Healthcare, industrial and financial companies delivered a busy round of quarterly reports on Thursday, and several raised their full-year outlooks. Lilly, Quanta and Howmet posted strong growth, while Merck and Linde showed that rising revenue doesn’t always mean higher reported earnings.
In Simple Words
Revenue shows how much a company sold, while earnings per share show the profit for each share. Beating analysts’ estimates matters, but the reason behind the numbers, and management’s forecast, often tells investors more.
All figures are in US dollars. Adjusted earnings are shown separately from reported GAAP earnings.
Eli Lilly: Drug demand drives another sharp jump in sales
Mounjaro and Zepbound powered strong revenue growth, and Lilly lifted its full-year sales forecast. Acquired research charges held back earnings growth and trimmed the published adjusted EPS range, even as management raised its underlying earnings expectations.
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| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Revenue | $24.397 billion | Up 39% YoY |
| Adjusted diluted EPS | $7.48 | $5.68 estimated |
| GAAP net income | $6.451 billion | Up 16% YoY |
| Full-year guidance | Revenue: $91–$92 billion | Adjusted EPS: $35–$36 |
Mastercard: Payments and services lift profitability
Revenue rose across the payment network and value-added services, and adjusted earnings beat estimates. Services grew faster than the core network, while cross-border activity kept supporting transaction volumes.
| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Net revenue | About $9.8 billion | Up 14% YoY |
| Adjusted diluted EPS | $5.31 | $5.17 estimated |
| GAAP net income | $4.63 billion | $3.93 billion year-ago |
| Services revenue growth | 19% | Year-over-year |
Caterpillar: Higher volumes and pricing strengthen margins
Sales rose across its main equipment businesses on higher volumes and better pricing. Profitability improved sharply, with the adjusted operating margin widening alongside earnings.
| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Revenue | $20.682 billion | Up 17% YoY |
| Adjusted profit per share | $7.20 | $7.03 estimated |
| GAAP profit per share | $7.13 | $4.88 year-ago |
| Adjusted operating margin | 20.6% | 17.5% year-ago |
Merck: Sales rise, but higher costs weigh on earnings
Merck beat estimates as Keytruda and Winrevair supported sales. Earnings still fell from a year ago because higher research and launch spending, amortisation and interest costs offset part of the gain.
| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Revenue | $18.1 billion | Up 5% YoY |
| Adjusted diluted EPS | $2.49 | $2.09 estimated |
| GAAP net income | $5.065 billion | $5.785 billion year-ago |
| Full-year guidance | Revenue: $66.8–$67.3 billion | Adjusted EPS: $2.77–$2.82 |
Linde: Underlying growth, lower GAAP profit
Linde grew sales through both pricing and volumes, with electronics, chemicals and manufacturing leading demand. Adjusted earnings rose, but reported profit fell on purchase-accounting effects and other charges.
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| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Revenue | $9.404 billion | Up 9% YoY |
| Adjusted diluted EPS | $4.59 | $4.52 estimated |
| GAAP net income | $1.692 billion | Down 12% YoY |
| Full-year adjusted EPS guidance | $17.82–$17.92 | Expected growth: 8%–9% |
Trane Technologies: Strong bookings back a higher sales outlook
Revenue and orders grew solidly, with the Americas business contributing most. Management raised its full-year revenue forecast and kept its earnings outlook, balancing the strong workload against supply-chain and inflation pressure.
| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Revenue | $6.760 billion | Up 18% YoY |
| Adjusted continuing EPS | $4.86 | $4.73 estimated |
| Backlog | $12.5 billion | Up 73% YoY |
| Full-year adjusted continuing EPS guidance | $15.20–$15.30 | Reaffirmed |
Howmet Aerospace: Sales growth feeds through to earnings
Howmet paired fast sales growth with a big improvement in operating profitability, and raised its annual outlook on the back of the stronger quarter.
| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Revenue | $2.703 billion | Up 29% YoY |
| Adjusted diluted EPS | $1.46 | $1.37 estimated |
| GAAP diluted EPS | $1.42 | $0.95 year-ago |
| Full-year adjusted EPS guidance | $5.49–$5.51 | Raised |
Quanta Services: Infrastructure demand drives a large earnings jump
Revenue and profit rose sharply as demand broadened across utility, power-generation, industrial and technology customers. Strong cash generation and a bigger backlog let management raise its full-year expectations.
| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Revenue | $12.01 billion | $7.63 billion year-ago |
| Adjusted diluted EPS | $6.06 | $4.95 estimated |
| GAAP net income to common | $694.9 million | $339.4 million year-ago |
| Full-year adjusted EPS guidance | $17.90–$18.30 | Raised |
EMCOR: Organic growth supports higher annual targets
Electrical and mechanical construction work drove another strong quarter, mostly organic. An impairment charge cut reported earnings, but adjusted profit and remaining performance obligations were strong enough for higher annual targets.
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| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Revenue | $5.54 billion | Up 28.8% YoY |
| Adjusted diluted EPS | $9.60 | $8.37 estimated |
| GAAP net income | $399.9 million | $295.4 million year-ago |
| Full-year adjusted EPS guidance | $34.50–$35.50 | Raised |
L3Harris: Higher volumes and lower costs lift earnings
Revenue and earnings rose on higher volumes, lower corporate expenses and reduced interest costs. Management raised its earnings forecast and the low end of its revenue range, with strong orders adding to future work.
| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Revenue | $6.06 billion | Up 7% YoY |
| GAAP diluted EPS | $3.28 | $2.96 estimated |
| Backlog | $53.2 billion | Record level |
| Full-year GAAP EPS guidance | $12.25–$12.35 | Raised |
Intercontinental Exchange: Transaction activity leads revenue
Transaction revenue grew faster than recurring revenue. Exchanges supplied the largest share of net revenue, while fixed-income data services and mortgage technology added balance.
| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Net revenue | $2.765 billion | About $2.411 billion year-ago |
| Adjusted diluted EPS | $2.02 | $1.96 estimated |
| GAAP net income to ICE | $940 million | $816 million year-ago |
| Net transaction revenue | $1.400 billion | Up 23% YoY |
Hershey: Earnings recover as pricing improves profit
Earnings bounced back much faster than sales, helped by pricing, productivity savings and lower commodity costs. Higher prices did cost some confectionery volume, even as margins widened.
| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Net sales | $3.2755 billion | Up 3% YoY |
| Adjusted diluted EPS | $2.64 | $2.11 estimated |
| GAAP net income | $580.8 million | Up 111.8% YoY |
| Full-year adjusted EPS growth guidance | 36%–38.5% | Previously 32.5%–35% |
Tradeweb: International growth strengthens the quarter
Revenue and adjusted profit rose as activity increased across its electronic trading platform. International revenue outpaced overall growth and adjusted operating profitability improved.
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| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Revenue | $584.5 million | Up 14.9% YoY |
| Adjusted diluted EPS | $1.02 | $1.01 estimated |
| International revenue | $258.5 million | Up 22.4% YoY |
| Adjusted EBITDA margin | 54.5% | 54% year-ago |
West Pharmaceutical: Stronger sales support a raised outlook
Sales and adjusted earnings beat estimates, with organic growth running ahead of reported revenue growth. Management raised its full-year adjusted earnings forecast.
| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Net sales | $874.5 million | Up 8.7% YoY |
| Adjusted diluted EPS | $2.66 | $2.20 estimated |
| Organic sales growth | 11.9% | Year-over-year |
| Full-year adjusted EPS guidance | $9.38–$9.48 | Previously $8.85–$9.05 |
Textron: Aviation and systems growth lift the outlook
More aircraft deliveries and stronger systems performance offset lower revenue at Bell. Manufacturing cash generation improved, and management raised both its adjusted EPS and manufacturing cash-flow forecasts.
| Measure | Reported figure | Comparison or outlook |
|---|---|---|
| Revenue | About $3.8 billion | Up 4% YoY |
| Adjusted continuing EPS | $1.76 | $1.43 estimated |
| GAAP continuing EPS | $1.56 | $1.31 year-ago |
| Full-year adjusted EPS guidance | $6.55–$6.65 | Raised |
Disclaimer: This article is for educational and informational purposes only and does not constitute investment advice or a recommendation to buy or sell securities. Onetrader is not a SEBI-registered investment adviser. Financial markets involve risk; conduct your own research and consult a qualified financial adviser before making investment decisions.
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