Chevron(CVX) Q1 2024 Earnings Conference

/ / Energy /

The following is a summary of the Chevron Corporation (CVX) Q1 2024 Earnings Call Transcript: Financial Performance: Chevron reported Q1 earnings of $5.5 billion or $2.97 per share, with adjusted earnings being $5.4 billion or $2.93 per share. Cash flow from operations was impacted by upstream ARO settlement payments and expansion of the retail marketing network. Although affected by lower realization and lifting, the company achieved financial priorities including an 8% increase in dividends shares. Maintaining stability, Chevron delivered $5 billion+ adjusted earnings and over 12% adjusted ROCE for nine consecutive quarters. In Q1 2024, Chevron returned $6 billion to shareholders, marking the eighth consecutive quarter of returns over $5 billion. Business Progress: Chevron recorded its highest Q1 production ever, a rise of over 12% from the previous year due to the PDC Energy acquisition and growth in the Permian Basin. A major step forward came with final investment decisions […]

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Phillips 66(PSX) Q1 2024 Earnings Conference

/ / Energy /

The following is a summary of the Phillips 66 (PSX) Q1 2024 Earnings Call Transcript: Financial Performance: Phillips 66 reported adjusted earnings of $822 million, or $1.90 per share, for Q1 2024. Operating cash flow, excluding working capital was $1.2 billion. The company distributed $1.6 billion to shareholders through $1.2 billion of share repurchases and $448 million of dividends. Capital spending for the quarter was $628 million, and the adjusted effective tax rate was 21%. The net debt to capital ratio was 38%. Despite a loss in the first quarter for the Rodeo Renewed Project, Phillips 66 expects progression towards profitability with optimized performance over the year. Business Progress: The firm returned significant cash to shareholders and made progress on strategic priorities, despite being impacted by maintenance limiting its ability to create higher value products. Phillips 66 plans to divest its retail marketing business in Germany and Austria, distribute almost

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Caterpillar’s Q1 Adjusted Earnings Increase, Revenue Declines; Shares Down Pre-Bell

/ / Industrials /

Caterpillar (CAT) posted Q1 adjusted earnings Thursday of $5.60 per share, up from $4.91 a year earlier. Analysts polled by Capital IQ expected $5.13. Revenue for the quarter ended March 31 was $15.8 billion, down from $15.86 billion a year earlier. Analysts surveyed by Capital IQ expected $15.99 billion. Shares of the company declined more than 3% in recent premarket activity on Thursday.

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Comcast Reports 1st Quarter 2024 Results

/ / Telecommunications /

Comcast Reports 1st Quarter 2024 Results PHILADELPHIA–(BUSINESS WIRE)–April 25, 2024– Comcast Corporation (NASDAQ: CMCSA) today reported results for the quarter ended March 31, 2024. “Our team is continuing to execute exceptionally well in a dynamic and competitive marketplace,” said Brian L. Roberts, Chairman and Chief Executive Officer of Comcast Corporation. “We delivered double-digit growth in Adjusted EPS and free cash flow while returning $3.6 billion to shareholders, investing aggressively in our businesses, and maintaining our strong balance sheet. We grew broadband ARPU over 4%, delivered 7% revenue growth in our connectivity businesses, and expanded our Adjusted EBITDA margin across Connectivity & Platforms. In Studios, following a record year with eight Oscars including Best Picture, our film group continues to leverage our incredible IP with hits like Kung Fu Panda 4; and Peacock remains one of the fastest growing domestic streamers with impressive acquisition, retention and engagement trends. Overall, I am

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CFRA Reiterates Strong Buy Opinion On Shares Of Servicenow Inc.

/ / Technology /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We drop our target price to $841 from $852 on a P/E of 60x our NTM EPS view of $14.02, above its 1-year average as NOW consolidates share in ITOM/ITSM and builds Gen AI momentum. We lift our 2024 EPS forecast to $13.54 from $13.10, but trim our 2025 EPS view to $16.15 from $16.35. NOW posted Q1 sales of $2.6B, above consensus by $10M, while non-GAAP EPS of $3.41 beat by $0.28. Sales rose 24.2% Y/Y, led by Subscription growth of 24.5%, slightly lower than expected, from fewer transactions with ACVs above $1M (-10.6% Y/Y). FX also contributed to a 50 bps headwind to subscription sales and RPO growth (+26.4% Y/Y). NOW raised the midpoint of its full-year subscription sales guide marginally ($3M), which includes a

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CFRA Reiterates Hold View On Shares Of Caterpillar Inc.

/ / Industrials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: CAT shares are sliding today following the company’s Q1 print, with a beat on EPS being overshadowed by a nearly $200M miss on sales. We believe that high expectations were baked into the share price prior to the Q1 release. We trim our target to $335 from $360, 15x our 2025 EPS outlook of $22.35 (in line with the previous forecast; 2024 EPS lifted by $0.47 to $21.88), slightly below CAT’s long-term historical forward average. CAT posted Q1 operating EPS of $5.60 (+14% Y/Y), $0.47 above consensus. Revenues were roughly flat Y/Y, with falling volumes in Construction and Resource industries being offset by pricing realization. Energy & Transportation was once again a bright spot, contributing $433M in sales growth. Earnings expansion was largely driven by gains in

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Caterpillar Expects Inventories To Hold Back Sales Growth In ’24

/ / Industrials /

Caterpillar is guiding to largely flat sales in 2024 on the expectation the company’s dealers won’t expand their equipment inventories much this year after increasing them by $700 million in 2023. Caterpillar says flat inventories at dealers will be a “headwind” for the company’s sales growth in 2024. Caterpillar’s 1Q sales slipped 1% from the same quarter a year earlier, driven by 5% drop in construction equipment sales and 7% decrease in mining equipment. The declines were partially offset by a 7% rise in sales of engines for energy and transportation. Shares sink 7% at $337.66.

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Caterpillar Sees Annual Decline in Near-Term Sales Following Mixed First Quarter

/ / Industrials /

Caterpillar (CAT) reported mixed first-quarter results versus a year ago impacted by lower sales volume, while the heavy equipment manufacturer expects revenue to be down on an annual basis in the current three-month period. The company reported adjusted earnings of $5.60 a share for the March quarter, up from $4.91 the year before, and ahead of the Capital IQ-polled consensus of $5.13. Revenue edged down to $15.8 billion from $15.86 billion, below the Street’s view for $15.99 billion. The stock declined 8.5% in Thursday trading. “Sales remained about flat compared to the prior year as lower volume was largely offset by favorable price realization,” Chief Financial Officer Andrew Bonfield said during an earnings call, according to a Capital IQ transcript. “The decline in volume was primarily due to lower sales to users,” led by weakness in Europe for construction industries. Machinery, energy and transportation revenue dipped 1% to $14.96 billion.

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CFRA Keeps Hold Opinion On Shares Of Raymond James Financial, Inc.

/ / Financials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our target price by $15 to $125 on a forward P/E of 13.0x our FY 2024 (Sep.) EPS estimate, a slight discount to RJF’s 10-year average (13.8x) as net interest income (NII) headwinds partially offset our expected investment banking (IB) recovery. We raise our FY 2024 EPS by $0.05 to $9.61 and FY 2025’s by $0.16 to $10.14. RJF reported FQ2 adjusted EPS of $2.31 vs. $2.03, in line with consensus. Revenues rose 9% Y/Y, driven by Asset Management (+17% Y/Y), Capital Markets (CM, +14% Y/Y), and Private Client Group (PCG, +9% Y/Y), partially offset by RJ Bank (RJB, -22% Y/Y). PCG benefited from equity market tailwinds with AUM rising to $1.39T vs. $1.17T Y/Y. CM results were a bit weaker than we expected, as

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CFRA Keeps Hold Opinion On Shares Of General Dynamics Corporation

/ / Industrials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $290, up $15, reflects a 17.5x multiple of projected 2025 EPS, slightly above GD’s historical forward average. We think a modest premium is reasonable given what should be an improving operating margin environment. We cut our 2024 EPS estimate by $0.06 to $14.61 and 2025’s by $0.04 to $16.59. Q1 EPS of $2.88 vs. $2.64 missed the consensus view by $0.06. Operating margins of 9.7% rose 20 basis points vs. the year-ago quarter and backlog rose 4% from year-end 2023. There is light at the end of the tunnel for the G700, which obtained certification in late Q1, but too late to make any deliveries in Q1. Nonetheless, GD is maintaining its guidance of 50-52 G700 deliveries in 2024. On a positive

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Ford Q1 Beat Driven by Pro Volume Growth, Lower Model E Losses, BofA Says

/ / Consumer Discretionary /

Ford’s (F) Q1 beat was driven by solid volume growth in the company’s Pro segment as well as lower losses in Model E, BofA Securities said in a note to clients on Thursday. However, Blue “partially worked as an offset due to the timing of 60K F-150s held in inventory,” the investment firm said. The carmaker reported Q1 adjusted earnings Wednesday of $0.49 per diluted share, down from $0.63 a year earlier. Analysts surveyed by Capital IQ expected $0.44. Revenue for the quarter was $42.78 billion, up from $41.47 billion a year earlier. Analysts expected $41.47 billion. The company’s management “painted a positive picture for Ford as strength in its core truck market continues. Demand for Pro remains high and, in the priority pecking order, it sits atop when resources are allocated,” BofA said. “New Pro products are expected to launch in 2H in Europe, which may impact volumes in

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ServiceNow Q1 Results ‘Relatively Uneventful,’ Morgan Stanley Says

/ / Technology /

ServiceNow (NOW) posted “relatively uneventful” Q1 results, with the company’s upcoming analyst day and the potential for better current remaining performance obligations, or cRPO, growth in the second half of the year seen as its next catalysts, Morgan Stanley said Thursday. Late Wednesday, the company reported Q1 constant-currency cRPO growth of 21%, which Morgan Stanley said was 100 basis points better than outlook. ServiceNow’s Q2 constant-currency cRPO growth guidance of roughly 21% topped the consensus for 20% increase, the brokerage said. Morgan Stanley raised its price target on the ServiceNow stock to $830 from $814. The firm maintained its overweight rating on the stock, with the company’s potential next catalysts being its May 6 analyst day and second-half results, “where we see more upside to estimates and the potential for better [constant-currency] cRPO growth,” according to the note. The company’s shares were down over 5% in recent trading.

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