Earnings Previews: AMC Entertainment, Enbridge
In mid-morning trading on Wednesday, the Dow Jones industrials were down 0.14%, the S&P 500 up 0.03% and the Nasdaq 0.32% higher.
After U.S. markets closed Tuesday, AMD reported better-than-expected earnings per share and revenue, but revenue fell by 9.1% year over year. Second-quarter revenue guidance was in line with the consensus range but about $1.35 billion below year-ago revenue of $6.55 billion. That AMD may clear a low bar was not impressing investors. Shares traded down about 7% in mid-morning action on Wednesday.
Caesars Entertainment missed the consensus earnings per share (EPS) estimate while topping forecast revenue. Shares traded up around 3.3% Wednesday morning.
Energy Transfer beat the consensus EPS estimate by a penny and missed on revenue. The company raised its full-year estimate of adjusted EBITDA due to an acquisition and increasing demand. Shares traded up 0.4%.
Ford beat estimates on the top and bottom lines. The company now reports internal combustion vehicles (Ford Blue) and electric vehicles (Ford Model e) separately. Ford Blue’s pretax profit of $2.62 billion was partially offset by a loss of $722 million in the EV division. In a regulatory filing Wednesday morning, the company said it would take restructuring charges of $1.5 billion to $2.0 billion this year as it departs unprofitable locations and cuts jobs. Shares traded up around 0.9%.
Before markets opened on Wednesday, Barrick Gold also beat top-line and bottom-line estimates. The company declared a first-quarter $0.10 dividend, equal to its payment for the fourth quarter. Barrick pays a variable dividend that was $0.20 for the year-ago first and second quarters. Shares traded up about 0.6%.
CVS Health also beat estimates on the top and bottom lines but issued downside EPS guidance for the 2023 fiscal year. The stock traded down about 2.9%.
Kraft Heinz beat both EPS and revenue estimates and raised EPS guidance for the full fiscal year. Shares traded up 4.2%.
Albemarle and Qualcomm are scheduled to report results after markets close Wednesday. The following morning, ConocoPhillips, Constellation Energy and Paramount Global will report quarterly results. Then look for reports from Apple and Block later on Thursday.
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Here is a look at two companies set to report results before first thing Friday morning.
AMC Entertainment
Shares of AMC Entertainment Holdings Inc. (NYSE: AMC) have dropped by about 63% over the past 12 months, including a year-to-date gain of 38%. From its 52-week high of last August, the stock is down 62%.
The decline came after AMC announced that it would issue preferred shares (NYSE: APE). Those preferred shares would later be converted to AMC common stock, the common stock would then complete a 1-for-10 reverse split, and AMC shareholders would then authorize an increase in the number of AMC shares the company could issue. AMC could then issue shares to raise capital. All went according to plan, but a federal judge last month must still issue a ruling on a settlement AMC reached with plaintiffs in a lawsuit challenging the settlement. It ain’t over ’til it’s over.
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