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Apr 28, 2023
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Chevron Corporation declined 1% to $165.43 after the oil company reported higher first quarter profit despite the decline in oil and natural gas prices.
Consolidated revenue in the first quarter declined to $50.8 billion from $54.4 billion a year ago. Net income in the quarter increased to $6.6 billion from $6.3 billion and diluted earnings per share rose to $3.46 from $3.22 a year ago.
Worldwide net oil-equivalent production declined 3% from a year ago to 2.97 million barrels per day.
The company distributed $6.6 billion during the quarter, including dividends of $2.9 billion and share repurchases 22 million for $3.75 billion. The company expects to repurchase $4.375 billion in shares in the second quarter.
The company's board declared a dividend of $1.51 a share payable on June 12 to shareholders on record on May 19. -
Exxon Mobil Corp rose 1.8% to $119.0 after the oil company reported record first quarter profit, driven by higher output.
Revenue in the first quarter declined to $86.56 billion from $90.5 billion a year ago. Net income in the quarter soared to $11.4 billion from $5.5 billion and diluted earnings per share soared to $2.79 from $1.28 a year ago.
The company hiked quarterly dividend to 91 cents a common share from 88 cents a year ago, payable June 9 to shareholders on record on May 16.
Net production in the first quarter was 3.8 million oil-equivalent barrels per day, an increase of nearly 160,000 barrels per day compared to the same quarter last year. In the quarter, Exxon Mobil increased oil and gas net production by nearly 300,000 oil-equivalent barrels per day from a year ago, excluding divestments and Russia-based Sakhalin-1 oil field expropriation.
The oil company started Beaumont Refinery expansion and reached full capacity of 250,000 barrels of production per day in the quarter.
The company distributed $8.1 billion to shareholders including $4.3 billion of share repurchases, keeping the company on track to repurchase up to $17.5 billion in 2023. -
U.S. real gross domestic product increased at an annual rate of 1.1% in the first quarter, slower than 2.6% rate in the final quarter of 2022, the Bureau of Economic Analysis reported Thursday.
Increases in consumer spending, exports, federal government spending, state and local government spending, and nonresidential fixed investment were partly offset by decreases in private inventory investment and residential fixed investment.
Higher imports also weighed negatively on the final growth calculation. -
STMicroelectronics NV fell 8.9% to $42.14 after the Switzerland-based advanced electronics company announced quarterly results ahead of market expectations.
The company said revenue in the first quarter increased 19.8% to $4.2 billion and net income soared 39.8% to $1.04 billion from $747 million and diluted earnings per share increased to $1.10 from 79 cents a year ago.
The company forecasted second quarter revenue of $4.28 billion with a band of $350 million, a sequential increase of 0.8%, and gross margin of 49.0% with a band of 200 basis points. -
Teladoc Health Inc rose 5% to $27.02 after the telehealth platform operator lifted its revenue and adjusted earnings outlook for the year.
Revenue in the first quarter increased 11% to $629.2 million and net loss in the quarter dropped to $69 million from $6.7 billion and diluted loss per share fell to 42 cents to $41.58 a year ago.
In the first quarter of 2022, the company recorded a goodwill impairment charge of $6.6 billion.
The telemedicine company forecasted second quarter revenue between $635 million and $660 million and between $2.575 billion and $2.675 billion in the full-year 2023.
The company also estimated adjusted operating earnings between $60 million and $68 million in the second quarter and between $285 million and $325 million in the full-year 2023. -
eBay Inc increased 3.6% to $44.93 after the online marketplace reported better-than-expected quarterly results. Revenue in the first quarter increased 1% to $2.5 billion from $2.48 billion a year ago.
Net income from continuing operations swung to a profit of $569 million from a loss of $1.4 billion and diluted earnings per share was $1.05 from ($2.28) a year ago.
The company declared a cash dividend of $0.25 per share payable on June 16 to stockholders of record as of June 1.
In the first quarter, the company repurchased $250 million of its common stock, or more than 5 million shares, and about $2.6 billion is available in the stock repurchase plan, and paid cash dividends of $134 million. -
Southwest Airlines Co declined 4.7% to $29.44 after the regional airlines reported wider loss in the first quarter following a negative revenue impact after the late December scheduling crisis that led to the cancellation of 16,000 flights.
Revenue in the first quarter increased 21.6% to $5.7 billion from $4.7 billion and net loss shrank to $159 million from $278 million and diluted loss per share shrank to 27 cents from 47 cents a year ago.
Because of production delays faced by Boeing, Southwest is now anticipating delivery of 70 737 MAX 8 aircrafts, instead of 90. As a result of the revision in aircraft deliveries and retirements, the company now expects to end the year with 814 aircraft, compared with its previous estimate of 833.
Southwest's first quarter capital expenditures were $1.0 billion and because of the slow aircraft deliveries, the company lowered its 2023 capital expenditures to $3.5 billion from the previous estimate of $4.0 billion. -
American Airlines Group increased 1.5% to $12.93 after the international airline reported mixed quarterly results. Revenue in the first quarter increased 37% to $12.2 billion and the company swung to a net income of $10 million from a loss of $1.6 billion and diluted earnings per share was 2 cents compared to ($2.52) a year ago.
Revenue passenger miles increased 17.4% to 52.04 million, available seat miles rose 9.2% to 65 million and load factor improved 5.6 percentage points to 80.0%.
Total revenue per available seat mile soared 25.4% to 18.75 cents from 14.95 cents a year ago. Operating cost per available seat mile increased 13% to 18.08 cents.
The company expects its second quarter adjusted earnings per diluted share between $1.20 and $1.40 and full-year 2023 between $2.50 and $3.50. The company’s forecasts include the estimated impact of anticipated new labor agreements. -
Meta Platforms Inc increased 13.5% to $209.30 after the parent of Facebook reported better-than-expected revenue.
Revenue in the March quarter increased 3% to $28.6 billion and net income dropped 24% to $5.7 billion from $7.5 billion and diluted earnings per share fell to $2.20 from $2.72 a year ago.
Facebook daily active users increased 4% to 2.04 billion and across all sites including Instagram and WhatsApp rose 5% to 3.02 billion. In the first quarter, ad impressions delivered across all apps increased 26% and the average price per ad decreased 17% from a year ago.
Meta Platforms repurchased $9.22 billion of Class A common stock in the first quarter and the company had $41.73 billion available and authorized for repurchases.
Total staff at the end of March decreased 1% from a year ago to 77,114, reflecting the layoff announced in November 2022 but not counting the staff that will be impacted from the 2023 layoffs. -
CBRE Group, Inc soared 9.4% to $76.60 after the commercial real estate company reported first quarter results.
Revenue in the quarter increased 1.1% to $7.4 billion from $7.3 billion and net income dropped 70.2% to $117 million from $392 million and diluted earnings per share fell to 37 cents from $1.16 a year ago.
The company retained its full-year 2023 outlook and "with core earnings per share expected to decline by low-to-mid double digits this year, but then exceed the prior peak in 2024."
Global leasing revenue declined 8% and capital markets revenue plunged 43%, loan servicing revenue increased 5%, property management net revenue increased 1%, valuations revenue declined 9% and investment management revenue rose 3%.
Asset under management declined $0.4 billion to $148.9 billion.
The company repurchased approximately 1.4 million shares for $114 million for an average price of $83.48 per share in the first quarter, and $2.0 billion of capital available in the stock repurchase program as of March 31.
Apr 27, 2023