P&G Sales Fell 7%, BP Revenues Plunged 30%

Mukesh Buch
26 Apr, 2016
New York City

3M net jumped but revenues fell. BP net swung to a loss and revenues plunged 30%. Du Pont profit soared 19% while sales dropped 6%. Eli Lilly net plummeted 17% but sales rose 5%. Lockheed Martin net slumped 10% but revenues surged 16%. P&G sales fell 7%.

[R]12:00 PM New York – 3M net jumped but revenues fell. BP net swung to a loss and revenues plunged 30%. Du Pont profit soared 19% while sales dropped 6%. Eli Lilly net plummeted 17% but sales rose 5%. Lockheed Martin net slumped 10% but revenues surged 16%. P&G sales fell 7%.[/R]

Tollbooth Index rose 12.61 to 10,732.51.

Earnings Review

3M Company ((MMM)) fell 96 cents to $167.37 after the industrial conglomerates reported sales in the first-quarter ending in March dropped 2.2% from a year ago to $7.41 billion.

Net income in the quarter soared 6.7% to $1.28 billion or $2.05 per diluted share compared to $1.20 billion or $1.85 per share from the same quarter last year.

In the full-year 2016, 3M maintained estimated earnings per share in the range of $8.10 to $8.45.

BP Plc ((BP)) jumped 4.6% or $1.45 to $33.24 after the U.K.-based oil and gas producer said total revenues in the first-quarter ending in March plunged 30.3% from a year ago to $39.17 billion.

Net in the quarter swung to a loss of $558 million or $3.16 per diluted share compared to $2.65 billion or $14.21 per share from the same quarter last year.

DTE Energy Co ((DTE)) rose 21 cents to $86.49 after the diversified energy company sated total revenues in the first-quarter ending in March declined 13.8% from a year ago to $2.57 billion.

Net income in the quarter dropped 9.5% to $247 million or $1.37 per diluted share compared to $273 million or $1.53 per share from the same quarter last year.

DTE reiterated operating earnings per share forecast in fiscal 2016 between $4.80 and $5.05.

E I Du Pont De Nemours And Co ((DD)) increased 2.2% or $1.40 to $67.37 after the industrial conglomerates said total sales in the first-quarter ending in March slumped 6% from a year ago to $7.41 billion.

Net income in the quarter soared 19.4% to $1.23 billion or $1.39 per diluted share compared to $1.03 billion or $1.13 per share from the same quarter last year.

The company lifted full-year earnings per share forecast in the range of $3.05 to $3.20 from the previous guidance of $2.95 to $3.10 per share, an increase of 10% to 16% from a year ago.

Eli Lilly and Co ((LLY)) fell 46 cents to $77.48 after the healthcare products maker reported revenues in the first-quarter ending in March advanced 5% from a year ago to $4.86 billion.

Net income in the quarter plummeted 17% to $440.1 million or 41 cents per diluted share compared to $529.5 million or 50 cents per share from the same quarter last year.

The company estimated earnings per share in 2016 in the range of $2.68 to $2.78 and non-GAAP between $3.50 and $3.60 reflecting the impact of the Venezuelan financial crisis.

Ingersoll-Rand Plc ((IR)) increased 1.7% or $1.07 to $65.09 after the Ireland-based diversified manufacturing company said revenues in the first-quarter ending in March edged up 0.2% from a year ago to $2.89 billion.

Net income in the quarter surged three-fold to $152.4 million or 58 cents per diluted share compared to $51.3 million or 19 cents per share from the same quarter last year.

Lockheed Martin Corporation ((LMT)) rose 1.2% or $2.77 to $229.07 after the security and aerospace company reported net sales in the first-quarter ending in March surged 15.8% from a year ago to $11.70 billion.

Net income in the quarter slumped 9.6% to $794 million or $2.58 per diluted share compared to $878 million or $2.74 per share from the same quarter last year.

The aerospace company lifted diluted earnings per share forecast in the fiscal 2016 between $11.50 and $11.80 from earlier estimated range of $11.45 to $11.75.

McGraw Hill Financial Inc ((MHFI)) gained 1.4% or $1.40 to $104.35 after the credit ratings and digital professional information provider said revenues in the first-quarter ending in March jumped 5% from a year ago to $1.34 billion.

Net income in the quarter fell 3% to $294 million compared to $303 million and diluted earnings per share were flat at $1.10 from the same quarter last year.

The company reaffirmed diluted earnings per share forecasted in fiscal 2016 remains between $5 and $5.15.

Procter & Gamble Co ((PG)) slipped 79 cents to $80.60 after the healthcare products maker reported net sales in the third-quarter ending in March declined 7% from a year ago to $15.76 billion.

Net income in the quarter soared 28% to $2.75 billion or 97 cents per diluted share compared to $2.15 billion or 75 cents per share from the same quarter last year.

P&G maintained its forecast for organic sales growth of in-line to up low-single digits from a year ago period and all-in sales to be fall high-single digits in fiscal 2016.

Thomson Reuters Corporation ((TRI)) jumped 2.2% or 88 cents to $41.74 after the professional news and information provider said revenues in the first-quarter ending in March fell 1% from a year ago to $2.79 billion.

Net income in the quarter plunged 14.1% to $262 million or 34 cents per diluted share compared to $305 million or 38 cents per share from the same quarter last year.