Discovery in $14.6 B deal with Scripps, Loews Net Swings to Profit

Mukesh Buch
31 Jul, 2017
New York City

CNA Financial beats profit forecast despite weak revenues. Discovery Communications agreed to acquire the Scripps Networks for $14.6 billion. Dana lifted sales forecast. Loews net swing to profit. Roper Technologies net jumped.

[R]2:10 PM New York – CNA Financial beats profit forecast despite weak revenues. Discovery Communications agreed to acquire the Scripps Networks for $14.6 billion. Dana lifted sales forecast. Loews net swing to profit. Roper Technologies net jumped.[/R]

Tollbooth Index slumped 26.95 or 0.2% to 12,278.82.

Earnings Review

Alexander''s, Inc ((ALX)) advanced $2.64 to $435.69 after the real estate developer said total revenues in the second-quarter ending in June rose 0.4% from a year ago to $57.2 million.

Net income in the quarter slumped 5% to $20.7 million or $4.04 per diluted share from $21.8 million or $4.26 in the same quarter last year.

CNA Financial Corp ((CAN)) jumped 4.5% or $2.21 to $51.55 after the property and casualty insurance services provider stated total revenues in the second-quarter ending in June increased 0.8% from a year ago to $2.37 billion.

Net income in the quarter soared 30.1% to $272 million or $1 per diluted share from $209 million or 77 cents in the same quarter last year.

Discovery Communications Inc ((DISCA)) plunged 7.1% or $1.85 to $24.97 after the pay-television services provider reported revenues in the second-quarter ending in June increased 2% from a year ago to $1.7 billion.

Net income in the quarter declined 8% to $374 million or 64 cents per diluted share from $408 million or 66 cents in the same quarter last year.

The broadcasting services provider said revenues distribution segment in the quarter jumped 5.4% to $857 million but revenues in advertisement segment dropped 1% to $805 million.

Discovery Communications agreed to acquire the Scripps Networks Interactive, Inc in a cash-and-stock transaction valued at $14.6 billion, or $90 per share including $2.7 billion of Scripps'' debt.

The transaction is expected to close by early 2018.

Dana Inc, formerly Dana Holding Corporation ((DAN)) gained 1.7% or 41 cents to $23.70 after the automobile parts maker said sales in the second-quarter ending in June surged 11% from a year ago to $1.8 billion.

Net income in the quarter soared 33.9% to $71 million or 47 cents per diluted share from $53 million or 36 in the same quarter last year.

Dana lifted fiscal 2017 sales forecast to jump 8% or between $6.8 billion and $7 billion and operating profit in the range of $790 million to $820 million and adjusted diluted earnings per share between $2.20 and $2.40.

Loews Corporation ((L)) increased 1.1% or 51 cents to $48.77 after the property and casualty insurance services provider reported total revenues in the second-quarter ending in June advanced 1.5% from a year ago to $3.4 billion.

Net in the quarter swung to profit $231 million or 69 cents per diluted share from a loss of $65 million or 19 cents in the same quarter last year.

Mercury General Corporation ((MCY)) jumped 4.9% or $2.79 to $58.80 after the automobile insurance services provider said total revenues in the second-quarter ending in June advanced 2.4% from a year ago to $797.7 million.

Net income in the quarter jumped 5.6% to $51.6 million or 93 cents per diluted share from $48.9 million or 88 cents in the same quarter last year.

Roper Technologies Inc ((ROP)) rose 96 cents to $233.30 after the software and engineered products maker reported revenues in the second-quarter ending in June soared 22% from a year ago to $1.1 billion.

Net income in the quarter jumped 13.6% to $179.6 million or $1.74 per diluted share from $158.1 million or $1.54 in the same quarter last year.

Roper lifted fiscal 2017 diluted earnings per share in the range of $9.12 to $9.30 from the earlier estimate of $8.98 to $9.28.