Earnings scorecard: 17 out of 20 industrial companies beat EPS estimates this week

Industrial companies remained in the spotlight this week as investors digested quarterly results from General Electric (GE), Lockheed Martin (LMT), RTX (RTX), 3M (MMM), and Bloom Energy (BE), among others.

The Industrial Select Sector SPDR ETF (XLI) fell 2.3% over the past week, compared with a 1% decline in the S&P 500 (SP500). On a YTD basis, XLI has underperformed the broader market with 6.3% returns, while the S&P 500 has gained nearly 12%.

Earnings Roundup

Bottom Line (EPS): Out of 20 financial companies that reported earnings this week, 17 beat analysts' estimates, two missed, and one reported in line with expectations.

Top Line (Revenue): 16 companies beat revenue estimates, while four missed.

Below are some of the key companies that reported earnings this week:

GE Aerospace (GE) reported better-than-expected third-quarter earnings and revenue Tuesday as demand for commercial jet engines and maintenance services helped the aircraft engine manufacturer raise its full-year financial outlook.

Lockheed Martin (LMT) reported better-than-expected third-quarter results, fueled by strong global defense demand and a growing order backlog. The company surpassed Wall Street forecasts for both revenue and earnings, prompting management to raise its full-year financial outlook for the second consecutive quarter.

RTX (RTX) reported better-than-expected third-quarter earnings and revenue as demand for commercial aerospace equipment and defense systems helped the company raise its full-year financial outlook.

3M (MMM) reported better-than-expected third-quarter earnings as the industrial conglomerate benefited from stronger organic sales, improved productivity, and expanding profit margins. The company also raised its full-year earnings outlook.

Bloom Energy (BE) easily beat expectations for Q3 adjusted earnings and revenue while raising its outlook for the full year, suggesting investors are focusing on cash generation and the cost of sustaining the company's rapid expansion.

Earnings next week

For the upcoming week, investors will continue to watch earnings from the industrial sector, such as Boeing (BA), Caterpillar (CAT), United Parcel Service (UPS), and FedEx (FDX).