Smoking and driving get earnings applause
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 22 October 2024
⏱️ 6 minutes
🧾️ Download transcript
Summary
Show Notes
Goldman's top high dividend yield and growth stocks
Walmart adds same-day prescription delivery service
Episode transcripts: seekingalpha.com/wsb
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis. |
| 0:09.0 | Good afternoon. Today is Tuesday, October 22nd, and I'm your host, Kim Khan. Our top story so far. Don't count out cigarettes and gasoline just yet. |
| 0:18.4 | Tobacco and automobiles, two things that helped build America, saw the biggest recognition in the massive |
| 0:23.4 | day of earnings reports. Philip Morris International and General Motors are the top |
| 0:27.7 | gainers in the SMP 500 following their results, both up more than 8%. |
| 0:33.0 | Philip Morris Revenue rose 8.4% year over year during the quarter to 9.91 billion. |
| 0:38.6 | On an organic basis, revenue jumped 11.6%, EPS came in at 191 versus 156 consensus and 167 a year ago. |
| 0:48.0 | CEO Yasek Ulchuk said that the numbers reflect excellent momentum across all regions and categories, |
| 0:54.0 | with a re-acceleration in Ico's adjusted in-market sales growth, strong ZIN volumes, |
| 0:59.4 | and resilient combustible performance. Looking ahead, the company predicts full-year adjusted EPS. consistent 635 and a 641 consensus. The company sees net revenue growth of around 9.5% on an organic |
| 1:17.4 | basis. Meanwhile, General Motors was fueled by the strength of its internal combustion engine |
| 1:22.3 | business, which accounts for over 80 strength of its internal combustion engine business, which accounts for |
| 1:23.7 | over 80% of its total U.S. business. That overcame struggles in China, where market |
| 1:28.6 | shares shrunk to 6.5% from 8.3% a year ago, resulting in a loss of $137 million. |
| 1:35.0 | CFO Paul Jacobson attributes the profitability challenge in China to a sizable |
| 1:40.4 | inventory build that necessitated incentive pricing. |
| 1:43.4 | For the remainder of 2024, GM again raised its bottom line profit forecast to $14 billion to $15 |
| 1:49.7 | billion from the previous forecast of 13 to 15 billion. |
| 1:53.0 | Adjustive automotive free cash flow is now expected to be between 12.5 billion to 13.5 billion from 9.5 billion to 11.5 billion in the company's previous forecast. |
| 2:04.2 | Among other major earnings reports, GE aerospace fell after the maker of jet engines, |
| 2:09.2 | said revenue grew 6% from a year earlier to 8.9 billion, shy of the consensus of 9.38 billion. |
| 2:16.4 | Verizon was also under pressure as it reported a marginal bottom line beat and a slight |
... |
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