U.S. Movers: Autoliv, Baker Hughes, Google, Novartis, Travelers Cos.

Mukesh Buch
20 Jul, 2012
New York City

Baker Hughes second quarter net soared 17% to $439 million. Google second quarter net surged 17% to $2.79 billion. Novartis second quarter net flat to $2.73 billion. Travelers Companies second quarter net swung to $499 million profit.

[R]10:40 AM New York – Baker Hughes second quarter net soared 17% to $439 million. Google second quarter net surged 17% to $2.79 billion. Novartis second quarter net flat to $2.73 billion. Travelers Companies second quarter net swung to $499 million profit.[/R]

American Electric Power Company, Inc. ((AEP)) rose 2 cents to $42.03 after the utility holding company reported total revenue in the second quarter ending in June was flat to $3.6 billion compared to same period last year. Net earnings in the quarter increased 10% to $362 million or 75 cents per diluted share compared to $352 million or 73 cents per share a year ago earlier.

The company has not provided earnings guidance for 2012 because of facing Ohio regulatory proceedings.

Autoliv, Inc. ((ALV)) slipped 2.1% or $1.22 to $55.42 after the Sweden based automotive safety system supplier reported sales in the second quarter ending in June soared 35% to $2.09 billion compared to $2.06 billion in the same period last year. Net income in the quarter surged 17% to $126.2 million or $1.33 per diluted share compared to $145.7 million or $1.54 per share a year ago period.

The company expects third quarter organic sales to grow 4% and for full year may increase 6%. Sales in Japan rebounded from the effects of the tsunami and rose 58% and in America sales increased to 15% but in Europe sales decreased 5%.

Baker Hughes Inc ((BHI)) soared 9.5% or $3.92 to $45.67 after the oilfield service provider reported total revenue in the second quarter ending in June soared 12% to $5.33 billion compared to $4.74 billion in the same period last year. Net income in the quarter surged 17% to $439 million or $1 per diluted share compared to $338 million or 77 cents per share a year ago quarter.

The company said it is optimistic about the market outlook for the rest of the year and if commodity prices remain at current levels than activity in U.S. should remain stable.

Google Inc. ((GOOG)) gained 2.7% or $16.57 to $609.59 after the Internet search services provider reported total revenue in the second quarter ending in June soared 35% to $12.21 billion compared to $9.03 billion in the same period last year. Net income in the quarter surged 17% to $2.79 billion or $8.42 per diluted share compared to $2.51 billion or $7.68 per share a year ago.

Acquisition of Motorola Mobility Holdings was completed by Google on May 22 and revenues in second quarter were $1.25 billion and operating loss for Motorola was $233 million.

Aggregate paid clicks increased approx 42% from last year and owned sites revenues generated $7.54 billion and network revenues generated $2.98 billion or 27%. International revenue growth was 54% an increase from 20% a year ago period and UK revenue totaled $1.18 billion, representing flat to 11%.

Idexx Laboratories, Inc. ((IDXX)) slid 2.7% or $2.58 to $90.15 after the veterinary products provider reported revenue in the second quarter ending in June rose 6% to $335.6 million compared to $317.9 million in the same period last year. Net income in the quarter soared 32% to $51.3 million or 91 cents per diluted share compared to $48.7 million or 83 cents per share a year ago period.

The company provided guidance for the full year revenues between $1.30 and $1.31 billion which represents growth of 7% to 8% and earnings per share are expected to be between $3.05 and $3.10 compared to previous guidance of $3.07 to $3.12.

Novartis AG ((NVS)) slid 32 cents to $57.04 after the Switzerland based healthcare company reported revenue in the second quarter ending in June fell 4% to $14.31 billion compared to $14.92 billion in the same period last year. Net income in the quarter was flat to $2.73 billion in the same period a year ago. Earnings per share slipped $1.12 compared to $1.13 per share a year ago.

The Travelers Companies, Inc ((TRV)) decreased 1.5% or 99 cents to $62.70 after the holding company reported total revenue in the second quarter ending in June edged down to $6.36 billion compared to $6.39 billion in the same period last year. Net income in the quarter swung to $499 million or $1.26 per diluted share compared to net loss of $364 million or 88 cents per share a year ago.

The underwriting loss in the quarter reflected combined ratio of 100.5% from 125% in the prior year quarter. Catastrophe losses in the quarter were $357 million compared to $1.09 billion in the prior year quarter.