ON Semiconductor Expects Lower 4Q Earnings, Revenue

/ / Technology /

ON Semiconductor expects lower revenue and earnings in the fourth quarter than it netted a year ago. The maker of intelligent sensing and power services on Monday guided for earnings of $1.10 to $1.24 a share for the fourth quarter, below the year-ago quarter’s $1.35 a share and analyst projections for $1.29 a share this year, according to FactSet. Adjusted earnings, which strip out one-time items, are expected to be $1.13 to $1.27 a share. Analysts surveyed by FactSet had been expecting $1.36 a share. Quarterly revenue is projected to come in at $1.95 billion to $2.05 billion for the quarter, a drop from $2.1 billion last year and below the $2.18 billion consensus estimate of analysts polled by FactSet.

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CFRA Keeps Hold Opinion On Shares Of Phillips 66

/ / Energy /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our 12-month target price at $115, which reflects a 7.1x multiple of our projected 2024 operating cash flow, slightly above PSX’s historical forward average. We raise our 2023 EPS estimate to $15.71 from $14.55 and 2024’s to $14.60 from $12.19. Q3 EPS of $4.63, vs. $6.46, missed consensus estimates by $0.10. Q3 refining margins ($18.96/b) fell 29% Y/Y but grew 24% sequentially, driven by higher market crack spreads, partially offset by inventory hedge impacts, lower secondary product margins, and lower Gulf Coast clean product realizations. Q3 crude refining utilization (95%) rose two percentage points sequentially due to crude oil throughputs increasing by 3%; however, PSX guided crude oil utilization to be in the low 90% range in Q4, which we think is due to seasonality

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Chevron Corporation (NYSE: CVX) Reports Third Quarter 2023 Results

/ / Energy /

Chevron Corporation (NYSE: CVX) Reports Third Quarter 2023 Results — Reported earnings of $6.5 billion; adjusted earnings of $5.7 billion — Acquired PDC Energy, Inc. and majority interest in ACES Delta, LLC — Record year-to-date cash returned to shareholders of $20.0 billion — Announced agreement to acquire Hess Corporation SAN RAMON, Calif.—-October 27, 2023– Chevron Corporation (NYSE: CVX) reported earnings of $6.5 billion ($3.48 per share – diluted) for third quarter 2023, compared with $11.2 billion ($5.78 per share – diluted) in third quarter 2022. Included in the current quarter were a one-time tax benefit of $560 million in Nigeria and pension settlement costs of $40 million. Foreign currency effects increased earnings by $285 million. Adjusted earnings of $5.7 billion ($3.05 per share – diluted) in third quarter 2023 compared to adjusted earnings of $10.8 billion ($5.56 per share – diluted) in third quarter 2022. See Attachment 4 for a

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Chevron Q3 Adj. EPS $3.05 Misses $3.33 Estimate, Sales $54.08B Beat $53.00B Estimate

/ / Energy /

Chevron (NYSE:CVX) reported quarterly earnings of $3.05 per share which missed the analyst consensus estimate of $3.33 by 8.41 percent. This is a 45.14 percent decrease over earnings of $5.56 per share from the same period last year. The company reported quarterly sales of $54.08 billion which beat the analyst consensus estimate of $53.00 billion by 2.04 percent. This is a 18.85 percent decrease over sales of $66.64 billion the same period last year.

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Exxon Mobil Corporation (NYSE:XOM) Announces Third-Quarter 2023 Results

/ / Energy /

Exxon Mobil Corporation (NYSE:XOM) Announces Third-Quarter 2023 Results — Generated strong third-quarter earnings of $9.1 billion, or $2.25 per share, reflecting reliable operating performance of an advantaged portfolio — Produced $16.0 billion of operating cash flow and increased cash balance by $3.4 billion — Delivered the best-ever third-quarter global refinery throughput1 at 4.2 million barrels per day — Returned $8.1 billion to shareholders in the quarter and increased fourth-quarter dividend to $0.95 per share — Announced agreement to merge with Pioneer Natural Resources, a combination that will increase U.S. Permian production, enhance energy security and accelerate Pioneer’s path to net zero SPRING, Texas–(BUSINESS WIRE)–October 27, 2023– Exxon Mobil Corporation (NYSE:XOM): Results Summary Change Change Dollars in Change vs vs millions (except YTD YTD vs YTD 3Q23 2Q23 2Q23 3Q22 3Q22 per share data) 2023 2022 2022 Earnings (U.S. 9,070 7,880 +1,190 19,660 -10,590 GAAP) 28,380 42,990 -14,610 Earnings Excluding Identified

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Piper Sandler’s Q3 Adjusted Earnings, Revenue Decline

/ / Financials /

Piper Sandler (PIPR) reported Q3 adjusted earnings Friday of $1.76 per diluted share, down from $2.32 a year earlier. Four analysts polled by Capital IQ expected $1.58. Total revenue for the quarter ended Sept. 30 was $292 million, down from $334.4 million a year earlier. Four analysts surveyed by Capital IQ expected $298.8 million. The investment firm said it has retained its quarterly dividend at $0.60, payable Dec. 8 to shareholders of record on Nov. 21.

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