{"id":67437,"date":"2023-04-25T09:04:21","date_gmt":"2023-04-25T13:04:21","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=67437"},"modified":"2023-04-25T09:04:21","modified_gmt":"2023-04-25T13:04:21","slug":"coffee-with-greta-earnings-rush","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/04\/25\/coffee-with-greta-earnings-rush\/","title":{"rendered":"Coffee With Greta: Earnings Rush"},"content":{"rendered":"

DJIA Futures: <\/b>-75 (-0.2%)<\/span><\/p>\n

SPX Futures: <\/b>-19 (-0.4%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-59 (-0.5%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are down as traders digest the latest earnings and look ahead to results from big tech names later today.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

First Republic Tumbles After Earnings<\/span><\/h2>\n

First Republic Bank <\/b>(FRC) shares are dropping 21% ahead of the open despite beating Q1 expectations as deposits plunged.<\/span><\/p>\n

Here\u2019s how the regional bank\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

    \n
  • EPS: $1.23 vs $0.85 expected<\/span><\/li>\n
  • Revenue: $1.21 billion vs $1.15 billion expected<\/span><\/li>\n<\/ul>\n

    The bank said its deposits tumbled 40% in the quarter to $104.5 billion.\u00a0<\/span><\/p>\n

    That was lower than analysts\u2019 expectations for deposits to be about $145 billion.\u00a0<\/span><\/p>\n

    But First Republic said deposit flows have since stabilized.\u00a0<\/span><\/p>\n

    The bank said, \u201cDeposit activity began to stabilize beginning the week of March 27, 2023, and has remained stable through Friday, April 21, 2023. Total deposits were $102.7 billion as of April 21, 2023, down only 1.7% from March 31, 2023, primarily reflecting seasonal client tax payments that occur each April.\u201d<\/span><\/p>\n

    The bank also announced new cost cutting efforts which include cuts to executive compensation, condensing office space, and reducing head count by 20% to 25% in Q2.<\/span><\/p>\n

    GM Tops Q1 Expectations, Hikes Guidance<\/span><\/h2>\n

    General Motors <\/b>(GM) shares are up 2.7% in premarket trade after beating Q1 expectations on the top and bottom line and raising its 2023 guidance.\u00a0<\/span><\/p>\n

    Here\u2019s how the automaker\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

      \n
    • Adjusted EPS: $2.21 vs $1.73 expected<\/span><\/li>\n
    • Revenue: $39.99 billion vs $38.96 billion expected<\/span><\/li>\n<\/ul>\n

      GM now expects full-year adjusted EPS of $6.35 to $7.35 vs $6 to $7 previously.\u00a0<\/span><\/p>\n

      The automaker also raised its expectations for adjusted automotive free cash flow to between $5.5 billion and $7.5 billion from $5 billion to $7 billion previously.\u00a0<\/span><\/p>\n

      McDonald\u2019s Shares Rise After Earnings Beat<\/span><\/h2>\n

      McDonald\u2019s <\/b>(MCD) shares are up 1% ahead of the open after beating Q1 expectations.\u00a0<\/span><\/p>\n

      Here\u2019s how the fast food giant\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

        \n
      • Adjusted EPS: $2.63 vs $2.33 expected<\/span><\/li>\n
      • Revenue: $5.9 billion vs $5.59 billion expected<\/span><\/li>\n<\/ul>\n

        McDonald\u2019s reported same-store sales growth of 12.6% across all three of its divisions, fueled by higher menu prices.\u00a0<\/span><\/p>\n

        The company\u2019s U.S. traffic rose for the third consecutive quarter.<\/span><\/p>\n

        PepsiCo Hikes Outlook After Earnings Beat<\/span><\/h2>\n

        PepsiCo <\/b>(PEP) shares are up 1.7% in premarket trade after beating Q1 expectations and raising its full-year outlook.\u00a0<\/span><\/p>\n

        Here\u2019s how the beverage giant\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

          \n
        • Adjusted EPS: $1.50 vs $1.39 expected<\/span><\/li>\n
        • Revenue: $17.85 billion vs $17.22 billion expected<\/span><\/li>\n<\/ul>\n

          Net sales rose 10.2% year over year while organic revenue jumped 14.3%.<\/span><\/p>\n

          Sales volumes in PepsiCo\u2019s beverage business rose 1% and declined 3% in its food segment.\u00a0<\/span><\/p>\n

          Overall volumes were down 2% while prices were up 16%.\u00a0<\/span><\/p>\n

          PepsiCo now expects full-year 2023 organic revenue growth of 8% vs 6% previously.<\/span><\/p>\n

          3M Beats Q1 Estimates, Announces Layoffs<\/span><\/h2>\n

          3M <\/b>(MMM) shares are up 1.3% ahead of the open after beating Q1 expectations on the top and bottom line.\u00a0<\/span><\/p>\n

          Here\u2019s how the industrial giant\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

            \n
          • Adjusted EPS: $1.92 vs $1.60 expected<\/span><\/li>\n
          • Revenue: $7.7 billion vs $7.5 billion expected<\/span><\/li>\n<\/ul>\n

            3M maintained its full-year outlook for sales to drop 3% year over year and EPS between $8.50 and $9.\u00a0<\/span><\/p>\n

            The CEO said, \u201cwe continued our relentless focus on serving customers and aggressively managed costs\u201d during Q1.\u00a0<\/span><\/p>\n

            As part of its cost cutting efforts, 3M announced plans to cut 6,000 more jobs globally in addition to the 2,500 announced in January.\u00a0<\/span><\/p>\n

            UPS Misses Q1 Expectations<\/span><\/h2>\n

            UPS <\/b>(UPS) shares are down 4.9% in premarket trade after missing Q1 expectations.\u00a0<\/span><\/p>\n

            Here\u2019s how the shipping giant\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n

              \n
            • Adjusted EPS: $2.20 vs $2.21 expected<\/span><\/li>\n
            • Revenue: $22.93 billion vs $23.01 billion expected<\/span><\/li>\n<\/ul>\n

              The CEO said, \u201cIn the first quarter, deceleration in U.S. retail sales resulted in lower volume than we anticipated, and we faced ongoing demand weakness in Asia. Given current macro conditions, we expect volume to remain under pressure. We will remain focused on driving productivity.\u201d<\/span><\/p>\n

              UPS now expects 2023 sales of $97 billion, down from its previous forecast of $97 billion to $99.2 billion.\u00a0<\/span><\/p>\n

              Operating profit margin is expected to be 12,8% vs the previous outlook for 12.8% to 13.6%.<\/span><\/p>\n

              JetBlue Forecasts Profit After Q1 Earnings Beat<\/span><\/h2>\n

              JetBlue <\/b>(JBLU) shares are up 2.2% ahead of the open after reporting a smaller Q1 loss than expected and forecasting a profit in Q2.<\/span><\/p>\n

              Here\u2019s how the airline\u2019s results compared to analysts\u2019 estimates:<\/span><\/p>\n

                \n
              • Adjusted loss per share: $0.34 vs $0.38 expected<\/span><\/li>\n
              • Revenue: $2.33 billion vs $2.32 billion expected<\/span><\/li>\n<\/ul>\n

                Expenses surged more than 22% year over year to $2.57 billion.\u00a0<\/span><\/p>\n

                JetBlue\u2019s fuel bill jumped 34% from a year ago.\u00a0<\/span><\/p>\n

                The airline expects adjusted EPS of $0.35 to $0.45 in Q2 with revenue growth of 4.5% to 8.5%, topping analysts\u2019 expectations.\u00a0<\/span><\/p>\n

                The CEO said, \u201cFor the second quarter, we expect strong revenue growth to continue as demand remains robust and as we see continued momentum from our commercial initiatives. We are forecasting a solidly profitable quarter, and we remain confident in our full-year earnings outlook.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

                DJIA Futures: -75 (-0.2%) SPX Futures: -19 (-0.4%) NASDAQ Futures: -59 (-0.5%) Good morning friends! Futures are down as traders digest the latest earnings and look ahead to results from big tech names later today. Let\u2019s get right to it! First Republic Tumbles After Earnings First Republic Bank (FRC) shares are dropping 21% ahead of the open despite beating Q1 expectations as deposits plunged. Here\u2019s how the regional bank\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $1.23 vs $0.85 expected Revenue: $1.21 billion vs $1.15 billion expected The bank said its deposits tumbled 40% in the quarter to $104.5 billion.\u00a0 That was lower than analysts\u2019 expectations for deposits to be about $145 billion.\u00a0 But First Republic said deposit flows have since stabilized.\u00a0 The bank said, \u201cDeposit activity began to stabilize beginning the week of March 27, 2023, and has remained stable through Friday, April 21, 2023. Total deposits were $102.7 billion as of April 21, 2023, down only 1.7% from March 31, 2023, primarily reflecting seasonal client tax payments that occur each April.\u201d The bank also announced new cost cutting efforts which include cuts to executive compensation, condensing office space, and reducing head count by 20% to 25% in Q2. GM Tops Q1 Expectations, Hikes Guidance General Motors (GM) shares are up 2.7% in premarket trade after beating Q1 expectations on the top and bottom line and raising its 2023 guidance.\u00a0 Here\u2019s how the automaker\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $2.21 vs $1.73 expected Revenue: $39.99 billion vs $38.96 billion expected GM now expects full-year adjusted EPS of $6.35 to $7.35 vs $6 to $7 previously.\u00a0 The automaker also raised its expectations for adjusted automotive free cash flow to between $5.5 billion and $7.5 billion from $5 billion to $7 billion previously.\u00a0 McDonald\u2019s Shares Rise After Earnings Beat McDonald\u2019s (MCD) shares are up 1% ahead of the open after beating Q1 expectations.\u00a0 Here\u2019s how the fast food giant\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $2.63 vs $2.33 expected Revenue: $5.9 billion vs $5.59 billion expected McDonald\u2019s reported same-store sales growth of 12.6% across all three of its divisions, fueled by higher menu prices.\u00a0 The company\u2019s U.S. traffic rose for the third consecutive quarter. PepsiCo Hikes Outlook After Earnings Beat PepsiCo (PEP) shares are up 1.7% in premarket trade after beating Q1 expectations and raising its full-year outlook.\u00a0 Here\u2019s how the beverage giant\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $1.50 vs $1.39 expected Revenue: $17.85 billion vs $17.22 billion expected Net sales rose 10.2% year over year while organic revenue jumped 14.3%. Sales volumes in PepsiCo\u2019s beverage business rose 1% and declined 3% in its food segment.\u00a0 Overall volumes were down 2% while prices were up 16%.\u00a0 PepsiCo now expects full-year 2023 organic revenue growth of 8% vs 6% previously. 3M Beats Q1 Estimates, Announces Layoffs 3M (MMM) shares are up 1.3% ahead of the open after beating Q1 expectations on the top and bottom line.\u00a0 Here\u2019s how the industrial giant\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $1.92 vs $1.60 expected Revenue: $7.7 billion vs $7.5 billion expected 3M maintained its full-year outlook for sales to drop 3% year over year and EPS between $8.50 and $9.\u00a0 The CEO said, \u201cwe continued our relentless focus on serving customers and aggressively managed costs\u201d during Q1.\u00a0 As part of its cost cutting efforts, 3M announced plans to cut 6,000 more jobs globally in addition to the 2,500 announced in January.\u00a0 UPS Misses Q1 Expectations UPS (UPS) shares are down 4.9% in premarket trade after missing Q1 expectations.\u00a0 Here\u2019s how the shipping giant\u2019s results compared to analysts\u2019 estimates:\u00a0 Adjusted EPS: $2.20 vs $2.21 expected Revenue: $22.93 billion vs $23.01 billion expected The CEO said, \u201cIn the first quarter, deceleration in U.S. retail sales resulted in lower volume than we anticipated, and we faced ongoing demand weakness in Asia. Given current macro conditions, we expect volume to remain under pressure. We will remain focused on driving productivity.\u201d UPS now expects 2023 sales of $97 billion, down from its previous forecast of $97 billion to $99.2 billion.\u00a0 Operating profit margin is expected to be 12,8% vs the previous outlook for 12.8% to 13.6%. JetBlue Forecasts Profit After Q1 Earnings Beat JetBlue (JBLU) shares are up 2.2% ahead of the open after reporting a smaller Q1 loss than expected and forecasting a profit in Q2. Here\u2019s how the airline\u2019s results compared to analysts\u2019 estimates: Adjusted loss per share: $0.34 vs $0.38 expected Revenue: $2.33 billion vs $2.32 billion expected Expenses surged more than 22% year over year to $2.57 billion.\u00a0 JetBlue\u2019s fuel bill jumped 34% from a year ago.\u00a0 The airline expects adjusted EPS of $0.35 to $0.45 in Q2 with revenue growth of 4.5% to 8.5%, topping analysts\u2019 expectations.\u00a0 The CEO said, \u201cFor the second quarter, we expect strong revenue growth to continue as demand remains robust and as we see continued momentum from our commercial initiatives. We are forecasting a solidly profitable quarter, and we remain confident in our full-year earnings outlook.\u201d<\/p>\n","protected":false},"author":41,"featured_media":67440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-67437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/67437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=67437"}],"version-history":[{"count":1,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/67437\/revisions"}],"predecessor-version":[{"id":67441,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/67437\/revisions\/67441"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/67440"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=67437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=67437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=67437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}