Today - Tuesday, April 28, 2015
- Ecolab (ECL -3.8%) opens sharply lower after missing estimates on Q1 earnings and revenues, and cutting its 2015 earnings guidance as low commodities prices weigh on its energy business.
- Q1 revenues fell 1.2% Y/Y to nearly $3.3B, but sales rose 4% when excluding acquisitions and currency effects; net sales in ECL's global energy segment would have gained 1% Y/Y excluding currency impact, while industrial segment sales would have added 5% and institutional sales 6%.
- ECL lowers guidance for FY 2015, sees EPS of $4.45-$4.60 vs. $4.60 analyst consensus estimate and below its previous forecast of $4.50-$4.70, and expects currency fluctuations to hurt 2015 sales by six percentage points and EPS by $0.30.
- For Q2, ECL sees EPS of $1.05-$1.11 vs. $1.13 consensus, with currency translation and pension costs having a combined negative impact of $0.10/share.
- Valero Energy (NYSE:VLO) +1% premarket after reporting better than expected Q1 earnings and revenues on strength in its refining division, although total revenues fell 37% Y/Y.
- VLO says Q1 throughput volumes in its refining segment averaged 2.7M bbl/day, a 9K-barrel increase from a year ago, and refining operating income rose to $1.6B from $1.3B a year ago, driven by stronger gasoline and secondary product margins relative to Brent crude oil and lower natural gas costs.
- Q1 operating income in the ethanol segment tumbled to $12M from $243M a year ago due to lower gasoline and ethanol prices that more than offset a drop in corn prices; ethanol production volumes averaged 3.8M gal/day, up 22% Y/Y.
- VLO expects 2015 capital spending of $2.65B, as previously guided.
- National Oilwell Varco (NYSE:NOV) +0.9% premarket after Q1 earnings beat expectations on solid sales growth in the rig segment, its largest contributor to revenue.
- Q1 sales in the rig segment grew 12% Y/Y to $2.52B but other segments fell: revenue in the wellbore technologies segment fell 8% to $1.17B, revenue in the completion and productions solutions business fell 5% to $948M, and sales in the rig aftermarket segment fell 4% to $719M.
- Ending backlog for capital equipment orders at NOV's rig systems business was $10.43B, down 17% Q/Q and down 31% Y/Y; backlog for the completion and production segment was $1.46B.
- NOV says it performed well in the quarter despite “the significant downturn in oil price and oilfield activity” and will continue with cost-reduction initiatives to “mitigate the impact of declining revenues,” which it expects to continue through at least the new few quarters.
- Consol Energy (NYSE:CNX) +1.2% premarket after Q1 earnings and revenues fell Y/Y but beat analyst estimates, as increased production volume was offset by lower commodity prices.
- CNX's Q1 adjusted EBITDA from continuing operations was $266M vs. $310M in the year-ago quarter.
- Q1 production in the E&P division hit a record 71.6B cfe, up 48% from the 48.4B cfe produced in the year-ago quarter, led by a 75% increase in Marcellus Shale production, but revenue fell $12.1M because of depressed commodity prices.
- Gas production guidance remains at 30% growth for 2015 and 20% for 2016.
- Q1 coal production totaled 8.3M tons, helped by improved cost performance at the Buchanan mine.
- Says it remains on-track to execute transactions for a thermal coal MLP and MetCo IPO.
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- Due to the dramatic fall in oil prices, BP (NYSE:BP) posted a sharp drop in first-quarter profit, but the results beat analyst estimates due to a larger than expected increase in refining revenue.
- Underlying replacement cost profit - which takes into account the fluctuations in the price of oil - came in at $2.58B, down from $3.22B a year earlier, but above the $2.24B reported last quarter.
- Production for the period was 8.3% higher than the first quarter of 2014 at 2.31B barrels of oil equivalent a day.
- BP +2.7% premarket
- Although it was meant to close a chapter of a sprawling corruption scandal, Petrobras' (NYSE:PBR) recent $17B write-down may provide fresh ammunition for a U.S. class action lawsuit.
- The case, filed in Manhattan federal court in December by a group of large investors, alleges $98B of the company's ADRs and bonds were artificially inflated since 2010 by the company overstating the value of its assets.
Monday, April 27, 2015
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