3Q20

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.

Calendar.

Disclaimer: this is not an investment site.

Earnings -- 3Q20

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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;