In a relatively busy week for earnings, 10 materials stocks that belong to the S&P 500 materials sector (NYSERCA:XLB) reported their second quarter results. So far, XLB is up 5.5% compared to a 0.5% drop in the SPY.
There are several basic concepts materials subsectors including chemicals, metals and mining, and forest products, each of which has been in focus due to their relative demand and supply situations as global growth remains uneven due to ongoing geopolitical concerns, shipping disruptions and elevated interest rates.
In this week's earnings roundup, of the ten companies that reported, Eight beat earnings estimateswhile 2 companies did not meet expectations. In terms of revenue, Four companies beat revenue estimatesOne reported online, while the rest failed to reach consensus.
Below are the latest quarterly reports from five industry giants:
DuPont de Nemours (NYSE:DD) reported second-quarter adjusted earnings of $0.97, beating the average estimate of $0.85 per share among Wall Street analysts.
Linde (LIN) beat earnings estimates and forecast full-year 2024 adjusted EPS guidance of $15.40 – $15.60, representing 9% – 11% year-over-year growth.
Albemarle (ALB) posted a second-quarter net loss of $188.2 million, or $1.96 per share, and said it would place one of two processing trains at its Kemerton plant in Western Australia on care and maintenance.
Corteva (CTVA) beat earnings estimates and now expects net sales in the range of $17.2 billion to $17.5 billion, up 1% at the midpoint.
FMC (FMC) beat estimates but lowered its adjusted earnings per diluted share outlook to a range of $3.02 to $3.64, a 12% decline at the midpoint compared to 2023.
At the industry level, 12 chemical makers, three metals and mining makers and four container and packaging makers reported earnings this quarter.
For the coming week, notable stocks reporting earnings include Molson Coors Beverage Company (TAP), CVS Health Corporation (CVS), Caterpillar Inc (CAT), Occidental Petroleum Corporation (OXY) and Marathon Petroleum Corporation (MPC).
