Chevron (NYSE:CVX) was dipping on a big earnings miss Friday, reporting a profit of $4.12 billion ($2.58 per share) — down more than 3% from last year’s $5.32 billion $2.65 — that fell short of Wall Street expectations for $2.84 per share. While revenues increased by about 11% to $60 billion, that too was far short of estimates for $70.96 billion.
Chevron was weighed down by losses in its downstream division, specifically its U.S. operations, though earnings from its upstream division were up more than 18% to $5.74. CVX shares were down more than 3% around midday.
Ford (NYSE:F) was down more than 2% despite reporting its biggest quarterly profit in company history. The Detroit-based automaker earned $13.6 billion ($3.40 per share) on revenues of $34.6 billion, scorching last year’s $190 million (5 cents) on $32.5 billion in revenues. But earnings excluding a tax allowance and other items actually totaled just $1 billion, or 20 cents per share, short of Wall Street EPS estimates of 25 cents.
Ford also said it expected its U.S. market share to go unchanged this year. The dour report comes in stark contrast to a slew of recent headlines, including the Ford F-150 series retaining the crown of best-selling vehicle, and the big U.S. rout in December and 2011 full-year auto sales.
Procter & Gamble (NYSE:PG) was slightly lower as the company’s earnings fell significantly, but still beat expectations. P&G’s earnings dropped 49% to $1.69 billion in the second quarter, though adjusted EPS of $1.10 still beat Wall Street expectations by three cents.
The company also took a 53-cent-per-share hit on one-time charges, mostly stemming from the writedown on the value of its appliances division, and it lowered full-year forecasts from a range of $4.15-$4.33 to $4-$4.10.
Tobacco stock Altria Group (NYSE:MO) reported declining earnings Friday, with quarterly income dropping from $919 million (44 cents per share) to $836 million (41 cents). Margins squeezed on the company, overshadowing its 3.4% increase in revenue. However, adjusted earnings of 50 cents per share just edged out Wall Street expectations for 49. MO shares were down less than 2%.
Asset management stock Legg Mason (NYSE:LM) also exceeded expectations despite falling earnings, reporting that net income fell from $61.6 million (41 cents per share) to $28.1 million (20 cents) on 13% lower revenue in the most recent period. Adjusted EPS of 55 cents per share more than doubled Wall Street expectations of 27 cents, but LM stock was the worst of this bunch, dropping more than 5% at midday Friday.
— Kyle Woodley, InvestorPlace.com Assistant Editor
