Ford Motor Company (NYSE: F) fiscal third quarter profit declined 22% as the company took a big charge linked to pension and employee buyout expenses. However, the automobile company posted record fiscal third quarter operating profit. Revenue also jumped 12%. For the latest period, Ford reported a pretax profit of $2.6 billion or 45 cents a share. Analysts’ consensus estimate was for earnings of 38 cents a share. The Company also raised its outlook on several key metrics such as full-year operating profit, sales volume in China, operating margin and results in South America and Europe.
Month: October 2013
PulteGroup Shares Climb on Q3 Results
Shares of PulteGroup Inc. (NYSE: PHM) gained sharply on Thursday after the homebuilder reported better-than-expected fiscal third quarter results. Higher selling prices and increased number of closing helped drive up the revenue even as new orders fell. For the latest period, average selling prices climbed 11% to $310,000. Home-building cost of revenue rose 18%. Home sales gross margin (after excluding impairments) widened to 22.5% from 21.6%. Non-GAAP earnings stood at 45 cents on revenue of $1.58 billion. Analysts had expected earnings of 36 cents on revenue of $1.46 billion.
Caterpillar Shares Plunge on Q3 Results and Full-Year Outlook
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.
WellPoint Q3 Earnings Comfortably Beats Estimate
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.
Kimberly Clark Beats Q3 Estimates
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.
Delta Airlines Tops Q3 Estimates
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.
Office Depot, OfficeMax close to get FTC Approval for the Proposed Merger
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.
Hasbro Beats Q3 Expectation as International Sales Soar
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 in Recent Months
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
North American Segment Drives up Baker Hughes’ Q3 Revenue
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%.