Eli Lilly Lifts Earnings Outlook, Fujifilm Acquire Xerox in $6.1 B Deal

Mukesh Buch
31 Jan, 2018
New York City

ArcelorMittal profit surged on higher steel prices. Boeing beats quarterly estimates. Eli Lilly lifted earnings outlook. Nasdaq net swung to profit on higher revenues. Xerox surged on merger agreement with Japan-based Fujifilm.

[R]12:15 PM New York City, New York – ArcelorMittal profit surged on higher steel prices. Boeing beats quarterly estimates. Eli Lilly lifted earnings outlook. Nasdaq net swung to profit on higher revenues. Xerox surged on merger agreement with Japan-based Fujifilm.[/R]

Tollbooth Index advanced 46.38 or 0.3% to 14,614.19.

Earnings Review

ArcelorMittal SA ((MT)) rose 33 cents to $36.95 after the steel producer reported sales in the fourth-quarter ending in December soared 25.5% from a year ago to $17.7 billion.

Net income in the quarter surged 158% to $1 billion or $1.01 per diluted share from $403 million or 39 cents in the same quarter last year.

Steelmaker said total shipments of steel products fell 21 metric ton from

The Boeing Company ((BA)) jumped 5.5% or $18.57 to $356.34 after the aircraft maker and defense contractor reported revenues in the fourth-quarter ending in December soared 9% from a year ago to $25.4 billion.

Net income in the quarter surged 92% to $3.1 billion or $5.18 per diluted share from $1.6 billion or $2.59 in the same quarter last year.

Boeing forecasted fiscal 2018 revenues in the range of $96 billion to $98 billion and diluted earnings per share between $15.90 and $16.10 and commercial airplanes deliveries in the range of 810 airplanes to 815 airplanes from 763 airplanes delivered in fiscal 2017.

Eli Lilly and Co ((LLY)) declined 4.6% or $3.94 to $82.15 after the pharmaceutical products maker said revenues in the fourth-quarter ending in December jumped 7% from a year ago to $6.2 billion.

Net in the quarter swung to a loss of $1.7 billion or $1.58 per diluted share from profit of $771.8 million or 73 cents in the same quarter last year.

Eli Lilly reaffirmed fiscal 2018 revenues in the range of $23 billion to $23.5 billion but lifted diluted earnings per share in the range of $4.39 to $4.49 from the earlier estimate of $4.24 to $4.34.

Nasdaq Inc ((NDAQ)) rose 19 cents to $82.01 after the trading services provider stated revenues in the fourth-quarter ending in December advanced 6% from a year ago to $635 million.

Net in the quarter swung to profit $246 million or $1.45 per diluted share from a loss of $224 million or $1.35 in the same quarter last year.

Xerox Corp ((XRX)) soared 7.1% or $2.32 to $35 after the digital print technology provider said total revenues in the fourth-quarter ending in December rose 0.5% from a year ago to $2.7 billion.

Net loss in the quarter narrowed to $190 million or 76 cents per diluted share from $843 million or $3.30 in the same quarter last year.

Separately today, Japan-based Fujifilm Holdings Corporation agreed to takeover Xerox in $6.1 billion deal and merge it in its joint venture Fuji Xerox.

Under the terms, shareholders of Xerox will receive special cash dividend of $2.5 billion or approx $9.80 per share.

The deal was pushed by activist investors Carl Icahn as the company struggled with the falling demand for office copiers.

Fuji Xerox will acquire the 75% stake owned by Fujifilm for $6.1 billion and the joint venture will use those proceeds to buy 50.1% of new Xerox shares.