Lockheed Martin Corporation reported strong first quarter financial results, surpassing analyst estimates and raising its full-year guidance. The defense contractor posted earnings per share (EPS) of $6.39, exceeding the consensus estimate by $0.59. Revenue came in at $17.2 billion, beating the $16.02 billion forecast. Looking ahead, Lockheed Martin expects EPS in fiscal year 2024 to range between $25.65 and $26.00, which is slightly above the analyst consensus of $26.03.
General Motors (GM) reported a 25% increase in net income for the first quarter of 2023, despite a slight dip in overall U.S. vehicle sales. This growth was driven by strong deliveries of pickup trucks and other higher-profit vehicles. The company’s average sales price per vehicle remained stable at nearly $50,000, as pickup sales remained strong. GM’s performance exceeded Wall Street estimates, with earnings per share reaching $2.62. The company also raised its full-year net income guidance to a range of $10.1 billion to $11.5 billion. However, GM expects prices to decline by 2% to 2.5% over the full year, although no significant decline has been observed yet. Electric vehicle sales increased during the quarter, and GM is producing more of its own batteries. The company aims for a mid single-digit profit margin on EVs next year.
Halliburton Company reported stronger-than-anticipated adjusted earnings for the first quarter of 2024, primarily attributed to a surge in foreign demand for oilfield services. The company reported an adjusted net income of $679 million, equating to $0.76 per diluted share, surpassing analyst predictions of $0.74 EPS. This positive performance was driven by a 12% surge in international revenue, reaching $3.3 billion, as demand for oilfield services and equipment rose in major markets across the Middle East, Europe, and Latin America.
Tesla is poised to reveal its Q1 earnings on Tuesday, April 23, after a challenging start to 2024. The Austin-based electric vehicle manufacturer has witnessed a decline in its stock price, dropping to a 52-week low on Friday. Investors and shareholders eagerly await the earnings report, which is expected to provide insights into the company’s financial performance and future plans. Key points to watch during the earnings call include potential new strategies, expansion plans, updates on Robotaxi, and Elon Musk’s role at Tesla.
General Motors (GM) reported a strong first quarter, with net income rising 25% to $2.97 billion. The increase was driven by strong sales of pickup trucks and other higher-profit vehicles. The automaker’s average sales price per vehicle was down slightly from last year, but pickup sales remained strong. GM also raised its full-year net income guidance to $10.1 billion to $11.5 billion.
PepsiCo reported better-than-expected revenue in the first quarter of 2023, boosted by strong international demand for its snacks and beverages. Revenue increased by 2% to $18.3 billion, surpassing analysts’ forecasts of $18 billion. The company faced challenges in North America due to a Quaker Oats recall, leading to a 24% sales decline in Quaker Foods. However, robust growth in Asia Pacific (11%) and Europe (10%) offset these losses. Despite facing retailer disputes in Europe, PepsiCo has successfully resolved its pricing issues with Carrefour and resumed product distribution. The company has implemented price increases to counter rising ingredient costs, with net pricing rising 5% globally in the first quarter.
General Motors (NYSE: GM) reported strong first-quarter results that surpassed analysts’ estimates and prompted the company to raise its full-year guidance. Adjusted EPS came in at $2.62, exceeding expectations of $2.12, while revenue reached $43.01 billion, outpacing estimates of $40.67 billion. The automaker attributed its success to consistent revenue growth, a significant increase in retail deliveries for its EV portfolio, and disciplined pricing strategies. GM raised its full-year 2024 EPS guidance to a range of $9.00-$10.00 and expects capital spending of $10.5 billion to $11.5 billion. The company also expressed optimism about its self-driving car unit, Cruise, which has resumed road testing in Phoenix. GM’s strategy of leveraging its ICE portfolio, growing its EV business, and advancing software-defined vehicle capabilities is paying off, positioning it for continued industry success.
General Motors reported a 25% increase in its first-quarter net income, driven by strong sales of pickup trucks and other high-profit vehicles. Despite a slight dip in U.S. vehicle sales, the automaker’s average sales price remained stable at just under $50,000. GM’s better-than-forecast results led to a slight upward revision in its full-year net income guidance to a range of $10.1 billion to $11.5 billion.
General Motors (GM) reported strong financial results for the first quarter of 2023, exceeding Wall Street targets and raising its annual pretax profit projection. The automaker’s net income rose 24.4% year-over-year to $3 billion, driven by stable pricing and demand for its gas-engine vehicles. GM’s adjusted pretax profit projection has been adjusted to $12.5 billion to $14.5 billion from the previous range of $12 billion to $14 billion for the year.
Elon Musk, CEO of Tesla, has expressed support for ARK Invest’s analysis of the company’s Q1 expectations. ARK Invest has set a price target for Tesla at $2000 by 2027, despite the company’s recent decline in deliveries and production figures. Analysts remain cautious about Tesla’s Q1 earnings and question its status as a growth stock.
