JetBlue Airways reported a non-GAAP EPS of -$0.43 in Q1, beating estimates by $0.09. However, revenue declined by 5.6% year-over-year to $2.2 billion. Operating expenses surged by 14.0% to $2.9 billion, driven by higher fuel costs and other expenses. Excluding special items, operating expenses decreased by 3.7% to $2.4 billion.
Novartis has raised its full-year guidance after reporting a beat on both profit and sales in the first quarter. The company’s non-GAAP EPS of $1.80 beat consensus expectations by $0.12, while revenue of $11.83 billion beat by $330 million.
Leading electric vehicle manufacturer Tesla Inc. (TSLA) is poised to release its first-quarter financial results on Tuesday, April 23. Here’s what to expect based on analysts’ estimates and key points to watch:
Food and beverage giant PepsiCo (PEP) is expected to report its first-quarter financial results before the market opens on Tuesday. Analysts estimate the company will report revenue of $18.08 billion and earnings per share of $1.52, representing modest growth compared to the previous year’s first quarter. While Pepsi has consistently surpassed expectations in recent quarters, analysts warn that a Quaker recall and a slowdown in salty snacks could impact the results. Despite these concerns, analysts remain bullish on Pepsi’s long-term prospects, citing its international growth and strong brands.
Prologis’ first-quarter 2024 results show a slight decrease in its 2024 guidance due to competitive leasing activities in certain markets. Despite a rise in rental revenue, occupancy and net operating income are anticipated to fall. Although operating conditions are favorable, customers are prioritizing cost control, affecting leasing decisions and pace. The average occupancy rate for 2024 is projected to be between 95.75% and 96.75%, indicating a 75-basis point reduction. Despite a challenging environment, Prologis remains optimistic about its business fundamentals.
Ameriprise Financial (AMP) delivered strong first-quarter results, exceeding analyst estimates and reporting a 9.6% dividend increase. The investment firm’s adjusted operating EPS reached $8.39, topping expectations of $8.20, and assets under management surged to $1.42 trillion. Ameriprise’s Advice & Wealth Management segment drove earnings growth, while the Asset Management and Retirement & Protection Solutions segments also reported notable improvements.
AGNC Investment Corp. (AGNC) reported its first-quarter earnings, aligning with adjusted earnings per share (EPS) projections but falling short of revenue forecasts. The adjusted EPS of $0.58 aligned with analyst consensus, while adjusted net interest and dollar roll income missed the expected $567.47 million by $496 million. The company’s stock experienced a slight increase of 0.54% post-earnings release, indicating a mildly positive investor response despite the revenue shortfall.
Nucor Corporation (NUE) reported a 22.25% year-over-year decline in first-quarter earnings, missing analyst estimates. Sales also fell, coming in below expectations. Despite these setbacks, the company remains in a strong financial position with ample cash and credit available.
Packaging Corporation of America (NYSE: PKG) exceeded analysts’ expectations in its first-quarter earnings, primarily driven by higher volumes in packaging and paper segments and reduced operating costs. Despite a decline from last year’s performance, the company’s EPS of $1.72 surpassed estimates by four cents. Total revenue remained steady year-over-year, exceeding expectations by $70 million. The company reported a 28% decrease in adjusted EBITDA to $333.2 million.
Despite ongoing inflation, CEO Mark Kowlzan attributed the improved results to strong volume growth and cost management initiatives across manufacturing and converting facilities. The company recently implemented a $100 per ton price increase in all paper grades, effective April 1st. However, average prices and sales mix are expected to be slightly lower due to a reduction in index prices earlier this year.
For Q2, higher freight, depreciation, and tax costs will be partially offset by lower operating and converting costs, leading to an expected EPS of $2.07. This is below both the $2.31 reported in Q2 2023 and the analyst consensus of $2.22.
In terms of segments, packaging sales declined by 0.8%, while paper sales increased by 8.5%. However, both segments experienced a decline in profits compared to the previous year’s quarter, with packaging down 24% and paper down 13%.
Cadence Design Systems (CDNS) reported better-than-expected first-quarter financial results, with earnings per share of $1.17 surpassing the $1.13 analyst consensus estimate and revenue reaching $1.009 billion, exceeding the $1.002 billion forecast. Despite a decline in operating margin, the company highlighted its strong backlog and momentum in its AI portfolio and hardware platforms.
