Streetbeat News

Earnings

USB

U.S. Bancorp (NYSE:USB) reported a 19.7% YoY increase in Q2 total adjusted net revenue to $7.197 billion, exceeding consensus estimates. Adjusted net interest income rose 28.5% to $4.42 billion, while adjusted noninterest income increased 7.8% to $2.75 billion. The company's provision for credit losses jumped to $578 million, driven by the acquisition of MUFG Union Bank and economic uncertainty. Despite the positive earnings report, USB shares fell 1.48% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

July 19, 2023 | 12:30 pm

RVYL

RYVYL Inc. has announced preliminary financial results for Q2 2023, expecting total revenues of at least $14.5 million, a 30% sequential increase from Q1 2023. The company's Q2 processing volume is expected to be at least $650 million, a 16% increase from Q1 2023. Both figures exceed the company's target ranges.

Portfolio Pulse from Benzinga Newsdesk

July 19, 2023 | 12:20 pm

SCHW

Charles Schwab Corporation (NYSE:SCHW) reported better-than-expected Q2 results with net revenues of $4.66 billion, beating the consensus of $4.61 billion. Adjusted EPS was $0.75, exceeding the consensus of $0.71. Following the earnings announcement, analysts from Raymond James, Barclays, and JMP Securities raised their price targets on Charles Schwab.

Portfolio Pulse from Lisa Levin

July 19, 2023 | 12:10 pm

SBIG

springbig (NASDAQ:SBIG) released its Q2 data report showing a decrease in cannabis consumer spending in North America by 9.8% YoY. The report also highlighted an increase in in-store visits and sales YoY and between Q1 and Q2. The company's CEO, Jeffrey Harris, emphasized the importance of accurate consumer data for strategic business decisions.

Portfolio Pulse from Vuk Zdinjak

July 19, 2023 | 12:08 pm

FHN

TD

First Horizon Corporation (FHN) reported Q2 FY23 revenues of $1.031 billion, up 39% Y/Y, beating the consensus of $921.53 million. However, adjusted revenue decreased by 6% due to an 8% decline in net interest income. The company also reported over 32,000 new-to-bank clients bringing $3.5 billion in deposit balances. FHN and TD Bank Group (TD) mutually terminated their previously announced $13.4 billion merger agreement in May.

Portfolio Pulse from Vandana Singh

July 19, 2023 | 12:01 pm

COTY

Coty Inc. anticipates its revenue from continuing operations for the three months ending June 30 to be between $1.2 billion and $1.4 billion, compared to the estimated $1.3 billion.

Portfolio Pulse from Benzinga Newsdesk

July 19, 2023 | 11:55 am

ELV

Elevance Health Inc (NYSE:ELV) reported Q2 FY23 adjusted EPS of $9.04, up 13.4% Y/Y, beating the consensus of $8.80. Revenue increased 13% to $43.67 billion, primarily driven by premium rate increases in the Health Benefits business and higher premium revenue due to membership growth in Medicaid and Medicare. The company expects adjusted net income to be greater than $32.85 per share, higher than prior guidance. Despite the positive report, ELV shares are down 5.25% in premarket trading.

Portfolio Pulse from Vandana Singh

July 19, 2023 | 11:55 am

NTRS

Northern Trust's Q2 sales were reported at $1.76B, slightly missing the estimate of $1.77B.

Portfolio Pulse from Benzinga Newsdesk

July 19, 2023 | 11:52 am

VLVLY

Volvo Group reported an 18% YoY sales growth in Q2 FY23, with sales reaching SEK 140.8 billion. The adjusted operating income for the quarter increased by 58% YoY to SEK 21.732 billion, and the adjusted operating margin expanded by 380 basis points to 15.4%. The company's EPS for the quarter was SEK 5.30, up from SEK 5.14 last year. The operating cash flow for industrial operations was SEK 12.553 billion.

Portfolio Pulse from Shivani Kumaresan

July 19, 2023 | 11:50 am

BC

Brunswick Corp (NYSE:BC) shares dropped by around 6% after the company reported lower than expected Q2 FY23 preliminary results. The company's revenues and adjusted EPS fell short of consensus estimates. The disappointing results are attributed to an IT security incident in June. The company also revised its FY23 adjusted EPS to approximately $9.50, down from the earlier range of $9.50-$11.00. The company's CEO expressed caution regarding the second-half financial performance due to the IT security incident and anticipated continued pressure on consumers globally.

Portfolio Pulse from Lekha Gupta

July 19, 2023 | 11:39 am