In a relatively busy week of earnings, nine materials stocks that belong to the S&P 500 Materials Sector (NYSEARCA:XLB) reported their second-quarter results. QTD, XLB has climbed 3.4% compared to a 1.3% drop in the SPY.
There are several basic materials sub-sectors, including chemical products, metals and mining, and forestry products, and each has been in focus owing to their relative demand and supply situation, as global growth remains uneven on the back of ongoing geopolitical concerns, shipping disruptions, and elevated interest rates.
In this week’s earnings recap, out of the nine companies that reported, eight surpassed profit estimates, while one company fell short of expectations. On the revenue side, six companies exceeded revenue estimates, while three companies missed.
Here’s a look at the latest quarterly reports from five industry giants:
Copper miner Freeport-McMoRan (FCX) beat Wall Street estimates for second-quarter profit and revenue, and CEO Kathleen Quirk said the company plans to spend ~$7.5B to expand its El Abra copper mine in Chile.
Chemicals maker Dow (DOW) missed earnings estimates as sales across geographic regions fell year-over-year in Q2.
Newmont (NEM) beat Wall Street expectations for second-quarter profit as the world’s biggest gold miner benefited from strong production and easing costs amid rising gold prices.
Nucor (NUE) also surpassed Q2 estimates, and forecast sequential drop in Q3 earnings.
Eastman Chemicals (EMN) beat earnings estimates and forecast 2024 EPS to be between $7.40 and $7.85.
At the industry level, 3 chemical makers, 3 metals and mining and 3 containers and packaging companies reported earnings this quarter.
For the upcoming week, notable tickers scheduled to report results include Albemarle (ALB), Air Products (APD), Corteva (CTVA), LyondellBasell (LYB), Celanese (CE), and DuPont (DD).
