Record Earnings at GM, Kors Plunges on Weak Hand Bag Sales Outlook

Mukesh Buch
07 Feb, 2017
New York City

Arrow Electronics plunged on weak outlook. Archer Daniels net tumbled 41%. Cardinal Health profit slid but revenues jumped. Church & Dwight net rose. GM profit plunged 71% while revenues soared 11%. Intercontinental Exchange net surged 12%. Omnicom net jumped.

[R]2:10 PM New York – Arrow Electronics plunged on weak outlook. Archer Daniels net tumbled 41%. Cardinal Health profit slid but revenues jumped. Church & Dwight net rose. GM profit plunged 71% while revenues soared 11%. Intercontinental Exchange net surged 12%. Omnicom net jumped.[/R]

Tollbooth Index increased 28.08 or 0.3% to 11,375.27.

Earnings Review

Arrow Electronics, Inc ((ARW)) plunged 7.4% or $5.50 to $69.08 after the electronic components provider said revenues in the fourth-quarter ending in December declined 4.8% from a year ago to $6.2 billion.

Net income in the quarter advanced 4.4% to $164.5 million or $1.81 per diluted share compared to the $158.5 million or $1.69 per share in the same quarter last year.

In the first-quarter, the electronic components maker forecasted total sales between $5.38 billion and $5.78 billion and diluted earnings per share in the range of $1.18 to $1.30.

Archer Daniels Midland Company ((ADM)) rose 30 cents to $44.32 after the food processing group reported revenues in the fourth-quarter ending in December grew 0.4% from a year ago to $16.5 billion.

Net income in the quarter tumbled 40.9% to $424 million or 73 cents per diluted share compared to the $718 million or $1.19 per share in the same quarter last year.

Cardinal Health Inc ((CAH)) jumped 3.2% or $2.43 to $78.39 after the healthcare services provider said revenues in the second-quarter ending in December jumped 5% from a year ago to $33.1 billion.

Net income in the quarter fell 0.6% to $324 million or $1.02 per diluted share compared to the $326 million or 98 cents per share in the same quarter last year.

The generic drugs maker forecasted earnings per share in the full-year in the range of $5.35 to $5.50 from earlier outlook of $5.40 to $5.60.

Church & Dwight Co., Inc ((CHD)) advanced 3.7% or $1.64 to $47.09 after the household, personal care and specialty products maker stated net sales in the fourth-quarter ending in December increased 2.6% from a year ago to $896 million.

Net in the quarter rose 1.2% to $110.4 million or 42 cents per diluted share compared to the $109.1 million or 41 cents per share in the same quarter last year.

General Motors Company ((GM)) declined 4.6% or $1.69 to $35.13 after the automaker reported revenues in the fourth-quarter ending in December soared 10.8% from a year ago to $43.9 billion.

Net income in the quarter plunged 70.7% to $1.8 billion or $1.19 per diluted share compared to the $6.3 million or $3.92 per share in the same quarter last year.

Intercontinental Exchange Inc ((ICE)) advanced 2.7% or $1.56 to $60.07 after the financial exchanges operator said revenues in the fourth-quarter ending in December jumped 27.6% from a year ago to $6 billion.

Net income in the quarter surged 11.8% to $1.4 billion or $2.37 per diluted share compared to the $1.3 million or $2.28 per share in the same quarter last year.

Michael Kors Holdings Ltd ((KORS)) tumbled 13.4% or $5.55 to $35.73 after the branded apparel and accessories designer stated total revenues in the third-quarter ending in December slumped 3.2% from a year ago to $1.35 billion.

Net income in the quarter plunged 7.9% to $271.3 million or $1.64 per diluted share compared to the $294.6 million or $1.59 per share in the same quarter last year.

In the fourth-quarter, Michael Kors forecasted total revenue to be between $1.04 billion and $1.06 billion and diluted earnings per share in the range of 68 cents to 72 cents.

Omnicom Group Inc ((OMC)) dropped 3.6% or $3.12 to $84.27 after the advertising and marketing services provider said revenues in the fourth-quarter ending in December increased 2.1% from a year ago to $4.2 billion.

Net income in the quarter jumped 5.6% to $348.7 million or $1.47 per diluted share compared to the $328.3 million or $1.35 per share in the same quarter last year.