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Caterpillar, Chevron, Exxon Mobil earnings: What to know in markets Friday

Heidi Chung
·Reporter
·3 min read
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Earnings season is well underway, and industrial giant Caterpillar (CAT) and energy companies Chevron (CVX) and Exxon Mobil (XOM) will round out the week’s reports when they deliver quarterly results ahead of the market open.

Caterpillar probably didn’t have such a great fourth quarter, according to Wall Street. Slowing demand for construction machinery likely pressured revenue across all three of Caterpillar’s business segments. Construction machinery accounted for about 44% of equipment sales in 2018. Meanwhile, weak energy demand is anticipated to have resulted in soft mining equipment sales.

Looking toward Caterpillar’s 2020 outlook, analysts predict it will be conservative, and investors will be paying close attention to any commentary about China.

Analysts polled by Bloomberg expect Caterpillar to report adjusted earnings of $2.37 per share on $13.14 billion in revenue. The options market is implying about a 4.6% move in either direction for the stock following the results. Caterpillar stock rose 6% over the past 12 months and has been underperforming the broader market’s 24% gain in the same time period.

CORTE MADERA, CA - OCTOBER 30:  Customers get gasoline at a Chevron station on October 30, 2015 in Corte Madera, California. Chevron announced plans to cut up to 7,000 jobs as oil prices continue to slump. Chevron's third quarter revenue fell 37.2% to $34.3 billion compared to one year ago. (Photo by Justin Sullivan/Getty Images)
Customers get gasoline at a Chevron station on October 30, 2015 in Corte Madera, California. (Photo by Justin Sullivan/Getty Images)

Investors will also get two big earnings announcements Friday morning from integrated oil giants Chevron and Exxon Mobil. Both companies are likely to be impacted from chemical segments weakness and low nat gas prices.

Chevron is expected to report fourth quarter adjusted earnings of $1.45 per share on $38.98 billion in revenue, according to analysts surveyed by Bloomberg. The oil company’s cash flow and outlook regarding the Permian Basin will be in focus. RBC noted that investors might have to wait for the Chevron’s analyst day in March for any good news.

Rival Exxon Mobil is expected to report fourth quarter earnings per share of 43 cents per share on $64.17 billion in revenue. The company’s refining operation took a $600 million to $800 million hit in Q4. RBC said that data suggests Exxon’s Permian Basin performance has been deteriorating and management updates on growth will be critical.

Chevron and Exxon Mobil shares have been struggling this year, with both falling 8%.

On the economic calendar for Friday, market watchers can expect the following reports: Employment Cost Index, Q4 (0.1% expected, 0.1% prior); Personal Income, December (0.3% expected, 0.5% in November); Personal Spending, December (0.3% expected, 0.4% in November); MNI Chicago PMI, January (48.9 expected, 48.2 in December); University of Michigan Sentiment, January final (99.1 expected, 99.1 prior).

Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

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