U.S. equities were slumping Wednesday as several companies missed analysts’ expectations on their quarterly earnings reports. The S&P 500 Index fell 0.7% and the Dow Jones Industrial Average declined 0.7% as well, while the Nasdaq Composite slipped 0.4% by day’s end.
Here’s how they did:
American International Group Inc (AIG)
American International Group shares fell following the company’s earnings miss.
The company posted adjusted earnings of $963 million for its first quarter of fiscal 2018, or $1.04 per share, below analysts’ expectations of $1.27 per share. In the year-ago quarter, the company brought in adjusted earnings of $1.4 billion, or $1.36 per share.
Its adjusted book value per share came in at $56.10 during the period, which is below the $59.10 per share it brought in during the year-ago quarter. American International Group’s total general insurance brought in adjusted pretax income of $510 million, which is about half of what it was in the year-ago quarter.
Its combined ratio deteriorated to 103.8 from 99.8.
AIG stock fell 5.7% after the bell Wednesday.
Kraft Heinz Co (KHC)
Kraft Heinz also posted its latest results after the market closed yesterday.
The food manufacturer reported earnings that topped analysts’ expectations as its net income was $993 million for its first quarter of fiscal 2018, or 81 cents per share. In the year-ago quarter, it brought in $893 million, or 73 cents per share.
On an adjusted basis, Kraft Heinz earned 89 cents per share. Analysts were calling for the company to bring in 81 cents per share in their Wall Street consensus estimate, according to data compiled by FactSet.
Revenue fell to $6.3 billion from $6.32 billion in the year-ago period, which was also below the $6.31 billion that analysts predicted.
KHC stock fell about 4.1% after hours Wednesday.
Tesla Inc (TSLA)
Tesla shares were slumping after hours despite the company’s earnings beat in its latest quarter.
The electric car maker reported adjusted losses of $3.35 per share, while revenue came in at $3.4 billion. Analysts were calling for the company to bring in adjusted losses of $3.48 per share, while revenue was slated to be $3.22 billion.
In the year-ago quarter, Tesla posted revenue of $2.7 billion, while also bringing in $3.29 billion in its previous quarter. The company also ended its first quarter with $2.7 billion in cash.
The electric car maker added that its Model 3 production has been reaching the 2,270 cars per week for three straight weeks in April. “Even at this stage of the ramp, Model 3 is already on the cusp of becoming the best-selling mid-sized premium sedan in the U.S., and our deliveries continue to increase,” Tesla CEO Elon Musk and CFO Deepak Ahuja wrote in a letter to investors.
TSLA stock fell about 1% after Wednesday’s market close.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.