After months of trade war issues, recession fears, impeachment talk, and interest rate cuts, we’ll finally see how these issues affected companies’ bottom lines.
And so far, it looks like many did very well.
Banks for example had strong results, reflecting a healthy U.S. consumer. JP Morgan reported revenue and earnings that were up more than expected thanks to its consumer banking division. Wells Fargo pushed higher after a surprise jump in revenue. Bank of America beat third quarter profit and revenue estimates thanks to its consumer and advisory business.
This morning, we got even more earnings. Some of the top ones include:
American Express (NYSE:AXP)
The company posted a 6% jump in third quarter profits, as more consumers used cards to pay bills and make big ticket purchases. Net income was up to $1.76 billion, or $2.08 a share from $1.65 billion, or $1.88 a share a year earlier. Total revenue jumped 8% to $11 billion.
Analysts were only looking for $2.03 on revenue of $10.94 billion.
Coca-Cola is pushing higher on the day after topping analyst expectations thanks to its healthier drink options, include Zero Sugar soda. The company posted net income of $2.593 billion, or 60 cents a share up from $1.88 billion, or 44 cents a year earlier. Adjusted EPS pulled back to 56 cents. Revenue was up 8% to $9.5 billion from $8.8 billion.
Going forward, the company expects full-year EPS to range from a decline of 1% to growth of 1%, which is unchanged from previous guidance.
Schlumberger NV (NYSE:SLB)
SLB beat profit estimates as higher international drilling activity boosted demand for its equipment, and helped offset North American weakness, as noted by Reuters. Revenue from its international business was up 8% to $5.63 billion in the third quarter, as revenue from North America fell 11% to $2.85 billion.
It also posted a net loss of $11.38 billion, as compared to a profit of $644 million a year earlier. Excluding a goodwill impairment charge of $12.7 billion in the third quarter and other items, the company earned 43 cents a share, beating estimates for 40 cents. Total revenue was unchanged at $8.54 billion, but did beat expectations for $8.5 billion.