AIG Reported Weak Q1 Results, Alibaba Sales Jump on Transaction Growth

Mukesh Buch
04 May, 2018
New York City

Alibaba net jumped. AIG reported lower-than-expected results. AON profit surged after strong growth in reinsurance business Celgene net declined. Consolidated Edison net soared on higher electric and gas prices. VF Corp fell despite net and revenues jumped.

[R]12:15 PM New York City, New York – Alibaba net jumped. AIG reported lower-than-expected results. AON profit surged after strong growth in reinsurance business Celgene net declined. Consolidated Edison net soared on higher electric and gas prices. VF Corp fell despite net and revenues jumped.[/R]

Tollbooth Index jumped 226.99 or 1.6% to 14,759.99 and for the year-to-date jumped 7.2%.

Earnings Review

Alibaba Group Holding Limited ((BABA)) slipped 1.3% or $2.32 to $180.13 after the online marketplaces operator said revenues in the fourth-quarter ending in March soared 61% from a year ago to $9.9 billion and net income jumped 15.1% to $1.2 billion.

American International Group, Inc ((AIG)) gained 1.7% or 86 cents to $52.80 after the insurance and financial services provider reported net premiums written in the first-quarter ending in March dropped 2% from a year ago to $6.2 billion.

Net income in the quarter declined 21.8% to $938 million or $1.01 per diluted share from $1.2 billion or $1.18 in the same quarter last year.

AON Plc ((AON)) fell 26 cents to $139.67 after the U.K.-focused professional services provider said total revenues in the first-quarter ending in March soared 30% from a year ago to $3.1 billion.

Net income in the quarter more than doubled to $594 million or $2.37 per diluted share from $291 million or $1.09 in the same quarter last year.

Operating margin increased 1,180 basis points to 25.9% and revenues in the reinsurance solutions business more than doubled to $742 million from a year ago period.

Celgene Corporation ((CELG)) rose 1.5% or $1.31 to $86.71 after the therapeutics drug maker reported total revenues in the first-quarter ending in March jumped 19% from a year ago to $3.5 billion.

Net income in the quarter plunged 9.2% to $846 million or $1.10 per diluted share from $932 million or $1.15 in the same quarter last year.

“Strong global demand and excellent commercial execution drove our exceptional first quarter results, leading to improvement in our 2018 financial guidance,” said chairman and chief executive officer Mark J. Alles.

Consolidated Edison, Inc ((ED)) rose 25 cents to $79.25 after the steam, natural gas, and electricity provider said revenues in the first-quarter ending in March gained 4% from a year ago to $3.4 billion.

Net income in the quarter soared 10.3% to $428 million or $1.38 per diluted share from $388 million or $1.27 in the same quarter last year.

The utility provider said growth in revenues and profit was driven by higher electric and gas rate increased from January 1, 2018.

VF Corporation ((VFC)) declined 4.4% or $3.48 to $74.98 after the lifestyle brands apparel, footwear and accessories distributor reported revenues in the first-quarter ending in March surged 22% from a year ago to $3 billion.

Net income in the quarter jumped 21% to $252.8 million or 63 cents per diluted share from $209.2 million or 50 cents in the same quarter last year.

VF Corp forecasted fiscal 2018 revenues growth in the range of $13.45 billion to $13.55 billion, reflecting growth of approximately 9% to 10% and earnings per share in the range of $3.48 to $3.53.