Four companies have reported their latest quarterly earnings since yesterday’s market close, and all four managed to top estimates, sending their shares up in morning trading. The results are a positive development for the market, as analysts have otherwise been predicting a rather gloomy earnings season. Let’s dig into the results and see what has investors pleasantly surprised by these companies.
The Boeing Company (NYSE:BA) is up by a little more than 2% today after reporting its third quarter earnings and providing positive guidance for fiscal year 2015. Revenue came in well ahead of estimates at $25.85 billion, buoyed by a 7% increase in commercial deliveries to a record 199. Earnings per share also came in well ahead of estimates at $2.52, a beat of $0.30. In addition, The Boeing Company (NYSE:BA) upgraded its earnings guidance for 2015 to a range of $7.95-to-$8.15 from a previous guidance range of $7.70-to-$7.90. One of the most popular aerospace and defense stocks, The Boeing Company (NYSE:BA) was in the portfolios of 44 of the elite investors that we track as of June 30.
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Let’s move on to Baker Hughes Incorporated (NYSE:BHI), which is in the midst of being acquired by Halliburton Company (NYSE:HAL). Shares are up by over 1% despite the oil field services company reporting weak third quarter results. Revenue fell by 39% year-over-year to $3.79 billion, while the company registered a loss of $0.36 (or an adjusted loss of $0.05 per share) compared to a profit of $0.86 per share a year ago. Nonetheless, the rough times were not unexpected given its exposure to the U.S oil industry, where there’s been a broad pullback in terms of operations, as analysts had predicted a greater adjusted loss of $0.14 per share. Activist investor Jeffrey Ubben of ValueAct Capital, a supporter of the merger, recently filed an amended 13D related to his Baker Hughes Incorporated (NYSE:BHI) position in which he claimed that he intended to have discussions with the company regarding ways to increase shareholder value. Ubben continues to hold a 23.25 million-share stake in Baker Hughes Incorporated (NYSE:BHI) as of October 1.
We have the earnings reports of two more companies to get to, including a major auto manufacturer, which we’ll do on the following page.