U.S. Movers: BlackRock, J&J, Coca-Cola, Goldman Sachs, Grainger

Mukesh Buch
16 Apr, 2013
New York City

BlackRock fourth quarter net climbed 25% and J&J first quarter net dropped 10%. Coca-Cola quarterly net tumbled 15% and Goldman Sachs net advanced 5% to $2.18 billion. U.S. Bancorp first quarter net jumped 7% and Grainger net climbed 13% and lifted outlook.

[R]11:20 AM New York – BlackRock fourth quarter net climbed 25% and J&J first quarter net dropped 10%. Coca-Cola quarterly net tumbled 15% and Goldman Sachs net advanced 5% to $2.18 billion. U.S. Bancorp first quarter net jumped 7% and Grainger net climbed 13% and lifted outlook.[/R]

Earnings Review

BlackRock, Inc. ((BLK)) slipped $2.19 to $251.49 after the investment company reported revenue in the fourth quarter ending in December jumped 14% to $2.54 billion. Net income in the quarter climbed 25% to $695 million or $3.96 a diluted share compared to $558 million or $3.06.

The company said operating income in the quarter surged 24% to $1 billion.

Brown & Brown, Inc. ((BRO)) gained 1.8% or 58 cents to $31.25 after the insurance company stated total revenues in the first quarter ending in March climbed 11% to $335 million. Net income in the quarter advanced 22% to $60.1 million or 60 cents a diluted share compared to $49.4 million or 64 cents.

Comerica Incorporated ((CMA)) rose 19 cents to $34.32 after the financial services company said net interest income in the first quarter ending in March plunged 6% to $416 million. Net income in the quarter increased 2% to $132 million or 70 cents a diluted share compared to $129 million or 66 cents.

Johnson & Johnson ((JNJ)) increased 1.6% or $1.30 to $83.02 after the pharmaceutical maker reported sales in the first quarter ending in March surged 9% to $17.5 billion. Net earnings in the quarter dropped 10% to $3.5 billion or $1.22 a diluted share compared to $3.9 billion or $1.41.

The health care company said domestic sales in the quarter climbed 11.2% and international sales jumped 6.3%. Worldwide consumer sales increased 2.2% $3.7 billion and worldwide pharmaceutical sales soared 10.4% to $6.8 billion.

The company confirmed its earnings guidance for the full year in the range of $5.35 to $5.45 per share.

The Coca-Cola Company ((KO)) climbed 5.1% or $2.08 to $42.17 after the beverage company said net operating revenue in the first quarter ending on March 29 fell 1% to $11 billion. Net income in the quarter tumbled 15% to $1.75 billion or 39 cents a diluted share compared to $2.05 billion or 45 cents.

The company added operating income in the quarter dropped 4% to $2.4 billion.

The Goldman Sachs Group, Inc ((GS)) declined 2.3% or $3.36 to $143.05 after the financial holding company stated revenues in the first quarter ending in March rose 2% to $9.16 billion. Net earnings in the quarter advanced 5% to $2.18 billion or $4.29 a diluted share compared to $2.07 billion or $3.92.

U.S. Bancorp ((USB)) dropped 2.2% or 77 cents to $32.55 after the financial services provider said total net revenue in the first quarter ending on March 23 decreased 1% to $4.9 billion. Net earnings in the quarter jumped 7% to $1.43 billion or 73 cents a diluted share compared to $1.34 billion or 67 cents.

Washington Federal, Inc. ((WAFD)) slumped 2.6% or 43 cents to $16.08 after the holding company said interest income in the first quarter ending in March plunged 18% to $126.5 million. Net income in the quarter advanced 5% to $36 million or 34 cents a diluted share compared to $34 million or 32 cents.

Wolverine World Wide, Inc. ((WWW)) jumped 5.3% or $2.40 to $47.13 after the footwear company reported revenue in the first quarter ending on March 23 surged 103% to $6.5 billion. Net earnings in the quarter decreased 4% to $29.8 million or 60 cents a diluted share compared to $31.2 million or 64 cents.

The company added gross profit in the quarter soared 98% to $262.1 million.

W.W. Grainger, Inc. ((GWW)) soared 7.4% or $16.79 to $242.49 after the products and services distributor reported sales in the first quarter ending in March jumped 4% to $2.3 billion. Net earnings in the quarter climbed 13% to $212 million or $2.94 a diluted share compared to $188 million or $2.57.

The company said sales for the United States segment and first quarter at Canada segment each increased 4%.

The company lifted outlook for fiscal 2013 and now expects sales growth in the range of 5% to 9% and earnings per share between $11.30 and $12.