12:24 PM EDT, 04/23/2024 (MT Newswires) -- PepsiCo ( PEP ) reported fiscal Q1 core earnings Tuesday of $1.61 per diluted share, up from $1.50 in the year-ago quarter and above the Capital IQ consensus estimate of $1.52. First-quarter net revenue was $18.25 billion, topping both the year-prior figure of $17.85 billion and the Capital IQ consensus estimate of $18.10 billion. The company reiterated its fiscal 2024 core EPS expectation of at least $8.15, in line with expectations of analysts surveyed by Capital IQ. Shares of the company were down 2.4% near noon.

GE Aerospace (GE) reported Q1 adjusted earnings Tuesday of $0.82 per share, up from $0.27 a year earlier and topping the Capital IQ consensus estimate of $0.70. First-quarter total revenue was $16.05 billion, up from $14.49 billion in the first quarter of 2023 and above the Capital IQ consensus estimate of $15.70 billion. For full-year 2024, the company said it continues to expect adjusted EPS in the range of $3.80 to $4.05, in line with the Capital IQ consensus estimate of $3.95. GE shares were up 5.9% around midday.

Novartis ( NVS ) reported Q1 core earnings Tuesday of $1.80 per share, up from $1.54 in the 2023 first quarter and above the $1.68 predicted by analysts surveyed by Capital IQ. Net sales for the quarter ended March 31 were $11.83 billion, up from $10.80 billion a year ago and above the Capital IQ consensus analyst estimate of $11.50 billion. The company raised its full-year 2024 net sales growth forecast to a range of high-single-digits to low-double-digits from the prior outlook of mid-single-digit growth. Shares of the company were up 2.6% in midday trading.

Danaher ( DHR ) reported fiscal Q1 adjusted earnings of $1.92 per diluted share, down from $2.05 a year ago but above the Capital IQ consensus analyst forecast of $1.71. Fiscal first-quarter sales were $5.8 billion, also down from the year-prior figure of $5.95 billion but also above the Capital IQ consensus estimate of $5.62 billion. The company expects non-GAAP core revenue to be down mid-single digits in Q2 and down low-single digits for full-year 2024. Danaher ( DHR ) shares were up 7.2%.

Philip Morris ( PM ) reported Q1 adjusted earnings Tuesday of $1.50 per diluted share, up from $1.38 a year earlier and above the Capital IQ consensus analyst estimate of $1.41. First-quarter net revenue was $8.79 billion, topping the year-ago figure of $8.02 billion and the Capital IQ consensus forecast of $8.45 billion. For full-year 2024, the company updated its adjusted earnings estimate to a range of $6.19 to $6.31 per diluted share, down from the previous range of $6.32 to $6.44. Analysts polled by Capital IQ expect $6.33. Shares of Philip Morris ( PM ) were up 2.4%.

RTX (RTX) reported Q1 adjusted earnings Tuesday of $1.34 per diluted share, up from $1.22 in the first quarter of 2023 and above the Capital IQ consensus analyst estimate of $1.23. Net sales for the quarter ended March 31 were $19.31 billion, compared with $17.21 billion a year ago and the Capital IQ consensus forecast of $18.40 billion. The company reiterated its full-year outlook for adjusted EPS of $5.25 to $5.40 and sales of $78 billion to $79 billion. Analysts polled by Capital IQ expect $5.39 adjusted EPS on revenue of $78.69 billion. RTX stock was trading up about 0.3% near noon.

NextEra Energy (NEE) reported Q1 adjusted earnings Tuesday of $0.91 per diluted share, up from $0.84 a year ago and above the $0.78 predicted by analysts polled by Capital IQ. First-quarter operating revenue was $5.73 billion, down from $6.72 billion a year earlier and below the Capital IQ consensus analyst estimate of $6.26 billion. The company reiterated its 2024 adjusted EPS forecast of $3.23 to $3.43, compared to the Capital IQ consensus analyst forecast of $3.40. The company's shares were up 2.3% in midday trading.

United Parcel Service ( UPS ) reported Q1 adjusted earnings Tuesday of $1.43 per diluted share, down from $2.20 a year earlier but above the $1.35 predicted by analysts surveyed by Capital IQ. First-quarter revenue was $21.7 billion, below both the year-ago figure of $22.7 billion and the Capital IQ consensus analyst estimate of $21.94 billion. UPS reiterated its 2024 revenue outlook of between $92 billion and $94.5 billion, in line with the consensus estimate on Capital IQ of $93.08 billion. UPS shares were up nearly 2%.

Lockheed Martin ( LMT ) reported fiscal Q1 adjusted earnings Tuesday of $6.33 per diluted share, down from $6.43 in the fiscal first quarter of 2023 but above the Capital IQ consensus analyst estimate of $5.86. Fiscal first-quarter net sales were $17.2 billion, above the year-ago figure of $15.13 billion and the Capital IQ consensus estimate of $15.99 billion. The US defense contractor reiterated its fiscal 2024 outlook for diluted EPS in a range of $25.65 to $26.35 on net sales ranging from $68.50 billion to $70 billion. Analysts polled by Capital IQ are expecting diluted EPS of $26.03 on revenue of $69.32 billion. Lockheed's stock was up 0.5%.

Apple's ( AAPL ) iPhone sales in China fell 19.1% year over year during the quarter ending in March, marking its worst quarterly performance there since 2020, according to a report by Counterpoint. At 15.7%, Apple ( AAPL ) fell to third in China market share behind Vivo's 17.4% and Honor's 16.1%. Huawei's sales jumped 69.7%, moving it to fourth in market share at 15.5%. Separately, the company announced it will unveil the newest iteration of its iPad on May 7, according to media reports. Apple ( AAPL ) shares were up 0.2%.

Nippon Steel will not be able to close a deal to take over US Steel (X) without the full backing of the United Steelworkers union, Cleveland-Cliffs ( CLF ) Chief Financial Officer Celso Goncalves said during the company's earnings call Tuesday, according to a Capital IQ transcript. Shares of US Steel were down 1.7%, while those of Cleveland-Cliffs ( CLF ) were down nearly 9%.

Boeing's ( BA ) plan to reacquire Spirit AeroSystems Holdings ( SPR ) has been muddled by pricing for factories that make Airbus components, Bloomberg reported Tuesday, citing people close to the matter. Discussions are moving at a sluggish pace and a conclusion is not close, according to the report. Boeing ( BA ) shares were down 0.9%, while SPR shares were down 2.5% in midday trading.

Shell (SHEL) and TotalEnergies SE ( TTE ) are among a group of companies in talks to buy stakes in Abu Dhabi National Oil Co.'s next liquefied natural gas export project in the United Arab Emirates, Bloomberg reported, citing people with knowledge of the matter. The two global energy companies, along with Japan's Mitsui & Co., are seeking equity in the Ruwais facility, as well as contracts to buy LNG from it, according to the people. A final decision on the project could occur as soon as next month, Bloomberg reported, citing the people. Shares of Shell and TotalEnergies were up 0.3% and 0.1% respectively.

Former President Donald Trump is set for a windfall payout if Trump Media & Technology Group's ( DJT ) stock doesn't lose more than half its value by the end of trading Tuesday. Trump will receive an additional 36 million shares if the average stock price weighted by volume equals or exceeds $17.50 per share for 20 out of any 30 trading days beginning March 25, according to filings with the Securities and Exchange Commission. Tuesday is the 20th trading day since March 25. The company's shares were down 9% near noon.

UnitedHealth Group ( UNH ) said it paid a ransom to protect patient data from disclosure following the February cyberattack on its subsidiary, Change Healthcare, according to media reports. The company did not disclose the amount of the ransom it paid out, according to the reports. Shares of the company were down 0.4%.

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