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Good morning friends!
Futures are falling as traders digest new Q4 earnings.
Let’s get right to it!
3M (MMM) shares are down 4.5% ahead of the open after the company missed Q4 expectations and issued weak guidance.
Here’s how the manufacturing giant’s results compared to analysts’ expectations:
For the full year, 3M earned $10.10 per share in 2022.
But the company expects profits to fall this year.
3M forecast 2023 earnings will be between $8.50 and $9 per share vs analysts’ expectations of $10.20.
Sales are expected to fall between 2% and 6% compared to last year as consumer electronics demand is down “significantly”.
The company also cited “near-term weakness in consumer discretionary spending.”
3M also announced plans to cut about 2,500 manufacturing jobs around the world as the company prepares for those challenges.
Johnson & Johnson (JNJ) shares are falling 1.1% in premarket trade despite reporting better-than-expected Q4 results and issuing strong guidance.
Here’s how the pharmaceutical giant’s results compared to analysts’ expectations:
Revenue fell 4.4% year over year while unadjusted profits were down 25.7%.
Johnson & Johnson forecast full-year 2023 EPS between $10.45 to $10.65 vs $10.33 expected.
General Electric (GE) shares are down 0.4% ahead of the open after beating Q4 earnings expectations but issuing weak guidance.
Here’s how the company’s results compared to analysts’ expectations:
Total revenue jumped 7% year over year.
That growth was largely driven by GE’s aerospace division which saw revenue rise 25.7%, power revenue rose 26.4%, renewable energy revenue increased 3.7%, and healthcare revenue slipped 0.4%.
The company forecast 2023 adjusted EPS between $1.60 and $2.00 vs analysts’ expectations of $2.37.
Verizon (VZ) shares are falling 2.3% ahead of the open after its 2023 outlook disappointed.
Here’s how the cell phone giant’s Q4 results compared to analysts’ expectations:
Verizon added 41,000 new monthly wireless subscribers last quarter after losing 189,000 in Q3 and 215,000 in Q2.
The company also added 416,000 broadband users in Q4, up from 377,000 in Q3 and is best performance in more than a decade.
Verizon forecast full-year 2023 adjusted EPS of $4.55 to $4.85 vs $4.96 expected.