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DAILY EARNINGS

Booz Allen, Sysco Net Jump; Bristol-Myers Net Swings to Loss


Author: Mukesh Buch
ticker.com
Last Update: 12:20 PM EST February 05 2018

11:45 PM New York Bristol-Myers fourth-quarter net swung to a loss of $2.3 billion. Booz Allen third-quarter soared 26% to $70 million. Hess Corp fourth-quarter net loss narrowed to $2.7 billion. Mercury General fourth-quarter net swung to profit $20 million. Sysco second-quarter net jumped 3% to $284 million.

Tollbooth Index fell 7.55 to 14,218.50.

Earnings Review

Bristol-Myers Squibb Co (BMY), the biopharmaceutical products maker reported revenues in the fourth-quarter ending in December rose 4% from a year ago to $5.4 billion.

Net in the quarter swung to a loss of $2.3 billion or $1.42 per diluted share from profit of $894 million or 53 cents in the same quarter last year.

Bristol-Myers forecasted worldwide revenues in the fiscal 2018 to increase in the low- to mid-single digits and diluted earnings per share in the range of $3 to $3.15.

The pharmaceutical products maker said strong sales in Opdivo and Eliquis products but loss in profit was driven by new tax reform related charges.

Broadcom Corporation (BRCM), the semiconductor solutions provider plans to increase its offer for Qualcomm Inc. to about $120 billion, representing 50% premium of closing price of Qualcomm on November 2, 2017.

Under the terms, stockholders of Qualcomm will receive $82 per share, consisting $60 in cash and the remainder in shares of Broadcom.

Broadcom remains confident that proposed may completed within the 12 months.

Booz Allen Hamilton Holding Corp (BAH), the consulting and engineering services provider said revenues in the third-quarter ending in December jumped 6.8% from a year ago to $1.5 billion.

Net income in the quarter soared 25.5% to $69.8 million or 47 cents per diluted share from $55.6 million or 37 cents in the same quarter last year.

Booz Allen forecasted revenues growth in fiscal 2018 in the range of 5.5% to 7.5% and diluted earnings per share between $1.86 and $1.94.

Separately, today Booz Allen said it was awarded cyber-security contract for about $621 million.

Hess Corporation (HES), the oil and gas explorer said total revenues in the third-quarter ending in December declined 6.5% from a year ago to $1.3 billion.

Net loss in the quarter narrowed to $2.7 billion or $8.57 per diluted share from $4.9 billion or $15.65 in the same quarter last year.

Mercury General Corp (MCY), the automobile insurance provider stated net premium in the fourth-quarter ending in December increased 1.5% from a year ago to $806.8 million.

Net the quarter swung to profit $19.8 million or 36 cents per diluted share from a loss of $26.1 million or 47 cents in the same quarter last year.

The insurer reported two catastrophe losses in the quarter before reinsurance benefits of about $109 million and $168 million in the full-year.

Sysco Corporation (SYY), the food products distributor reported sales in the second-quarter ending in December soared 7.1% from a year ago to $14.4 billion.

Net income in the quarter jumped 3.3% to $284.1 million or 54 cents per diluted share from $275.2 million or 50 cents in the same quarter last year.
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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc