GE beat its own projection for fourth-quarter cash blow and ended 2020 without burning cash, putting it a year ahead of schedule, WSJ reports.
The Boston conglomerate benefited from “orders in its power and renewables divisions, along with improved financial efficiency.”
- GE posted $4.4 billion in Q4 cash flow. It posted a net income of $2.44 billion in the quarter, up from $538 million a year earlier.
- Quarterly revenue fell 16% to $21.9 billion from the previous year.
Verizon slipped in Q4, but the company issued an upbeat perspective on its prospects for 2021, WSJ reports.
Profit and sales slipped while higher costs weighed on its bottom line. Meanwhile, Verizon continues to invest in “upgrades to support fifth-generation wireless technology, also known as 5G.”
- Verizon’s quarterly revenue was $34.7 billion, a 0.2% decrease.
- Net income was $4.6 billion, a drop from $5.1 billion a year earlier.
Johnson & Johnson was boosted by strong sales growth from pharmaceuticals, “even as the coronavirus pandemic weighed on other parts of the company’s business,” WSJ reports.
“As the health-products company nears the release of pivotal data from a final-stage study of its Covid-19 vaccine, Johnson & Johnson said the pandemic was continuing to drag down sales of its medical devices as people postponed elective procedures. But modest growth in consumer-health products also contributed to the sales boost in the latest quarter.”
- Fourth-quarter revenue was $22.48 billion, which compares with $20.75 billion in the year-before period.
- Net earnings landed at $1.74 billion, a steep drop from $4.01 billion in the year-ago period.
3M is expecting sales growth across “its product lines to grow this year as vaccinations against Covid-19 allow people to start using more of its products at dental offices, workplaces and schools,” WSJ reports.
The manufacturer hit on products like N95 face masks but also whiffed on things such as Post-it Notes and teeth-polishing discs used by dentists due to social distancing measures. At the end of last year, 3M revealed plans to cut nearly 3,000 jobs.
- 3M posted Q4 revenue of $8.58 billion, a growth of 5.8%.
- Earnings came in at $2.38 per share, a rise from $1.66 in the year-ago period.
Microsoft is expected to set a quarterly sales record when earnings come out this afternoon, WSJ reports.
Surging demand for the tech giant’s new Xbox console coupled with a boom in cloud computing created a perfect storm. Microsoft’s shares have risen more than 37% in the past year.
- Net income is expected to rise by $1 billion to $12.6 billion according to FactSet.
- Wall Street projects have Microsoft doing $40.2 billion in sales, a 9% improvement from the year-before quarter.
Looking Ahead: Everybody has their eyes on Apple and Tesla later this week.