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3 Trends This Earnings Season
26 Apr 2011 EDT - CNBC.com
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Halfway through Q1 earnings, there's already a clear pattern emerging: 1) revenues sometimes a tad light, 2) rising fuel/commodity costs and poor weather are widely cited as an impact on margins and the bottom line, and 3) sales outside the U.S., particularly to developing countries, continue to become a more important part of topline growth.

Look at UPS , which this morning reported diluted earnings per share of $0.88, slightly better than the $0.85 consensus, better than the $0.71 from a year earlier. Revenues of $12.58 billion were slightly lighter than consensus. The company cited rapidly rising fuel costs, and the challenging weather condition as headwinds. Despite the revenue miss, they're at $4.15-$4.40, prior guidance was $4.12-$4.35, consensus $4.25.

Silver: a correction, of sorts. I noted yesterday that silver stocks were down 3 percent or more , on a day when silver hit new highs...but Monday night silver too came down as the CME reportedly raised margin calls on silver. BMO made a very good valuation call on Silver Wheaton , downgrading it yesterday purely on valuation.

Elsewhere:

1) 3M beats ($1.49 vs. $1.45 consensus) and raises guidance for the full year, to $6.05-$6.25 from prior guidance of $5.95-$6.20 (consensus $6.22). Organic volume was up 8.9 percent.

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