Alphabet Revenues Jump; Biogen, Eli Lilly, Lockheed Martin Lifts Forecast

Mukesh Buch
24 Jul, 2018
New York City

3M beats revenue estimates. Alphabet revenues surged but net declined. Biogen lifted fiscal outlook. Eli Lilly revenues jumped on demand for new pharmaceutical products. Kimberly-Clark net plunged. Lockheed Martin net soared. Verizon net declined.

[R]12:20 PM New York City, New York – 3M beats revenue estimates. Alphabet revenues surged but net declined. Biogen lifted fiscal outlook. Eli Lilly revenues jumped on demand for new pharmaceutical products. Kimberly-Clark net plunged. Lockheed Martin net soared. Verizon net declined.[/R]

Tollbooth Index jumped 186.98 or 1.2% to 15,857.25 but for the year-to-date soared 15.2%.

Earnings Review

3M Company ((MMM)) slipped 1.6% or $3.24 to $195.60 after the diversified industrial products maker reported revenues in the second-quarter ending in June jumped 7.4% from a year ago to $8.4 billion.

Net income in the quarter soared to $1.9 billion or $3.07 per diluted share from $1.6 billion or $2.58 in the same quarter last year.

Alphabet Inc ((GOOG)) jumped 4% or $48.68 to $1,254.18 after the technology company reported revenues in the second-quarter ending in June surged 26% from a year ago to $32.7 billion.

Net income in the quarter declined 9.1% to $3.2 billion or $4.54 per diluted share from $3.5 billion or $5.01 in the same quarter last year.

Alphabet said advertising revenues in Google soared 23.8% to $28.1 billion and other revenues jumped 37.5% to $4.4 billion from a year ago period.

Biogen Inc ((BIIB)) jumped 5.2% or $18.75 to $376.88 after the drug maker said total revenues in the second-quarter ending in June soared 9% from a year ago to $3.4 billion.

Net income in the quarter rose 0.5% to $866.6 million or $4.18 per diluted share from $862.8 million or $4.07 in the same quarter last year.

Biogen lifted fiscal 2018 revenues forecast in the range of $13 billion to $13.2 billion from the earlier estimate of $12.7 billion to $13 billion and diluted earnings per share in the range of $21.80 and $22.40 from the earlier estimate of $22.20 and $23.20.

Eli Lilly and Co ((LLY)) gained 1.7% or $1.51 to $90.39 after the pharmaceutical products maker reported revenues in the second-quarter ending in June advanced 9% from a year ago to $6.4 billion.

Net in the quarter swung to a loss of $259.9 million or 25 cents per diluted share from profit of $1.01 billion or 95 cents in the same quarter last year.

Eli Lilly said revenues jumped on demand for new pharmaceutical products while operating expenses declined.

The pharmaceutical products maker lifted revenues forecast in the range of $24 billion to $24.5 billion from the earlier estimate of $23.7 billion to $24.2 billion.

Eli Lilly lowered fiscal 2018 diluted earnings per share forecast in the range of $3.19 to $3.29 from the earlier estimate of $4.52 to $4.62.

Kimberly-Clark Corp ((KMB)) fell 1.7% or $1.74 to $103.70 after the personal care and tissue maker said net sales in the second-quarter ending in June rose 1% from a year ago to $4.6 billion.

Net income in the quarter plunged 14% to $455 million or $1.30 per diluted share from $531 million or $1.49 in the same quarter last year.

The tissue paper maker reaffirmed fiscal 2018 diluted earnings per share forecast in the range of $3.37 to $3.87.

Lockheed Martin Corp ((LMT)) fell 1.2% or $3.69 to $314.64 after the defense contractor reported net sales in the second-quarter ending in June advanced 6.3% from a year ago to $13.4 billion.

Net income in the quarter soared 25.6% to $1.2 billion or $4.05 per diluted share from $955 million or $3.28 in the same quarter last year.

The defense contractor lifted fiscal 2018 revenues forecast to between $51.6 billion and $53.1 billion from the earlier estimate of $50.4 billion to $51.9 billion and diluted earnings per share in the range of $16.75 and $17.05 from the earlier estimate of $15.80 and $16.10.

United Technologies Corp ((UTX)) advanced 2.6% or $3.33 to $132.70 after the diversified industrial conglomerate said sales in the second-quarter ending in June surged 9% from a year ago to $16.7 billion.

Net income in the quarter jumped 42% to $2 billion or $2.56 per diluted share from $1.4 billion or $1.80 in the same quarter last year.

The diversified industrial conglomerate lifted fiscal 2018 revenues forecast in the range of $63.5 billion to $64.5 billion from the earlier estimate of $63 billion to $64.5 billion and diluted earnings per share in the range of $7.10 and $7.25, excluding Rockwell Collins, from the earlier estimate of $6.95 and $7.15.

Verizon Communications Inc ((VZ)) rose 32 cents to $51.07 after the wireless communication services provider reported revenues in the second-quarter ending in June jumped 5.4% from a year ago to $32.2 billion.

Net income in the quarter declined 5.2% to $4.2 billion or $1 per diluted share from $4.5 billion or $1.07 in the same quarter last year.

The telecom services provider said net new monthly postpaid smart phone subscribers in the quarter were about 398,000 and net retail postpaid subscribers were about 531,000.