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Marathon Petroleum Corporation (NYSE:MPC) shares fell after reporting Q1 FY24 results with revenue of $33.211 billion, surpassing estimates but with a decline in adjusted EBITDA to $3.26 billion from $5.22 billion year-over-year. Refining & Marketing segment adjusted EBITDA also dropped significantly due to lower market crack spreads and throughputs. Despite this, adjusted EPS was $2.78, above consensus. The company announced a $5 billion share repurchase authorization, adding to an existing $3.8 billion, and returned $2.2 billion through share repurchases and $299 million via dividends in Q1. MPLX LP (NYSE:MPLX), in which Marathon Petroleum holds a significant interest, reported earnings per limited partner unit of $0.98 on sales of $2.85 billion, missing estimates. MPC shares are down 6.6%.

Portfolio Pulse from Lekha Gupta

April 30, 2024 | 3:59 pm

CLW

Clearwater Paper's shares surged following the announcement of Q1 adjusted EPS results that exceeded expectations.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:58 pm

CECO

CECO Environmental shares are trading lower following the announcement of Q1 sales results that fell short of expectations.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:57 pm

LEA

Lear Corporation (NYSE:LEA) reported Q1 earnings with adjusted EPS of $3.18, surpassing estimates of $3.02, but missed revenue forecasts with $5.995 billion against expectations of $6.01 billion. The company announced operational restructuring including plant closures in Europe to improve cost structures amid a 1% decrease in global vehicle production. Despite this, LEA reaffirmed its full-year 2024 revenue outlook of $24.0 billion to $24.6 billion and adjusted EBITDA of $1.795 billion to $1.945 billion. Shares fell by 5.04% to $130.32.

Portfolio Pulse from Nabaparna Bhattacharya

April 30, 2024 | 3:55 pm

ETWO

E2open Parent Holdings' shares surged following the announcement of Q4 financial results that exceeded expectations, along with the issuance of optimistic revenue guidance for FY25.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:54 pm

SPY

Ahead of the Federal Open Market Committee meeting, Wall Street braces for the Fed's stance on interest rates amid higher-than-expected inflation readings. While the Fed is expected to maintain rates, focus shifts to the potential for future rate cuts. Recent inflation data, including the PCE price index, indicates robust inflation, leading analysts to predict cautious Fed actions. Bank of America and Citigroup offer divergent views on the extent of rate cuts by the end of 2024. The SPDR S&P 500 ETF Trust (SPY) saw a slight increase ahead of the meeting, reflecting investor sentiment.

Portfolio Pulse from Piero Cingari

April 30, 2024 | 3:51 pm

LXU

LSB Industries shares are trading higher following the announcement of their Q1 financial results, which exceeded market expectations.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:51 pm

HUBB

Hubbell shares are trading lower following the release of their Q1 earnings, indicating a negative market reaction to the financial results.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:49 pm

TAP

A Molson Coors executive reported during a conference call that the year had a challenging start for the industry, largely due to adverse weather conditions across the country. The performance in April was described as 'pretty choppy', indicating ongoing difficulties.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:47 pm

MMM

3M announced in a Q1 2024 SEC filing that it has approved and committed to actions affecting approximately 500 positions, leading to a pre-tax charge of $104M.

Portfolio Pulse from Benzinga Newsdesk

April 30, 2024 | 3:46 pm