Tuesday, August 1, 2017

EOG's, Apple's Earnings -- August 1, 2017 -- EOG Misses; AAPL -- Huge Beat; HAL Hiring

Tesla: breaking news -- Director, Battery Technology, Kurt Kelty has left the company; announcement today; not said when he left company. Timing of announcement interesting. CFO left earlier this year. Last man standing at Tesla: Musk Melon?


Announcing job fair August 8 - 9, 2017; Arlington, TX.  Looking for those interested in working in Colorado. Local radio ad -- 3:49 p.m. Tuesday, August 1, 2017.


EOG: big miss
  • reported second quarter 2017 net income of $23.1 million, or $0.04 per share (vs estimate of 11 cents); down almost 4% in after-hours;
  • this compares to a second quarter 2016 net loss of $292.6 million, or $0.53 per share
  • adjusted non-GAAP net income for the second quarter 2017 was $46.7 million, or $0.08 per share, compared to an adjusted non-GAAP net loss of $209.7 million, or $0.38 per share, for the same prior year period
From EOG press release, high points for the quarter:
  • exceeds crude oil, NGL and natural gas production targets 
  • delivers per-unit lease and well, transportation and DD&A rates below targets 
  • increases 2017 U.S. crude oil growth forecast to 20 percent from 18 percent 
  • maintains 2017 capital expenditure guidance 
  • reduces first-half 2017 completed well costs by an average of 7 percent

AAPL: up over 6% in after-hours -- huge beat APPL's 52-week high had been 156.65; after-hours as high as $159.23. First $4/share jump after hours was based on the beat; second $5/share after hours was a short squeeze. It will be worse tomorrow.  

After Hours Volume, 17:19:40 p.m. Eastern Time: 10,899,602 shares
    • After Hours High: $159.90
    • After Hours Low: $148.804 
AAPL surges. WSJ. Surges 12% on revived iPad, Mac sales. Reuters story here. Bloomberg's Shira Ovide apparently wrote the story before results were announced. What a doofus .. a "relatively pedestrian 7.2%" jump in Apple's revenue..." LOL. The story was posted at 5:09 p.m. Earnings were released about 4:45 p.m. She couldn't have written this article and gotten it on the Bloomberg site that quickly. Her report is completely wrong. Compare with Reuters story

Analysts forecast:
  • 3Q17 EPS: $1.57
  • 3Q17 revenue: $44.95 billion
  • gross margin: 38.2%
  • iPhone unit sales: 41.1 million
  • iPhone average sales price: $628
  • 4Q17 revenue guidance: $49.12 billion
  • 3Q17 EPS: $1.67
  • 3Q17 revenue: $45.4 billion
  • gross margin: 38.2%
  • iPhone unit sales: 41.0 million
  • iPad units sales: 11.42 million
  • Mac unit sales: 4.292 million
  • iPhone average sales price: n/d
  • 4Q17 revenue guidance: $49 billion $52 billion 

Missed by 4 cents.

Press release:
A strong second quarter at its utility and construction services businesses partially offset a slow quarter at its construction materials business caused by weather-related delays and increased competition. 
Second quarter earnings from continuing operations were $43.8 million, or 22 cents per share, compared to second quarter 2016 earnings from continuing operations of $46.1 million, or 24 cents per share. 
Including discontinued operations, MDU Resources reported second quarter earnings of $40.6 million, or 21 cents per share, compared to a loss of $109.3 million, or 56 cents per share, in second quarter 2016. 
 Highlights from the second quarter include:
  • Electric and natural gas utility earns $5.0 million, up fro
  • m $200,000 in second quarter 2016 based on stronger natural gas utility results. Pipeline and midstream results consistent with second quarter 2016, absent results from Pronghorn assets sold in early 2017. Construction services earnings up $5.4 million, a 77 percent increase on 18 percent revenue growth. Construction materials earns $21.2 million. Combined construction backlog approximately $1.4 billion, up 4 percent from second quarter 2016. Company reaffirms earnings guidance range of $1.10 to $1.25.

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