P&G and Cummins Lifted Outlook; American Tower Surges Ahead

Mukesh Buch
31 Jul, 2018
New York City

Archer-Daniels reported better than expected earnings. American Tower profit declined. Cummins lifted fiscal outlook. Ecolab net soared. Freddie Mac net surged. P&G forecasted strong results in fiscal 2019. Pfizer lowered revenues forecast.

[R]1:15 PM New York City, New York – Archer-Daniels reported better than expected earnings. American Tower profit declined. Cummins lifted fiscal outlook. Ecolab net soared. Freddie Mac net surged. P&G forecasted strong results in fiscal 2019. Pfizer lowered revenues forecast.[/R]

Tollbooth Index increased 61.19 or 0.4% to 15,658.97 but for the year-to-date soared 13.8%.

Earnings Review

Archer-Daniels-Midland Company ((ADM)) gained 1.5% or 73 cents to $48.08 after the agricultural commodities processor said revenues in the second-quarter ending in June soared 14.8% from a year ago to $17.1 billion.

Net income in the quarter more than doubled to $566 million or $1 cents per diluted share from $276 million or 48 in the same quarter last year.

American Tower Corp ((AMT)) soared 4.7% or $6.74 to $149.46 after the cell phone towers provider reported total revenues in the second-quarter ending in June jumped 7.1% from a year ago to $1.8 billion.

Net income in the quarter declined 19.1% to $314.4 million or 69 cents per diluted share from $388.5 million or 80 cents in the same quarter last year.

Cummins Inc ((CMI)) advanced 3.3% or $4.54 to $141.75 after the diesel and gas engines maker said revenues in the second-quarter ending in June surged 21% from a year ago to $6.1 billion.

Net income in the quarter jumped 28.5% to $545 million or $3.32 cents per diluted share from $424 million or $2.53 in the same quarter last year.

Cummins lifted fiscal 2018 revenues growth forecast to between 15% and 17% from the earlier estimate of 10% to 14% and operating profit growth in the range of 14.8% to 15.2%.

Ecolab Inc ((ECL)) slipped 71 cents to $140.03 after the cleaning and sanitation products producer stated net sales in the second-quarter ending in June advanced 7% from a year ago to $3.7 billion.

Net income in the quarter soared 19% to $351.3 million or $1.20 cents per diluted share from $294.8 million or $1 in the same quarter last year.

Freddie Mac ((FMCC)) dropped 1.3% to $1.53 after the mortgage loans and securities provider stated total interest income in the second-quarter ending in June rose 2.3% from a year ago to $17.3 billion.

Net income in the quarter surged 47.1% to $2.5 billion or 28 cents per diluted share from $1.7 billion or loss of 10 cents in the same quarter last year.

Procter & Gamble Co ((PG)) edged up to $80.25 after the consumer product maker reported net sales in the fourth-quarter ending in June grew 3% from a year ago to $16.5 billion.

Net income in the quarter tumbled 15% to $1.9 billion or 72 cents per diluted share from $2.2 billion or 82 in the same quarter last year.

P&G forecasted fiscal 2019 sales and diluted earnings per share is expected to be stronger than the first-half after higher commodity costs and foreign exchange headwinds.

Pfizer Inc ((PFE)) advanced 3% or $1.16 to $39.75 after the healthcare products maker said revenues in the second-quarter ending in June increased 4% from a year ago to $13.5 billion.

Net income in the quarter soared 26% to $3.9 billion or 65 cents per diluted share from $3.1 billion or 51 cents in the same quarter last year.

Pfizer lowered fiscal 2018 revenues forecast to between $53 billion and $55 billion from the earlier estimate of $53.5 billion to $55.5 billion.

The healthcare products maker lifted fiscal 2018 diluted earnings per share forecast in the range of $2.95 to $3.05 from the earlier estimate of $2.90 to $3.