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Earnings

CTLT

LLY

NVO

Novo Nordisk A/S (NVO) is experiencing a significant increase in U.S. patients starting on its weight-loss drug, Wegovy, despite facing supply constraints and competition from Eli Lilly & Co. (LLY). Wegovy sales more than doubled in the first quarter, reaching $1.35 billion, although this was below analysts' expectations. Novo Nordisk is doubling its manufacturing investment to $6.4 billion, not including an $11 billion acquisition of factories from Catalent Inc. (CTLT). The company is also expanding Wegovy's market to Japan and expects sales and operating profit to surge by up to 27% and 30%, respectively, this year. However, pricing pressures and regulatory challenges in the U.S. and Denmark are affecting the company.

Portfolio Pulse from Benzinga Neuro

May 02, 2024 | 9:48 am

ASPN

CVNA

EBS

FRSH

FSLY

Aspen Aerogels, Inc. (ASPN) shares surged 26% in pre-market trading after reporting Q1 financial results that exceeded expectations, with a smaller loss and higher sales than forecasted. Other stocks also showed significant pre-market movements, including notable gainers like Emergent BioSolutions (EBS) and Carvana Co. (CVNA), and losers such as Fastly, Inc. (FSLY) and Freshworks Inc. (FRSH), following their respective earnings reports and company announcements.

Portfolio Pulse from Avi Kapoor

May 02, 2024 | 9:43 am

CVNA

ROOT

Carvana Co. (NYSE:CVNA) shares surged in premarket trading after reporting significant Q1 2024 improvements, including a 16% year-over-year growth in retail units, an adjusted EBITDA of $235 million versus a $(24) million loss the previous year, and a revenue beat with $3.061 billion against the consensus estimate of $2.673 billion. The company also highlighted a ~$75 million gain in the fair value of its warrants to acquire Root, Inc. (NASDAQ:ROOT), increased non-GAAP gross profit by 64%, and is focusing on further cost reductions and efficiency improvements.

Portfolio Pulse from Nabaparna Bhattacharya

May 02, 2024 | 9:33 am

CNQ

Canadian Natural Resources reported Q1 average production of 1,333,502 barrels of oil equivalent per day (Boe/D), including total liquids production of 975,668 barrels per day (Bbl/d) and natural gas production of 2,147 million cubic feet per day (Mmcf/d).

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 9:10 am

CNQ

Canadian Natural Resources (CNQ) reported Q1 2024 adjusted EPS of $1.02, missing the $1.46 estimate, and sales of $6.116B, below the $7.716B estimate. This represents a 4.20% decrease in sales compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 9:05 am

PLTR

Palantir Technologies Inc. CEO Alex Karp highlighted the American tech industry's inclusivity, emphasizing its tolerance for diverse personalities as long as they deliver results. He shared his experiences as a 'hyper inexplicably dyslexic outsider' and credited his success to the industry's openness and co-founder Peter Thiel's support. Despite making controversial jokes at a Capitol Hill forum, Karp's leadership has been praised, and Palantir's stock surged after reporting a 20% revenue increase in its fourth-quarter earnings.

Portfolio Pulse from Ananya Gairola

May 02, 2024 | 7:59 am

KD

Kyndryl's AI-powered open integration platform, Kyndryl Bridge, has surpassed expectations with over 1,200 customers and 190 service offerings, delivering $2B in annual savings and generating over 3 million actionable insights per month.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:28 am

ING

ING Groep (NYSE:ING) reported Q1 2024 earnings of €0.48 per share, surpassing the €0.41 estimate, a 17.07% beat and a 9.09% increase from last year. Sales reached €5.583B, exceeding the €5.414B estimate by 3.12%, despite a 6.56% decrease from the previous year.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 7:04 am

PTEN

Patterson-UTI Energy (PTEN) projects Q2 drilling products results to align with Q1, with adjusted gross profit remaining flat. The company anticipates steady drilling and completion activity in oil and natural gas basins, expecting some operators to add rigs later this year. U.S. Contract Drilling is forecasted to operate 114 rigs in Q2, with a slight decrease in adjusted gross profit per day. Completion Services sees a slight decline in activity, with Q2 revenue expected at $860 million and adjusted gross profit at $170 million. The company is on track with its electric fleet deployment, aiming for 140,000 horsepower of electric frac equipment by mid-2024.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 6:55 am

PTEN

Patterson-UTI Energy (PTEN) reported Q1 2024 earnings of $0.15 per share, surpassing the $0.13 estimate, but its sales of $1.510B fell short of the $1.515B forecast. This represents a 90.70% increase in sales compared to the same period last year.

Portfolio Pulse from Benzinga Newsdesk

May 02, 2024 | 6:50 am