U.S. Movers: Caterpillar, Cigna, Kimberly-Clark, Lorillard, V.F. Corp.

Mukesh Buch
24 Oct, 2011
New York City

Caterpillar third quarter net profit surged 44% to $1.14 billion. Cigna will acquire all shares of HealthSpring for $55 per share transaction value of $3.8 billion. Eaton third quarter net income rose to $365 million. Kimberly-Clark third quarter net income slipped 7.9% to $432 million.

[R]11:30 PM New York – Caterpillar third quarter net profit surged 44% to $1.14 billion. Cigna will acquire all shares of HealthSpring for $55 per share transaction value of $3.8 billion. Eaton third quarter net income rose to $365 million. Kimberly-Clark third quarter net income slipped 7.9% to $432 million.[/R]

Bank of Hawaii Corporation ((BOH)) increased 2.8% or $1.15 to $41.51 after the bank holding company reported third quarter net interest income fell to $96.8 million from $98.6 million in the same quarter last year. Net income in the quarter decreased to $43.3 million or 92 cents per diluted share compared to $44.1 million or 91 cents per share a year ago period.

Caterpillar Inc. ((CAT)) increased 4.9% or $4.29 to $91.65 after creased 1.4% or 24 cents to $16.39 after the construction and mining equipment maker reported third quarter sales soared 41% to $15.7 billion from $11.1 million in the previous year. Net profit in the quarter surged 44% to $1.14 billion or $1.71 per diluted share compared to net earnings of $0.80 billion or $1.22 per share reported a year ago.

Caterpillar revised its outlook for 2011 sales and revenues are now expected to be about $58 billion and profit expected of about $6.75 per share. The preliminary outlook for 2012 sales and revenues expect to improve 10% to 20% from the 2011 outlook of about $58 billion.

CIGNA Corporation ((CI)) fell 0.9% or 30 cents to $44.40 after the health service provider will acquire all outstanding shares of HealthSpring for $55 per share in cash which total transaction value of approximately $3.8 billion. The transaction is expected to close in first six months of 2012.

Eaton Corporation ((ETN)) fell 0.9% or 38 cents to $43.02 after the electrical component and system maker reported third quarter sales increased 15% to $4.12 billion from $3.57 billion in the previous year. Net income in the quarter increased to $365 million or $1.07 per diluted share compared to $268 million or $0.80 per share reported a year ago.

Invesco Ltd. ((IVZ)) rose 2.4% or 45 cents to $19.19 after the investment company reported third quarter total revenues grew 4.7% to $997.8 million from $953.1 billion in the same quarter last year. Net earnings in the quarter increased 7.9% to $166.9 million or 36 cents per diluted share compared to $154.7 million or 32 cents per share a year ago earlier.

IDEXX Laboratories, Inc. ((IDXX)) increased 1.7% or $1.30 to $75.01 after the veterinary diagnostic product company reported third quarter revenues grew 12% to $301 million from $269.6 million in the year-ago quarter. Net income in the quarter rose 11% to $38.5 million or 66 cents per diluted share compared to net income of $34.7 million or 59 cents per share in the year-ago period.

Kansas City Southern ((KSU)) rose 0.8% or 48 cents to $60.02 after the freight railroad company said third quarter sales rose 24% to $545 million from $438.3 million last year. Net income in the quarter doubled to $100 million or 91 cents per diluted share compared to net income of $50 million or 48 cents per share last year.

Kimberly-Clark Corp. ((KMB)) decreased 5.1% or $3.72 to $69.28 after the paper-based consumer products maker stated third quarter net sales increased 8.1% to $5.38 billion from $4.98 billion in the comparable period. Net income in the quarter slipped 7.9% to $432 million or $1.09 per diluted share compared to net income of $469 million or $1.14 per share last year.

Lorillard Inc. ((LO)) dropped 3.8% or $4.49 to $111.15 after the cigarettes maker reported third quarter net sales grew 3.5% to $1.62 billion from $1.57 billion the previous year. Net income in the quarter fell 2.6% to $267 million compared to net income of $274 million in the prior-year quarter.

However, earnings per diluted share grew to $1.94 from $1.81 last year. Lower number of outstanding shares increased earnings per share by $0.18.

Roper Industries, Inc. ((ROP)) slipped 2% or $1.56 to $76.13 after the medical and scientific products and software maker stated third quarter net sales increased 18% to $712.7 million from $605.1 million in the previous year. Net earnings in the quarter soared 31% to $110.3 million or $1.12 per diluted share compared to $84.3 million or $0.87 per share reported a year ago.

The company raises its guidance for full year diluted earnings per share of $4.29 to $4.33 and fourth quarter of $1.18 to $1.22.

V.F. Corporation ((VFC)) increased 3.1% or $6.18 to $136.87 after the apparel company reported third quarter total revenues increased 23% to $2.75 billion from $2.23 billion in the year-ago quarter. Net income in the quarter rose 24% to $300.7 million or $2.69 per diluted share compared to net income of $242.8 million or $2.22 per share in the year-ago period.

The acquisition of Timberland Company which was completed in September added $163.6 million to revenues. The company raised total revenues guidance for 2011 and expected increase of 22 to 23%.