Earnings Roundup: F, MCD, VZ, HON, SLB, JCI
Friday, July 23, 2021 9:50 AM

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Ford Motor Co. (NYSE: F) said Friday that its second-quarter profit rose 13% as it benefited from a rebound in auto market and higher prices for cars and trucks. Net income climbed to $2.6 billion or 61 cents a share, from $2.3 billion or 69 cents a share in the prior-year quarter. On an adjusted basis, the company earned 68 cents a share in the latest quarter. Revenue rose to $31.3 billion from $26.8 billion in the same quarter. Analysts, on average, expected the company to report earnings of 40 cents per share on revenue of $29.79 billion. Looking ahead, Ford said that it expects third quarter 2010 production to be up 126,000 units compared with year-ago levels, reflecting continued strong demand for Ford products, maintenance of competitive stock levels, and the non-recurrence of prior-year stock reductions. Third quarter production will be down 174,000 units compared to second quarter 2010 production, reflecting planned vacation shutdowns during the third quarter that generally are used to prepare for new models. The company said that it is on track to deliver solid profits in 2010 with positive Automotive operating-related cash flow, and continued improvement in 2011. By the end of 2011, Ford expects to move from an Automotive net debt position to a net cash position. Shares of the US automaker rallied 3.72% to $12.54 in morning trading.

Verizon Communications Inc. (NYSE: VZ) reported Friday that it swung to fiscal-second quarter loss of $198 million, or 7 cents a share, compared to earnings of $1.48 billion, or 52 cents a share, in the year-earlier quarter. On an adjusted basis, the company earned 58 cents a share in the latest quarter. Operating income dropped to $2 billion from $4.4 billion. Revenue slipped to $26.8 billion, from $26.9 billion. Analysts, on average, expected the company to report earnings of 56 cents per share on revenue of $27.10 billion. Verizon shares surged 2.63% to $27 in Friday morning trading.

McDonald's Corp. (NYSE: MCD) said Friday that its second-quarter profit grew 12% to $1.23 billion, or $1.13 a share, from $1.09 billion, or 98 cents a share, in the same quarter a year ago. Revenue rose to $5.95 billion from $5.65 billion. Analysts, on average, expected the company to report earnings of $1.12 per share on revenue of $5.91 billion. Global comparable sales increased 4.8%, with the U.S. up 3.7%, Europe up 5.2% and Asia/Pacific, Middle East and Africa up 4.6%.

Honeywell International Inc. (NYSE: HON) reported Friday that its second-quarter earnings rose to $468 million from $450 million in the year-earlier period. Earnings per common share remained unchanged at $0.60. On an adjusted basis, the company earned 78 cents a share in the latest quarter. Revenue rose to $8.16 billion from $7.57 billion. Analysts, on average, expected the company to report earnings of 57 cents per share on revenue of $8 billion. The company also boosted its fiscal 2010 financial guidance. It now expects to report earnings in the range of $2.40 to $2.50 per share on a reported basis and $3.14 to $3.24 per share, excluding non-cash pension expense. The company raised its 2010 sales outlook to a range of $32.4 billion to $32.9 billion, from its previous forecast in the range of $31.5 billion to $32.3 billion. Analysts currently expect the company to report earnings of $2.48 per share on revenue of $32.15 billion.

Schlumberger (NYSE: SLB) said that its second-quarter net income climbed to $818 million, or 68 cents a share, from $613 million, or 51 cents a share, in the year-earlier quarter.  Revenue increased to $5.9 billion from $5.5 billion. Analysts, on average, expected the company to report earnings of 68 cents per share on revenue of $5.91 billion. Schlumberger shares slumped as much as 4% in morning trading.

Johnson Controls Inc. (NYSE: JCI) reported Friday that its fiscal third-quarter net income surged to $418 million, or 61 cents a share, from $163 million, or 26 cents, in the comparable period a year ago. On an adjusted basis, the company earned 54 cents a share in the latest quarter. Revenue increased 22% to $8.54 billion from $6.98 billion.  Analysts, on average, expected the company to report earnings of 55 cents per share on revenue of $8.46 billion. Looking ahead, Johnson Controls said that it now expects to report to report earnings of $1.95 per share for fiscal year 2010. Previously, it expected to report earnings in a range of $1.90 to $1.95 per share. The company left its sales guidance unchanged at $33.5 billion. Analysts currently expect the company to earn $1.99 per share on revenue of $33.74 billion.

Disclosure: Author doesn't own any of the stocks discussed here.

 

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