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.
