The industrial sector saw 22 more companies belonging to the S&P 500 Industrial Sector (XLI) report their quarterly results this week. BA, CMI and HWM were trading 4.69%, 5.14% and 4.96% lower, respectively.
The S&P 500 industrial index (XLI) was up 8.71% YTD but around 2.9% down this week, while it was up 12.8% over the year.
In this week’s earnings recap, 22 tickers reported results, out of which 21 companies reported an earnings beat, while just one company reported a miss. On the revenue side, 12 companies exceeded revenue estimates, while 10 companies trailed estimates.
Below are the latest quarterly reports from five companies, which reported their results:
The Boeing (BA) stock fell more than 8% after missing earnings estimate and reporting a decline of 32% Y/Y in Commercial Airplanes revenues and deliveries.
Cummins (CMI) just rose its FY 2024 revenue guidance to be down 3% to flat, due to stronger than expected demand across several markets, especially in North America on-highway and power generation. Despite the lower outlook for the second half, Cummins is in a strong position to keep investing in future growth, bringing new technologies to customers and returning cash to shareholders.
Automatic Data Processing (ADP) holds strong after the human resources services company posted strong fiscal Q4 revenue and earnings, led by its employer services segment, and issued guidance for continued growth in FY2025.
Howmet Aerospace’s (HWM) outlook for commercial aerospace continues to be robust, with strong travel demand and an aging aircraft fleet, leading to an extremely high backlog at the aircraft OEMs.
Eaton (ETN) is making capacity investments in key product lines to support structurally higher growth, and the Co. remains confident in its outlook. As a result, it’s increasing the guidance for the year.
Next week’s earnings include Caterpillar (CAT), Emerson Electric (EMR), CSX (CSX), Axon Enterprise (AXON), Builders FirstSource (BLDR).
