Preview of Wednesday Morning's Biggest Earnings Releases: WHR, HSY, PC, GNW, TWX, AOL

Lots of companies are posting earnings on Wednesday morning, but here's the run-down (and history) of the names you need to focus on most.  

If the pros are on target, Whirlpool Corporation (WHR) will turn in income of $2.26 per share on Wednesday, further solidifying that nice trailing P/E of 10.4. Just for the record though, Whirlpool has beat estimates in six of its late seven quarters. Barring any wild shortcoming, 2010 will be the most profitable year ever for WHR.

Is Time Warner Inc. (TWX) better off without AOL? We'll find out tomorrow. Analysts expect to see $0.62 per share, which will be the best quarter of 2010 for the pure entertainment outfit. Time Warner has also made a habit of beating though, having done so in each of the last seven quarters (even if income in 2009 and 2010 was sub-par comparison to 2007 and 2008).

If The Hershey Company (HSY) actually posts the anticipated income of $0.61 per share on Wednesday, it will be a dubious honor. That's going to be less than Q4 of 2009's total, and only two cents more than what HSY earned in the fourth quarter of 2008. Still, that modesty income level will be enough to make 2010 a record year for The Hershey Company.

There aren't too many meaningful estimates on what Panasonic Corporation (PC) may have earned last quarter, but we'll find out very early Wednesday morning (perhaps very late Tuesday night) all the same. Just for reference, Panasonic Corporation earned 15.6 yen per share in the fourth quarter of 2009, and 15.0 in the third quarter of last year. Given the strength of holiday shopping in the electronics sector, we should look for something north of there.

If Genworth Financial (GNW) actually manages to bring home earnings of $0.16 for last quarter, it will be the first time it's even met expectations all year long. Even then it will be shy of what anyone could consider 'good' for GNW. Though 2010 is slated to be better than 2009 - with an EPS of $0.99 versus the prior year's $0.44 - it's still well short of the kind of money Genworth Financial were seeing before the 2008 meltdown. At least the forward-looking P/E of 12.8 has made the diminished earnings palatable.

And finally, how will AOL Inc. (AOL) look now that it's standing on its own. On a pro-rata basis, the internet service provider earned $0.71 in Q4 of 2009, and $0.82 in the third quarter of late year. So, if it can't bring home the forecasted $0.42 this time around (a ridiculous low-ball outlook), then something is very wrong. Even if it beats estimates though, be leery..... AOL Inc. shares are still trading at 16.3 times forward-looking earnings.