>>> Exxon Mobil misses by $0.08, beats on revs

Exxon Mobil misses by $0.08, beats on revs (80.83)
  • Reports Q2 (Jun) earnings of $0.78 per share, $0.08 worse than the Capital IQ Consensus of $0.86; revenues rose 9.0% year/year to $62.88 bln vs the $61.35 bln Capital IQ Consensus
  • Upstream:
    • Upstream earnings were $1.2 billion in the second quarter of 2017, up $890 million from the second quarter of 2016, as realizations increased
    • On an oil-equivalent basis, production decreased 1% from the second quarter of 2016. Liquids production totaled 2.3 million barrels per day, down 61,000 barrels per day as field decline and lower entitlements were partly offset by increased project volumes and work programs
    • Natural gas production was 9.9 billion cubic feet per day, up 158 million cubic feet per day from 2016 as project ramp-up, primarily in Australia, was partly offset by field decline and lower demand.
    • Higher liquids and gas realizations increased earnings by $890 million. Lower liquids volume and mix effects decreased earnings by $260 million due to lower sales from timing of liftings. Higher gas volumes and mix effects increased earnings by $120 million
    • All other items, including lower expenses, increased earnings by $140 million. On an oil-equivalent basis, production decreased 1 percent from the second quarter of 2016
    • Liquids production totaled 2.3 million barrels per day, down 61,000 barrels per day as field decline and lower entitlements were partly offset by increased project volumes and work programs. Natural gas production was 9.9 billion cubic feet per day, up 158 million cubic feet per day from 2016 as project ramp-up, primarily in Australia, was partly offset by field decline and lower demand
  • Downstream:
    • Downstream earnings were $1.4 billion, up $560 million from the second quarter of 2016, on improved refining margins and higher refinery volumes.
    • Higher margins increased earnings by $220 million, while favorable volume and mix effects increased earnings by $90 million
    • All other items increased earnings by $250 million, including asset management gains, favorable foreign exchange impacts, and lower turnaround expenses
    • Petroleum product sales of 5.6 million barrels per day were 58,000 barrels per day higher than last year's second quarter
    • Chemical earnings of $985 million were $232 million lower than the second quarter of 2016. Weaker margins decreased earnings by $40 million. Volume and mix effects decreased earnings by $50 million
    • All other items decreased earnings by $140 million primarily due to higher turnaround expenses
    • Second quarter prime product sales of 6.1 million metric tons were 190,000 metric tons lower than the prior year
Cash flow from operating activities covered second quarter dividends and additions to property, plant and equipment

Co said, "These solid results across our businesses were driven by higher commodity prices and a continued focus on operations and business fundamentals."

>>> Eros International misses by $0.06, misses on revs

Eros International misses by $0.06, misses on revs (13.05)
  • Reports Q4 (Mar) loss of $0.04 per share, $0.06 worse than the single analyst estimate of $0.02; revenues fell 19.0% year/year to $52.7 mln vs the $63.67 mln Capital IQ Consensus.
  • Eros' library for digital film rights stands at over 10,000 films, with nearly 50% owned in perpetuity. This represents one of the largest offerings of Indian content and significantly boosts the Eros Now offering. As of June 2017, Eros Now paying subscribers increased by 38% to 2.9 million as compared with 2.1 million paying subscribers as of March 2017. Eros continues to expand global presence and reach with co-production deals signed in China and Turkey. Indo-China co-productions are slated for release FY18-19.
  • Outlook Commentary: "Eros Now is on target to achieve 6-8 million paid subscribers at the end of FY2018. Eros Now expects that with encouraging trends in the local markets in the form of crashing data costs and smartphone costs, content consumption through over-the-top platforms will benefit tremendously in a growing digital environment."

>>> AbbVie beats by $0.02, reports revs in-line; guides FY17 EPS in-line

AbbVie beats by $0.02, reports revs in-line; guides FY17 EPS in-line
  • Reports Q2 (Jun) earnings of $1.42 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $1.40; revenues rose 7.6% year/year to $6.94 bln vs the $6.93 bln Capital IQ Consensus
    • Global HUMIRA sales increased 13.7% on a reported basis, or 14.9% operationally, excluding a 1.2% unfavorable impact from foreign exchange. In the U.S., HUMIRA sales grew 18.0% in the quarter. Internationally, HUMIRA sales grew 9.1%, excluding a 3.6% unfavorable impact from foreign exchange.
    • Second-quarter global IMBRUVICA net revenues were $626 million, with U.S. sales of $528 million and international profit sharing of $98 million for the quarter, reflecting growth of 42.6%.
  • Co issues in-line guidance for FY17, sees EPS of $5.44-5.54, excluding non-recurring items, vs. $5.53 Capital IQ Consensus Estimate.

>>> Goodyear Tire misses by $0.03, reports revs in-line

--> -9.8% PRe mkt 19k traded

Goodyear Tire misses by $0.03, reports revs in-line
  • Reports Q2 (Jun) earnings of $0.70 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of $0.73; revenues fell 5.0% year/year to $3.69 bln vs the $3.7 bln Capital IQ Consensus.
    • "Our second quarter results reflect the impact of volatile raw material costs and an increasingly challenging competitive environment, particularly in the United States and Europe," said Richard J. Kramer, chairman and chief executive officer. "In addition to higher raw material costs, we have seen a weakening in OE and consumer replacement demand across many of our key markets during the first half, despite strong underlying industry fundamentals," he said. In light of the challenging global marketplace in the first half of 2017, we have lowered our segment operating income expectations for the remainder of the year," he said. "Despite the near-term challenges, I am no less optimistic about our ability to drive our strategic priorities against the favorable industry megatrends."
  • Germany Plant Closure
    • The company, on July 14, closed its tire manufacturing facility in Philippsburg, Germany. As previously announced, the action is part of Goodyear's global strategy to focus on premium, larger-rim diameter tires. This closure eliminates approximately 6 million units of capacity and is expected to provide savings of about $45 million on an annualized basis beginning in 2018.
  • 2017 Outlook
    • The company now expects its 2017 segment operating income to total between $1.6 billion and $1.65 billion

>>> Baker Hughes beats by $0.01, beats on revs

Baker Hughes beats by $0.01, beats on revs (36.16)
  • Reports Q2 (Jun) loss of $0.11 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of ($0.12); revenues fell 0.2% year/year to $2.4 bln vs the $2.35 bln Capital IQ Consensus.
  • Revenue for the second quarter of 2017 was $2.4 billion, an increase of $142 million, or 6%, sequentially. The increase was driven by improved activity across U.S. operations, a seasonal activity uplift in the Russia Caspian region, process and pipeline business, and North Sea operations, and certain areas of activity growth internationally, such as Mexico, West Africa, and Iraq. This increase was partially offset by the seasonal spring break-up in Canada, price deterioration in the Middle East, and a large direct sale into China in the prior quarter, not repeating.
  • Adjusted EBITDA was $276 million for the second quarter of 2017, a decrease of $33 million, or 11% sequentially. Adjusted EBITDA in the first quarter of 2017 included an $84-million benefit related to bad-debt recoveries in Ecuador from receiving government-backed bonds in exchange for outstanding fully reserved receivables.
  • For the quarter, capital expenditures were $129 million, an increase of $42 million, or 48%, sequentially. The sequential increase in capital expenditures was mainly attributable to revenue generating assets to meet increased activity levels. Depreciation and amortization expense for the quarter was $216 million, a decline of $2 million, or 1%, sequentially.

>>> Sonic Automotive misses by $0.06, misses on revs; guides FY17 EPS below cons

Sonic Automotive misses by $0.06, misses on revs; guides FY17 EPS below consensus (18.95)
  • Reports Q2 (Jun) earnings of $0.40 per share, $0.06 worse than the Capital IQ Consensus of $0.46; revenues rose 1.0% year/year to $2.41 bln vs the $2.44 bln Capital IQ Consensus. EchoPark stores retailed 2,049 units, up 80.4% over the prior year quarter
  • Co issues lowered guidance for FY17, sees EPS of $1.85-1.95 from $2.00-2.10 vs. $2.00 Capital IQ Consensus Estimate.
  • "Our activities in the quarter continue to support our long-term growth strategies. During the second quarter, we opened our new open point Audi store in Pensacola, Florida and our sixth EchoPark store in Colorado. We believe these investments will offer strong earning streams as the underlying businesses mature. Year to date, we also invested approximately $30 million returning capital to stockholders through dividends and share repurchases. Our facilities teams have been extremely busy as well, evidenced by the $121 million invested in capital expenditures during the first half of 2017. We are committed to offering the best customer buying experience in the industry, which includes state of the art facilities at both our franchised dealerships and EchoPark stores."

>>> US Early premarket gappers

arly premarket gappers
Gapping up:
  • TVTY +16.9%, SAM +14.6%, PFG +12.5%, AGRX +10.9%, FSLR +9%,ALDW +8.6%, GIMO +8.5%, LOGM +7.6%, IMGN +6.7%, AAN +5.9%,CYCC +5.3%, PTX +5.2%, UCTT +5%, ASX +4.9%, COLM +4%, BIDU +4%,CSIQ +3.4%, ALGN +3%, TACO +3%, CERN +2.8%, GLPG +2.7%, CLD+2.6%, SNMX +2.6%, DAIO +2.6%, INT +2.4%, RGSE +2.2%, JKS +2.2%,SC +2.2%, COHU +2.1%, WOW +2%, SPWR +2%, COL +1.8%, TAN +1.8%,KTOS +1.8%, CS +1.8%, COL +1.8%, ICHR +1.8%, EXPE +1.5%, MITK+1.5%, HIG +1.4%, MRK +1.2%, IMPV +1.1%, CVA +1.1%, LPLA +1%, CPT+1%, TRVG +1%
Gapping down:
  • ATNM -27.7%, ELLI -19.1%, DEST -15.2%, NUVA -12.9%, ACTG -10.8%,MOBL -10.8%, FLS -10.6%, KNL -7.8%, ECHO -7.8%, PDFS -7.3%, FLEX-6.4%, MSTR -6.4%, BOJA -6.4%, LEG -6.4%, SBUX -6.3%, WWE -5.8%,WIX -5.6%, ATEN -4.9%, EGHT -4.7%, GHL -4%, MULE -3.8%, BJRI-3.7%, EGO -3.7%, BOFI -3.6%, BVN -3.6%, BVN -3.6%, WDC -3.3%, UBS-3.1%, AUY -2.8%, AMZN -2.6%, EA -2.6%, CRAY -2.6%, HRC -2.6%,ATUS -2.4%, BT -2.3%, YNDX -2.3%, BYD -2.1%, ATR -1.7%, XPER -1.5%,TNDM -1.3%, MSCC -1.1%, FTV -1.1%, MTD -0.9%, VZ -0.8%, PFPT -0.8%

>>> American Airlines beats by $0.06, reports revs in-line; guides Q3 unit reven

American Airlines beats by $0.06, reports revs in-line; guides Q3 unit revenue +0.5-2.5% with Q4 better (50.00)
  • Reports Q2 (Jun) earnings of $1.92 per share, excluding non-recurring items, $0.06 better than the Capital IQ Consensus of $1.86; revenues rose 7.2% year/year to $11.11 bln vs the $11.08 bln Capital IQ Consensus.
  • Q2 TRASM increased by 5.7 percent, on a 1.4 percent increase in total available seat miles. Co raised Q2 TRASM to 5-6% from 3.5-5.5%; margin to 13-14% from 12-14% on July 12.
  • "We expect third-quarter TRASM to increase ~0.5 to 2.5 percent year-over-year, which reflects continued improvement in customer demand for corporate and leisure travel. We expect third-quarter pre-tax margin excluding special items to be between 10.0 and 12.0 percent.2 We also expect our fourth-quarter TRASM growth to exceed the third quarter's growth rate,"

FT : Uzbekistan charges former dictator’s daughter with theft of $2bn

Uzbekistan is filing criminal charges against the eldest daughter of the country’s late long-time dictator for stealing around $2bn, revealing her whereabouts after she vanished from public view nearly four years ago.

The general prosecutor’s office said Friday in a statement that Gulnara Karimova – whose father Islam ruled the Central Asian country from the collapse of the USSR until his death last year – had been sentenced to five years in prison in 2015 on charges including tax evasion, embezzlement, and illegally appropriating state assets. Ms Karimova also faces six separate fraud charges.

In total, the prosecutor’s office said Ms Karimova and her associates had stolen $1.6bn, €26m, and 1.27tn Uzbek som ($311m). Uzbekistan is appealing to 12 countries including the UK, France, Switzerland, and Russia to return the assets, which it said are kept mostly in cash and property.

Ms Karimova was believed to have been held under house arrest since 2014, when her Twitter postings abruptly stopped. A UK public relations firm hired by her son released photos indicating that she was under house arrest.

Ms Karimova is also facing investigations in the US and several European countries since the Department of Justice placed a $1bn freeze order on her foreign assets in 2015 over bribes she allegedly accepted from telecom companies. Veon, the mobile operator formerly known as Vimpelcom, paid a $795m fine last year after admitting paying bribes to Ms Karimova. Telia said last year it had set aside $1.45bn for a possible settlement.

A Swiss lawyer said in January that he visited Ms Karimova in December as part of that country’s investigation into a SFr800m money laundering investigation. The reported meeting was the first indication that Ms Karimova was alive since her disappearance.

The charges underscore Ms Karimova’s downfall after a power play widely believed to have been orchestrated by her younger sister Lola. During her father’s reign, which saw Uzbekistan become one of the world’s most secretive and repressive countries, Ms Karimova took on roles including telecoms baron, Uzbekistan’s ambassador to the UN, fashion designer, and pop star – even duetting with French actor Gerard Depardieu.

A US diplomatic cable released by Wikileaks in 2010 called Ms Karimova a “robber baron” and “greedy, power-hungry individual” whose corrupt appetites had made her “the most hated person in the country.”