iPhone China Sales Estimated to Suffer, Teva Pharma Net Loss Narrows

Mukesh Buch
13 Feb, 2019
New York City

Apple iPhone sales in China were estimated to decline sharply. Barrick Gold net loss widened on higher cost of sales. Diebold net loss widened. FLIR Systems net swung to a loss after revenues declined. Teva Pharma net loss narrowed after revenues plunged.

Tollbooth Index rose 88.11 to 15,581.74 and for the year-to-date soared 10.9%.

Earnings Review

Apple Inc, edged up 65 cents to $171.54 after the research company International Data Corp reported that shipments of smart-phone in the fourth-quarter of fiscal 2018 declined by 20%

Apple no longer reports sales breakdown and the China sales weakness forced the smartphone maker lower its rare revenue forecast.

However, sales of China-based Huawei Technologies Co sales surged by 23% and Oppo and Vivo took second and third place in China.

Barrick Gold Corp, declined 5.1% or 68 cents to $12.69 after Canada-based gold miner reported revenues in the fourth-quarter ending in December dropped 13.6% from a year ago to $1.9 billion.

Net loss in the quarter widened to $1.2 billion or $1.02 per diluted share from $314 million or 27 cents in the same quarter last year.

The gold producer said production in the quarter was 1.26 million ounces, cost of sales was $980 per ounce and all-in sustaining cost was $788 per ounce.

Diebold Nixdorf Inc, surged 28.7% or $1.50 to $6.73 after the software services provider said revenues in the fourth-quarter ending in December jumped 3.2% from a year ago to $1.3 billion.

Net loss in the quarter widened to $123.6 million or $1.62 per diluted share from $110.1 million or $1.46 in the same quarter last year.

Diebold lifted savings estimate forecast in the three-years to fiscal 2021 to $400 million from $250 million and estimated to lower net debt ratio to less than three times.

Ellie Mae Inc, slid 0.1 cents to $98.88 after the cloud-based platform provider agreed to be acquired by the private equity investment firm Thoma Bravo, LLC $3.7 billion in cash.

Under the terms, Ellie Mae shareholders will receive $99 in cash per share.

The transaction is expected to close in the second or third-quarter of 2019

FLIR Systems Inc, jumped 2.6% or $1.34 to $52.18 after the sensors and imaging systems developer reported revenues in the fourth-quarter ending in December plunged 9.4% from a year ago to $448.5 million.

Net in the quarter swung to a loss of $98.5 million or 71 cents per diluted share from profit of $50.3 million or 36 cents in the same quarter last year.

FLIR forecasted fiscal 2019 revenue growth between 8% and 10% or in the range of $1.92 billion to $1.95 billion and operating income margins in the range of 22% to 23% and diluted earnings per share in the range of $2.30 to $2.36.

Teva Pharmaceutical Industries Ltd, declined 6.9% or $1.32 to $17.80 after the Israel-focused generic drugs maker reported net revenues in the fourth-quarter ending in December slumped 15.6% from a year ago to $4.6 billion.

Net loss in the quarter narrowed to $2.9 billion or $2.85 per diluted share from $11.6 billion or $11.41 in the same quarter last year.

Teva said as of December 31, 2018, net debt declined to $28.9 billion from $32.5 billion in the same period a year ago.