Ford Motor (NYSE:F) – The global automaker reported adjusted earnings per share of $0.47 in the second quarter, below the $0.67 expected, impacted by ongoing warranty issues. Revenue increased 6.2% to $47.8 billion, exceeding expectations. Warranty costs rose by $800 million due to quality problems, affecting financial performance. EBIT profit forecast for 2024 remains between $10 billion and $12 billion. Shares fell 12.7% pre-market.
Stellantis (NYSE:STLA) – In the first half, Stellantis saw a 48% drop in profits, with net income of $6.12 billion (€5.65 billion), below the forecast of €6.25 billion. Revenue fell 14% to €85.02 billion, also below estimates. Adjusted operating profit dropped 40% to €8.46 billion, and cash flow was negative at €392 million. The company announced the reintroduction of old models and possible price cuts to combat declining sales and operational challenges. Shares fell 6.4% pre-market.
Viking Therapeutics (NASDAQ:VKTX) – The drug development company reported a quarterly loss of $0.20 per share, better than the estimate of $0.27. The net loss was $22.3 million, compared to $19.2 million in the previous year, due to higher R&D expenses. Viking Therapeutics’ R&D expenses in the second quarter were $23.8 million, a significant increase from $13.9 million in the same period in 2023. Revenue was boosted by interest gains. Besides the results, Viking Therapeutics announced it would advance its experimental obesity treatment, VK2735, to a phase 3 trial. An oral version of the drug will begin phase 2 trials in the fourth quarter. Shares rose 20.2% pre-market.
Unilever Plc (NYSE:UL) – In the second quarter, Unilever’s sales increased by 3.9%, below the expected 4.3%. Global economic pressure impacted results, and the company faces challenges in recovery under Hein Schumacher’s leadership. Unilever maintains its growth targets of 3% to 5% for the year and expects an operating margin of at least 18%. The company is restructuring, including possible unit sales and a reduction of 7,500 jobs. Shares rose 5.3% pre-market.
International Business Machines (NYSE:IBM) – The tech and IT services company reported an adjusted profit of $2.43 per share and revenue of $15.77 billion in the second quarter, beating LSEG forecasts of $2.20 per share and $15.62 billion in revenue. AI services bookings increased significantly, reaching over $2 billion since mid-2023, double the previous quarter. About 75% of these bookings are for consulting services, with the rest for software. IBM expects slightly higher free cash flow for the year. Shares rose 3.7% pre-market.
STMicroelectronics NV (NYSE:STM) – In the second quarter, STMicroelectronics reported sales of $3.23 billion, a 25% drop from the previous year, in line with the forecast of $3.2 billion. The company reduced its annual revenue projection to $13.2-13.7 billion, down from the previous forecast of $14-15 billion, due to low automotive demand and excess inventory. Shares fell 10.4% pre-market.
Chipotle Mexican Grill (NYSE:CMG) – The Mexican food restaurant chain exceeded earnings and revenue expectations in the second quarter due to higher restaurant traffic and price increases offsetting some costs. Chipotle reported adjusted earnings of 34 cents per share and revenue up 18.2% to $2.97 billion, beating LSEG forecasts of 32 cents per share and $2.94 billion in revenue. Net income of $455.7 million was above the $341.8 million of the same quarter last year. Same-store sales increased 11.1%, beating StreetAccount estimates of 9.2%. Restaurant traffic rose 8.7% despite recent social media criticism over smaller portions. Shares rose 3.8% pre-market.
ServiceNow (NYSE:NOW) – The enterprise software and services company reported adjusted earnings of $3.13 per share and revenue of $2.62 billion in the second quarter, beating LSEG forecasts of $2.84 per share and $2.61 billion in revenue.
Lloyds Banking Group (NYSE:LYG) – In the second quarter, Lloyds Banking Group reported pre-tax profit of £1.74 billion, beating estimates. The loan loss provision was only £44 million, well below the £323 million average expected by analysts. The net interest margin fell to 2.93%, in line with expectations. Shares fell 0.3% pre-market.
Align Technology (NASDAQ:ALGN) – The Invisalign dental aligners company expects a decline in Clear Aligner volume and Systems and Services revenue due to seasonality in the third quarter, in addition to second-quarter revenue missing estimates. Adjusted earnings were $2.41 per share, and revenue was $1.03 billion, while LSEG expected $2.30 per share and $1.04 billion in revenue.
KLA Corporation (NASDAQ:KLAC) – The semiconductor equipment manufacturer reported adjusted earnings of $6.60 per share, beating LSEG expectations of $6.15 per share. Revenue was $2.57 billion, above the forecast of $2.52 billion. KLA Corp impressed with its financial forecast for the first quarter, predicting revenues of $2.75 billion against analysts’ estimate of $2.62 billion. The company also projected adjusted earnings per share (EPS) of $7, surpassing the $6.50 forecast. Shares fell 2.1% pre-market.
Molina Healthcare (NYSE:MOH) – The managed healthcare company reported a strong second quarter in 2024, with adjusted earnings per share of $5.86, above the expected $5.65. Revenue reached $9.88 billion, surpassing the forecast of $9.76 billion. Premium revenue increased 17% year over year to $9.4 billion. Molina also issued an adjusted earnings outlook of at least $23.50 per share for the year, above FactSet’s estimates of $23.09.
O’Reilly Automotive (NASDAQ:ORLY) – The auto parts retailer reported earnings of $10.55 per share and revenue of $4.27 billion, below FactSet forecasts of $10.98 per share and $4.32 billion in revenue. For fiscal 2024, O’Reilly expects earnings per share between $40.75 and $41.25, below analysts’ consensus of $41.86. The company expects revenue between $16.60 billion and $16.90 billion, against analysts’ estimate of $16.88 billion.
Ameriprise Financial (NYSE:AMP) – In the second quarter, the asset management and financial advisory firm saw a 9% increase in adjusted profit, reaching $882 million or $8.53 per share, surpassing the $807 million or $7.44 per share profit of the previous year. Revenue of $4.22 billion was slightly below estimates of $4.24 billion. The company manages $1.43 trillion in assets, 12% more than last year.
Raymond James (NYSE:RJF) – In the third quarter, Raymond James reported adjusted earnings per share of $2.39, beating estimates of $2.31. Excluding one-time costs, earnings were $2.31. Revenue of $3.23 billion met expectations. Assets under management reached $1.48 trillion, up 15% year over year.
United Rentals (NYSE:URI) – In the second quarter, the industrial equipment rental company saw a 7.6% increase in profit, reaching $636 million or $9.54 per share, compared to $591 million or $8.58 per share last year. Revenue grew to nearly $3.8 billion, surpassing the $3.5 billion of the previous year.
SK Hynix (KOSPI:000660) – South Korea’s SK Hynix reported an operating profit of 5.47 trillion won (approximately $3.96 billion) for the April to June quarter, marking the highest since the third quarter of 2018. This result represents a significant turnaround from the 2.9 trillion won loss of the previous year. The company’s revenue also jumped 125%, reaching a record 16.4 trillion won, driven by increasing demand for high-bandwidth memory chips used in AI.
Vodafone (NASDAQ:VOD) – In the first fiscal quarter, Vodafone had service revenue of $9.6 billion, a 5.4% increase, surpassing the estimate of $8.1 billion. Growth in Africa, up 10% to $1.5 billion, offset a 1.5% decline in Germany. Vodafone maintained its profit and free cash flow targets. CEO Margherita Della Valle is focused on transforming the company, including sales of operations and cutting 11,000 jobs. Vodafone expects adjusted profits of about $11.92 billion and free cash flow of at least $2.6 billion by March 2025. Shares fell 2.0% pre-market.
Edwards Lifesciences (NYSE:EW) – The heart valve systems manufacturer reported second-quarter earnings of $366.3 million, or $0.70 per share adjusted, one cent above LSEG estimates. Revenue was $1.39 billion, below the estimate of $1.65 billion. For the next quarter, the company projects revenue between $1.56 billion and $1.64 billion, while analysts forecast $1.62 billion. Shares fell 22.1% pre-market.
AstraZeneca (NASDAQ:AZN) – AstraZeneca saw its second-quarter 2024 revenue increase by 13%, reaching $12.94 billion. In the first half, revenue rose 15% to $25.62 billion. Oncology sector sales grew 19% at constant exchange rates to $5.33 billion, representing 41% of global sales. Earnings per share of $1.24 increased by 5.98% in the second quarter compared to the previous year. The company updated its forecasts for fiscal 2024, reflecting strong demand and growth. Shares fell 4.7% pre-market.
Sanofi (NASDAQ:SNY) – In the second quarter, Sanofi had an operating profit of $3.05 billion, above the estimate of $2.24 billion. Global sales rose 10.2%, with Dupixent sales increasing by 29.2%. The company expects 2024 earnings per share to align with 2023, rather than a decline. Shares rose 2.2% pre-market.
Teradyne (NASDAQ:TER) – The testing and robotics technology company reported earnings per share of $1.14 and revenue of $730 million in the second quarter, beating the profit estimate of 77 cents per share. For the third quarter, profit guidance of 62 to 82 cents per share was below analysts’ expectation of 84 cents. Shares fell 6.7% pre-market.
Posco Holdings (NYSE:PKX) – In the second quarter, the world’s third-largest steel producer had a net profit of 546 billion won (about $394.7 million), a 30% drop from last year but exceeded the estimate of 379.27 billion won. Revenue fell 8% to 18.51 trillion won, and operating profit dropped 43% to 752 billion won. Steel demand remains weak, and China’s steel production affects the market.
TotalEnergies (NYSE:TTE) – In the second quarter, TotalEnergies had an adjusted net profit of $4.7 billion, a 9% drop from the previous quarter and 15% for the semester. Adjusted EBITDA was $11.1 billion, down 4% for the quarter and 11% for the semester. Cash flow from operations of $7.8 billion fell 5% for the quarter and 12% for the semester.
Whirlpool (NYSE:WHR) – Whirlpool lowered its profit forecast to $12 per share, down from the previous $13 to $15 and the expected $12.56. Annual revenue remains at $16.9 billion. The company also expects to generate $500 million in free cash flow this year, down from the previously projected $650 million. Revenue fell 5.7% in North America due to low demand for large appliances.