3M reports Q2 revenue at $8.9B, up 25% YoY
3M Co. on Monday reported that its second-quarter revenue climbed 25% per annum to land at $8.9 billion. Operating expenses rose 28% to $6.98 billion, while net income increased 17% to $1.54 billion, or $2.59 per share. All segments of the company reported an increase in sales, with Safety and Industrial seeing the largest increase. Based on the strong results, the conglomerate updated its full-year guidance. Total sales are seen growing between 7% and 10%, which is 2 percentage points higher than previously predicted. Earnings per share are expected to come in between $9.70 to $10.10. “3M delivered strong performance in the second quarter, once again posting organic growth across all business groups and geographic areas, along with increased earnings and robust cash flow,” Mike Roman, chairman and chief executive officer, said.
General Electric revenue tops estimates at $18.28B in Q2
General Electric Co. reported on Tuesday its second-quarter earnings results, revealing a 9% annual increase in revenue which reached $18.28 billion. The company also posted a net loss per share of $0.14 in the same trimester. “The GE team delivered strong overall performance in the second quarter. Orders and revenue returned to growth, our operating margins expanded across all segments, and we generated positive Industrial free cash flow. Momentum is building across our businesses, driven by Healthcare and services overall, with Aviation showing early signs of recovery,” commented CEO H. Lawrence Culp Jr. Commenting on the outlook, General Electric estimated single-digit revenue growth in 2021 with adjusted earnings per share of between $0.15 and $0.25. The company’s stocks soared 3.17% in the premarket trading to $13.33 per share following the earnings announcement.
UPS: Q2 revenue up 14.5% YoY to $23.4B
United Parcel Service Inc. (UPS) unveiled on Tuesday that its consolidated revenue for the second quarter of 2021 reached $23.4 billion, increasing 14.5% when compared to the same period last year. At the same time, the company reported a 47.3% per annum gain in its consolidated operating profit, which climbed to $3.3 billion. UPS’ diluted earnings per share (EPS) for the second quarter was $3.05, constituting a yearly gain of 50.2%, while its net income reached $2.7 billion. Carol Tomé, UPS Chief Executive Officer, commented on the results: “I want to thank all UPSers for executing our strategy and delivering high service levels, which fueled record financial results in the second quarter. Through our better not bigger framework, we are moving our world forward by delivering what matters.” UPS shares increased 0.54% in premarket trading after the release of the report.
Raytheon: Q2 sales at $15.9B, up 13% YoY
Raytheon Technologies Corporation reported on Tuesday that its sales stood at $15.88 billion in the second quarter of fiscal 2021, marking a 13% increase from the corresponding timeframe a year earlier. Earnings per share (EPS) improved to $0.69 in the second three-month period, compared to a loss per share of $2.56 in the same period in 2020. Net income reached $1.04 billion in the second trimester after a net loss of $3.84 billion documented 12 months ago. “Our solid execution gives us the confidence to raise our adjusted EPS and free cash flow outlook, as well as the low end of our sales outlook range for 2021,” Chairman and CEO Greg Hayes said in a statement. The company’s shares were 1.22% up in premarket trade following the release of the report.
Tesla Q2 revenue beats estimates at $12B
Telsla published its earnings report for the second fiscal report on Monday, with revenue at $11.9 billion, beating analyst expectations and marking a 98% increase compared to the same period of last year. GAAP earnings per share soared by 920% year-on-year to $1.02. “We produced and delivered over 200,000 vehicles, achieved an operating margin of 11.0% and exceeded $1B of GAAP net income for the first time in our history. Supply chain challenges […] continued to be present in Q2. The Tesla team, including supply chain, software development and our factories, worked extremely hard to keep production running as close to full capacity as possible,” Tesla’s official release said. Quarter-end cash and cash equivalents stood at $16.2 billion, which is 88% higher than the figures for the second quarter of last year, but over 5% less than the last three-month period. Total production of electric vehicles in the second quarter amounted to 206,421, which is 151% higher than during the comparable period of 2020.
Following the report, Tesla stocks rose 1.58% to sell for $667 per share in the after-hours trading.