3M Co. Q2 Profit Decreases, but beats estimates

3M Co. (MMM) reported earnings for second quarter that decreased from last year but beat the Street estimates.

The company’s bottom line came in at $78 million, or $0.14 per share. This compares with $1.52 billion, or $2.59 per share, in last year’s second quarter.

Excluding items, 3M Co. reported adjusted earnings of $1.42 billion or $2.48 per share for the period.

Analysts on average had expected the company to earn $2.45 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 2.8% to $8.70 billion from $8.95 billion last year.

3M Co. earnings at a glance (GAAP) :

-Earnings (Q2): $78 Mln. vs. $1.52 Bln. last year.
-EPS (Q2): $0.14 vs. $2.59 last year.
-Analyst Estimates: $2.45
-Revenue (Q2): $8.70 Bln vs. $8.95 Bln last year.

-Guidance:
Full year EPS guidance: $10.30 to $10.80

Oil Extends Gains As Russia Slashes Supplies

Oil prices rose about 2 percent on Tuesday to extend overnight gains after Russia deepened supply cuts to Europe.

Benchmark Brent crude futures jumped 1.8 percent to $102.01 a barrel, while WTI crude futures were up 1.7 percent at $98.36.

European gas prices hit a five-month high after Russian energy giant Gazprom said that it will cut gas flows through Nord Stream 1 to 33 million cubic meters per day from July 27, which will be just 20 percent of normal capacity, citing the need to repair equipment.

The announcement heightened fears that Russia could cut off gas supplies as political leverage over the war in Ukraine, while Europe is trying to stockpile gas winter.

Meanwhile, there are expectations that Russia’s reduction in natural gas supply to Europe could encourage a switch to crude.

EU energy ministers are due to meet today to discuss the proposal from the European Union’s executive arm, which called for all EU countries to reduce their gas use by 15 percent.

General Electric Co Q2 Earnings Summary

Below are the earnings highlights for General Electric Co (GE):

Earnings: -$648 million in Q2 vs. -$626 million in the same period last year.
EPS: -$0.59 in Q2 vs. -$0.57 in the same period last year.
Excluding items, General Electric Co reported adjusted earnings of $861 million or $0.78 per share for the period.

Revenue: $18.65 billion in Q2 vs. $18.25 billion in the same period last year.

Gold Holds Steady Ahead Of Fed Meeting

Gold prices held largely steady on Tuesday as investors braced for a busy week of earnings and economic data in the United States.

Spot gold was marginally higher at $1,720.60 per ounce, while U.S. gold futures were little changed with a negative bias at $1,718.40.

Fears about economic growth continued to weigh after top U.S. retailer Walmart struck a downbeat tone on the health of the U.S. consumer.

Tech heavyweights Apple, Meta, Microsoft and Amazon are due to report their financial results this week.

The dollar held just below multi-decade highs as investors look ahead to U.S. reports on consumer confidence, new home sales, durable goods orders, second quarter GDP and personal income and spending this week for any clues about whether hints of a slowing economy will prompt Fed officials to slow the pace of rate hikes.

Most analysts expect a hike between 75 to 100 basis points by the U.S. central bank at the end of a two-day policy meeting on Wednesday.

U.S. second-quarter GDP data is due on Thursday, with many watching for signs of a technical recession.

Xerox Corp. Q2 Earnings Summary

Below are the earnings highlights for Xerox Corp. (XRX):

Earnings: -$4 million in Q2 vs. $91 million in the same period last year.
EPS: -$0.05 in Q2 vs. $0.46 in the same period last year.
Excluding items, Xerox Corp. reported adjusted earnings of $24 million or $0.13 per share for the period.

Analysts projected $0.12 per share
Revenue: $1.75 billion in Q2 vs. $1.79 billion in the same period last year.

-Guidance:
Full year revenue guidance: $7.1 Bln

Centene Raises Earnings Guidance

While reporting second-quarter results on Tuesday, Centene Corporation (CNC) increased 2022 full-year adjusted EPS guidance by another $0.05, to a range of $5.60 to $5.75, reflecting a $0.20 cumulative increase above the company’s April guidance. The company projects full year 2022 total revenues in a range of $141.6 billion to $143.6 billion.

Second quarter adjusted EPS increased to $1.77 from $1.25, prior year. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $1.59, for the quarter. Analysts’ estimates typically exclude special items.

GAAP net loss was $172 million compared to a loss of $535 million, prior year. Loss per share was $0.29 compared to a loss of $0.92.

For the second quarter of 2022, total revenues increased 16% to $35.9 billion from $31.0 billion, prior year. Analysts on average had estimated $35.55 billion in revenue.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

Pre-market Movers: CVM, SRGA, USEA, WETG, NRGV…

The following are some of the stocks making big moves in Tuesday’s pre-market trading (as of 07.45 A.M. ET).

In the Green

CEL-SCI Corporation (CVM) is up over 44% at $4.83
Surgalign Holdings, Inc. (SRGA) is up over 22% at $3.69
United Maritime Corporation (USEA) is up over 21% at $3.04
Energy Vault Holdings, Inc. (NRGV) is up over 15% at $7.88
Archer Aviation Inc. (ACHR) is up over 15% at $3.75
Gorilla Technology Group Inc. (GRRR) is up over 12% at $22
Mynaric AG (MYNA) is up over 12% at $9.73
Femasys Inc. (FEMY) is up over 9% at $2.25
Silvergate Capital Corporation (SI) is up over 7% at $70
Cinemark Holdings, Inc. (CNK) is up over 5% at $17.53

In the Red

WeTrade Group, Inc. (WETG) is down over 16% at $10.00
Tempest Therapeutics, Inc. (TPST) is down over 11% at $2.25
Invitae Corporation (NVTA) is down over 9% at $2.42
Freshworks Inc. (FRSH) is down over 8% at $11.55
Vertical Aerospace Ltd. (EVTL) is down over 8% at $4.77
International Business Machines Corporation (IBM) is down over 6% at $129.80
Zhong Yang Financial Group Limited (TOP) is down over 6% at $26.98
Greenwich LifeSciences, Inc. (GLSI) is down over 6% at $8.17