Stock Price Movements of General Electric, Sherwin-Williams, and more Companies
General Electric – Shares Dipped by 11%
The share prices for General Electric have experienced an 11% dip in premarket trading. The share prices for the industrial company experienced a dip despite sharing promising earnings results for the first quarter of 2022.
The company reported beating all top and bottom targets that were set by the analysts. Lawrence Culp, the CEO at General Electric stated that they had to lower the guidance for the running and the upcoming weeks.
According to Culp, they are expecting a great elevation in the inflation rates in the upcoming months. This can result in General Electric not being able to generate high earnings.
On top of that, the supply chains for General Electric are also expected to experience an obstruction due to the going Russia-Ukraine war conflict. On top of that, the growing COVID situation in Shanghai may also hurt the revenue for General Electric.
Sherwin-Williams Shares Surged by 9%
The share prices for Sherwin-Williams experienced a 9% surge in premarket trading. The share prices for the paint company experienced a surge after sharing its earnings for the 1st quarter of 2022. In the report, Sherwin-Williams revealed it beat all the earnings expectations that were set by the analysts from Wall Street.
The executives at Sherwin-Williams confirmed that in the first quarter of 2022, they generated earnings worth $1.61 per share. On the other hand, the analysts had estimated that Sherwin-Williams will be able to generate earnings worth $1.54 per share.
As for the revenue, Sherwin-Williams generated $5 billion revenue, which is 7% more than what the paint company had generated in the same quarter last year.
United Parcel Service Shares Dipped by 2.6%
The share prices for United Parcel Service experience a 2.6% dip in the premarket trading. United Parcel Service experienced a surge in its share prices after sharing its earnings for the first quarter of 2022.
UPS has revealed that for the first quarter, they have generated earnings worth $3.05 per share. The revenue they have generated for the first quarter of 2022 was $24.38 billion. On the other hand, the analysts had predicted that the earnings United Parcel Service would generate for the first quarter would be $2.88 per share.
The analysts had also predicted that United Parcel Service would be able to generate revenue worth $23.78 billion. Carol Tome, the CEO at UPS revealed that they are confident that they will be able to generate the earnings they have predicted in the upcoming quarters. Therefore, no changes have been made to the earnings guidance for the rest of the year.
The company revealed that although they are recording a low requirement of deliveries from the e-commerce platforms, still, they will be able to meet the earnings estimations.