AT&T Plunges on Subscriber Losses; Boeing, General Dynamics Net Surges

Mukesh Buch
24 Oct, 2018
New York City

AT&T stock drops on subscriber losses. Boeing net surged 31%. Boston Scientific beat profit estimates. DTE Energy issued fiscal 2018 and 2019 outlook. General Dynamics declined despite strong results. Illinois Tool Works lowered fiscal forecasts.

[R]1:05 PM New York City, New York – AT&T stock drops on subscriber losses. Boeing net surged 31%. Boston Scientific beat profit estimates. DTE Energy issued fiscal 2018 and 2019 outlook. General Dynamics declined despite strong results. Illinois Tool Works lowered fiscal forecasts.[/R]

Tollbooth Index advanced 72.72 or 0.5% to 15,447.54 but for the year-to-date soared 12.3%.

Earnings Review

AT&T Inc ((T)) plunged 7.4% or $2.43 to $30.59 after the telecom conglomerate reported revenues in the third-quarter ending in September soared 15.3% from a year ago to $45.7 billion.

Net income in the quarter fell 0.6% to $4.7 billion or 65 cents per diluted share from $3 billion or 49 cents in the same quarter last year.

AT&T said it lost 232,000 regular monthly wireless subscribers, lost 297,000 TV customers and tablet customers in the quarter declined 420,000.

AT&T reaffirmed fiscal 2018 diluted earnings per share forecast of about $3.50 and free cash flow about $21 billion range.

Amphenol Corporation ((APH)) advanced 2.6% or $2.19 to $84.91 after the connectors, cables, and sensor maker said revenues in the third-quarter ending in September jumped 16.7% from a year ago to $2.1 billion.

Net income in the quarter soared 14.1% to $316.6 million or $1.01 per diluted share from $277.5 million or 88 cents in the same quarter last year.

Amphenol lifted fiscal 2018 revenues growth forecast to 15% from a year ago or in the range of $8.04 billion to $8.08 billion from the earlier estimate of $7.82 billion to $7.90 billion.

The sensor maker also lifted fiscal 2018 diluted earnings per share forecast in the range of $3.68 to $3.70 from the earlier estimate of $3.57 to $3.61.

The Boeing Company ((BA)) gained $3.29 to $353.34 after the airplanes, rockets, satellites maker reported revenues in the third-quarter ending in September rose 4% from a year ago to $25.1 billion.

Net income in the quarter surged 31% to $2.4 billion or $4.07 per diluted share from $1.8 billion or $2.99 in the same quarter last year.

In the quarter, commercial airplanes delivered 190 planes and commercial Airplanes orders booked 171 planes valued at $13 billion after higher commercial airplane production and defense volume and services growth.

The Boeing forecasted fiscal 2018 revenues to increase $1 billion to between $98 billion and $100 billion and diluted earnings per share in the range of $14.90 to $15.10 from the earlier estimate of $14.30 to $14.50.

Boston Scientific Corp ((BSX)) increased 1.3% or 46 cents to $36.49 after the medical devices maker said revenues in the third-quarter ending in September jumped 7.7% from a year ago to $2.4 billion.

Net income in the quarter surged 52.7% to $432 million or 31 cents per diluted share from $283 million or 20 cents in the same quarter last year.

DTE Energy Company ((DTE)) advanced 3.6% or $3.99 to $115.93 after the diversified energy services provider stated net income in the third-quarter ending in September surged 31% to $334 million or $1.84 per diluted share from $270 million or $1.51 in the same quarter last year.

The energy services provider lifted diluted earnings per share forecast in the range of $6.12 - $6.48 from the earlier estimate of $5.94 - $6.32.

In fiscal 2019, DTE Energy forecasted diluted earnings per share between $5.97 and $6.33.

General Dynamics Corporation ((GD)) declined 5.7% or $10.72 to $177.03 after the aerospace and defense products maker reported revenues in the third-quarter ending in September surged 20% from a year ago to $9.1 billion.

Net income in the quarter jumped 11.4% to $851 million or $2.85 per diluted share from $764 million or $2.52 in the same quarter last year.

The submarines and armored vehicles maker total backlog in the quarter jumped 4% to $69.5 billion and total contract value of all backlog components set a new record of $104.2 billion.

Illinois Tool Works Inc ((ITW)) dropped 2.6% or $123.29 after the engineered fasteners and components maker said revenues in the third-quarter ending in September were flat from a year ago to $3.6 billion.

Net income in the quarter fell 0.3% to $638 million or $1.90 per diluted share from $640 million or $1.85 in the same quarter last year.

The fasteners makers lowered fiscal diluted earnings per share forecast in the range of $7.55 to $7.65 from the earlier estimate of $7.50 to $7.70.