Topics

Aerospace

2:20 a.m. Aug. 13, 2021 - By Tomi Kilgore
Embraer reports surprise profit and revenue that rose above forecastsEmbraer S/A reported Friday a surprise second-quarter profit as revenue rose more than expected, as deliveries of commercial and executive jets increased from the previous quarter. The Brazil-based aerospace company swung to net income of $87.9 million, or 47.9 cents a share, from a loss of $89.7 million, or 48.8 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 23.7 cents, compared with the FactSet consensus for a per-share loss of 25 cents. Revenue grew 40.0% to $1.13 billion, above the FactSet consensus of $1.00 billion. The company delivered 14 commercial jets and 20 executive jets during the quarter, after delivering 9 commercial and 13 executive jets in the first quarter. For 2021, Embraer expects revenue of $4.0 billion to $4.5 billion, surrounding the FactSet consensus of $4.38 billion, and expects deliveries of 45 to 50 commercial jets and 90 to 95 executive jets. Embraer's U.S.-listed shares, which were still inactive in premarket trading, have soared 115.6% year to date, while shares of U.S.-based rival Boeing Co. have gained 11.3% and the S&P 500 has advanced 18.8%.
3:51 a.m. Aug. 5, 2021 - By Tomi Kilgore
Parker Hannifin tops profit and sales expectations, but provides downbeat outlook; stock fallsParker Hannifin Corp. reported Thursday fiscal fourth-quarter record profit and revenue that beat Wall Street's expectations, as international industrial sales beat forecasts to offset a miss in North America sales. The motion control and technologies and systems company also provided a fiscal 2022 earnings outlook that was a little below expectations. The stock fell 0.8% in premarket trading. The company swung to net income of $504.8 million, or $3.84 a share, from $289.5 million, or $2.23 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $4.38, above the FactSet consensus of $4.32. Sales grew 25.3% to $3.96 billion, topping the FactSet consensus $3.93 billion. North America industrial sales rose 27% to $1.82 billion, below the FactSet consensus of $1.88 billion, while international industrial sales grew 37% to $1.51 billion to beat expectations of $1.43 billion. Aerospace sales increased 1% to $630.0 million, above expectations of $627.0 million. For fiscal 2022, the company expects adjusted EPS of $16.20 to $17.00, compared with the FactSet consensus of $17.19. The stock has lost 3.9% over the past three months through Wednesday, while the S&P 500 has gained 5.6%.
3:20 a.m. July 29, 2021 - By Ciara Linnane
Northrop Grumman blows past estimates for second quarter, raises guidanceDefense contractor Northrop Grumman Corp. blew past earnings estimates for the second quarter on Thursday, and raised its full-year guidance. The Falls Church, Va.-based company posted net income of $1.04 billion, or $6.42 a share, for the second quarter, up from $1.01 billion, or $6.01 a share, in the year-earlier period. Sales rose 3% to $9.2 billion from $8.9 billion. The FactSet consensus was for EPS of $5.84 and sales of $8.8 billion. "Based on the strength of our growth and performance year-to-date and our enhanced outlook for the year, we have increased our 2021 sales and EPS guidance," Chief Executive Kathy Warden said in a statement. Aeronautics systems sales edged down to $2.913 billion from $2.925 billion, while defense systems sales fell to $1.427 billion from $1.886 billion. Mission systems sales rose 6% to $2.588 billion from $2.446 billion and space systems sales rose 34% to $2.748 billion. The company is now expecting full-year transaction adjusted EPS of $24.40 to $24.80, up from prior guidance of $24.00 to $24.50. The transaction referred to is the sale of the company's IT services business in the first half. It expects sales to range from $35.8 billion to $36.2 billion, up from prior guidance of $35.3 billion to $35.7 billion. Shares were slightly lower premarket, but have gained 18% in the year to date, while the S&P 500 has gained 17%.
4:40 a.m. July 28, 2021 - By Tomi Kilgore
Boeing's stock surge keeping the Dow in positive territoryBoeing Co.'s stock big premarket surge Wednesday, in the wake of the aerospace and defense giant's , is helping keep the Dow Jones Industrial Average in positive territory. The stock rose 5.3% ahead of the open to pace the Dow's early gainers; the implied price gain would boost the Dow's price by about 78 points, while Dow futures nudged up 10 points, or less than 0.1%. The Dow's second-biggest gainers was Microsoft Corp. , as the software giant's stock rose 1.7% after its ; the stock's implied price gain would add about 31 points to the Dow.
3:49 a.m. July 28, 2021 - By Tomi Kilgore
Boeing stock jumps after swinging to surprise profit, as commercial airplanes revenue more than triplesShares of Boeing Co. powered up 3.6% in premarket trading Wednesday, after the aerospace and defense giant swung to a surprise profit, amid higher commercial volume and lower period costs. Net income for the quarter to June 30 was $587 million, or $1.00 a share, after a loss of $2.38 billion, or $4.20 a share, in the year-ago period. Excluding nonrecurring items, Boeing swung to core earnings per share of 40 cents from a per-share loss of $4.79, beating the FactSet consensus for a per-share loss of 83 cents. Revenue rose 44.0% to $17.00 billion to beat the FactSet consensus of $16.60 billion. Among Boeing's business segments, Commercial Airplanes revenue rose 268% to $6.02 billion, to top the FactSet consensus of $6.00 billion, as deliveries increased to 79 from 20; Defense, Space & Security revenue grew 4% to $6.88 billion, above expectations of $6.78 billion; and Global Services revenue increased 17% to $4.07 billion, topping expectations of $3.69 billion. The company said the 737 MAX program is producing at a rate of 16 planes per month, with the rate expected to gradually increase to 31 per month in 2022. "While our commercial market environment is improving, we're closely monitoring COVID-19 case rates, vaccine distribution and global trade as key indicators for our industry's stability," said Chief Executive David Calhoun. The stock has edged up 3.8% year to date through Tuesday, while the Dow Jones Industrial Average has gained 14.6%.
3:17 a.m. July 28, 2021 - By Tomi Kilgore
General Dynamics beats profit expectations but misses on revenue, as aerospace weakness weighsGeneral Dynamics Corp. reported Wednesday a second-quarter profit that rose above expectations but revenue that surprisingly slipped, as weakness in the aerospace business weighed. Net income rose to $737 million, or $2.61 a share, from $625 million, or $2.18 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.54. Revenue slipped 0.5% to $9.22 billion from $9.26 billion, while the FactSet consensus was for an increase to $9.31 billion. Within the aerospace and defense contractor's business segments, Aerospace revenue fell 17.8% to $1.62 billion to miss the FactSet consensus of $1.75 billion and Technologies revenue rose 3.2% to $3.16 billion to miss expectations of $3.20 billion, while Marine Systems revenue increased 2.6% to $2.54 billion to top expectations of $2.53 billion and Combat Systems revenue grew 8.3% to $1.90 billion to beat forecasts of $1.76 billion. The company said overall demand remained strong, with a consolidated book-to-bill ratio of 1-to-1. The stock, which was little changed in premarket trading, has rallied 30.4% year to date while the S&P 500 has gained 17.2%.
3:13 a.m. July 27, 2021 - By Tomi Kilgore
Raytheon stock rallies after profit, revenue and FCF beats and raised outlookShares of Raytheon Technologies Corp. rallied 1.4% in premarket trading Tuesday, after the aerospace and defense company reported second-quarter profit, revenue and free cash flow that were above expectations and raised the full-year outlook, as commercial aerospace continued to recover and amid strength in its defense businesses. The company swung to net income of $1.03 billion, or 68 cents a share, from a loss of $3.84 billion, or $2.55 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.03, above the FactSet consensus of 93 cents. Revenue rose 13% to $15.88 billion to top the FactSet consensus of $15.83, as revenue beats by the Pratt & Whitney, intelligence and space and missiles and defense businesses helped offset a Collins aerospace miss. Free cash flow was $966 million, well above the FactSet consensus of $775.8 million. The company raised its 2021 outlook for EPS to $3.85 to $4.00 from $3.50 to $3.70 and for revenue to $64.4 billion to $65.4 billion from $63.9 billion to $65.4 billion. The stock has advanced 20.2% year to date through Monday, while the S&P 500 has gained 17.7%.
2:41 a.m. July 27, 2021 - By Tomi Kilgore
GE stock surges after profit and revenue beats, a surprise swing to positive free cash flowShares of General Electric Co. shot up 4.0% in premarket trading Tuesday, after the industrial conglomerate reported second-quarter profit and revenue that beat expectations, and surprisingly generated positive free cash flow. On a net basis, the loss per shares narrowed to 14 cents from 26 cents, while excluding nonrecurring items, GE swung to adjusted earnings per share of 5 cents from a loss of 14 cents to beat the FactSet EPS consensus of 3 cents. Revenue rose 9% to $18.28 billion, above the FactSet consensus of $18.14 billion. Industrial free cash flow was about positive $400 million, compared with the FactSet consensus of negative $338.3 million, and the company raised the 2021 FCF guidance range to $3.5 billion to $5.0 billion from $2.5 billion to $4.5 billion. Among GE's business segments, revenue for Aviation rose 10% to $4.84 billion, but was below the FactSet consensus of $5.16 billion; Healthcare revenue grew 14% to $4.85 billion, well above expectations of $4.30 billion; Power revenue rose 3% to $4.30 billion to top versus expectations of $4.09 billion and Renewable Energy revenue jumped 16% to $4.05 billion to exceed expectations of $3.87 billion. "Momentum is building across our businesses, driven by Healthcare and services overall, with Aviation showing early signs of recovery," said Chief Executive Lawrence Culp. GE's stock has run up 19.6% year to date through Monday, while the SPDR Industrial Select Sector ETF has gained 17.0% and the S&P 500 has advanced 17.7%.
3:47 a.m. July 26, 2021 - By Tomi Kilgore
Lockheed Martin stock slips after profit came up shy of forecasts, but full-year outlook raisedShares of Lockheed Martin Corp. fell 0.6% in premarket trading Monday, after the aerospace and defense contractor reported a second-quarter profit that came up shy of expectations, amid performance issues in aeronautics, but revenue that rose above forecasts. Net income rose to $1.82 billion, or $6.52 a share, from $1.63 billion, or $5.79 a share, in the year ago period. The FactSet consensus for net earnings per share was $6.56. The company said results included a per-share loss of 61 cents recorded at Aeronautics related to performance issues on a classified program. The FactSet consensus for adjusted EPS was $6.52. Sales 5.0% to $17.03 billion, above the FactSet consensus of $16.94 billion. Among business segments, missiles and fire control, rotary and mission systems and space sales beat expectations while aeronautics came up short. For 2021, the company raised its EPS guidance range to $26.70 to $27.00 from $26.40 to $26.70 while affirming its sales outlook of $67.3 billion to $68.7 billion. The stock has gained 7.3% year to date through Friday, while the S&P 500 has advanced 17.5%.
2:45 a.m. July 23, 2021 - By Tomi Kilgore
Honeywell stock gains toward a record after profit and sales beats, raised full-year outlookShares of Honeywell International Inc. gained 0.1% toward record territory in premarket trading Friday, after the aerospace and industrials company reported second-quarter profit and sales that beat expectations and raised the full-year outlook, citing a turnaround in several end markets hit hardest by the pandemic. Net income rose to $1.45 billion, or $2.04 a share, from $1.10 billion, or $1.53 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.02 beat the FactSet consensus of $1.94. Sales grew 17.8% to $8.81 billion, above the FactSet consensus of $8.64 billion. All business segments saw growth, while slight misses in aerospace and safety and productivity solutions sales were offset by beats in building technologies and performance materials and technologies. For 2021, the company raised its guidance ranges for adjusted EPS to $7.95 to $8.10 from $7.75 to $8.00 and for sales to $34.6 billion to $35.2 billion from $34.0 billion to $34.8 billion. "We are especially pleased to see a turnaround in several of our key end markets that were hardest hit by the pandemic, with commercial aerospace aftermarket and the UOP business returning to growth in the quarter," said Chief Executive Darius Adamczyk. The stock, which was on track to open above the June 1 record close of $232.95, has gained 9.4% year to date through Thursday while the Dow Jones Industrial Average has advanced 13.8%.
4:46 a.m. July 13, 2021 - By Tomi Kilgore
Boeing stock to blame for more than half of the Dow's pre-open lossShare of Boeing Co. dropped 2.2% to pace the Dow Jones Industrial Average's premarket losers, after the aerospace and defense giant reported and announced further delays in delivering its 787 jets. The stock's implied price loss would shave about 32 points off the Dow's price, while Dow futures were recently down 62 points, or 0.2%. Boeing said earlier Tuesday that it delivered 79 aircraft in the second quarter, with analyst Robert Stallard at Vertical Research Partners saying that number was "way below" his forecast of 128. Stallard said Boeing's announcement that 787 production rate will be "temporarily lower than five per month" is significant as that "ripples down through the supply chain -- and the supply chain cannot just be turned on and off like a switch." Boeing's stock has already shed 5.9% over the past three months through Monday, while the Dow has gained 3.9%.
9:46 a.m. June 4, 2021 - By Tomi Kilgore
GE CEO Culp sees Q2 aviation shop visits in line with Q1, but sees a 'step down' in marginsShares of General Electric Co. shed 1.0% in afternoon trading Friday, as Chief Executive Larry Culp spoke at the Bernstein Strategic Decisions Conference. The stock has now slipped 2.8% since closing at a three-year high of $14.35 on May 27. Regarding the aviation business, Culp said, according to a FactSet transcript, that the industrial conglomerate is positioning to be "ready for the snapback" in air travel that is expected, as vaccine rollouts lead to diminished lockdown measures. Meanwhile, Culp said he expects shop visits "to more or less be in line" with the sequential first quarter, but sees a "step down" in margins as GE works through some contract margin reviews. However, Culp said there is no change to the full-year outlook, "that's really predicated on the second-half recovery," which he thinks he sees "taking root." GE's stock has run up 29.1% year to date, while the SPDR Industrial Select Sector ETF has climbed 18.8% and the S&P 500 has gained 12.5%.
4:57 a.m. June 1, 2021 - By Tomi Kilgore
Boeing stock rallies to pace the Dow's early gainers, after Cowen turns bullishShaers of Boeing Co. rallied 2.0%, enough to pace the Dow Jones Industrial Average's premarket gainers, after Cowen analyst Cai von Rumohr turned bullish on the aerospace and defense giant, citing improving air traffic and a brighter outlook regarding regulatory oversight. Von Rumohr raised his rating on Boeing to outperform, after being at market perform since January 2020, while boosting her price target to $290 from $240. Von Rumohr said "fast improving air traffic" is bolstering demand for Boeing aircraft, and while lingering oversight from the Federal Aviation Administration and the timing of approval of Boeing's MAX planes in China will limit the upside to 2021 financial results, he believes the outlook for the next three years is brighter. He said Boeing's second-quarter results could "miss" expectations, given the China approval delay, but he doesn't believe it's in the U.S. or China's interest to hold trade hostage, so he doesn't see the situation as a long-term overhang. The stock's implied price gain would add about 32 points to the Dow's price, while Dow futures gained 251 points, or 0.7%.
5:03 a.m. May 5, 2021 - By Tomi Kilgore
Atlas Air stock jumps toward 3-year high after big earnings beat, positive revenue outlookShares of Atlas Air Worldwide Holdings rallied 3.1% toward a three-year high in premarket trading Wednesday, after the provider of outsourced aircraft and aviation operating services reported first-quarter profit and revenue that rose above expectations, as strong demand for airfreight helped lift yields above typical seasonal levels. Net income rose to $89.9 million, or $3.05 a share, from $23.4 million, or 90 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to $2.45 from $1.15, beating the FactSet consensus of $1.78. Revenue increased 33.8% to $861.3 million, above the FactSet consensus of $822.7 million, as volumes rose 20.9% to 88,523 block hours. The company expects second-quarter revenue of $950 million, compared with the FactSet consensus of $808 million, flying about 90,000 block hours and adjusted net income increasing by about 30%. The stock, which is on track to open at the highest prices seen during regular-session hours since July 2018, has run up 27.7% year to date through Tuesday, while the S&P 500 has advanced 10.9%.
3:06 a.m. May 4, 2021 - By Ciara Linnane
Arconic shares jump 2% premarket as earnings beat, company raises guidanceArconic Inc. shares rose 2% in premarket trade Tuesday, after the company posted better-than-expected first-quarter earnings and raised guidance, citing higher aluminum prices and strong orders from the aerospace sector. The maker of aluminum panels for cars and planes said it had net income of $52 million, or 46 cents a share, in the quarter, up from $46 million, or 42 cents a share, in the year-earlier period. Sales rose to $1.675 billion from $1.611 billion a year ago. The FactSet consensus was for EPS of 30 cents and sales of $1.535 billion. "We captured growth in international packaging due to better than expected regional strength and industrial end markets improved as the trade litigation came to a final positive ruling at the end of March," Chief Executive Tim Myers said in a statement. "Ground transportation sales also grew, largely driven by commercial transportation, but were constrained by weather impacts and the semiconductor shortage." Arconic secured long-term contracts equal to more than $2 billion in aerospace revenue and negotiated agreements for about $1.5 billion in North American packaging revenue from 2022 to 2024, he said. It also completed a $1 billion U.S. pension partial annuitization and authorized a share buyback program of up to $300 million. The company also raised its guidance and now expects full-year revenue to range from $7.1 billion to $7.4 billion, up from prior guidance of $6.6 billion to $6.9 billion. The FactSet consensus is for sales of $6.6 billion. Shares have fallen 1.5% in the year to date, while the S&P 500 has gained 11.6%.
9:57 a.m. April 28, 2021 - By Tomi Kilgore
General Dynamics' aerospace business was its strongest in Q1, but was the weakest for rivals Boeing and GEShares of General Dynamics rose 0.2% in afternoon trading Wednesday, after the aerospace and defense company reported , while the stocks of rivals General Electric Co. and Boeing Co. dropped more than 2%. General Dynamics' business segment with the biggest year-over-year revenue growth was Aerospace, which saw revenue rise 11.6% to $1.89 billion to beat expectations of $1.70 billion. Chief Executive Phebe Novakovic said on the post-earnings conference call with analysts that the segment's strength was "almost exclusively" a result of more deliveries of Gulfstream G500 and G600 civilian luxury aircraft, according to a FactSet transcript. In Boeing's first-quarter report released early Wednesday, the at 31% to miss expectations. And for GE's first quarter, as revenue dropped 28% to miss expectations. General Dynamics stock has rallied 25.2% year to date, while the shares of Boeing have gained 10.0% and GE climbed 22.3% and the S&P 500 has advanced 11.4%.
5:28 a.m. April 28, 2021 - By Tomi Kilgore
Stocks of earnings reporters are shaving more than 130 points off the Dow's priceShares of companies that reported earnings can be blamed for the Dow Jones Industrial Average's early weakness, as cutting the Dow's price by 132 points. Meanwhile, Dow futures fell 60 points, or 0.2%, while futures for the S&P 500 rose 0.1%. Shares of Boeing Co. fell 1.4% after the aerospace and defense giant reported a , with the implied price decline acting as a 23-point drag on the Dow. Microsoft Corp.'s stock pulled back 2.6%, even after the software behemoth's , with the implied price drop shaving about 45 points off the Dow. And Amgen Inc. shares slid 3.8% after the biotechnology company's , with the implied price decline reducing the Dow's price by 64 points.
3:44 a.m. April 28, 2021 - By Tomi Kilgore
Boeing stock drops after losses narrowed but were wider than expected, while FCF beat forecastsShares of Boeing Co. dropped 1.2% in premarket trading Wednesday, after the aerospace and defense giant reported a wider-than-expected first-quarter loss and revenue that was roughly in line, as a miss in the commercial airplanes business was mostly offset by a beat in defense, space and security. Net losses narrowed to $561 million, or 92 cents a share, from $641 million, or $1.11 a share, in the year-ago period. Excluding nonrecurring items, the core per-share loss of $1.53 was wider than the FactSet loss consensus of 97 cents. Revenue fell 10.0% to $15.22 billion, compared with the FactSet consensus of $15.24 billion. Among Boeing's business segments, commercial airplanes revenue dropped 31% to $4.27 billion, below the FactSet consensus of $5.09 billion, even as deliveries increased to 77 from 50. Defense, space and security revenue rose 19% to $7.19 billion, beating expectations of $6.35 billion, while global services revenue declined 19% to $3.75 billion to fall shy of expectations of $3.87 billion. Free cash flow was negative $3.68 billion, beating expectations of negative $3.94 billion. "While the global pandemic continues to challenge the overall market environment, we view 2021 as a key inflection point for our industry as vaccine distribution accelerates and we work together across government and industry to help enable a robust recovery," said Chief Executive Dave Calhoun. The stock has rallied 13.3% year to date through Tuesday, while the Dow Jones Industrial Average has advanced 11.0%.
3:14 a.m. April 28, 2021 - By Tomi Kilgore
General Dynamics stock rises toward a 14-month high after profit, revenue rise above forecastsShares of General Dynamics Corp. rose 1.1% toward a 14-month high in premarket trading Wednesday, after the aerospace and defense company reported first-quarter profit and revenue that rose above expectations, with particular strength in its aerospace and marine systems businesses. Net income rose to $708 million or $2.48 a share, from $706 million, or $2.43 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.30. Revenue grew 7.3% to $9.39 billion, above the FactSet consensus of $8.89 billion, as Aerospace revenue rose 11.6%, Marine Systems revenue increased 10.6%, Combat Systems revenue was up 6.6% and Technologies revenue edged up 3.1%. "Continued recovery from the pandemic coupled with our focus on operating performance yielded a strong quarter, with year-over-year earnings growth driven by increased revenue across all of our four business segments," said Chief Executive Phebe Novakovic. The stock, which is on track to open at the highest levels seen since February 2020, has run up 23.6% over the past three months through Tuesday, while the S&P 500 has gained 10.5%.
3:08 a.m. April 27, 2021 - By Tomi Kilgore
Raytheon's stock gains after profit beat and upbeat outlook, but revenue came up a little shortShares of Raytheon Technologies Corp. edged up 0.6% in premarket trading Tuesday, after the aerospace and defense contractor reported a first-quarter profit that beat expectations, and provided an upbeat outlook, while revenue came up a little short. The company swung to net income of $753 million, or 50 cents a share, from a net loss of $83 million, or 10 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 90 cents, above the FactSet consensus of 82 cents. Sales jumped 34.3% to $15.25 billion, just below the FactSet consensus of $15.36 billion, as Collins Aerospace and Raytheon Missiles & Defense sales were just shy of expectations wile Pratt & Whitney and Raytheon Intelligence & Space sales topped forecasts. The company expects second-quarter adjusted EPS of 90 cents to 95 cents, above the FactSet consensus of 84 cents, while revenue guidance of $15.5 billion to $16.0 billion surrounds expectations of $15.7 billion. "We are confident in our outlook for the remainder of 2021," said Chief Executive Greg Hayes. "With our strong defense backlog and continued recovery in commercial air travel, we are well positioned to deliver profitable growth and return cash to drive significant value for shareowners." The stock has run up 23.7% over the past three months, while the Dow Jones Industrial Average has gained 12.1%.
2:43 a.m. April 27, 2021 - By Tomi Kilgore
GE's stock turns lower after profit and FCF beats, but revenue fell shyShares of General Electric Co. sank 2.3% in premarket trading Tuesday, reversing an earlier gain of as much as 1.3%, after the industrial conglomerate swung to a first-quarter loss, but reported adjusted profit that topped expectations while revenue fell shy. The net loss for the quarter was $2.87 billion, or 33 cents a share, after net income of $6.16 billion, or 70 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 3 cents, beating the FactSet consensus of a penny per share. Total revenue fell 12% to $17.12 billion, below the FactSet consensus of $17.59 billion, as its Power, Renewable Energy and Aviation business segments came up short of expectations while Healthcare beat forecasts. Industrial free cash flow (FCF) came in at negative $800 million, while the average estimate of the two analysts who provided estimates to FactSet was $1.21 billion. "We are shifting more toward offense and capturing opportunities in the energy transition, precision health, and future of flight," said Chief Executive Larry Culp. "I am confident we are well positioned to drive profitable growth, achieving high single digit free cash flow margins over time and creating long-term value for shareholders." For 2021, GE affirmed its guidance ranges for adjusted EPS of 15 cents to 25 cents and for FCF $2.5 billion to $4.5 billion. The stock has run up 19.2% over the past three months through Monday, while the SPDR Industrial Select Sector ETF has advanced 18.6% and the S&P 500 has gained 11.7%.
3:12 a.m. April 23, 2021 - By Tomi Kilgore
Honeywell tops profit, sales expectations, as aerospace's sales miss offset by other segment beatsHoneywell International Inc. reported Friday first-quarter profit and sales that topped expectations, as a sales miss by the industrial conglomerate's aerospace business was offset by beats in all of the other business segments. The stock slumped 1.0% in premarket trading. Net income fell to $1.45 billion, or $2.03 a share, from $1.61 billion, or $2.21 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came in at $1.92, above the FactSet consensus of $1.80. Sales were little changed at $8.45 compared with $8.46 a year ago, but beat the FactSet consensus of $8.08 billion. Aerospace sales fell 22% to $2.63 billion, missing the FactSet consensus of $2.73 billion; performance materials sales slipped 2% to $2.35 billion but beat expectations of $2.28 billion; safety and productivity sales jumped 49% to $2.12 billion, above expectations of $1.79 billion; and building technologies sales grew 6% to $1.36 billion to top forecasts of $1.29 billion. The company raised its 2021 outlook for adjusted EPS to $7.75 to $8.00 from $7.60 to $8.00 and for sales to $34.0 billion to $34.8 billion from $33.4 billion to $34.4 billion. The stock has tacked on 7.8% year to date through Thursday, while the S&P 500 has gained 10.1%.
3:40 a.m. April 20, 2021 - By Ciara Linnane
Lockheed Martin beats first-quarter profit estimates and raises guidanceDefense contractor Lockheed Martin Corp. said Tuesday it had net income of $1.8 billion, or $6.56 a share, in the first quarter, up from $1.7 billion, or $6.08 a share, in the year-earlier period. Sales rose to $16.3 billion from $15.7 billion. The FactSet consensus was for EPS of $6.30 and sales of $16.3 billion. The net income figure includes unrealized gains from investments held in the Lockheed Martin Ventures Fund of $68 million, as well as severance and restructuring charges of $35 million, to close and consolidate facilities and reduce workforce at the rotary and mission systems business segment. The company raised its guidance for 2021 and now expects EPS to range from $26.40 to $26.70, compared with guidance offered in January of $26.00 to $26.30. It expects revenue to range from $67.3 billion to $68.7 billion, compared with earlier guidance of $67.1 billion to $68.5 billion. The FactSet consensus is for full-year EPS of $26.33 and revenue of $68.1 billion. Shares were down 1.1% premarket but have gained 10.4% in the year to date, while the S&P 500 has gained 10.8%.
4:47 a.m. April 9, 2021 - By Tomi Kilgore
Honeywell's stock jumps toward a record after Deutsche Bank analyst says its the right time to buyShares of Honeywell International Inc. rose 2.3% toward a record high in premarket trading Friday, after Deutsche Bank analyst Nicole DeBlase turned bullish, saying the aerospace and automotive products company has "the right exposures at the right time." DeBlase raised her rating to buy from hold. She said that despite attractive end-market exposures, including leverage to a global economic reopening and "best-in-class" quality metrics, the stock has been the worst performer in the multi-industry and electrical engineering (MI/EE) group this year. "We take this opportunity to upgrade the stock, particularly as we now see 5% and 10% upside to consensus EPS forecasts for 2021 and 2022, among the most attractive in the MI/EE group," DeBlase wrote in a note to clients. Separately, J.P. Morgan analyst Stephen Tusa raised his stock price target to $250 from $200 while reiterating his overweight rating, citing the "best mega-cap setup in 20 years." The stock has gained 3.4% year to date through Thursday, while the SPDR Industrial Select Sector ETF has climbed 12.4% and the Dow Jones Industrial Average has rallied 9.5%.
2:55 a.m. March 10, 2021 - By Tomi Kilgore
GE proposes reverse stock split to boost price 8-foldGeneral Electric Co. said Wednesday that its board of directors will recommend shareholders approve a 1-for-8 reverse stock split, given the industrial conglomerate's "significant transformation" over the past several years. The split would effectively multiply GE's stock price by eight, while reducing the number of shares outstanding to a number "more typical of companies with comparable market capitalization," GE said. The company said the timing of the reverse split will take place, at the board's discretion, before the one-year anniversary of its 2021 annual shareholder meeting scheduled for May 4. Separately, GE said it expects 2021 adjusted earnings per share of 15 cents to 25 cents, compared with the FactSet consensus of 25 cents. Revenue is expected to grow in the low-single-digit percentage range, while the current FactSet revenue consensus of $80.4 billion implies 1.0% growth, while free cash flow is expected to be $2.5 billion to $4.5 billion to surround the FactSet consensus of $3.6 billion. GE to combine its aircraft leasing business, GECAS, with AerCap Holdings N.V. . GE's stock has rallied 58.2% over the past 12 months, while the S&P 500 has gained 34.5%.
7:49 a.m. Feb. 26, 2021 - By Tomi Kilgore
Defense contractor Leonardo DRS files for an IPOLeonardo DRS Inc., a Virginia-based defense contractor, has filed Friday for an initial public offering. The number of shares being offered, or the expected price of the shares, have not yet been determined, but the company said it expects to have 145 million shares outstanding after the IPO. The company said it would not receive any proceeds from the IPO, as all the shares will be offered by a selling stockholder. Leonardo said it has applied to have its stock listed on the NYSE under the ticker symbol "DRS." Goldman Sachs, BofA Securities and J.P. Morgan are the lead underwriters. The company recorded net earnings of $85 million on revenue of $2.78 billion in 2020, compared with earnings of $75 million on revenue of $2.71 billion in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has advanced 10.2% over the past three months, while the S&P 500 has gained 5.8%.
2:13 a.m. Feb. 9, 2021 - By Tomi Kilgore
DuPont's stock set to rise after profit, sales beat expectationsShares of DuPont de Nemours Inc. were indicated up nearly 1% in premarket trading Tuesday, after the materials and chemicals company reported fourth-quarter profit and sales that beat Wall Street expectations, as strength in semiconductors and smartphone technologies, and further recovery in automotive markets, offset weakness in oil and gas, aerospace and certain industrial markets. Net income rose to $222 million, or 30 cents a share, from $176 million, or 24 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 95 cents topped the FactSet consensus of 85 cents. Sales grew 0.9% to $5.25 billion, above the FactSet consensus of $5.15 billion. Among DuPont's business segments, electronics and imaging, nutrition and biosciences and transportation and industrial sales rose and topped forecasts, while safety and construction sales fell below expectations. For the first quarter, the company expects adjusted EPS of 75 cents to 77 cents and sales of $3.75 billion to $3.85 billion, compared with the FactSet consensus for EPS of 67 cents and sales of $3.93 billion. The stock has rallied 22.9% over the past three months, while the S&P 500 has gained 10.3%.
3:18 a.m. Feb. 3, 2021 - By Ciara Linnane
Howmet Aerospace shares slide premarket as profit beats but guidance falls below consensusHowmet Aerospace Inc. said Wednesday it had net income of $106 million, or 24 cents a share, in the fourth quarter, down from $118 million, or 27 cents a share, in the year-earlier period. Adjusted per-share earnings excluding special items came to 21 cents, ahead of the 17 cents FactSet consensus. Revenue fell 29% to $1.238 billion, also ahead of the $1.227 billion FactSet consensus. Revenue was hit by the disruption caused by the coronavirus pandemic and Boeing 737 Max and 787 Production declines, Chief Executive John Plant said in a statement. "We continue to be highly focused on all aspects of operational performance and cash generation as we manage through the effects of COVID-19 and the Boeing build rate reductions on commercial aerospace," PLant said. The company, which was spun out of aluminum parts maker Arconic Inc. last April, is now expecting first-quarter adjusted EPS to range from 15 cents to 19 cents and revenue to range from $1.15 billion to $1.25 billion. That compares with a FactSet consensus for EPS of 21 cents and revenue of $1.30 billion. For all of 2021, it's expecting adjusted EPS to range from 75 cents to 89 cents and for revenue to range from $5.05 billion to $5.25 billion. The FactSet consensus is for EPS of 90 cents and revenue of $5.46 billion. Shares slid 4% premarket but have gained 7% in the last 12 months, while the S&P 500 has gained 18%.
3:13 a.m. Jan. 29, 2021 - By Tomi Kilgore
Honeywell stock gains after profit and sales beats, in-line outlookShares of Honeywell International Inc. rose 0.6% in premarket trading Friday, after the aerospace and performance materials company reported fourth-quarter profit and sales that beat Wall Street forecasts, while providing an in-line full-year outlook. Net income fell to $1.36 billion, or $1.91 a share, from $1.56 billion, or $2.16 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share were flat at $2.07, but beat the FactSet consensus of $2.00. Sales fell 6.3% to $8.90 billion, above the FactSet consensus $8.40 billion. Within Honeywell's business segments, aerospace sales fell 18.7%, building technologies sales slipped 2.5% and performance materials and technologies sales declined 10.5%, while safety and productivity sales jumped 28.1%, with all segments exceeding expectations. For 2021, the company expects adjusted EPS of $7.60 to $8.00 and sales of $33.4 billion to $34.4 billion, surrounding the FactSet consensus for EPS of $7.84 and sales of $33.91 billion. The stock has climbed 23.2% over the past three months through Thursday, while the Dow Jones Industrial Average has gained 14.8%.
2:45 a.m. Jan. 28, 2021 - By Tomi Kilgore
Northrop Grumman reports big profit, sales beats but provides downbeat outlookShares of Northrop Grumman Corp. were indicated down nearly 1% in premarket trading Thursday, after the aeronautics and defense company reported big fourth-quarter profit and sales beats but provided a downbeat outlook for 2021. The company swung to net income of $330 million, or $1.97 a share, from a loss of $409 million, or $2.43 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $6.59 from $5.61, above the FactSet consensus of $5.76. Sales rose 17% to $10.21 billion, beating the FactSet consensus of $9.27 billion, as sales from its aeronautics, defense, mission systems and space business segments all rose above forecasts. Based on what the company currently expects from the impact of the COVID-19 pandemic, 2021 adjusted EPS is expected to be $23.15 to $23.65, below the current FactSet consensus of $24.17, and sales are expected to be $35.10 billion to $35.50 billion, compared with forecasts of $37.44 billion. Earlier this week, the company said it increased its stock repurchase program by $3 billion. The stock has slipped 0.5% over the past three months through Wednesday, while the S&P 500 has gained 14.7%.
3:47 a.m. Jan. 27, 2021 - By Tomi Kilgore
Boeing stock drops after loss widens to more than $8 billion, misses expectations by wide marginShares of Boeing Co. sank 1.7% in premarket trading Wednesday, after the aerospace and defense giant reported a fourth-quarter loss of that widened to more than $8 billion, to miss expectations by a wide margin, while revenue fell a little less than forecast, amid strength in its defense, space and security business. The net loss was $8.44 billion, or $14.65 a share, after a loss of $1.01 billion, or $1.79 a share, in the year-ago period. Excluding non-recurring items, the core per-share loss was $15.25, compared with the FactSet loss consensus of $1.64. The results reflected a $6.5 billion charge on the 777X program and a tax valuation allowance, which was partially offset by a lower 737 MAX customer considerations charge. Revenue dropped 15% to $15.30 billion, above the FactSet consensus of $15.06 billion. Commercial airplanes revenue fell 37% to $4.73 billion, missing expectations of $4.87 billion; defense, space and security revenue increased 14% to $6.78 billion, exceeding forecasts of $6.39 billion; and global services revenue dropped 20% to $3.73 billion, topping expectations of $3.72 billion. The stock has rallied 30.2% over the past three months through Tuesday, while the Dow Jones Industrial Average has gained 12.7%.
3:16 a.m. Jan. 27, 2021 - By Tomi Kilgore
General Dynamics profit, revenue fall shy of expectationsGeneral Dynamics Corp. reported Wednesday fourth-quarter profit and revenue that fell short of expectations, as the aerospace and combat systems business missed sales forecasts, while operating margin improved. The stock edged up 0.1% premarket, after falling 1.9% on Tuesday. Net income slipped to $1.00 billion, or $3.49 a share, from $1.02 billion, or $3.51 a share, in the year-ago period. The FactSet consensus for net earnings per share was $3.54. Revenue declined 2.7% to $10.48 billion, missing the FactSet consensus of $10.78 billion. Aerospace revenue fell 16.9% to $2.44 billion to miss expectations of $2.69 billion; marine systems revenue grew 11.4% to $2.86 billion, above expectations of $2.69 billion; and combat systems revenue fell 0.6% to $1.96 billion, below forecasts of $2.03 billion. Technologies revenue declined 2.3% to $3.23 billion. Operating margin improved to 12.3% from 11.4%, as aerospace margin was up to 16.5% from 14.3%. The stock has rallied 11.5% over the past three months through Tuesday, while the Dow Jones Industrial Average has advanced 12.7%.
5:10 a.m. Jan. 26, 2021 - By Tomi Kilgore
Raytheon cut 1,500 more jobs at Collins, to reduce commercial aerospace headcount by 20%Raytheon Technologies Corp. chief financial officer Anthony O'Brien said on the aerospace and defense company's post-earnings conference call with analysts that it has exceeded synergy targets for the Collins acquisition and announced other cost cutting measures, including more job cuts. O'Brien said the company recently reduced its commercial head count at Collins by another 1,500, brining the total cuts to 16,500 jobs. He also said another 500 contractor roles were eliminated, bringing the total reductions to 4,500. That reduced the total commercial aerospace headcount by about 20%, he said, according to a FactSet transcript. Earlier, Raytheon reported .
3:48 a.m. Jan. 26, 2021 - By Tomi Kilgore
Lockheed Martin misses profit views but beats on sales, stock fallsShares of Lockheed Martin Corp. slipped 1.1% in premarket trading Tuesday, after the aerospace and defense company reported fourth-quarter profit that rose less than expected while sales topped forecasts, and provided an in-line full-year outlook. Net income rose to $1.79 billion, or $6.38 a share, from $1.50 billion, or $5.29 a share. The FactSet consensus for net earnings per share was $6.40. Sales grew 7.3% to $17.03 billion, above the FactSet consensus of $16.95 billion, as aeronautics, rotary and mission systems and space sales topped forecasts while missiles and fire control sales came up shy. The company said favorable contract award timing, strong operational performance and lower travel and overhead costs as a result of COVID-19 restrictions partially offset the impacts of COVID-19 on financial results. For 2021, the company expects EPS of $26.00 to $26.30 and sales of $67.10 billion to $68.50 billion, surrounding the FactSet consensus for EPS of $26.18 and sales of $67.97 billion. The stock has lost 6.8% over the past three months through Monday, while the S&P 500 has gained 13.4%.
3:07 a.m. Jan. 26, 2021 - By Tomi Kilgore
Raytheon's stock jumps after profit and sales beat expectations, while outlook was mixedShares of Raytheon Technologies Corp. rose 2.6% in premarket trading Tuesday, after the aerospace and defense company reported fourth-quarter profit and revenue that beat expectations, while providing a mixed outlook for the first quarter. Net income fell to $135 million, or 9 cents a share, from $1.14 billion, or $1.32 a share, in the year-ago period. Excluding non-recurring items, such as $976 million in charges and acquisition accounting adjustments, adjusted earnings per share came to 74 cents, above the FactSet consensus of 69 cents. Sales rose 40.4% to $16.42 billion, above the FactSet consensus of $16.24 billion, as Pratt & Whitney sales beat expectations while intelligence and space and missiles and defense sales came up short. For the first quarter, Raytheon expects adjusted EPS of 70 cents to 75 cents, compared with the FactSet consensus of 70 cents, and expects sales of $14.8 billion to $15.4 billion, below expectations of $15.73 billion. The stock has tacked on 9.0% over the past three months through Monday, while the Dow Jones Industrial Average has advanced 11.8%.
10:58 a.m. Nov. 25, 2020 - By Tomi Kilgore
GE stock set to extend win streak after UBS lifts target a second time in a monthShares of General Electric Co. rose for a fourth-straight session on Wednesday, after UBS analyst Markus Mittermaier raised his price target for a second time in a month, saying he expects valuations to re-rate to February levels. GE's stock rose 0.6% in afternoon trading, putting it on track . It has gained 8.7% over the past four days, and 41.6% month to date. In comparison, the S&P 500 has gained 10.9% this month. Mittermaier lifted his price target to $12 from $9 while reiterating his buy rating. The last time the stock closed above $12 was Feb. 21. On Oct. 23, five days before , Mittermaier had raised his price target to $9.00 from $8.50, saying he believed that of the stocks he covered, . On Wednesday, Mittermaier said positive news this month on potential vaccines has already prompted a "rapid re-rating" of GE's stock, but he expected "further upside with the debate ultimately returning to where we left it off in February," he wrote in a research report to clients, given an upbeat outlook on free cash flow, aggressive debt pay downs and a vaccine-levered recovery in aviation, among other things.
2:46 a.m. Oct. 30, 2020 - By Tomi Kilgore
Honeywell's profit and revenue decline, but beat expectationsHoneywell International Inc. reported Friday third-quarter profit and revenue that beat expectations, and provided an upbeat profit outlook for the current quarter. The aerospace and building products maker's net income fell to $758 million, or $1.07 a share, from $1.62 billion, or $2.23 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $1.56, above the FactSet consensus of $1.49. Sales fell 14.2% to $7.80 billion, as the pandemic impacted the business, but beat the FactSet consensus of $7.66 billion. Among Honeywell's business segments, aerospace sales fell 25% to $2.66 billion but topped expectations of $2.55 billion; building technologies sales declined 8% to $1.31 billion, but beat expectations of $1.24 billion; performance materials and technologies sales fell 16% to $2.25 billion, just shy of expectations of $2.33 billion; and safety and productivity sales grew 8% to $1.58 billion, just above expectations of $1.56 billion. For the fourth quarter, the company expects adjusted EPS of $1.97 to $2.02, above the FactSet consensus of $1.88, and sales of $8.2 billion to $8.5 billion, surrounding expectations of $8.43 billion. The stock, which was still inactive in premarket trading, has lost 7.0% year to date, while the S&P 500 has gained 2.5%.
5:04 a.m. Oct. 28, 2020 - By Tomi Kilgore
All 30 Dow stocks fall, with 29 components down more than 1%The shares of all 30 components of the Dow Jones Industrial Average fell in premarket trading, with 29 stocks down more than 1%, amid a broad market selloff that saw Dow futures tumbled 614 points, or 2.2%. Among the biggest percentage decliners, shares of Dow Inc. shed 3.4% and Chevron Corp. dropped 3.2%. The most active Dow stock was Apple Inc.'s , which shed 1.4%. The best performer was Boeing Co.'s stock , which slipped just 0.9% after the aerospace and defense giant reported a .
3:41 a.m. Oct. 28, 2020 - By Tomi Kilgore
Boeing's stock gains after narrower-than-expected loss, but revenue missedShares of Boeing Co. rose 0.6% in premarket trading Wednesday, after the aerospace and defense giant swung to a narrower-than-expected third-quarter adjusted loss, while revenue fell more than forecast. The company reported a net loss of $466 million, or 79 cents a share, after net income of $1.17 billion, or $2.05 a share, in the year-ago period. Excluding non-recurring items, Boeing swung to a core loss per share of $1.39 from EPS of $1.45 a year ago, but beat the FactSet loss consensus for a per-share loss of $2.35. Revenue fell 29% to $14.14 billion, just below the FactSet consensus of $14.20 billion. Among Boeing business segments, commercial airplanes revenue dropped 56% to $3.60 billion, missing the FactSet consensus of $3.96 billion, as commercial airplanes deliveries fell 55% to 28. Defense, Space & Security revenue slipped 2% to $6.85 billion but beat expectations of $6.83 billion and global services revenue declined 21% to $3.69 billion but topped expectations of $3.64 billion. The company did not provide financial guidance. "The global pandemic continued to add pressure to our business this quarter, and we're aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term," said Chief Executive Dave Calhoun. The stock has tumbled 52.4% this year through Tuesday, enough to make it the Dow Jones Industrial Average worst year-to-date performer. In comparison, the Dow has slipped 3.8% in 2020.
3:11 a.m. Oct. 27, 2020 - By Steve Goldstein
Raytheon Technologies reports earnings fall as adjusted EPS tops viewDefense contractor Raytheon Technologies said its third-quarter net income slumped to $264 million, or 17 cents a share, from $1.15 billion, or $1.33 a share, while sales rose to $14.74 billion from $11.37 billion. On an adjusted basis that excludes a gain on dispositions, intangible amortization and a charge on the current economic environment, Raytheon said it earned 58 cents a share. Analysts polled by FactSet expected earnings of 50 cents a share on sales of $15.06 billion.
Browse topics:

Filter results by

Location

Us (220)

Asia Pacific (17)

Europe (13)

China (9)

Latin America (4)

Africa/mideast (3)

Link to MarketWatch's Slice.