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SAP Shares Surge 6%, NXP Declines 8% on Lower-than-Expected Profits, and More Earnings Highlights

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July 23 2024 2:02AM

SAP (NYSE:SAP) – The enterprise software developer for management and business processes reported second-quarter revenue of €8.29 billion, above analysts’ estimates of €8.24 billion from LSEG. Adjusted earnings per share were €1.10, slightly above the €1.09 forecast. For the year, SAP reiterated its forecast for adjusted operating profit between €7.6 billion and €7.9 billion. Shares rose 6.1% in pre-market trading.

NXP Semiconductors (NASDAQ:NXPI) – The semiconductor and chip technology solutions manufacturer reported adjusted earnings of $3.20 per share in the second quarter, slightly below the LSEG estimate of $3.21 per share. Revenue fell 5% year-over-year but was in line with estimates at $3.13 billion. For the next quarter, NXP projected revenue between $3.15 billion and $3.35 billion, below the average analyst estimate of $3.35 billion. Shares fell 8.4% in pre-market trading.

Calix (NYSE:CALX) – The broadband platforms and network solutions provider reported a second-quarter loss of $8 million (-$0.12 per share). Revenue was $198.1 million, below analysts’ forecast of $200.8 million from FactSet.

Cadence Design Systems (NASDAQ:CDNS) – The electronic design software and solutions developer issued a weak earnings forecast for the current quarter. Cadence expects earnings of $1.39 to $1.49 per share in the third quarter, while FactSet analysts predicted $1.61 per share. This overshadowed the better-than-expected second-quarter results. Cadence had adjusted earnings per share of $1.28 and an 8.6% increase in revenue to $1.06 billion. FactSet analysts expected adjusted earnings per share of $1.23 and revenue of $1.04 billion.

Logitech International (NASDAQ:LOGI) – The Swiss computer hardware manufacturer reported sales of $1.1 billion, marking a 12% increase in dollars and 13% in constant currency compared to the same period last year. Its GAAP operating income grew 96% to $153 million, while non-GAAP operating income rose 67% to $182 million. GAAP earnings per share (EPS) increased 136% to $0.92, and non-GAAP EPS grew 74% to $1.13. However, operating cash flow fell 27% to $176 million. Logitech projects sales growth of 1% to 3% for 2025, between $4.34 to $4.43 billion. The company faces internal challenges, including the search for a new CFO and disputes with a co-founder who is now a minority shareholder. Shares fell 0.3% in pre-market trading.

Nucor (NYSE:NUE) – The steel and steel products manufacturer exceeded forecasts in the second quarter, with earnings of $2.68 per share and revenue of $8.08 billion, while LSEG analysts predicted $2.35 per share and $7.69 billion in revenue.

Cleveland-Cliffs (NYSE:CLF) – The steel products producer reported second-quarter revenue of $5.09 billion, below the consensus estimate of $5.2 billion. Adjusted earnings per share were $0.11, compared to an estimated loss of $0.01 per share. The company announced a reduction in its capital expenditure projections and stated it is on track to meet its cost reduction goals. Shares rose 1.3% in pre-market trading.

Crown Holdings (NYSE:CCK) – The metal packaging manufacturer for consumer products issued a better-than-expected outlook for the year. Crown projected earnings of $6 to $6.25 per share, above the FactSet estimate of $5.97 per share. In the last quarter, adjusted earnings per share (EPS) were $1.81, surpassing the consensus estimate of $1.59. However, revenue was $3.04 billion, compared to the forecast of $3.06 billion.

Zions Bancorporation (NASDAQ:ZION) – The banking and financial services provider reported second-quarter net income of $190 million, or $1.28 per share, above LSEG analysts’ estimates of $1.10. Quarterly revenue was $776 million, above the consensus estimate of $761.26 million.

Lockheed Martin (NYSE:LMT) – Lockheed Martin is preparing to release its second-quarter earnings, with expected earnings per share of $6.46 and sales of $17 billion. Despite challenges like inflation and F-35 delays, operating profit margins are projected to fall to around 12%. The company maintains a positive outlook for the year, bolstered by the delivery of updated F-35 TR-3 jets. Lockheed’s shares have underperformed the S&P 500, affected by uncertainties in military spending during an election year.

Medpace Holdings (NASDAQ:MEDP) – The clinical development services provider reported second-quarter earnings of $88.4 million, with earnings per share of $2.75, exceeding expectations of $2.52. However, its revenue of $528.1 million missed the forecast of $529.7 million. The company projects annual earnings of $11.24 to $11.93 per share and revenues between $2.13 billion and $2.17 billion.

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