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UPS Reports Disastrous Earnings

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Lockheed Martin (LMT) posted earnings per share that topped expectations of $1.91, rising 11.2% year over year to $2.38 a share. Net sales rose to $11.9 billion from $11.5 billion a year ago. Full year guidance for 2012 was raised by 2.5% for earnings per share and 3% for revenue.

EMC (EMC) reported quarterly revenue that rose 9.6% from last year to 5.31 billion, beating analyst estimates. Earnings per share came in at 31c, 2c short of the consensus. Net income rose 18.9% year over year, the fifth straight quarter that EMC reported double digit growth. They made a very slight cut to their full year revenue forecast, down to $22.0B

Under Armour (UA) EPS came in at 6c, topping the 5c that was expected. Revenue rose 27% year over year to $369 million, beating the $358 million expected. Footwear sales (which constitutes 19% of total revenue) rose 44%. In addition, Under Armour raised full year revenue forecasts from $1.78-$1.80 billion to $1.80-$1.82 billion. Shares traded 5% higher in the pre-market.

AT&T (T) had a mixed earnings call, beating on earnings per share but falling short on the revenue end. Quarterly earnings per share came in at 66c versus to 63c expected. Revenue rose slightly year over year to $31.6 billion, but fell short of expectations. The company activated 3.7 million new iPhones during the quarter and saw net new subscriber growth of 320,000. Shares were up 1.5% on the news.

Du Pont (DD) reported net income that fell year over year to $1.18 billion. Both revenue and earnings per share topped estimates. Excluding one-time items earnings per share came in at 1.48, 2c better than what the street was looking for. Revenue was a slight beat and rose 8% year over year to $11.28 billion. The company stated that full year earnings would be on the lower end of the $4.20.-$4.40 range that they were looking for.

United Parcel Service (UPS) posted revenue and earnings per share that rose from last year but missed estimates. Earnings per share came in at $1.15 a share against the $1.17 expected. The reported revenue of $13.34 billion was less than the $13.70 expected. UPS also cut full year outlook, citing slowing global growth. They cut full year earnings growth by 5.5%. Shares traded down by nearly 4% on the news.

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POSITION:  No positions in stocks mentioned.
TICKERS:  NYSE:DD, NYSE:LMT, NYSE:T, NYSE:UPS, NYSE:UA   

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