Friday Earnings Wrap Up: AMZN, CVX, and GoodyearVW Staff
Amazon.com, Inc. (NASDAQ:AMZN) announced their Q1 results Thursday evening with earnings far ahead of analyst estimates. The internet retailer reported earnings of 28 cents per share, which was more than 4 times the analyst consensus of 6 cents per share. Revenue also rose 34% to $13.2 billion, ahead of the estimated $12.9 billion. The biggest growth came in the “other” segment of Amazon.com, Inc. (NASDAQ:AMZN)’s operations, which includes cloud hosting and other web services, up 61% to $500 million in total revenue. The biggest section of Amazon’s revenue, media products, was up 19% and brought in a total of $4.7 billion in revenue.
The firm expects to continue heavy spending on opening new destruction centers and increased hiring in operations and customer service. Amazon CFO Tom Szkutak said, “Given the growth that we’re experiencing right now, we’re investing and we’re making sure that we have the right resources to do that.”
Chevron Corporation (NYSE:CVX) matched analyst expectations with their Q1 earnings that we released Friday morning. Earnings per share came in at $3.27 per share, which was exactly in line with the consensus on the Street. Chevron’s world production fell slightly in the quarter to 2.63 million barrels of oil-equivalent per day from 2.76 million barrels in the previous quarter, which was below analyst estimates of $2.7 million. Revenue was $60.7 billion for the quarter, up from $60.3 billion.
Ford Motor Company (NYSE:F): Another company that met analyst expectations, and actually beat estimates before items, this morning was Ford Motor Co. (F), announcing earnings of $1.4 billion or 35 cents per share before items, which was in line with the Wall Street estimate. However, the after items profit actual beat the Street estimate, coming in at 39 cents per share. This is down from the first quarter of 2011, where Ford earned 61 cents per share. Revenue was down to $32.4 billion for the quarter, which was actually slightly ahead of analyst estimates of $32.3 billion.
The Goodyear Tire & Rubber Company (NYSE:GT) also announced earnings this morning for their first quarter of 2012. Goodyear’s first quarter sales came in at $5.5 billion, which is up 2 percent from a year ago and set a first quarter record for the firm. However, these increase sales came on decreased tire unit volumes, which were down 8 percent from the same period last year, which the company claims reflects weak industry demand. The company overall lost 5 cents per share, in comparison to a 42 cent per share profit in the same period last year. The Street expectation was a 7 cent per share profit, a clear miss.