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Caterpillar and Boeing Beat Earnings, Raise Guidance

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General Dynamics (GD) had a mixed report, falling short of revenue estimates yet exceeding earnings per share expectations. EPS rose year over year to $1.77, topping the expect $1.74. Revenue came in at $7.88 billion, falling short of last year’s number and the consensus. The company lowered full year guidance by about 1.5%.

Corning (GLW) posted second quarter profit that declined 39% from just a year ago. Earning per share of 31c fell in line with street estimates. Quarterly revenue declined 4.8% year on year to $1.91 billion, falling short of the expected $2.02 billion.

Radioshack (RSH) had a horrific earnings report. EPS came in at -4c, 25c worse than analysts were looking for. Although revenue rose 1.1% year on year to 953.2 million it fell short of the expected 971.52 million. The company also cut its dividend, but is looking to pay down debt with its extra cash. Shares traded down more than 25% on the news.

Wyndham (WYN) earnings per share came in at 87c, better than the expected 84c. Revenue rose 4.5% from last year to $1.14 billion, which fell slightly short of the $1.16 billion expected. Full year EPS guidance was raised from $3-3.15 to $3.10-3.20.

Caterpillar (CAT) reported profit that rose 67% from last year. Earnings per share topped estimates and last year’s number, coming in at $2.54. Revenue also rose year on year to $17.4 billion, better than the expected $16.9 billion. Full year EPS forecast was raised to $9.60 from $9.50. Shares traded 4% higher in the pre-market.

Boeing (BA) reported earnings per share of $1.27 a share, 14c better than the consensus. Revenue rose 21% from last year to $20 billion, better than the expected $19.28 billion. Commercial airplane revenue jumped 34%. Full year outlook was raised from $4.15-4.35 to $4.40-4.50, nearly a 6% gain. Shares traded almost 3% higher in the pre-market.

ConocoPhilips (COP) EPS topped estimates by 2c, coming in at $1.22. COP cited falling oil prices and a drop in oil and gas output as the reason for the 33% decline in net income. Revenue declined to $15.17 billion from $17.67 billion.

Pepsi (PEP) reported EPS that topped both estimates and last year’s number, coming in at $1.12 a share. Quarterly sales declined 2.2% to 16.5% billion. Sales volume for snacks grew 6% and volume for beverages rose by 1%.

Ford (F) reported that they now expect to lose $1 billion dollars this year in Europe, it was originally expected that they would lose $500 million. Ford's CFO stated that they get 25% of their revenues from Europe and would cut production ion the area, offsetting it by raising production in the US.

Despite this massive loss because of the growing European crisis, Ford reported earnings per share of 30c which topped the expected 28c. Revenue declined 6.2% from last year to $33.3 billion. Yesterday Ford shares fell to their lowest level since December of 2009. Shares traded 1% higher on the news.

POSITION:  No positions in stocks mentioned.
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