Earnings season was in full swing on Tuesday Morning with several Dow 30 companies surpassing first-quarter estimates.
Coca-Cola Co (NYSE:KO)’s first-quarter revenue beat Wall Street expectations. The soda giant reported first-quarter net income US$0.47 per share on revenue of US$7.6bn versus consensus estimates of US$0.46 per share on revenue of US$7.34bn. Sales of Diet Coke after its can makeover boosted sales and organic growth was up 5%. Shares were down slightly in pre-market trading.
Caterpillar Inc (NYSE:CAT) announced better-than-expected first-quarter earnings before the bell, sending shares up 4% in pre-market trading and into the trading day. The Illinois-based company reported first-quarter net income US$2.82 per share on revenue of US$12.9bn versus Wall Street estimates of US$2.13 per share on US$12.1bn.
Telecom giant Verizon Communications Inc (NYSE:VZ) beat analyst estimates in its first quarter. The New York-based company reported first-quarter net income US$1.17 per share on revenue of US$31.78bn versus analyst estimates of US$1.10 per share on revenue of US$31.25bn. The company’s wireless business contributed to growth with revenue reaching US$21.9bn in the division. Shares were up 3.4% in pre-market trading.
Shares of Lockheed Martin Corp. (NYSE: LMT) were up slightly in pre-market trading after reporting strong earnings in its first quarter. The defense contractor reported first-quarter net income of US$4.02 per share on revenue of US$11.64bn versus Wall Street expectations of US$3.40 per share on revenue of US$11.24bn. Higher sales of F-35 fighter jets contributed to the rise in revenue. Shares rose slightly in pre-market trading.
Tech glass company Corning Inc (NYSE:GLW) shares were down in early trading after announcing its first quarter report. The New York-based company reported first-quarter net income of US$0.31 per share on revenue of US$2.5bn versus Wall Street estimates of US$0.30 per share on revenue of US$2.49bn. The company provides smartphone screens for companies like Apple Inc (NASDAQ:AAPL) and Samsung Group. While the company beat profit estimates, glass phone screen sales dropped.
JetBlue Airways Corporation (NASDAQ:JBLU) shares were down slightly after reporting its first quarter earnings this morning. The airline reported first-quarter net income of US$0.27 per share on revenue of $US1.75bn versus consensus estimates of US$0.22 per share on revenue of US$1.76bn. A lower U.S. tax rate helped to offset fuel costs, as per a Reuters report.
Earnings season continues Wednesday with companies including AT&T Inc (NYSE:T), The Boeing Co. (NYSE:BA), Chipotle Mexican Grill Inc (NYSE:CMG), Equifax Inc (NYSE:EFX) , The Ford Motor Co. (NYSE:F) and Twitter Inc (NYSE:TWTR) reporting quarterly earnings.