Tuesday, October 27, 2020


Note: this is, hands down, one of the most boring things I to do each quarter. I doubt anyone really looks at it but the day I quit doing this will be the day I miss posting something important. The word "important" is used loosely. Very loosely.

This is linked at the top of the sidebar at the right during earnings season. After earnings -- pretty much after Whiting and Apple posts their earning, this post will move back into obscurity.

Disclaimer: this is not an investment site.

Earnings -- 3Q20

This is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on what you read here or what you think you may have read here. If this is important to you, go to the source. There will be content and typographical errors on this page. If something looks wrong, it probably is. 

EOG: missed / beat depending on how measured; reported; link here. In a Biden presidency, EOG looks in better position than  many of its competitors;

SRE: preview November 4, 2020; will report November 5, 2020); conference call transcript here:

  • consensus EPS: $1.52 (+1.3% y/y). Actual: $1.21 (misses by 31 cents -- huge)
  • consensus revenue: $2.62 billion (-5.1% y/y). Actual: $2.64 -- interesting.

MDU: preview (November 3, 2020; will report November 4, 2020):

  • consensus EPS: 63 cents vs 47 cents last year; day later: huge beat: 75 cents
  • consensus revenue: $1.6 billion (+2.3% y/y); day later; misses by $10 million
  • increases guidance to range of $1.80 to $1.90 vs guidance of $1.65 to$1.85;

COP: $500 million loss; vs $3.1 billion profit one year earlier.

AAPL; investors not happy but Apple actually exceeded expectations. Barely.

Ford: Link here.

Ford reported net income in the third quarter of $2.4 billion, or 60 cents a share, compared with $400 million, or 11 cents a share, a year earlier.

And, actually, even better than that:

Excluding items, Ford's profit was $3.6 billion, or 65 cents a share, topping the 19 cents analysts polled by Refinitiv had expected.
Analysts get much of their information from guidance provided by the CEO. How was this missed? 60-plus cents reported vs expectations of 20 cents.

Boeing, link here:

  • surprise beat
  • sales, EPS, cash burn were stronger than expected
  • looking to fire another 7,000 workers while another 4,000 to be lost through attrition
  • revenue: $14.14 billion, down almost 30% y/y but beating estimates of $13.84 billion
  • loss per share: $1.39 vs $1.45 y/y; beating estimate of a loss of $2.08/share

EPD reports in-line.

  • EPS: 48 cents vs 48 cents forecast
  • net income: $1.084 billion vs 1.045 one year ago
  • adjusted EBITDA: $2.06 vs $2.023 one year ago
  • 3Q20 cash distribution 0.6% increase compared to year ago
  • distributable cash flow provided 1.7 time coverage of the distribution
  • pays 10.31%

MSFT: earnings easily top expectations but forecast for Xbox's debut quarter dings stock;

  • earnings beat across all three segments
  • guidance comes in short of expectations for revenue as new video game consoles arrive
  • EPS: $1.82/share; $13.9 billion; up from $1.38 a year ago;
  • revenue reached $37.2 billion, up from $33.06 billion a year ago
  • forecast: $154 and $35.76 billion

AMD earnings here:

  • adjusted EPS: 41 cents vs forecast of 35 cents;
  • revenue exceeded analyst expectations;
  • record 3Q20 revenue driven by strong demand for PC, gaming, and data center products; the latter drove the Xilinx acquisition;

AMD: buys XLNX for $35 billion; AMD earnings here

Baker Hughes:

  • revenue of $5.0 billion for the quarter; up sequentially 7%; down 14% y/y
  • adjusted operating loss of $234 million was favorable sequentially and down 45% y/y
  • adjusted EPS was 4 cents
  • free cash flow for the quarter was $52 million

OKE: link here

UNP: investors not happy; after earnings released, UNP drops from $204 to $184 or thereabouts; huge rout; link here; SeekingAlpha here;

  • EPS: $2.01 vs $2.03; a surprise of -0.99%
  • revenue: $4.92 billion vs $5.04 billion
  • this was the killer: high margin coal and automobile shipping way down, and it won't get better;

CAT, link here: sales and revenues declined 23% y/y to $9 billion;

  • net profit: $668 million, or $1.22/share
  • compared to $1.4 billion, $2.66 one year earlier;

ATT, link here: overall a good report;

  • revenue: $42.3 billion vs $44.6 billion a year earlier;
  • operating income: $6.1 billion vs $7.9 billion a year ago;

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