After Hours Earnings: Ford, Meta Platforms, Morningstar, O'Reilly Automotive, Raymond James

Scott Peters
26 Oct, 2022
New York City

Ford Motor Company dropped 1.7% to $12.70 after the automaker reported a third quarter loss of $827 million. 

Ford said larger-than-expected loss was driven by $1 billion in higher supply chain issues related costs and parts shortages affecting at least 40,000 vehicles sales. 

Meta Platforms plunged 12.2% to $114.0 after the social media platform operator reported a second quarterly fall in revenue in a row. 

Third quarter revenue declined 4% to $27.7 billion and net income plunged 52% to $4.4 billion from $5.2 billion a year ago. 

Diluted earnings per share fell to $1.64 from $3.22 a year ago. 

The company also forecasted revenue in the fourth quarter to fall between $30 billion and $32.5 billion, lower than $33.6 billion in the fourth quarter 2021. 

Morningstar, Inc edged lower 1.5% in after-hours trading after the financial information company posted third quarter revenue increased 9.2% to $468.2 million. 

Net loss in the third quarter was $9.0 million, or 21 cents a diluted share, compared to net income $49.0 million, or $1.13 a diluted share. 

The company also reduced its operations in China and took a one-time charge of $30.1 million. 

O'Reilly Automotive Inc gained 3.5% to $805.0 after the auto parts retailer reported the third quarter sales increased 9% to $3.80 billion from $3.48 billion. 

Net income increased to 5% to $585 million or 15.4% of  sales from $559 million or 16.1% of sales. 

 Diluted earnings per common share increased 14% to $9.17 on 64 million shares from $8.07 on 69 million shares a year ago. 

Raymond James Financial, Inc closed at $106.92 and was unchanged in after-hours trading after the financial services company reported fiscal fourth quarter revenue increased 5% to $2.83 billion. 

Net income in the quarter increased to $437 million or $1.98 a diluted share from $429 million or $2.02 a share from a year ago. 

Raymond James repurchased 600,000 shares of common stock for approximately $62 million at an average price of  approximately $104 per share in the fiscal fourth quarter. 

Including additional share repurchases totaling $38 million  in October, approximately $800 million remained available under the current approved share repurchase  authorization as of October 26, 2022.

The company revised full-year 2022 revenues in the range of $14.1 billion and $14.3 billion and comparable same store sales to rise between 4.5% and 5.5%.