Mining and construction equipment maker, Caterpillar Inc. (NYSE: CAT) said on Wednesday that fiscal third quarter profit fell 44% as demand for mining equipment remained weak even as prices of construction equipment felt the downward pressure. The Company slashed its full-year earnings per share forecast to $5.50 from $6.50. In the last fiscal year, the company posted earnings of $8.48 a share. For the current fiscal year, the company expects revenue of $55 billion down from previous forecast of $56 billion to $58 billion.
Health Benefit Company, WellPoint Inc. (NYSE: WLP) reported on Wednesday that fiscal third quarter profit slid 5.1% as overall expenses outpaced revenue growth, offsetting gains in membership and lower medical costs. However, both core earnings and revenue topped analysts’ expectation. WellPoint reiterated its full-year revenue outlook and lifted its earnings projection by 40 cents. The Company now anticipates earnings of $8.40 a share. Stripping out onetime items such as acquisition related cost and gains arising from investments, the adjusted earnings came in at $2.10 a share. Total operating revenue jumped 17% to $17.73 billion. Analysts’ consensus estimate was for earnings of $1.82 a share on revenue of $17.62 billion.
Consumer-products company, Kimberly-Clark Corp. (NYSE: KMB) reported on Tuesday that fiscal third quarter income rose 5.6%, aided by higher margins and organic sales growth. Stripping out onetime items, Kimberly Clark posted earnings of $1.44 a share, up from $1.34 a share, in the year-ago period. Sales inched up 0.3% to $5.26 billion; however, organic sales climbed 5%. Analysts’ consensus estimate was for earnings of $1.40 a share on revenue of $5.23 billion. The Company also lifted its lower end of the full-year earnings guidance by five cents. The Company expects full-year earnings to be in the range of $5.65 to $5.75 a share.
Shares of Delta Air Lines Inc. (NYSE: DAL) gained sharply on Tuesday after the airline company reported better-than-expected fiscal third quarter results, driven by higher passenger traffic and higher passenger unit revenue. For the latest period, Delta Air Lines posted net income of $1.37 billion or $1.59 a share compared to a profit of $1 billion or $1.23 a share, in the year-ago period. Stripping out onetime items such as fleet restructuring expenses, impacts of fuel hedging and other costs, the non-GAAP earnings came in at $1.41 a share. Revenue increased 5.7% to $10.49 billion. Analysts’ consensus estimate was for earnings of $1.36 a share on revenue of $10.47 billion, according to a data compiled by Thomson Reuters.
The Wall Street Journal said that office product retailers, OfficeMax (NYSE: OMX) and Office Depot (NYSE: ODP) were likely to receive the Federal Trade Commission’s approval for a proposed merger. The Journal said that the proposed merger of the United States’ second and third largest office product retailers will not harm the competitive landscape of the industry. Sources familiar with the matter said that the regulatory authority will not ask the merged entity to make divestures. In February, Office Depot announced that it intends to buy OfficeMax in an all-stock deal valued at $976 million.
Toymaker, Hasbro Inc. (NASDAQ: HAS) said on Monday that fiscal third quarter earnings rose 17% as the bottom line was bolstered by a double-digit percentage revenue growth in emerging markets and benefits arising from tax adjustments, offsetting weakness in the domestic market. For the latest period, sales in the girls’ segment climbed 29% to $388.7 million; it declined 17% to $392 million at its boys’ segment while sales in games’ segment increased 5.9% to $387.5 million. Revenue from emerging markets soared 22%. Overall revenue rose 1.9% to $1.37 billion. In the U.S. and Canada, revenue slipped 5% while international sales climbed 11%. Both core earnings and revenue topped analysts’ expectation.
Insider Buying Activity The third quarter of 2013 turned out to be a volatile one for U.S. equity market amid speculation that the Federal Reserve will start easing its bond purchase program soon. The Fed, however, surprised market participants in September by not scaling back its bond purchases. Continue reading Insider Buying in Recent Months
Oil drilling services and solutions provider, Baker Hughes Inc. (NYSE: BHI) said on Friday that income rose 22% in the fiscal third quarter as its performance in the North American segment improved. The Company said that services like drilling, completion systems, artificial lift and upstream chemical businesses bolstered revenue in the North American segment. Both earnings and revenue beat analysts’ consensus estimate, sending share up about 7.25% in regular trading hours in North America. Excluding Latin America, revenue from other geographic markets also showed some improvement. In North America revenue rose 4.1%.
UBS on Friday upgraded the online marketplace and Kindle maker, Amazon.com Inc. (NASDAQ: AMZN) to a “buy” from a “neutral” and increased the price target to $385 from $305. UBS’s analyst, Eric Sheridan said that Amazon’s decision to hire 70,000 seasonal employees for the crucial holiday season quarter, reflects its bullish view for the fiscal fourth quarter. Besides, Sheridan also said that the Company’s advertising business is also “unappreciated” even as Amazon’s Kindle ecosystem is showing expansion. Sheridan expects the Company to post fiscal third quarter results in-line with Wall Street’s estimates. Amazon is scheduled to reports fiscal third quarter results on Thursday after the closing bell.
Shares of Verizon Communications Inc. (NYSE: VZ) rose sharply after the company announced its third-quarter financial results. The company’s adjusted earnings for the quarter came in at $0.77 per share, compared to $0.64 per share reported for the same period in the previous year. Revenue for the quarter stood at $30.28 billion, compared to $30.16 billion reported for the same period in the previous year. Lowell C. McAdam, Verizon’s CEO said that the strong third-quarter results reflect the company’s long-term investment in reliable, high-quality networks to deliver value to customers. VZ shares ended the day 3.49% higher at $48.90. |
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