Berkshire Hathaway Net Soars to $12 B, Sempra Net Swings to Loss

Mukesh Buch
06 Aug, 2018
New York City

Berkshire Hathaway profit surged to $12 billion. Cardinal Health net swung to a loss. Henry Schein reported record second-quarter results.Jacobs Engineering beats earnings estimates. Rite Aid plunged on lowered outlook. Sempra Energy net swung to a loss.

[R]12:35 PM New York City, New York – Berkshire Hathaway profit surged to $12 billion. Cardinal Health net swung to a loss. Henry Schein reported record second-quarter results.Jacobs Engineering beats earnings estimates. Rite Aid plunged on lowered outlook. Sempra Energy net swung to a loss.[/R]

Tollbooth Index jumped 80.85 or 0.5% to 15,835.15 but for the year-to-date soared 15.1%.

Earnings Review

Berkshire Hathaway Inc ((BRK.A)) jumped 3.4% or $10,209 to $314,880 after the conglomerate reported total revenues in the second-quarter ending in June soared 8% from a year ago to $62.2 billion.

Net income in the quarter surged to $12 billion or $4.87 per diluted share from $4.3 billion or $1.73 in the same quarter last year.

The conglomerate said revenues in the insurance and other businesses jumped 7.7% to $48.94 billion and revenues in the railroad, utilities and energy segment advanced 11% to $10.90 billion from a year ago period.

Cardinal Health, Inc ((CAH)) gained 1.4% or 72 cents to $51.02 after the pharmaceuticals and medical distributor said revenues in the fourth-quarter ending in June jumped 7% from a year ago to $35 billion.

Net in the quarter swung to a loss of $1.2 billion or $3.76 per diluted share from profit of $274 million or 86 cents in the same quarter last year.

The healthcare services provider forecasted fiscal 2019 diluted earnings per share in the range of $4.85 to $5.10.

Henry Schein Inc ((HSIC)) soared 4.9% or $3.97 to $84.20 after the medical products, equipment, and devices wholesaler reported in the second-quarter ending in June increased 8.7% from a year ago to $3.3 billion.

Net income in the quarter jumped 3.8% to $141.2 million or 92 cents per diluted share from $136.1 million or 86 cents in the same quarter last year.

Henry Schein forecasted fiscal 2018 earnings per share between $4.06 and $4.14, reflecting growth of 13% to 15%.

Jacobs Engineering Group Inc ((JEC)) advanced 5.7% or $3.79 to $70.88 after the engineering and construction services provider said revenues in the fourth-quarter ending in June surged 65% from a year ago to $4.2 billion.

Net income in the quarter soared 42% to $150 million or $1.05 per diluted share from $89 million or 74 cents in the same quarter last year.

The engineering and construction services provider forecasted fiscal 2019 diluted earnings per share in the range of $5 to $5.40.

Rite Aid Corporation ((RAD)) plunged 10.6% or 20 cents to $1.65 after the retail drugstore stores operator lowered fiscal 2019 operating forecast between $540 million and $590 million from the earlier estimate of $615 million and $675 million.

In fiscal 2019 net loss is estimated to widen between $125 million and $170 million from the earlier estimate of $40 million and $95 million and diluted loss per share in the range of 4 cents to break even from the earlier estimated loss of 2 cents to 6 cents per share.

However, fiscal 2019 forecast in the sales and same store sales remain unchanged as sales, prescription count growth and pharmacy reimbursement rates continue to be in line with expectations.

Sotheby''s ((BID)) declined 5.8% or $3.07 to $49.84 after the auction services provider said revenues in the second-quarter ending in June jumped 15% from a year ago to $2.4 billion.

Net income in the quarter tumbled 26% to $57.3 million or $1.08 per diluted share from $76.9 million or $1.43 in the same quarter last year.

Sotheby''s said profit decline was driven by shifting Spring Hong Kong sales into the first-quarter of 2018 which was held in the second-quarter.

Sempra Energy ((SRE)) slipped 1.1% or $1.30 to $115.49 after the gas and electricity provider said revenues in the second-quarter ending in June rose 1.2% from a year ago to $2.6 billion.

Net in the quarter swung to a loss of $561 million or $2.11 per diluted share from profit of $259 million or $1.03 in the same quarter last year.

Tyson Foods, Inc ((TSN)) advanced 3.8% or $2.22 to $59.97 after the meat based food processor said revenues in the third-quarter ending in June edged up 0.3% from a year ago to $10.1 billion.

Net income in the quarter soared 21% to $541 million or $1.47 per diluted share from $447 million or $1.21 in the same quarter last year.