3M Lifts Fiscal Outlook; Caterpillar Net Loss Narrows, Ford Net Surges

Mukesh Buch
25 Jan, 2018
New York City

3M lifted fiscal 2018 outlook. Biogen robust fiscal 2018 estimate on record revenues. Caterpillar beats profit estimates after sales surged 35%. Celgene profit soared on strong Revlimid sales. Ford annual profit surged. Northrop Grumman profit tumbled 66%.

[R]2:45 PM New York City, New York – 3M lifted fiscal 2018 outlook. Biogen robust fiscal 2018 estimate on record revenues. Caterpillar beats profit estimates after sales surged 35%. Celgene profit soared on strong Revlimid sales. Ford annual profit surged. Northrop Grumman profit tumbled 66%.[/R]

Tollbooth Index increased 20.19 to 14,730.36.

Earnings Review

3M Company ((MMM)) gained 1.4% or $3.55 to $251.47 after the industrial conglomerate reported sales in the fourth-quarter ending in December soared 9% from a year ago to $8 billion.

Net income in the quarter tumbled 56.4% to $523 million or 85 cents per diluted share from $1.2 billion or $1.88 in the same quarter last year.

3M lifted fiscal 2018 diluted earnings per share forecast in the range of $10.20 to $10.70 from the earlier estimate of $9.60 to $10.

Biogen Inc ((BIIB)) increased $1.19 to $347.69 after the biopharmaceutical products maker said total revenues in the fourth-quarter ending in December surged 15% from a year ago to $3.3 billion.

Net in the quarter swung to a loss of $297.4 million or $1.40 per diluted share from profit of $649.2 million or $2.99 in the same quarter last year.

Biogen forecasted fiscal 2018 revenue growth in the range of $12.7 billion to $13 billion and diluted earnings per share between $22.20 and $23.20.

Caterpillar Inc ((CAT)) dropped 2.1% or $3.57 to $166.49 after the construction and mining equipment maker said revenues in the fourth-quarter ending in December soared 35% from a year ago to $12.9 billion.

Net loss in the quarter narrowed to $1.3 billion or $2.18 per diluted share from $1.2 billion or $2 in the third-quarter of fiscal 2017.

Caterpillar estimated fiscal 2018 diluted earnings per share in the range of $7.75 to $8.75.

Celgene Corporation ((CELG)) fell 27 cents to $102.84 after the biopharmaceutical products maker reported net sales in the fourth-quarter ending in December jumped 17.4% from a year ago to $3.5 billion.

Net in the quarter swung to a loss of $81 million or 10 cents per diluted share from profit of $429 million or 53 cents in the same quarter last year.

Ford Motor Company ((F)) rose 38 cents to $11.67 after the auto maker said total revenues in the year ending in December rose 3.3% from a year ago to $156.8 billion.

Net income in the quarter surged 65.2% to $7.6 billion or $1.90 per diluted share from $4.6 billion or $1.15 in the same quarter last year.

Northrop Grumman Corporation ((NOC)) advanced 2.6% or $8.20 to $321.66 after the security surveillance products provider reported sales in the fourth-quarter ending in December jumped 4% from a year ago to $6.6 billion.

Net income in the quarter plunged 66.1% to $178 million or $1.01 per diluted share from $525 million or $2.96 in the same quarter last year.

The security surveillance products provider forecasted fiscal 2018 sales of about $27 billion and diluted earnings per share in the range of $15 to $15.25.