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Earnings reports from calendar Q3 are starting to come in heavier, like a storm of numbers raising the levels of investment discourse. Both prior to today’s market open, we see plenty of companies who are leaders in their respective industries putting out new earnings reports today. American Express (AXP - Free Report) , Skechers (SKX - Free Report) , E*TRADE and others report after the closing bell. Some of the highlights of those companies already reported are below.
Quickly, however, we see new Initial Jobless Claims for last week this morning, with totals coming down again following two devastating hurricanes in the past two months: 210K new claims last week is down from the slightly upwardly revised 215K the previous week, though still firmly within the ultra-low (historically) range of 200-225K new claims. Continuing Claims fell slightly to 1.64 million from the previous week’s slightly revised 1.653 million. These are also still among long-term historic lows.
The Philly Fed survey for October was up a couple points from consensus to 22.2, not far off September’s read of 22.9. These tend to be volatile numbers month over month, and though today’s headline doesn’t represent gangbuster economic growth in the city of Philadelphia this month, steadiness to the positive is nothing to sneeze at. Steady as she goes for the 6th largest metropolis in the U.S.
Insurance major Travelers Companies (TRV - Free Report) posted a solid Q3 earnings beat ahead of today’s opening bell, helping offset a weaker-than-expected Q2 2018. Earnings of $2.54 per share outpaced the Zacks consensus of $2.22, and way ahead of the 91 cents per share reported in the year-ago quarter. Revenues of $7.69 billion also topped estimates. However, although the stock is still down year-to-date, it is only trading even in the pre-market following the earnings report. For more on TRV’s earnings, click here.
Investment banker Blackstone Group (BX - Free Report) , a Zacks Rank #2 (Buy) stock, beat estimates on the bottom line by 3 cents per share to 76 cents, 12% higher than the year-ago quarter. quarterly revenues of $1.92 billion surpassed the $1.82 billion in the Zacks consensus, on both earning and overall assets under management (AUM) roughly +20%. For more on BX’s earnings, click here.
Zacks Rank #5 (Strong Sell)-rated PPG Group (PPG - Free Report) also outperformed expectations, posting earnings of $1.45 per share ahead of estimates by 2 cents, while $3.82 billion in sales outpaced the $3.80 billion analysts had been looking for. Earnings, however, were down 5% year over year. The paints, coating and chemicals major were able to raise prices in the quarter, but costs were also up. For more on PPG’s earnings, click here.
And cigarette giant Philip Morris (PM - Free Report) stock is up nearly 3.5% in early trading on the company’s solid beat on both top and bottom lines: $1.44 vs. $1.28 per share on the bottom line, with sales of $7.50 billion beating expectations by 4.6% on the top. Shares are still down year-to-date for the Zacks Rank #4 (Sell) firm, although this morning’s results may change some analysts’ outlooks. For more on PM’s earnings, click here.
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
Image: Bigstock
Storm of Q3 Earnings Results: TRV, BX, PM & More
Thursday, October 18, 2018
Earnings reports from calendar Q3 are starting to come in heavier, like a storm of numbers raising the levels of investment discourse. Both prior to today’s market open, we see plenty of companies who are leaders in their respective industries putting out new earnings reports today. American Express (AXP - Free Report) , Skechers (SKX - Free Report) , E*TRADE and others report after the closing bell. Some of the highlights of those companies already reported are below.
Quickly, however, we see new Initial Jobless Claims for last week this morning, with totals coming down again following two devastating hurricanes in the past two months: 210K new claims last week is down from the slightly upwardly revised 215K the previous week, though still firmly within the ultra-low (historically) range of 200-225K new claims. Continuing Claims fell slightly to 1.64 million from the previous week’s slightly revised 1.653 million. These are also still among long-term historic lows.
The Philly Fed survey for October was up a couple points from consensus to 22.2, not far off September’s read of 22.9. These tend to be volatile numbers month over month, and though today’s headline doesn’t represent gangbuster economic growth in the city of Philadelphia this month, steadiness to the positive is nothing to sneeze at. Steady as she goes for the 6th largest metropolis in the U.S.
Insurance major Travelers Companies (TRV - Free Report) posted a solid Q3 earnings beat ahead of today’s opening bell, helping offset a weaker-than-expected Q2 2018. Earnings of $2.54 per share outpaced the Zacks consensus of $2.22, and way ahead of the 91 cents per share reported in the year-ago quarter. Revenues of $7.69 billion also topped estimates. However, although the stock is still down year-to-date, it is only trading even in the pre-market following the earnings report. For more on TRV’s earnings, click here.
Investment banker Blackstone Group (BX - Free Report) , a Zacks Rank #2 (Buy) stock, beat estimates on the bottom line by 3 cents per share to 76 cents, 12% higher than the year-ago quarter. quarterly revenues of $1.92 billion surpassed the $1.82 billion in the Zacks consensus, on both earning and overall assets under management (AUM) roughly +20%. For more on BX’s earnings, click here.
Zacks Rank #5 (Strong Sell)-rated PPG Group (PPG - Free Report) also outperformed expectations, posting earnings of $1.45 per share ahead of estimates by 2 cents, while $3.82 billion in sales outpaced the $3.80 billion analysts had been looking for. Earnings, however, were down 5% year over year. The paints, coating and chemicals major were able to raise prices in the quarter, but costs were also up. For more on PPG’s earnings, click here.
And cigarette giant Philip Morris (PM - Free Report) stock is up nearly 3.5% in early trading on the company’s solid beat on both top and bottom lines: $1.44 vs. $1.28 per share on the bottom line, with sales of $7.50 billion beating expectations by 4.6% on the top. Shares are still down year-to-date for the Zacks Rank #4 (Sell) firm, although this morning’s results may change some analysts’ outlooks. For more on PM’s earnings, click here.
Mark Vickery
Senior Editor
Questions or comments about this article and/or its author? Click here>>
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Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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