MasterCard Transactions Jump 17%, ConocoPhillips Net swing to Profit

Mukesh Buch
02 May, 2017
New York City

Archer Daniels net surged 47%. Becton Dickinson net slightly increased. ConocoPhillips net swung to profit on sale of Canadian oil sands and gas assets. CVS Health net declined. Hilton profit plunged. MasterCard net soared. Pfizer net rose 3%.

[R]2:10 PM New York – Archer Daniels net surged 47%. Becton Dickinson net slightly increased. ConocoPhillips net swung to profit on sale of Canadian oil sands and gas assets. CVS Health net declined. Hilton profit plunged. MasterCard net soared. Pfizer net rose 3%.[/R]

Tollbooth Index increased 55.89 or 0.5% to 12,106.72.

Earnings Review

Advanced Micro Devices, Inc ((AMD)) tumbled 19% or $2.59 to $11.03 after the microprocessors maker stated net revenues in the first-quarter ending in March jumped 18.3% from a year ago to $984 million.

Net loss in the quarter narrowed to $73 million or 8 cents per diluted share from $109 million or 14 cents in the same quarter last year.

The microprocessors maker lowered gross margins forecast in the second-quarter to about 33% from 34% in the first quarter and estimated low double-digit percentage revenue growth for the full year.

Archer Daniels Midland Company ((ADM)) plunged 8% or $3.66 to $42.07 after the oilseeds, corn, wheat, cocoa and other agricultural producer reported revenues in the first-quarter ending in March increased 4.2% from a year ago to $15 billion.

Net income in the quarter surged 47.4% to $339 million or 59 cents per diluted share from $230 million or 39 cents in the same quarter last year.

Becton Dickinson and Co ((BDX)) slipped 1.1% or $1.96 to $184.42 after the diagnostic products maker reported revenues in the second-quarter ending in March fell 3.2% from a year ago to $2.9 billion.

Net income in the quarter rose 1.6% to $344 million or $1.58 per diluted share from $338 million or $1.56 in the same quarter last year.

ConocoPhillips ((COP)) slumped 2.1% or 99 cents to $46.49 after the oil and gas explorer said total revenues in the first-quarter ending in March advanced 56% from a year ago to $7.8 billion.

Net in the quarter swung to profit $777 million or 62 cents per diluted share from a loss of $1.5 billion or $1.18 in the same quarter last year.

The oil explorer net swung to profit mainly after sale of oil sands and western Canadian natural gas assets to Cenovus Energy and improved realized price of oil equivalent in the first quarter of $36.18 per barrel from $22.94 a year ago

ConocoPhillips forecasted production in the second-quarter between 1.495 million to 1.535 million barrel oil equivalent per day.

CVS Health Corp ((CVS)) slumped 2.5% or $2.09 to $79.87 after the pharmacy and healthcare services provider reported net reported revenues in the first-quarter ending in March jumped 3% from a year ago to $44.5 billion.

Net income in the quarter declined 13.5% to $952 million or 92 cents per diluted share from $1.1 billion or $1.04 in the same quarter last year.

CVS said revenues in the pharmacy services segment soared 8.5% to $31.2 billion but same store sales dropped 4.7% and revenues in the retail/LTC business slumped 3.8% to $19.3 billion and 4.7% decrease in same store sales.

However, the healthcare services provider reaffirmed fiscal 2017 earnings per share forecast in the range of $5.02 to $5.18.

In the second-quarter, earnings per share forecast between $1.15 and $1.19.

The retailer also confirmed 2017 cash flow from operations guidance of $7.7 billion to $8.6 billion and free cash flow guidance between $6 billion and $6.4 billion.

Hilton Worldwide Holdings Inc ((HLT)) jumped 3.5% or $2.08 to $61.40 after the hospitality services provider said total revenues in the first-quarter ending in March soared 24.8% from a year ago to $2.2 billion.

Net income in the quarter plunged 76% to $74 million or 22 cents per diluted share from $309 million or 94 cents in the same quarter last year.

As of March 31, Hilton had long-term debt outstanding of about $6.7 billion and total cash and cash equivalents were $986 million.

MasterCard Inc ((MA)) advanced 2.1% or $2.38 to $118.77 after the credit and debit card services provider reported revenues in the first-quarter ending in March jumped 12% from a year ago to $2.7 billion.

Net income in the quarter soared 13% to $1.1 billion or $1 per diluted share from $1 billion or 86 cents in the same quarter last year.

As of March 31, MasterCard had issued 2.4 billion MasterCard and Maestro-branded cards and switched transactions jumped 17% to 14.7 billion and gross dollar volume jumped 8% to 1.2 trillion and cross-border volume soared 13%.

MasterCard in a minute processes more than 65,000 transactions and said adjusted gross dollar volumes in the quarter jumped 8% to $1.18 trillion.

MasterCard had spent $170 million in the quarter on advertising and marketing, up 26% to promote its digital wallet service “Masterpass”.

Pfizer Inc ((PFE)) fell 31 cents to $33.47 after the healthcare products maker said revenues in the first-quarter ending in March decreased 2% from a year ago to $12.8 billion.

Net income in the quarter rose 3% to $3.1 billion or 51 cents per diluted share from $3 billion or 49 cents in the same quarter last year.