GE Sales Down 12%; Honeywell, Microsoft, Visa Net Surge

Mukesh Buch
21 Jul, 2017
New York City

Colgate-Palmolive net declined 13% on disappointing sales. eBay profit tumbled but met revenues expectations. GE continued to struggle with revenues and quarterly sales fell 12%. Microsoft net more than doubled. Visa net surged.

[R]12:50 PM New York – Colgate-Palmolive net declined 13% on disappointing sales. eBay profit tumbled but met revenues expectations. GE continued to struggle with revenues and quarterly sales fell 12%. Microsoft net more than doubled. Visa net surged.[/R]

Tollbooth Index increased 17.94 to 12,423.72.

Earnings Review

Colgate-Palmolive Company ((CL)) fell 66 cents to $71.43 after the consumer products maker reported net sales in the second-quarter ending in June slid 0.5% from a year ago to $3.8 billion.

Net income in the quarter plunged 12.7% to $524 million or 59 cents per diluted share from $600 million or 67 cents in the same quarter last year.

Colgate said operating profit in the quarter fell to $853 million compared to $944 million in the same period a year ago and net sales

North America dropped 3.5% and unit volume decreased 2% with 1.5% lower pricing and Latin America net sales jumped 7% in the quarter and unit volume increased 2.5% with 4.5% higher pricing.

Net sales in the Europe slumped 3.5% and unit volume fell 1% but pricing increased 0.5% and net sales in Asia Pacific declined 5% and unit volume slid 2% and pricing decreased 1.5%.

Fifth Third Bancorp ((FITB)) jumped 3.3% or 83 cents to $26.32 after the banking services provider stated net interest income in the second-quarter ending in June rose 6% from a year ago to $1.1 billion.

Net income in the quarter declined 13% to $344 million or 45 cents per diluted share from $305 million or 39 cents in the same quarter last year.

eBay Inc ((EBAY)) slipped 1.6% or 60 cents to $36.56 after the online market place said revenues in the second-quarter ending in June rose 4% from a year ago to $2.3 billion.

Net income in the quarter plunged 93.8% to $27 million or 2 cents per diluted share from $435 million or 38 cents in the same quarter last year.

General Electric Company ((GE)) declined 3.2% or 85 cents to $25.84 after the industrial conglomerate reported net sales in the second-quarter ending in June plummeted 12% from a year ago to $29.6 billion.

Net income in the quarter tumbled 57% to $1.2 billion or 15 cents per diluted share from $2.8 billion or 36 cents in the same quarter last year.

GE said total backlog in the quarter ending in June increased 2% to $327 billion.

Honeywell International Inc ((HON)) gained 1.1% or $1.46 to $136.45 after the diversified technology and industrial products maker said net sales in the second-quarter ending in June rose 1% from a year ago to $10.1 billion.

Net income in the quarter jumped 7.7% to $1.4 billion or $1.80 per diluted share from $1.3 billion or $1.70 in the same quarter last year.

Honeywell forecasted fiscal 2017 sales to jump between 2% to 4% or $39.3 billion to $40 billion and earnings per share to advance 8% to 10% or $7 and $7.10.

Moody''s Corporation ((MCO)) advanced 3.4% or $4.37 to $131.54 after the credit rating services provider reported revenues in the second-quarter ending in June soared 8% from a year ago to $1 billion.

Net income in the quarter surged 22.2% to $312.2 million or $1.61 per diluted share from $255.5 billion or $1.30 in the same quarter last year.

The credit rating services provider estimated diluted earnings per share in the range of $5.69 to $5.84.

Microsoft Corporation ((MSFT)) fell 43 cents to $73.79 after the technology provider stated revenues in the fourth-quarter ending in June jumped 13% from a year ago to $23.3 billion.

Net income in the quarter more than doubled to $6.5 billion or 83 cents per diluted share from $3.1 billion or 39 cents in the same quarter last year.

Visa Inc ((V)) increased 1.9% or $1.89 to $99.99 after the payments technology provider said revenues in the second-quarter ending in June jumped 27.8% from a year ago to $4.6 billion.

Net income in the quarter surged to $2.1 billion or 86 cents per diluted share from $412 billion or 17 cents in the same quarter last year.