The quarterly results are flowing in and the market is rewarding the winners. Although the results reflect the company’s businesses till June and the impact of rate hikes and inflation is still not entirely visible, the guidance and the management outlook are keenly watched by the investors.
Here are a few companies who have announced their results today Tuesday, August 2, 2022.
U.S. refiner Marathon Petroleum reported a jump in quarterly adjusted profit on Tuesday, riding on a surge in demand for fuel and refined products amid tight supplies.
Adjusted income was $5.69 billion, or $10.61 per share, for the second quarter ended June 30, up from $437 million, or 67 cents per share, a year earlier. The year-ago quarter had benefited from a $11.68 billion gain on the sale of the Speedway unit.
Uber turns cash flow positive for the first time as shares surge. Uber Technologies Inc on Tuesday reported positive quarterly cash flow for the first time ever and forecast third-quarter operating profit above estimates, betting on steady demand for its ride-hailing and food-delivery services.
Uber shares, which have lost more than 40% this year, surged 15% to $28.41 in premarket trading and helped drive an 8% gain in rival Lyft Inc’s shares. Uber generated free cash flow of $382 million in the second quarter, topping analysts expectations of $263.2 million, as trips exceeded pre-pandemic levels, boosted by the reopening of offices and a surge in travel demand.
DuPont quarterly profit beat estimates on strong electronics demand. Industrial materials maker DuPont de Nemours reported a second-quarter profit that beat Wall Street estimates on Tuesday, bolstered by strong demand for electronics and construction materials.
DuPont, which makes electronic materials used in chip packaging and mobile devices, said it benefited from a firm demand for high-end semiconductor technologies boosted by growth in 5G communications and data centers, amid an ongoing transition to more advanced node technologies. The company, once part of the erstwhile chemical giant DowDuPont, lowered its full-year adjusted earnings to $3.27 and $3.43 per share from its previous guidance of $3.2 to $3.5.
It also toned down annual net sales forecast to between $13 billion and $13.4 billion, from up to $13.7 billion outlined earlier.
Dupont said net sales and operating core earnings in the current quarter would be slightly weaker than second quarter, due to currency headwinds and the absence of the Biomaterials sales contribution.
(With inputs from Reuters)