We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Quarterly Earnings Beats for Exxon, Clorox, AbbVie & More
Read MoreHide Full Article
Friday, May 1, 2020
Ahead of the opening bell on this last trading day of the week, as well as kicking off a new month, we see no economic data releases worth noting. A week from today we’ll cover our eyes before peeking at the April Employment Situation, among other things, but we’re light on this front as of now. Later in the day we’ll get both PMI and ISM Manufacturing reads for April, neither of which is supposed to bring much good news.
Where we find our good news this hour is in quarterly earnings season, where these five big-name companies all outperformed expectations on both top- and bottom-lines:
ExxonMobil (XOM - Free Report) , a Zacks Rank #3 (Hold)-rated stock prior to its Q1 earnings report, posted a gigantic beat on the bottom line: 53 cents per share outperformed the $0.04 per share estimate by more than 1200%. Revenues of $56.16 billion surpassed top-line expectations by 4.38%.
Going forward, a growing supply glut of oil will pose major challenges for Exxon, as well as its Oil & Gas competitors. Analysts expect the super-majors like Exxon, however, to better be able to weather the storm of the supply glut and plummeting of prices per barrel. Exxon shares have tumbled 33.4% year to date, and are well off their all-time highs in the summer of 2014, when shares went north of $100 per share. For more on XOM’s earnings, click here.
Exxon competitor Chevron (CVX - Free Report) also posted a big beat on its bottom line: $1.29 per share more than doubled the 64 cents in the Zacks consensus. Revenues in the quarter of $31.50 billion improved 5.43% over expectations. Chevron had been rated a Zacks Rank #5 (Strong Sell) going into this earnings report, with the stock down 23.7% year to date, and are trading around a zero-balance in the early session. For more on CVX’s earnings, click here.
Zacks Rank #1 (Strong Buy)-rated cleaning products giant — and company of high importance as the world fights off the coronavirus pandemic — Clorox (CLX - Free Report) reported $1.89 per share on $1.78 billion in sales for the quarter. This represents a 17-cent beat on the bottom line and well ahead of the year-ago $1.44 per share, while revenues outpaced consensus by 4%. This stock is well out in from of the S&P 500’s -10% year to date, +21.4% since the start of 2020. The maker of Clorox, Pine-Sol, Liquid Plumr and Brita water filters is up 3.6% in today’s pre-market. For more on CLX’s earnings, click here.
Consumer Staples competitor Colgate-Palmolive (CL - Free Report) beat earnings estimates by 2 cents to 75 cents per share, on $4.1 billion in quarterly sales. Another company in the green year-to-date, this Zacks Rank #3 stock is trading lower in a pre-market awash in red at this hour. For more on CL’s earnings, click here.
Biopharma major AbbVie (ABBV - Free Report) , maker of Humira, Skyrizi and many other treatments, surpassed expectations on its bottom line with $2.42 per share easily beating the $2.27 estimate and the $2.14 posted in the year-ago quarter. Quarterly sales of $8.62 billion amounts to a 2.18% beat on its top line. Shares are treading water in the pre-market on the news. For more on ABBV’s earnings, click here.
We exit a trading month of April that was the hottest in decades (see Zacks Exec VP Kevin Matras’ latest Profit from the Pros here), and it appears May is starting off by giving some of it back. Weekend headlines related to coronavirus developments and socio-political ramifications may present reasons for investors to advance with caution toward the weekend. But Q1 earnings season this morning has pulled its weight.
Four Zacks experts each announce their single favorite pick with potential to gain +100% and more in the months ahead. Today, download the private Special Report that names these stocks and spotlights why their upside is so exceptional.
See Stocks Now >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Quarterly Earnings Beats for Exxon, Clorox, AbbVie & More
Friday, May 1, 2020
Ahead of the opening bell on this last trading day of the week, as well as kicking off a new month, we see no economic data releases worth noting. A week from today we’ll cover our eyes before peeking at the April Employment Situation, among other things, but we’re light on this front as of now. Later in the day we’ll get both PMI and ISM Manufacturing reads for April, neither of which is supposed to bring much good news.
Where we find our good news this hour is in quarterly earnings season, where these five big-name companies all outperformed expectations on both top- and bottom-lines:
ExxonMobil (XOM - Free Report) , a Zacks Rank #3 (Hold)-rated stock prior to its Q1 earnings report, posted a gigantic beat on the bottom line: 53 cents per share outperformed the $0.04 per share estimate by more than 1200%. Revenues of $56.16 billion surpassed top-line expectations by 4.38%.
Going forward, a growing supply glut of oil will pose major challenges for Exxon, as well as its Oil & Gas competitors. Analysts expect the super-majors like Exxon, however, to better be able to weather the storm of the supply glut and plummeting of prices per barrel. Exxon shares have tumbled 33.4% year to date, and are well off their all-time highs in the summer of 2014, when shares went north of $100 per share. For more on XOM’s earnings, click here.
Exxon competitor Chevron (CVX - Free Report) also posted a big beat on its bottom line: $1.29 per share more than doubled the 64 cents in the Zacks consensus. Revenues in the quarter of $31.50 billion improved 5.43% over expectations. Chevron had been rated a Zacks Rank #5 (Strong Sell) going into this earnings report, with the stock down 23.7% year to date, and are trading around a zero-balance in the early session. For more on CVX’s earnings, click here.
Zacks Rank #1 (Strong Buy)-rated cleaning products giant — and company of high importance as the world fights off the coronavirus pandemic — Clorox (CLX - Free Report) reported $1.89 per share on $1.78 billion in sales for the quarter. This represents a 17-cent beat on the bottom line and well ahead of the year-ago $1.44 per share, while revenues outpaced consensus by 4%. This stock is well out in from of the S&P 500’s -10% year to date, +21.4% since the start of 2020. The maker of Clorox, Pine-Sol, Liquid Plumr and Brita water filters is up 3.6% in today’s pre-market. For more on CLX’s earnings, click here.
Consumer Staples competitor Colgate-Palmolive (CL - Free Report) beat earnings estimates by 2 cents to 75 cents per share, on $4.1 billion in quarterly sales. Another company in the green year-to-date, this Zacks Rank #3 stock is trading lower in a pre-market awash in red at this hour. For more on CL’s earnings, click here.
Biopharma major AbbVie (ABBV - Free Report) , maker of Humira, Skyrizi and many other treatments, surpassed expectations on its bottom line with $2.42 per share easily beating the $2.27 estimate and the $2.14 posted in the year-ago quarter. Quarterly sales of $8.62 billion amounts to a 2.18% beat on its top line. Shares are treading water in the pre-market on the news. For more on ABBV’s earnings, click here.
We exit a trading month of April that was the hottest in decades (see Zacks Exec VP Kevin Matras’ latest Profit from the Pros here), and it appears May is starting off by giving some of it back. Weekend headlines related to coronavirus developments and socio-political ramifications may present reasons for investors to advance with caution toward the weekend. But Q1 earnings season this morning has pulled its weight.
Mark Vickery
Senior Editor
Questions or comments about this article and/or its author? Click here>>
Just Released: 5 Stocks Set to Double
Four Zacks experts each announce their single favorite pick with potential to gain +100% and more in the months ahead. Today, download the private Special Report that names these stocks and spotlights why their upside is so exceptional.
See Stocks Now >>