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Apr 23, 2024
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General Electric Aerospace soared 4% to $156.32 after the company reported better-than-expected quarter results.
GE Aerospace revenue in the first quarter increased 15% to $8.1 billion, and diluted earnings per share were 92 cents.
Consolidated revenue in the quarter, which included GE Vernova prior to its spinoff, rose 11% to $16.1 billion, and diluted earnings per share rose to $1.38.
Free cash flow in the quarter was $1.7 billion.
GE Aerospace reported new orders increased by 34% to $11 billion, reflecting strong demand for commercial engines and services.
For the full fiscal year 204, the company estimated free cash flow to exceed $5 billion and adjusted diluted earnings per share in the range of $3.80 and $4.05.
The company also estimated commercial jet engines and services revenue to increase in the mid-to-high teens and defense and propulsion technologies revenue to rise in the mid-to-high single-digits. -
PepsiCo decreased 0.3% to $175.90 after the beverage and food maker reported mixed quarterly results.
Revenue in the first quarter increased 2% to $18.3 billion from $17.8 billion, net income rose to $2.0 billion from $1.94 billion, and diluted earnings per share advanced to $148 from $1.40 a year ago.
The company reiterated its full-year 2024 organic revenue growth of 4% and at least an 8% rise in core constant currency earnings per share.
The company also projected total cash returns to shareholders of $8.2 billion, consisting of $7.2 billion in dividends and a stock repurchase of $1.0 billion. -
JetBlue dropped 10.5% to $6.75 after the regional airline reported a wider loss in the first quarter.
Revenue in the quarter declined 5.1% to $2.2 billion from $2.3 billion, net loss expanded to $716 million from $192 million, and diluted loss per share increased to $2.11 from 58 cents a year ago, respectively.
The company estimated second-quarter revenue to fall between 6.5% and 10.5% and capital expenditures of $550 million. -
General Motors increased 4.9% to $45.35 after the vehicle maker reported sharply higher revenue and earnings in the first quarter.
Revenue increased 7.6% to $43.3 billion from $39.0 billion, net income attributable to shareholders rose 24.4% to $2.98 billion to $2.35 billion, and diluted earnings per share advanced to $2.56 from $1.69 a year ago.
The vehicle maker updated its full-year 2024 earnings outlook to a new range between $10.1 billion and $11.5 billion from the previous estimated range between $9.8 billion and $11.2 billion. -
UPS increased 1.6% to $147.30 after the parcel delivery company reported better-than-expected quarterly earnings.
Revenue in the first quarter declined 5.3% to $21.7 billion from $22.9 billion, net income plunged 41.3% to $1.1 billion from $1.9 billion, and diluted earnings per share dropped to $1.30 from $2.19 a year ago.
The company reiterated its 2024 outlook and said consolidated revenue would range from approximately $92.0 billion to $94.5 billion and consolidated operating margin would fall between 10.0% and 10.6%. -
Intuitive Surgical rose 3.3% to $385.0 after the robotic surgical equipment maker reported better-than-expected quarterly results.
Revenue in the first quarter increased 11% to $1.89 billion from $1.70 billion, net income rose to $547.4 million from $360.8 million, and diluted earnings per share advanced to $1.51 from $1.01 a year ago.
The company placed 313 da Vinci surgical systems, compared with 312 in the first quarter of 2023, and increased its installed base by 14% to 8,887 systems from 7,779 at the end of the first quarter of 2023. -
KB Home increased 1% to $61.04 after the home builder said its board of directors announced a new $1 billion stock repurchase plan.
The new plan replaces the previous authorization with the remaining $113.6 million.
The company intends to continue its share repurchases in 2024 in a projected range of between $200 million and $400 million for the full year, including $50 million of share repurchases completed during the company’s 2024 first quarter.
The home builder's board of directors raised quarterly cash dividend by 25% to 25 cent per share payable on May 23 to shareholders on May 9.
The company declared first quarter results on March 20 and said it repurchased $50 million of its stock in the period.
In the first quarter ending in March, revenue increased 6% to $1.47 billion from $1.38 billion, net income rose to $138.6 million from $125.5 million, and diluted earnings per share rose to $1.76 from $1.45 a year ago. -
Netflix declined 5.7% to $571.95 after the online streaming service provider reported better-than-expected quarterly results and added it will stop publishing paid subscriber counts starting in 2025.
Revenue in the first quarter increased to $9.37 billion from $8.16 billion, net income rose to $2.13 billion from $1.30 billion, and diluted earnings per share advanced to $5.28 from $2.88 a year ago. -
D.R. Horton increased 5.2% to $153.31 after the homebuilder reported better-than-expected results in the fiscal second quarter.
Revenue in the March quarter increased 14% to $9.1 billion from $7.9 billion, net income rose to $1.2 billion from $941 million, and diluted earnings per share advanced to $3.52 from $2.73 a year ago. -
Blackstone decreased 1.8% to $121.0 after the alternative asset manager reported better-than-expected quarterly results.
The company also lowered its cash dividend to 83 cents per share, payable on May 6 to shareholders on record on April 29.
Total revenue increased to $3.7 billion from $1.4 billion, net income soared to $1.7 billion from $210 million, and diluted earnings per share advanced to $1.11 from 11 cents a year ago.
The company repurchased 0.7 million common shares in the quarter and 3.4 million common shares over the last twelve months.
Total assets under management rose to $1.06 trillion from $991 billion a year ago.
Apr 19, 2024
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