Market data not provided in earnings-focused newsletter.
Interest rate and Fed policy information not covered in this earnings recap.
The earnings parade continues to paint a picture of corporate resilience despite macro headwinds. Healthcare and defense contractors are particularly robust, with UNH's turnaround gaining real traction and aerospace demand hitting stratospheric levels (GE's bookings surged 87% with a 2x book-to-bill ratio). Housing isn't as dire as feared, while energy shows early recovery signs. Corporate America is navigating the volatile environment with disciplined execution and margin expansion.
Geopolitical developments not covered in this earnings-focused report.
UNH delivered massive Q1 upside with EPS of $7.23 versus Street expectations of $6.57, driven by revenue of $111.7 billion (vs $109.24 billion expected) and a favorable medical cost ratio of 83.9% that beat plan by 170 basis points. Full-year guidance jumped to over $18.25 EPS from the prior $17.75, signaling management's turnaround initiatives are bearing fruit.
GE (GE Aerospace) crushed Q1 expectations with EPS of $1.86 versus $1.60 expected, powered by sales surging 29% to $11.6 billion and monster bookings performance jumping 87% to $23 billion. The company is trending toward the high-end of guidance despite the dynamic geopolitical landscape.
DHI (DR Horton) beat Q1 EPS expectations at $2.24 versus $2.14, with pre-tax margins of 11.5% running 50 basis points above consensus. Orders jumped 11% to 25,000 homes versus 23,900 expected, suggesting housing trends aren't as bad as feared despite affordability constraints.
RTX reported strong Q1 upside with EPS of $1.78 versus $1.53 expected and sales of $22.08 billion ahead of $21.5 billion estimates. The backlog ticked up to $271 billion, with full-year EPS guidance increased to $6.80 from $6.70.
SYF (Synchrony) beat Q1 EPS at $2.27 versus $2.21 expected, driven by lower provisions of $1.33 billion versus $1.45 billion expected. Purchase volumes grew 6% with co-branded cards up 20%, while the company authorized a $6.5 billion buyback and 13% dividend increase.
No upcoming macro or Fed dates provided in earnings recap.
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