CME, Cummins, Moody's Profit Decline; ArcelorMittal Net Loss Widens

Mukesh Buch
05 Feb, 2016
New York City

AON net surged on flat revenues. ArcelorMittal net loss widened and the steelmaker plans to raise $4 billion to reduce net debt of $12 billion. Ametek net declined 10%. CME profit dropped 5%. Cummins net plunged 64% on 6% decline in revenues. Estee Lauder net rose 2%. Moody''s net fell.

[R]12:15 PM New York – AON net surged on flat revenues. ArcelorMittal net loss widened and the steelmaker plans to raise $4 billion to reduce net debt of $12 billion. Ametek net declined 10%. CME profit dropped 5%. Cummins net plunged 64% on 6% decline in revenues. Estee Lauder net rose 2%. Moody''s net fell.[/R]

Tollbooth Index declined 238.18 or 2.4% to 9,830.18.

Earnings Review

AON Plc ((AON)) jumped 3.3% or $2.90 to $91.81 after the U.K.-focused insurance, consulting and outsourcing services provider said total revenues in the fourth-quarter ending in December were flat from a year ago at $3.3 billion.

Net income in the quarter surged 27% to $584 million or $2.09 per diluted share compared to $459 million or $1.56 per share from the same quarter last year.

ArcelorMittal SA ((MT)) plunged 6.9% or 29 cents to $3.85 after the Luxembourg-focused steel producer reported revenues in the fourth-quarter ending in December plunged 25.3% from a year ago to $13.98 billion.

Net loss in the quarter widened to $6.69 billion or $3.72 per diluted share compared to $955 million or 53 cents per share from the same quarter last year.

Separately, the steel producer today announced that it had sold its 35% stake in Gestamp Automoción to the majority shareholder, the Riberas family, for cash of €875 million.

The steelmaker plans to raise about $3 billion and sell its minority stake in Gestamp for about $1 billion to reduce net debt by $4 billion to below $12 billion.

Ametek Inc ((AME)) dropped 2.6% or $1.16 to $45.48 after the electronic and electromechanical devices maker stated revenues in the fourth-quarter ending in December slumped 4% from a year ago to $988 million.

Net income in the quarter declined 10% to $136.8 million or 57 cents per diluted share compared to $152 million or 62 cents per share from the same quarter last year.

CME Group Inc ((CME)) increased 1.9% or $1.60 to $87.93 after the commodity exchange operator reported revenues in the fourth-quarter ending in December fell 3.2% from a year ago to $813.8 million.

Net income in the quarter slid 4.8% to $291.7 million or 86 cents per diluted share compared to $305.5 million or 91 cents per share from the same quarter last year.

Cummins Inc ((CMI)) gained 1.6% or $1.61 to $99.11 after the diesel engine manufacturer stated revenues in the fourth-quarter ending in December declined 6% from a year ago to $4.8 billion.

Net income in the quarter plunged 63.7% to $161 million or 92 cents per diluted share compared to $444 million or $2.44 per share from the same quarter last year.

Estee Lauder Companies Inc ((EL)) increased 2.6% or $2.29 to $89.30 after the fragrance and personal care products maker reported net sales in the second-quarter ending in December jumped 3% from a year ago to $3.12 billion.

Net income in the quarter rose 2% to $446.2 million or $1.19 per diluted share compared to $435.7 million or $1.13 per share from the same quarter last year.

Moody''s Corporation ((MCO)) slumped 4.8% or $4.22 to $82.91 after the credit ratings agency said revenues in the fourth-quarter ending in December slid 1% from a year ago to $865.9 million.

Net income in the quarter plummeted 7.8% to $217.9 million or $1.09 per diluted share compared to $236.3 million or $1.12 per share from the same quarter last year.