Today is a huge earnings day for a variety of companies. Most companies will be reporting their third quarter fiscal earnings. Several important companies report after the bell, however, below we are just covering the companies reporting before the opening bell. The companies we highlight in this report;  E. I. du Pont de Nemours and Co (NYSE:DD), Harley-Davidson, Inc. (NYSE:HOG), 3M Co (NYSE:MMM), Ryder System, Inc. (NYSE:R), Reynolds American, Inc. (NYSE:RAI), Regions Financial Corporation (NYSE:RF), United Parcel Service, Inc. (NYSE:UPS), United Technologies Corporation (NYSE:UTX), Xerox Corporation (NYSE:XRX), AFLAC Incorporated (NYSE:AFL), CIT Group Inc. (NYSE:CIT), Whirlpool Corporation (NYSE:WHR), RadioShack Corporation (NYSE:RSH), Panera Bread Co (NASDAQ:PNRA), and Coach, Inc. (NYSE:COH).

earnings

  • E. I. du Pont de Nemours and Co (NYSE:DD) is reporting earnings before the opening bell, on Wednesday October 23rd.  Yesterday, Morgan Stanley  lowed their 3Q12 PTOI and EPS estimates for E. I. du Pont de Nemours and Co (NYSE:DD) by 6% and 8% on an underlying basis. Their EPS estimate of $0.47 is inline with consensus. Leading indicators in Performance Chemicals and E. I. du Pont de Nemours and Co (NYSE:DD)s most macro-sensitive segments, Electronics & Communications and Performance Materials, tracked below their prior expectations. For the six months ended 30 June 2012, E I E. I. du Pont de Nemours and Co (NYSE:DD) revenues increased 10% to $22.54B. Net income applicable to common stockholders increased 1% to $2.66B. Revenues reflect Agriculture & Nutrition segment increase of 15% to $7.47B, Nutrition & Health segment increase from $810M to $1.69B, United States segment increase of 21% to $9.8B, Latin America segment increase of 21% to $2.3B.
  • Harley-Davidson, Inc. (NYSE:HOG) is announcing third quarter earnings before the market opens today. The street consensus is for Harley-Davidson, Inc. (NYSE:HOG) to report EPS of $0.16. Last week, Wells Fargo released a report where they state that the the company will likely meet the Street as consensus for revenue and EPS as Harley-Davidson, Inc. (NYSE:HOG) will likely ship near the mid-point of a 51-56k unit range. Key to the conference call in their view will be an update on SAP implementation at York (likely going well), as this has implications for timing of improved 2013 margin benefits and details of European retail sales.  For the six months ended 01 July 2012, Harley-Davidson, Inc. (NYSE:HOG) revenues increased 16% to $3.16B. Net income increased 35% to $419.3M. Revenues reflect Motorcycles and Related Products Operations segment increase of 18% to $2.85B. Net income benefited from Motorcycles and Related Products Operations segment income increase of 50% to $523.2M. Dividend per share increased from $0.23 to $0.31.
  • 3M Co (NYSE:MMM)  reports on October 23rd; conference call is at 9am. Morgan Stanley believes that 3M Co (NYSE:MMM) is one of few companies that can beat consensus expectations this quarter (they predict $0.03 ahead of street forecasts of $1.65), driven by accelerating price/cost benefits at the margin line vs. +160bps last quarter. They expect 3M Co (NYSE:MMM) to reiterate FY guidance of $6.35-6.50. For the six months ended 30 June 2012, 3M Co (NYSE:MMM) revenues increased less than 1% to $15.02B. Net income increased 2% to $2.29B. Revenues reflect Industrial & Transportation segment increase of 4% to $5.29B, Consumer and Office segment increase of 3% to $2.11B, Health Care segment increase of 2% to $2.56B, United States segment increase of 5% to $5.24B, Latin America/Canada segment increase of 4% to $1.76B.
  • Ryder System, Inc. (NYSE:R) is reporting third earnings this morning. The street is expecting Ryder System, Inc. (NYSE:R) to report Q3 EPS of $1.18. On a conference call in September  Art Garcia – Ryder System, Inc. (NYSE:R) – EVP and CFO, stated ‘we’ve been in that fairly low level economic growth environment in that 1.5% to 2.5% range, probably 2.5% earlier in the year. Now we’re in that 1.5%, 2% range kind of what we’re thinking as we look forward from a planning perspective. Thinking about our business, we do see rental demand is something tied to the economy. This year has been less than we had expected. When we started the year we were coming off a very strong fourth quarter and in light of that we made some calls about growing our rental fleet.’  For the six months ended 30 June 2012, Ryder System, Inc. (NYSE:R) revenues increased 5% to $3.1B. Net income before extraordinary items increased 22% to $81.6M. Revenues reflect Fleet Management Solutions segment increase of 5% to $1.96B, Supply Chain Solutions from external customers segment increase of 6% to $1.14B. Net income benefited from Gains on vehicle sales, net increase of 59% to $44.5M (income).
  • Reynolds American, Inc. (NYSE:RAI) is reporting third quarter earnings on October 23rd. 3Q12 EPS: $0.79 (Consensus range $0.76-$0.81 Barclays = $0.80). Barclays notes further, Reynolds American, Inc. (NYSE:RAI) will kick off the domestic tobacco earnings season tomorrow, giving us a much anticipated first look at the competitive landscape.  the pricing environment has been top of mind for investors, after a noticeable slowdown over the past several quarters, driven by promotional levels on new products and some market share defence by the category leader.  They continue to look for a somewhat drawn-out period of elevated promotional activity, producing more modest industry profit growth for the next few quarters.  In the intermediate term, we expect Reynolds American, Inc. (NYSE:RAI) to be a market share donor, especially as Altria Group, Inc. (NYSE:MO) ramps up the launch of Marlboro NXT, which is the only real direct competition for RAI’s successful Camel Crush brand and  Lorillard Inc. (NYSE:LO) ramps up price promotions behind the Newport brand.
  • Regions Financial Corporation (NYSE:RF) is reporting earnings before the opening bell today. Barclays notes that Regions Financial Corporation (NYSE:RF) has made significant progress in 2012 with its recent equity raise, TARP repayment and the recent upgrade in its credit rating by S&P to investment grade. Still, They continue to remain concerned by elevated credit metrics (albeit improving), particularly in its Investor R/E loan portfolio ($9.4bn, or 12% of total loans) where NPLs remain at 7.1%. They expect this book, albeit shrinking, to weigh on provisions and profitability. Results: Barclays expects Regions Financial Corporation (NYSE:RF) to report 3Q12 EPS of $0.24 versus consensus of $0.20. Now that Regions Financial Corporation (NYSE:RF) has exited the TARP program following its $900mn common equity raise, the focus will now turn to its ability to maintain its net interest margin, generate organic loan growth (led by C&I) and resolve lingering credit quality issues. With interest rates at a record low, investors will be looking at the company’s net interest margins (NIM). For the six months ended 30 June 2012, Regions Financial Corporation (NYSE:RF) interest income decreased 8% to $1.99B. Net interest income after loan loss provision increased 83% to $1.52B. Net income applicable to common stockholders excluding extraordinary items increased from $23M to $465M. Net interest income after loan loss provision reflects General Banking/Treasury segment increase of 84% to $1.5B.
  • United Parcel Service, Inc. (NYSE:UPS) is reporting third quarter earnings today. Yesterday, Deutsche Bank  lowered their 2012-13 EPS estimates to $4.55 and $4.90, respectively, from $4.62 and $5.20. They lowered $77 PT (from $80) based on a 16x multiple applied to their new 2013 EPS estimate of $4.90.  The street expects United Parcel Service, Inc. (NYSE:UPS) to report EPS of $0.57 for Q3. On  Friday (10/19), the European Commission issued its Statement of Objections (SO), which addresses the competitive effects of the intended merger. The objections will be defined at a later date. The SO is a confidential document that sets out the commission’s provisional position and does not prejudice the final outcome of the case. United Parcel Service, Inc. (NYSE:UPS) and TNT (AMS:TNT)  will respond within
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