GM, Merck, P&G Net Surge; Caterpillar, Du Pont, Eli Lilly Net Tumble

Mukesh Buch
25 Oct, 2016
New York City

Baker Hughes net loss widened. Caterpillar net and revenues tumbled and construction equipment maker lowered revenues forecast. Du Pont and Eli Lilly lifted revenues estimate. GM net doubled. Lockheed Martin net surged. Merck and P&G net soared.

[R]2:10 PM New York – Baker Hughes net loss widened. Caterpillar net and revenues tumbled and construction equipment maker lowered revenues forecast. Du Pont and Eli Lilly lifted revenues estimate. GM net doubled. Lockheed Martin net surged. Merck and P&G net soared.[/R]

Tollbooth Index slipped 68.22 or 0.6% to 10,901.26.

Earnings Review

Baker Hughes Inc ((BHI)) jumped 4.5% or $2.35 to $54.50 after the oilfield services provider said revenues in third-quarter ending in September plunged 36.8% from a year ago to $2.4 billion.

Net loss in the quarter widened to $429 million or $1 per diluted share compared to the $159 million or 36 cents per share from the same quarter last year.

Caterpillar Inc ((CAT)) rose 11 cents to $86.12 after the construction and mining equipment maker reported revenues in third-quarter ending in September declined 16% from a year ago to $9.2 billion.

Net income in the quarter tumbled 49.4% to $283 million or 48 cents per diluted share compared to the $559 million or 94 cents per share from the same quarter last year.

Caterpillar lowered revenues forecast in the full-year to about $39 billion and earnings per share may up to $2.35 or $3.25 per share excluding restructuring costs.

Previously, Caterpillar estimated revenues in the year between $40 billion and $40.5 billion and earnings per share of about $2.75 per share, or about $3.55 per share excluding restructuring costs.

E I Du Pont De Nemours And Co ((DD)) fell 33 cents to $69.72 after the industrial conglomerate said revenues in third-quarter ending in September rose 1% from a year ago to $4.92 billion.

Net income in the quarter plunged 99.1% to $2 million or break even per diluted share compared to the $235 million or 26 cents per share from the same quarter last year.

DuPont plans to create three listed entities focusing agriculture, materials and specialty products after the mega-merger with Switzerland-based pesticide and seed maker Syngenta.

The industrial conglomerate lifted earnings per share forecast in the year to $3.25 from previous guidance of $3.15 to $3.20.

Eli Lilly and Co ((LLY)) gained 35 cents to $77.92 after the pharmaceutical products maker stated revenues in third-quarter ending in September jumped 5% from a year ago to $5.2 billion.

Net income in the quarter fell 3% to $778 million or 73 cents per diluted share compared to the $799.7 million or 75 cents per share from the same quarter last year.

In the year, Eli Lilly lifted revenues forecast between $20.8 billion and $21.2 billion from earlier estimated range between $20.6 billion to $21.1 billion and earnings per share in the range of $2.66 to $2.76 compared to the previous guidance between $2.68 and $2.78.

General Motors Company ((GM)) declined 4% or $1.32 to $31.66 after the automobile manufacturer reported net revenues in third-quarter ending in September soared 10.3% from a year ago to $42.8 billion.

Net income in the quarter double to $2.8 billion or $1.76 per diluted share compared to the $1.4 million or 84 cents per share from the same quarter last year.

General Motors said strong truck sales and overall improvement in retail business in North America and China that offset losses in Europe and South America.

GM forecasted full-year earnings per share to be on ""high end"" from earlier forecasted range of $5.50 to $6.

Lockheed Martin Corporation ((LMT)) surged 6.4% or $14.77 to $246.93 after the security and aerospace group net sales in third-quarter ending in September jumped 14.8% from a year ago to $11.55 billion.

Net income in the quarter surged 177.4% to $2.4 billion or $7.93 per diluted share compared to the $865 million or $2.77 per share from the same quarter last year.

Merck & Co., Inc ((MRK)) gained 1.9% or $1.15 to $61.90 after the healthcare products maker reported sales in third-quarter ending in September rose 5% from a year ago to $10.5 billion.

Net income in the quarter soared 22.2% to $2.2 billion or 78 cents per diluted share compared to the $2.7 billion or 64 cents per share from the same quarter last year.

Procter & Gamble Co ((PG)) soared 4.2% or $3.51 to $87.61 after the consumer goods maker said net sales in second-quarter ending in September were flat from a year ago to $16.5 billion.

Net income in the quarter jumped 4% to $2.7 billion or 96 cents per diluted share compared to the $2.6 million or 91 cents per share from the same quarter last year.