Story
GE HealthCare, Ford Surge on Earnings Beats; Parsons Plummets After Guidance Cut
Summary
Shares of GE HealthCare and Ford Motor rallied in premarket trading after both companies reported strong quarterly results and raised guidance. In contrast, engineering firm Parsons saw its stock sink on a significant earnings miss and a guidance reduction.
GE HealthCare Technologies and Ford Motor saw their shares rise sharply in premarket trading after both companies reported better-than-expected quarterly results and offered optimistic outlooks. Conversely, shares of engineering firm Parsons Corp. tumbled after a significant earnings miss driven by large contract-related charges, highlighting a mixed landscape for investors on a busy day for corporate earnings.
Industrial and Auto Giants Post Strong Results
GE HealthCare Technologies (GEHC) shares surged 12.3% in premarket activity after the medical technology firm surpassed Wall Street expectations for its second quarter. The company reported resilient demand across its business segments.
- Adjusted EPS: $1.13, beating the analyst consensus of $1.04.
- Revenue: $5.30 billion, exceeding forecasts of $5.26 billion.
Ford Motor (F) climbed 6.9% before the opening bell after posting strong second-quarter earnings and raising its full-year profit guidance for the second time this year. The automaker cited improving profitability, with adjusted earnings before interest and taxes (EBIT) rising about 17% year-over-year to $2.5 billion. Ford now expects full-year adjusted EBIT of $10 billion to $11 billion.
Guidance and Charges Weigh on Decliners
AdIn contrast, Parsons (PSN) slumped 19.8% after a sharp earnings miss and a reduction in its financial outlook. The engineering and defense contractor reported an adjusted EPS of $0.65, below analyst estimates, after booking more than $118 million in charges tied to contract losses and portfolio adjustments.
Other companies faced pressure from cautious forecasts. Bandwidth (BAND) plunged 20.6% after its full-year earnings guidance of $1.71 to $1.79 per share fell short of Wall Street expectations, overshadowing its quarterly beat. Procter & Gamble (PG) dropped 3.6% after its results showed a 1% decline in sales volumes and missed expectations on gross margins, raising investor concerns about pricing power.
Other Notable Premarket Movers
Several other companies saw significant moves on corporate-specific news. GlobalFoundries (GFS) rose 9.5% after announcing it signed a letter of intent with the U.S. Department of Commerce for an expected $300 million award to advance silicon photonics research and development for AI data centers.
Verra Mobility (VRRM) jumped 25% after it reached a framework agreement with Avis Budget Group on the key commercial terms for a new seven-year tolling and violations services contract.
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