company reported lower than expected earnings and revenues.
M&T Bank soared 9% after the mid-size bank reported better than expected earnings.
Mueller Industries surged 9% after quarterly earnings more than doubled.
- Barry Adams
- 20 Apr, 2022
- New York City
Netflix plunged as much as 37% after the streaming service guided a loss of additional 2 million in the current quarter. Netflix's cautious outlook sparked widespread losses in other streaming services providers including Disney, Paramount and Discovery and in Internet-based growth stocks Shopify and Wayfair. NetGear regained some of the losses after reporting weaker than expected quarterly revenues. Halliburton reported 35 cents a share. Plug Power agreed to provide liquid green Hydrogen to power lift trucks at Walmart fulfillment centers.
- Scott Peters
- 20 Apr, 2022
- New York City
Manpower Group said first quarter 2022 revenues increased 4% to $5.14 billion, net income soared 48% to $91.6 million and diluted earnings per share jumped 51% to $1.68 from $1.11 a year ago. The recruitment services provider guided second quarter earnings per share range between $2.31 and $2.39 including estimated unfavorable currency impact of 19 cents and excluding integration costs between $4 million and $6 million.
- Scott Peters
- 20 Apr, 2022
- New York City
Truist Financial Corporation said first quarter 2022 revenues declined 2.9% to $5.4 billion, net income declined 7% to $1.32 billion, diluted earnings per share increased to 99 cents from 98 cents a year ago. Total non-performing assets edged slightly lower to $1.14 billion and total loans 30-89 past due days increased 19% to $2.1 billion. Return on average assets declined to 1.07% from 1.17% and net interest margin fell to 2.76% from 3.01%.
- Scott Peters
- 20 Apr, 2022
- New York City
The Procter & Gamble Company said fiscal year third quarter 2022 revenues increased 7% to $19.4 billion, net income rose 4% to $3.4 billion, and diluted earnings per share increased 5% to $1.37 from $1.30 a year ago. The consumer products company reported quarterly sales increased in all divisions led by 13% in Health Care, 7% each in Fabric and Home Care, and Family and Baby, Feminine, and Family Care, 3% in Grooming, and 2% in Beauty segment. In the quarter, the company returned $3.4 billion to shareholders including $2.2 billion of dividend payments and $1.2 of share repurchase.
- Scott Peters
- 20 Apr, 2022
- New York City
IBM said first quarter 2022 revenues increased 7.6% to $14.2 billion, net income declined 12.5% to $733 million, and diluted earnings per share fell to 81 cents from $1.06 a year ago. The tech company reported broad improvement in sales led by 12% rise in software division, 13% increase in consulting services, and hybrid cloud revenues rose 14%. Infrastructure segment revenues fell 2%. The company guided 2022 revenues at the high end of the mid-single digit and free cash flow between $10 billion and $10.5 billion.
- Barry Adams
- 20 Apr, 2022
- New York City
U.S. stock index futures pointed to a higher opening as investors digested a flood of earnings from major companies. Crude oil traded flat and bond yields were on the defensive in the early trading. Netflix plunged 28% after the company reported quarterly net subscribers declined for the first time in a decade and guided higher losses in the current quarter. IBM earnings were ahead of expectations and P&G guided higher sales and passed on higher costs to consumers. Tesla and United Airlines are scheduled to release earnings after the market closes.
- Scott Peters
- 19 Apr, 2022
- New York City
Netflix said first-quarter revenues increased 9.8% to $7.8 billion, net income declined 20% to $1.59 billion, and earnings per share fell to $3.53 from $3.75 a year ago. Operating margin declined to 25.1% from 27.4% and paid streaming membership increased 6.7% to 221.64 million. In the quarter, the streaming service provider lost 0.2 million subscribers. For the second quarter, the company guided slower growth of 9.7% in revenues, nearly flat income from a year ago $1.35 billion or $3 a share and membership decline of 5% or 2 million to 219.6 million.
- Barry Adams
- 19 Apr, 2022
- New York City
The S&P 500 index and Nasdaq Composite gained 1.5% and 2% respectively. The benchmark indexes opened higher and steadily climbed higher ahead of earnings from tech bellwethers. Crude oil price fell 5% and natural gas price dropped 8% fueling investor optimism. However, 10-year U.S. Treasury bond yield rose to 2.938%. Airlines stocks and tech stocks led the gainers.
- Brian Turner
- 19 Apr, 2022
- New York City
Seasonally adjusted housing starts in March rose 0.3% to an annual rate of 1.79 million units from the revised February estimate of 1.788 million and 3.9% higher from the 1.727 million rate a year ago. Single-family housing starts fell to a rate of 1.2 million units, a decline of 1.7% from the revised rate of 1.221 million rate in the previous month, Housing completions in the month declined 4.5% to a rate of 1.3 million from February revised rate of 1.33 million and plunged 13% from a year ago. Single-family home completions fell 6.4% to a rate of 1 million from the February revised rate.
- Scott Peters
- 19 Apr, 2022
- New York City
Johnson & Johnson said first-quarter 2022 revenues increased 5% to $23.4 billion, net income declined 17% to $5.14 billion, and earnings per share by the same amount to $1.93 from $2.32 a share a year ago. Sales in the U.S. rose 2.7% to $11.4 billion and international sales jumped 7.2% to $12 billion. The pharmaceutical maker guided full-year 2022 revenue growth in the range between 3.8% to 4.8% from the previous guidance range between 5% to 6% and also suspended its guidance on Covid-19 vaccine sales.
- Scott Peters
- 19 Apr, 2022
- New York City
The Travelers Companies, Inc reported first quarter 2022 revenues increased 6% to $8.8 billion, net income soared 39% to $1.02 billion, and earnings per share surged 45% to $4.15 from $2.87 a year ago. Core income jumped 48% to $1.03 billion on lower catastrophe losses partially offset by lower net investment income and lower favorable net reserves in the year ago. Book value per share declined 5% from a year ago to $106.40. Net written premiums in the quarter increased 11% to record $8.4 billion.
- Scott Peters
- 19 Apr, 2022
- New York City
Lockheed Martin reported first quarter 2022 revenues declined 8% to $15 billion, net income fell 5.6% to $1.7 billion, and earnings per share dropped to $6.44 from $6.56 a year ago. The aerospace and defense contractor guided 2022 free cash flow of at least $6 billion. In the quarter, the company spent $2 billion to repurchase 4.7 million shares and paid $767 million in cash dividends.
- Scott Peters
- 19 Apr, 2022
- New York City
Hasbro Inc said first-quarter 2022 revenue increased 4% to $1.16 billion, net income plunged 47% to $61 million, and earnings per share fell to 44 cents from 84 cents a year ago. Revenues in the Consumer Products segment rose 3%, in the Wizards of the Coast and Digital Gaming segment rose 9%, and in the Entertainment segment gained 4%. The toymaker guided 2022 revenue growth in low-single digit and operating cash flow in the range of $700 million to $800 million.