Deere Lowered Guidance as Agricultural Cycle Turns Lower

Iconic farming, forestry and construction equipment maker Deere reported earnings Thursday after the close. Deere reported better-than-expected fiscal first-quarter earnings however lowered guidance sending the stock price sharply lower. DE saw its stock fall over 7% after it warned of lower income ahead as sales volumes “return to mid-cycle levels.” The stock did recover to be down 5.2% at the close. Deere announced earnings per share of $6.23 from sales of $10.4 billion. beating analysts’ forecasts of earnings per share … Continue reading “Deere Lowered Guidance as Agricultural Cycle Turns Lower”

Occidental Petroleum Pumps in Strong Earnings Beat, Raises Dividend by 22%

Houston based Occidental Petroleum on Wednesday reported better than expected fourth-quarter earnings, its best quarterly output in three years as it cut spending. Occidental reported adjusted earnings of 74 cents per share for the quarter ended Dec. 31, ahead of analysts’ estimates of 71 cents per share, according to LSEG data. The report follows better than expected earnings from Exxon Mobil and Chevron earlier this month. Like those majors Occidental increased its quarterly dividend payments. OXY raised their payout by … Continue reading “Occidental Petroleum Pumps in Strong Earnings Beat, Raises Dividend by 22%”

Meta Platforms Stock Soars 20% After Initiates Dividend, Strong Engagement Trends

Social media beast Meta Platforms, owner of Facebook shares soared around 20% after earnings beats by $0.51, beats on revs and guiding Q1 revs above consensus. Meta Initiated a quarterly dividend of $0.50/share and also announced a $50 billion increase to share repurchase program. The company said it is experiencing strong engagement trends across apps and capex growth will be driven by investments in servers and data centers as it invests in AI. All the bad was forgiven at the … Continue reading “Meta Platforms Stock Soars 20% After Initiates Dividend, Strong Engagement Trends”

Chevron Revenue Increases from PDC Energy, Raises Dividend 8%

Chevron, the second-largest U.S. oil company after Exxon, on Friday reported stronger-than-expected third quarter earnings. CVX posted total adjusted earnings of $2.3 billion, or $3.45 a share beating analysts looking for a profit of $3.19 a share. Chevron announced record annual production, enabled by the acquisition of Colorado producer PDC Energy and raised the quarterly dividend by 8% to $1.63 a share bringing the company’s dividend yield to 4.3%, ahead of Exxon’s 3.7%. Chevron spent a record $26 billion on … Continue reading “Chevron Revenue Increases from PDC Energy, Raises Dividend 8%”

Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023

Energy giant ExxonMobil, the largest U.S. oil company, reported a better-than-expected $36 billion profit for 2023 boosted by fuels trading and higher oil and gas production. For the fourth quarter XOM EPS beat by $0.28 but missed on revenue expectations. Exxon Chief Executive Darren Woods said the industry “saw energy prices and refining margins start to normalize in 2023.” Earnings across the energy space have been rebalancing by the slump in global natural gas and crude prices since last year’s … Continue reading “Higher Oil and Gas ExxonMobil Trading Profits and Production in 2023”

Oil Field Services Giant SLB Reports International Revenue Jumped 18% in Q4

The world’s largest oil fields service company SLB (formerly known as Schlumberger) reported better than expected fourth quarter earnings before the market opened Friday. For the full year, revenue rose 18% year over year, while adjusted earnings jumped 37%. SLB also raised its quarterly dividend 10% to 27.5 cents from 25 cents. SLB reported adjusted earnings of 86 cents a share for the quarter, beating Wall Street’s call for 84 cents, according to FactSet. Revenue of $8.99 billion was above … Continue reading “Oil Field Services Giant SLB Reports International Revenue Jumped 18% in Q4”

Morgan Stanley Earnings Hit by Charges, $286m FIDC and $249m SEC Criminal Investigation

Morgan Stanley reported mixed fourth quarter earnings and revenue before the bell Tuesday. Net income came to $1.52 billion, or 85 cents per share, down more than 30% from $2.24 billion, or $1.26 per share, a year ago. Revenue of $12.9 billion topped analysts’ estimates and rose from $12.75 billion a year ago. This is the first earnings report under new CEO Ted Pick. MS was hit by two one-time regulatory charges, a $286 million charge related to a Federal … Continue reading “Morgan Stanley Earnings Hit by Charges, $286m FIDC and $249m SEC Criminal Investigation”

Goldman Sachs Traders Ride the Stock Market Rally, Equity Trading Revenue Jumped 26% in Q4

Goldman Sachs, America’s largest investment bank reported better than expected fourth quarter earnings Tuesday with profit up 51 per cent. The bank reported a profit of $2.01 billion, or $5.48 per share, for the latest quarter, compared with $1.33 billion, or $3.32 per share, a year earlier. Goldman’s equity traders were on the right side of the recovery in markets. Goldman’s equity trading revenue jumped 26 per cent in the fourth quarter. Revenue from the asset and wealth management business … Continue reading “Goldman Sachs Traders Ride the Stock Market Rally, Equity Trading Revenue Jumped 26% in Q4”

Bank of America Earnings Hit by $1.6 Billion LIBOR and $2.1 Billion FIDC Related Charges

Bank of America, America’s second largest bank reported weaker than expected fourth earnings Friday. BAC net income fell to $3.1 billion, or 35 cents per share, in the quarter, down over 50% from $7.1 billion, or 85 cents per share, a year ago. Revenue of $22.1 billion fell short of Wall Street’s estimates for the first time in two years and was down 10% from the year-ago period. The bank was hit by a pretax charge of $1.6 billion related … Continue reading “Bank of America Earnings Hit by $1.6 Billion LIBOR and $2.1 Billion FIDC Related Charges”

Citigroup Earnings Hit by $4.66 Billion in Charges from Overseas Divestures and Banking Crisis

Citigroup reported better than expected adjusted fourth quarter earnings Friday before the market open along with three of the largest U.S. lenders, Bank of America (BAC), JPMorgan Chase (JPM) and Wells Fargo (WFC). Citi’s institutional services operations, U.S. personal banking and investment banking performed well, according to the bank. However, prior to adjustments, charges of $4.66 billion, or $2 per share hit quarterly earnings and Citigroup posted a $1.8 billion loss for the quarter. The charges were tied to overseas … Continue reading “Citigroup Earnings Hit by $4.66 Billion in Charges from Overseas Divestures and Banking Crisis”