Allergan, Eaton, Under Armour Lift Outlook; Cognizant, Pfizer Lowers Forecast

Mukesh Buch
30 Oct, 2018
New York City

American Tower reported strong results. Allergan reported higher-than-expected profit and lifted full-year forecast. Aetna beats earnings estimates. Baker Hughes missed estimates. Pfizer cuts revenue forecast. Under Armour surged.

[R]1:25 PM New York City, New York – American Tower reported strong results. Allergan reported higher-than-expected profit and lifted full-year forecast. Aetna beats earnings estimates. Baker Hughes missed estimates. Pfizer cuts revenue forecast. Under Armour surged.[/R]

Tollbooth Index plunged 343.09 or 2.2% to 14,971.90 but for the year-to-date soared 8.8%.

Earnings Review

American Tower Corp ((AMT)) jumped 4.8% or $7.26 to $160.08 after the communications infrastructure provider reported revenues in the third-quarter ending in September soared 6.2% from a year ago to $1.8 billion.

Net income in the quarter surged 23% to $366.9 million or 83 cents per diluted share from $298.4 million or 69 cents in the same quarter last year.

Allergan Inc ((AGN)) plunged 7.3% or $12.74 to $161.06 after the Ireland-based branded drug maker said revenues in the third-quarter ending in September dropped 3% from a year ago to $3.9 billion.

Net loss in the quarter narrowed to $37.9 million or 11 cents per diluted share from $4 billion or $12.07 in the same quarter last year.

The drug maker said revenues in Botox business surged 13.6% to $879.7 million and revenues in medical aesthetics segment jumped 9.1% to $657 million.

Allergan lifted fiscal 2018 total revenues forecast to between $15.58 billion and $15.73 billion from the earlier estimate of $15.48 billion and $15.63 billion and diluted loss per share in the range of $3.36 to $2.95 from the earlier estimate of $3.08 to $2.57.

Aetna Inc ((AET)) rose $1.62 to $196.75 after the health care insurance provider reported total revenues in the third-quarter ending in September advanced 3% from a year ago to $15.5 billion.

Net income in the quarter soared 19% to $1 billion or $3.03 per diluted share from $838 million or $2.52 in the same quarter last year.

Baker Hughes, a GE Co ((BHGE)) dropped 2.2% or 59 cents to $25.94 after the oil field services provider stated revenues in the third-quarter ending in September soared 7% from a year ago to $5.7 billion.

Net in the quarter swung to profit of $13 million or 11 cents per diluted share from a loss of $134 billion or 31 cents in the same quarter last year.

Cognizant Technology Solutions Corp ((CTSH)) slumped 4.5% or $3.12 to $66.10 after the outsourcing services provider reported revenues in the third-quarter ending in September advanced 8.3% from a year ago to $4.1 billion.

Net income in the quarter slumped 3.6% to $477 million or 82 cents per diluted share from $495 million or 84 cents in the same quarter last year.

Cognizant lowered fiscal revenues forecast to between $16.09 billion and $16.13 billion from the earlier estimate of $16.05 billion and $16.30 billion and

Eaton Corporation ((ETN)) slipped 1.5% or $1.05 to $69.89 after Ireland-registered power supplier said sales in the third-quarter ending in September increased 4% from a year ago to $5.4 billion.

Net income in the quarter tumbled 70.3% to $416 million or 95 cents per diluted share from $1.4 billion or $3.14 in the same quarter last year.

Eaton lifted fiscal 2018 diluted earnings per share forecast in the range of $5.30 to $5.40 from the earlier estimate of $5.20 to $5.40, excluding arbitration decision.

Pfizer Inc ((PFE)) decreased 1.6% or 70 cents to $42.53 after the pharmaceutical products maker reported revenues in the third-quarter ending in September rose 1% from a year ago to $13.3 billion.

Net income in the quarter surged 45% to $4.1 billion or 69 cents per diluted share from $2.8 billion or 47 cents in the same quarter last year.

Pfizer lowered from a range of $53 to $53.7 billion from the earlier estimate of $53 to $55 billion and diluted earnings per share in the range of $2.98 to $3.02 from the earlier estimate of $2.95 to $3.05.

Under Armour, Inc ((UA)) surged 24% or $4.04 to $20.85 after the sport wear retailer said revenues in the third-quarter ending in September increased 2% from a year ago to $1.4 billion.

Net income in the quarter jumped 5.2% to $75.3 million or 17 cents per diluted share from $54.2 billion or 12 cents in the same quarter last year.

The sport wear retailer said sales in North America dropped 2% to $1.1 billion while international sales soared 15% to $351 million, representing 24% of total revenues.

The footwear, sports, and casual apparel maker lifted diluted earnings per share forecast in the range of 19 cents to 22 cents from the earlier estimate of 16 cents to 19 cents.