We Are
As the first quarter earnings season kicks off, here is a recap of major companies that have reported their results this week.
Of the 12 companies in the S&P 500 that have reported earnings in this quarter, 75% reported EPS above analyst expectations, while 25% missed consensus. 58% reported a revenue beat, while 42% reported a top line miss.
Financial heavyweights JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and BlackRock (NYSE:BLK) all delivered a beat on both topline and bottom-line estimates on Friday.
While shares of WFC, C, and BLK rose after their respective results announcements in premarket trading, JPM fell about 3% as the U.S.'s largest bank by assets kept its FY net interest income (NII) outlook unchanged at ~$90B, but saw NII, excluding markets, of $89B, compared to the prior outlook of ~$88B. Visible Alpha consensus for 2024 NII is $90.4B.
On Wednesday, Delta Air Lines (NYSE:DAL) delivered a beat on topline and bottom-line estimates and said it expected robust travel demand to continue in the current quarter.
The Atlanta-based carrier rallied about 5% in Wednesday premarket trading and led the airline sector higher, with United Airlines (UAL) gaining 3.66% and American Airlines Group (AAL) rising 3.37%.
On Thursday, beer, wine, and spirits maker Constellation Brands (NYSE:STZ) also topped estimates. Shares of the company rose as Constellation's beer business posted nearly 11% net sales growth in FQ4. Meanwhile, its wine and spirits business saw a 6% decline in sales during the quarter owing to unfavorable marketplace dynamics.
Often seen as an indicator of the industrial economy's health, Fastenal (NASDAQ:FAST) hit a two-month low on Thursday after the company reported per-share earnings and revenue below the average Wall Street estimates.
“The core issue remains poor demand,” said Dan Florness, chief executive officer of Fastenal. More than 80% of the company's sales come from manufacturing and construction businesses.
For the upcoming week, about 37 S&P 500 names are scheduled to report results, with the likes of Goldman Sachs (GS) coming on Monday. UnitedHealth (UNH), Bank of America (BAC), and Johnson & Johnson (JNJ) are reporting on Tuesday.
Wednesday would see Kinder Morgan (KMI), United Airlines (UAL), and ASML Holdings (ASML) put out their results. Taiwan Semiconductor Manufacturing (TSM), Netflix (NFLX), and Blackstone (BX) are coming on Thursday. American Express (AXP), Procter & Gamble (PG) would post their earnings on Friday.