Several companies including Hess Corp. (NYSE:HES), American Tower Corp (NYSE:AMT), and Garmin Ltd. (NASDAQ:GRMN) are each scheduled to report its quarterly financial results on Wednesday, July 31, 2013.
Earnings Preview
Hess Corp. (HES)
Wall Street analysts are projecting that Hess Corp. (NYSE:HES) earnings results for the second quarter will decline. The energy company is expected to report $1.42 earnings per share, down by 17.4% and $2.68 billion revenue, a decline of 71.3%. During the previous quarter, the company posted $1.95 earnings per share and $3.43 billion revenue.
For the full fiscal 2013, analysts estimated that Hess will post $6.39 earnings per share on $11.76 billion revenue. The company announced the sale of its Energy Marketing business to Direct Energy, a subsidiary of Centrica PLC (OTCMKTS:CPYYY) for $1.025 billion. Hess said the sale was part of its transformation effort into a pure E&P company with a portfolio focused on lower risk and high growth assets.
American Tower Corp (AMT)
American Tower Corp (NYSE:AMT) is expected by analysts to report solid earnings for the second quarter. The company is expected to report $0.53 earnings per share, up from its $0.42 earnings per share in the same period a year earlier. Analysts estimated that its revenue will be around $814.7 billion, an increase of 17% from its $697.7 billion revenue a year ago.
For the full fiscal 2013, American Tower Corp (NYSE:AMT) is expected to generate $2.06 earnings per share and $3.30 billion revenue. All of the analysts covering the stock recommended a Buy rating.
Garmin Ltd. (GRMN)
Analysts anticipated that Garmin Ltd. (NASDAQ:GRMN) will report weak financial performance for the second quarter. The company’s profit is expected to decline by 32% from its earnings in the same period last year. Based on the consensus estimate of analysts, Garmin will report $0.65 earnings per share, down from its $0.95 earnings per share a year earlier. Its revenue is expected to decline from $718.2 million to $665.8 million.
For the full fiscal 2013, Garmin Ltd. (NASDAQ:GRMN) is expected to achieve $2.37 earnings per share and $2.55 billion revenue. Last year, the company posted $2.85 earnings per share and $2.72 billion revenue.
Over the past 52-week range, the stock price of Garmin rose from its lowest level at $32.52 a share to its highest level at $43.33 per share. The stock is trading closed at around $37.23 per share on Tuesday in New York.
