Large Company Q4 Earnings Results

Results From Quarter Ending December 31, 2021

Chevron Quarterly Results

• Chevron reported a mixed Q4, missing analyst expectations on EPS, but beating expectations on revenue.

• Chevron’s EPS came in at $2.56 per share vs. $3.12 per share expected by analysts.

• Revenue came in at $48.13 billion, topping analyst expectations of $45.69 billion.

• Chevron said it saw record free cash flow of $21.1 billion for the full year, reduced debt by $12.9 billion, and saw a turnaround of earnings ($15.6 billion in 2021 vs -$5.5 billion in 2020).

• As a result of the success and free-cash-flow growth, the company hiked its quarterly dividend by 6% to $1.42 per share.

Marathon Petroleum Quarterly Results

• Marathon Petroleum posted a very strong quarter, beating analyst estimates on both the top and bottom line.

• The company posted an EPS of $1.30, which beat analyst estimates of $0.56 per share.

• Revenue came in at $35.61 billion, up 95.9% year-over-year, beating analyst expectations of $25.79 billion.

• The company returned approximately $3 billion of capital to shareholders through share repurchases in the fourth quarter alone. This comes as a part of the company’s $10 billion repurchase plan, which is now 55% complete.

Marathon Petroleum Quarterly Results

• Marathon Petroleum posted a very strong quarter, beating analyst estimates on both the top and bottom line.

• The company posted an EPS of $1.30, which beat analyst estimates of $0.56 per share.

• Revenue came in at $35.61 billion, up 95.9% year-over-year, beating analyst expectations of $25.79 billion.

• The company returned approximately $3 billion of capital to shareholders through share repurchases in the fourth quarter alone. This comes as a part of the company’s $10 billion repurchase plan, which is now 55% complete.

PepsiCo Quarterly Results

• PepsiCo beat analyst expectations for both earnings and revenue but offered a weaker-than-expected outlook for 2022.

• The company reported EPS of $1.53 per share vs. $1.52 expected.

• Revenue came in at $25.25 billion vs. $24.24 expected.

• PepsiCo said it is feeling the impact of inflation, as the price of cooking oil, packaging, and transportation continues to rise, which will ultimately have an impact on the company’s bottom line.

• Despite the pressure, the company said it expects to return ~$7.7 billion to shareholders in the coming year, ~$6.2 billion via dividends and share buybacks totaling ~$1.5 billion.

Lockheed Martin Quarterly Results

• Lockheed Martin reported strong Q4 2021 financial results, beating analyst estimates on both EPS and revenue.

• The company posted an EPS of $7.47, well above consensus estimates of $7.15 per share.

• Revenue for the quarter came in at $17.73 billion, marginally beating analyst estimates of $17.65 billion.

• Lockheed returned cash to shareholders through $2.1 billion of share repurchases and $762 million of dividends in Q4 alone.

• The company continues to project a drop in sales in 2022 due to supply chain disruptions, but President and CEO James Taiclet cited on the earnings call that the disruptions are slowly beginning to clear up.

Home Depot Quarterly Results

• Home Depot reported Q4 2021 financial results that beat analyst

expectations both on the top and bottom line.

• The company reported an EPS of $3.21 which came in 3 cents above analyst expectations of $3.18 per share.

• Revenue was reported to be $35.72 billion vs. $34.87 billion expected.

• Home Depot said sales grew 11% in the fiscal fourth quarter as contractors bought lumber, electrical equipment, and other supplies for projects.

• When giving 2022 guidance, Home Depot’s forecast was positive—albeit conservative—citing challenges from inflation and supply chain bottlenecks that should likely ease going forward.

Perkin Elmer Quarterly Results

• PerkinElmer posted strong Q4 financial results, beating analyst

expectations both on the top and bottom line.

• The company reported earnings per share of $2.56, which beat analyst estimates of $2.15 per share by 19.1%.

• Reported revenues came in at $1.36 billion, which beat analyst expectations by 9.5%.

• During the quarter, the company’s discovery and analytical solutions segment saw revenues rise 30% to $655M year-over-year.

• CEO Prahlad Singh called 2021 “the year of portfolio transformation” noting the company added 9 businesses to its portfolio and 2,000 new colleagues.

IntercontinentalExchange Quarterly Results

• IntercontinentalExchange posted a strong Q4, beating analyst expectations both on EPS and revenue.

• IntercontinentalExchange reported an EPS of $1.34, which marginally beat analyst expectations of $1.32 per share.

• Revenue came in up 4% year-over-year at $2.32 billion vs. analyst

expectations of $1.82 billion.

• The company witnessed persistent revenue growth driven by strong Exchanges, Fixed Income, and Data Services activity.

• ICE repurchased $250 million worth of shares in the fourth quarter and paid out $747 million in dividends in 2021.

Bank of America Quarterly Results

• Bank of America posted a solid quarter, beating analyst estimates on EPS and marginally missing revenue projections.

• EPS came in at $0.82 per share vs $0.76 per share expected.

• Revenue for the quarter was $22.17 billion, a marginal miss versus the $22.2 billion estimated.

• The second-biggest U.S. bank by assets said that credit quality improved during the quarter, allowing it to release the $851 million in reserves and book a nearly half-billion-dollar benefit after $362 million in charge-offs.

• The bank’s wealth management division posted a 16% increase in revenue to a record $5.4 billion, helped by rising asset management and brokerage fees.

Google Quarterly Results

• Google parent Alphabet reported better-than-expected Q4 earnings, beating analyst estimates on both EPS and revenue.

• The company posted an EPS of $30.69 vs. $27.34 expected by analysts. • Revenue came in at $75.33 billion vs. $72.17 billion expected.

• Most notably, the company announced during their earnings call that a 20- for-1 stock split will go into effect in July.

• Alphabet reported revenue growth of 32%, showing the company’s ability to withstand the ongoing pressure from the pandemic and inflation.

• Google’s advertising revenue came in at $61.24 billion for the quarter, up 33% from a year earlier.

NextEra Quarterly Results

• NextEra reported mixed results for Q4 2021, beating analyst expectations on EPS but missing on revenue.

• The company reported an EPS of $0.41 for the quarter, beating analyst expectations of $0.40 per share.

• Revenue came in at $5.05 billion (up 15% year-over-year) but missed analyst expectations of $5.79 billion.

• 60% of NextEra’s revenue came from its Florida Power & Light segment, which amounted to $3.06 billion.

• During the call, the company gave positive guidance for the year 2022, raising its earnings expectations for the year by ~7.5%.

Disclosures

• The information presented is a list of commonly held securities in the Large Cap Core Equity Portfolio as of the end of the most recent calendar quarter.

• This information is presented for informational purposes only. Market conditions can vary widely over time. Investing in securities involve a risk of principal loss. We make no representation as to the completeness or accuracy of the reported information.