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JPMorgan Chase & Co. (JPM) is scheduled to report its second quarter 2011 results before the market opens on Thursday, July 14. The Zacks Consensus Estimate for the quarter is $1.21 per share, representing a growth of about 11% over the year-ago quarter.

Same as before, it is expected that JPMorgan will surpass estimates backed by an improvement in equity markets, further reduction in reserves for future losses and strong credit trends in its credit card and wholesale businesses. However, weak trading and retail performances might mar results to some extent. Also, there are concerns related to listless customer trading in fixed income, currencies and commodities. Furthermore, expenses related to the settlement of SEC charges in the CDO deal are expected to dent results slightly.

Previous Quarter Performance

JPMorgan’sfirst quarter earnings came in at $1.25 per share, substantially ahead of the Zacks Consensus Estimate of $1.16. Re

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Hewlett Packard Company (HPQ) is scheduled to announce its second quarter 2011 results on May 18, 2011, after the close of market and we don’t see much variation in analyst estimates at this point.

Fourth Quarter Overview

The company reported first quarter 2011 earnings per share (EPS) of $1.36, exceeding the Zacks Consensus Estimate of $1.29. However, revenue of $32.3 billion fell slightly short of the Zacks Consensus Estimate of $32.9 billion.

HP’s revenues increased 4.0% to $32.3 billion reported in the year-ago period, on a constant currency basis. The company reported broad-based revenue growth across all its segments. Moreover, the company saw sequential increases in every category; which includes consumer, commercial, desktop and notebook.

On a geographical basis, the Americas reported a 5% increase in revenue. Increases of 4% and 2% were also recorded in Europe and the Middle East and Africa, respectively. Int

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Apple Inc. (AAPL) continued its bullish run with better-than-expected second quarter fiscal 2011 results.

AAPL breezed past the Zacks Consensus Estimate of $5.34 by $1.06 (19.9%) in the quarter. Results were fueled by strong iPhone sales, record Mac sales and increased iPad sales, as unit shipments remained robust.

The outlook for Mac, iPad and iPhone 4 remains extremely strong, backed by demand in domestic and international markets, boding well for Apples revenues and earnings.

Operating Performance

Apple reported earnings of $6.40 per share, well ahead of its conservative guidance of $4.90. Earnings shot up 92.2% from $3.33 per share reported in the year-ago quarter.

Net income soared to $5.98 billion in the quarter, reflecting a remarkable 94.8% growth from $3.07 billion in the year-ago quarter.

Gross margin fell 30 basis points (bps) year over year to 41.4%, due to a higher mix of aggressively priced iPad sales. However, it was 290 bps above management’s expectation. O

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FLIR Systems Inc. (FLIR) reported a 5.7% increase in its earnings of 37 cents per share for the second quarter of 2010, beating the Zacks Consensus Estimate of 35 cents per share.

Revenue

Total revenue for the quarter increased 19% year over year to $331.1 million. About $27 million of revenue was derived from Raymarine acquisition, excluding which total revenue increased 9%.

FLIR Systems experienced revenue growth in all its segments. The company’s Commercial Systems division recorded highest year-over-year revenue growth of 16% to $136.0 million followed by a growth of 7% at the Thermography division to $71.4 million. Government Systems division revenues increased 5% to $167.9 million during the quarter.

Backlog

At the end of the quarter, total backlog of the company, which will expire in next twelve months, decreased sequentially by $25 million to $518 million, with $17 million added through Raymarine acquisition. S

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