The industrial sector saw 30 more companies belonging to the S&P 500 Industrial Sector (XLI) report its quarterly results this week. YTD, XLI, was trading 11.93% higher, as compared to SPY at +15.2%.
This week also turned out to be good for the industrial sector, as the majority of the firms reported an earnings beat.
The sector saw a steady rise of 3.6% since the beginning of May as earnings for the first quarter were in full swing, till finally slowing down to flat 0.7% for this week of July.
In this week’s earnings recap, 30 tickers reported results, out of which 25 companies reported an earnings beat, while five companies reported a miss. On the revenue side, 17 companies exceeded revenue estimates, while 13 companies trailed estimates.
Below are the latest quarterly reports from five companies, which reported their results:
General Electric (GE) beats bottom-line estimates and has also raised FY24 outlook. Also announced that American Airlines (AAL) has finalized an order for 180 CF34-8E engines plus spares to fly its fleet of 90 new Embraer 175 regional jets.
3M (MMM) skyrocketed to its highest in nearly two years, +23% in Friday’s trading to top all gainers on the S&P 500 and Dow Jones indexes while contributing more than 150 points to the DJIA, after beating Q2 earnings expectations and raising its full-year outlook.
Lockheed Martin (LMT) also beats top-line and bottom-line estimates and raises FY24 outlook. The stock traded flat on Friday despite Deutsche Bank upgrading LMT to Buy from Hold with a $600 price target, up from $540, believing strong Q2 results point to an “attractive beat/raise opportunity” in H2 2024 that likely compounds into 2025-26.
RTX (RTX) stock rose as much as 10.5% in the last week to hit a record high after lifting its full-year guidance for adjusted sales and earnings. The aerospace and defense company also reported strong top-line gains in its Q2.
American Airlines Group (AAL) traded lower on Friday after the airline company posted a mixed earnings report where fare pressure lead to a sharp cut in profit guidance.
Next week’s earnings include Boeing (BA), Cummins (CMI), Automatic Data (ADP), Howmet Aerospace (HWM), Eaton (ETN).
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