Torrid Tuesday Earnings Summary: Here Are The Top Quarterly Report Highlights

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While we wait for the day's main earning highlight, Q1 reports from Microsoft and Google both due after the close, it's been a busy morning with some of the most prominent companies reporting earnings in the premarket. Below we summarize some of the biggest market movers:

United Parcel Service (UPS): Adj. EPS 2.77 (exp. 1.72), Revenue 22.9bn (exp. 20.49bln).

UPS soared 8.1% in premarket trading after reporting stellar results including adjusted earnings per share for the first quarter that beat the average analyst estimate. Details:

  • Adjusted EPS $2.77 vs. $1.15 y/y, estimate $1.73 (range $1.55 to $1.99)
  • Revenue $22.91 billion, +27% y/y, estimate $20.60 billion
    • U.S. package revenue $14.01 billion, +22% y/y, estimate $12.86 billion
    • International package revenue $4.61 billion, +36% y/y, estimate $4.09 billion
    • Supply Chain & Freight revenue $4.29 billion, +34% y/y, estimate $3.81 billion
  • International package average revenue per piece +12.3% vs. -1.80% y/y

Outlook: Given the continued economic uncertainty, the Company is not providing 2021 revenue or diluted earnings per share guidance; however, it is re-affirming its full-year capital allocation plans and sees Capex of $4BN. UPS has scheduled its 2021 Investor and Analyst Day for June 9, when it will share further financial details.

* * *

General Electric (GE) Adj EPS 0.03 (exp. 0.014), Revenue 17.12bln (exp. 17.52bln); reiterated outlook; sees FY industrial FCF 2.5-4.5bln (exp. 3.92bln)

General Electric reported a 20% fall in quarterly profit on Tuesday, hit by a slump in demand for aircraft engines as airlines struggle to recover from a pandemic-led collapse in travel. Here are the details:

  • Q1 results:
    • Adjusted EPS 3.0c, estimate 1.4c
    • Revenue $17.12 billion, estimate $17.57 billion (range $16.85 billion to $18.87 billion)
      • Power revenue $3.92 billion, estimate $3.97 billion
      • Renewable Energy revenue $3.25 billion, estimate $3.21 billion
      • Aviation revenue $4.99 billion, estimate $5.25 billion
      • Healthcare revenue $4.31 billion, estimate $4.21 billion
    • Total segment operating income $847 million
      • Power operating loss $87 million, estimate profit $51.9 million
      • Aviation operating profit $641 million, estimate $409.5 million
      • Healthcare operating profit $698 million, estimate $657.4 million
      • Renewable Energy operating loss $234 million, estimate loss $106.7 million
    • Negative industrial free cash flow $845 million, estimate negative $663.9 million
  • Forecast
    • Sees industrial free cash flow $2.5 billion to $4.5 billion, estimate $3.92 billion; Still sees adjusted EPS 15c to 25c, estimate 24c (range 20c to 29c)
  • Commentary
    • Reiterated Total Co. Outlook for the Year 2021
    • Discontinued Majority of Factoring Programs Effective Apr 1
    • Sees $3.5B to $4B Industrial Cfoa Impact, Majority in 2Q
    • Sees 2021 Industrial Rev Growing in Low-Single-Digit Range
    • Sees High Single Digit Free Cash Flow Margins Over Time
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