Caterpillar Earnings Soar, Chevron Profit Jumps on Higher Oil Price

Mukesh Buch
30 Jul, 2018
New York City

Caterpillar reported stronger-than-expected results. Chevron net surged on higher sales price. Loews missed earnings result. Mercury General beats earnings estimates. Seagate Technology net surged. Tyson Foods lowered outlook.

[R]11:50 AM New York City, New York – Caterpillar reported stronger-than-expected results. Chevron net surged on higher sales price. Loews missed earnings result. Mercury General beats earnings estimates. Seagate Technology net surged. Tyson Foods lowered outlook.[/R]

Tollbooth Index declined 237.41 or 1.5% to 15,597.78 but for the year-to-date soared 13.4%.

Earnings Review

Caterpillar Inc ((CATG)) fell 22 cents to $142.34 after the heavy construction and mining equipment maker reported revenues in the second-quarter ending in June soared 23.9% from a year ago to $14 billion.

Net income in the quarter more than doubled to $1.7 billion or $2.82 cents per diluted share from $802 million or $1.35 in the same quarter last year.

Caterpillar lifted fiscal 2018 diluted earnings per share in the range of $10.50 to $11.50 from the earlier estimate of $9.75 to $10.75.

Chevron Corp ((CVX)) increased 1.3% or $1.67 to $127.64 after the oil refiner reported total revenues in the second-quarter ending in June jumped 22.3% from a year ago to $42.2 billion.

Net income in the quarter surged to $3.4 billion or $1.78 cents per diluted share from $1.5 billion or 77 cents in the same quarter last year.

In the quarter, the refiner said average sales price per barrel of crude oil and natural gas liquids soared to $59 from $41 in a year ago period.

Loews Corporation ((L)) rose 24 cents to $50.01 after the property and casualty insurance services provider said revenues sales in the second-quarter ending in June jumped 6.8% from a year ago to $3.6 billion.

Net income in the quarter slid 0.4% to $230 million or 72 cents per diluted share from $231 million or 69 cents in the same quarter last year.

Mercury General Corp ((MCY) surged 7.3% or $3.29 to $48.56 after the low-cost auto insurance services provider said revenues in the second-quarter ending in June increased 4.5% from a year ago to $833.9 million.

Net income in the quarter soared 16.6% to $60.2 million or $1.09 per diluted share from $51.6 million or 93 cents in the same quarter last year.

Simon Property Group Inc ((SPG)) increased $1.04 to $169.62 after the real estate developer reported revenues in the second-quarter ending in June rose 2.2% from a year ago to $1.4 billion.

Net income in the quarter surged 43.2% to $547 million or $1.77 cents per diluted share from $382 million or $1.23 in the same quarter last year.

The real estate developer forecasted fiscal 2018 diluted earnings per share in the range of $7.46 to $7.54 from a year ago period.

Seagate Technology Plc ((STX)) edged up 0.1 cents to $54.76 after the Ireland-based hard disk drives supplier said revenues in the fourth-quarter ending in June advanced 4% from a year ago to $2.8 billion.

Net income in the quarter surged 43.2% to $461 million or $1.57 cents per diluted share from $114 million or 38 in the same quarter last year.

Tyson Foods, Inc ((TSN)) plunged 6.1% or $3.87 to $59.69 after the meat processor lowered fiscal 2018 diluted earnings per share forecast to between $5.70 and $6 from the earlier estimate of $6.55 to $6.70.

""The combination of changing global trade policies and the uncertainty of any resolution created challenging market environment of increased volatility, lower prices and oversupply of protein,"" said chief executive officer Tom Hayes.