Movers: Coca-Cola, Corning, General Motors, JetBlue, MSCI, Shutterstock, UPS

Scott Peters
25 Oct, 2022
New York City

Coca-Cola Company increased 0.9% to $58.08 after the beverage maker reported third quarter revenue increased 10% to $11.1 billion and comparable operating margin, excluding one-time items, fell to 29.5% from 30%.   

Net income increased 14% to $2.8 billion from $2.48 billion and diluted earnings per share rose to 65 cents from 57 cents a year ago. 

Coca-Cola said full-year 2022 earnings per share on a constant currency basis are estimated to grow between 15% and 16% and nominal earnings per share between 6% and 7% from $2.32 in 2021. 

Corning Inc declined 3.5% to $21.23 after the engineered glass and advanced optics products maker said third quarter revenues declined 4% to $3.49 billion from $3.62 billion a year ago. 

Net income in the quarter plunged 44% to $208 million from $371 million and diluted earnings per share dropped to 24 cents from 43 cents a year ago. 

Sales were impacted by 28% decline in  display glass sales for computing devices and dragged overall profitability. 

The company guided fourth quarter revenue between $3.45 billion and $3.65 billion and core earnings per share (which excludes non-cash charges and currency hedging mark-to-market adjustments) between 41 cents and 47 cents. 

General Motors Company edged up 3.5% to $37.10 after the company reaffirmed its fiscal 2022 earnings outlook and reported better-than-expected third quarter earnings. 

GM said third quarter earnings increased to $3.31 billion from $2.42 billion and diluted earnings per share rose to $2.25 from $1.62 a year ago. 

Revenues in the quarter soared 56.4% to $41.89 billion from $26.78 billion a year ago and said rising electric vehicles increased its market share to 8%. 

GM said Chevrolet Bolt EV and Bolt EUV production is scheduled to increase to 100,000 from 44,000 this year. 

GM estimated fiscal 2022 earnings between $9.6 billion and $11.2 billion, and earnings per share between $5.76 and $6.76.

JetBlue Airways Corporation fell 4% after the discount carrier posted quarterly profit on the back of strong travel demand despite higher operating costs.

JetBlue said third quarter revenue increased 30% to $2.56 billion and profit of $57 million.

The New York-based airline said it has hedged about 27% of its fuel consumption in the fourth quarter. 

MSCI increased 3.6% to $426.05 after the investment and index information provider said revenue in the third quarter increased 8.4% to $560.6 million and net income rose 27.5% to $216.6 million from a year ago. 

Diluted earnings per share increased to $2.68 from $2.03 a year ago. 

Shutterstock Inc soared 12.7% to $51.72  after the online image marketplace operator said third quarter revenue increased 5% to $204.1 million and net income soared 44% to $23.0 million. 

In the quarter, diluted earnings per share rose to 64 cents from 43 cents a year ago. 

The company said weak revenue in Europe and currency headwinds are expected to hit full-year 2022 results. 

Shutterstock lowered full-year revenue to $815 million, an increase between 5% and 9% in constant currency and adjusted diluted earnings per share in the range between $3.75 and $3.80. 

United Parcel Service, Inc rose 2.5% after the company reported mixed third-quarter results. 

The parcel delivery company said third quarter revenue increased 4.2% to $24.16 billion and earnings of $2.58 billion or $2.96 diluted earnings per share. 

The company also guided full-year 2022 revenue around $102 billion and capital expenditure around $5.0 billion, dividend of $5.2 billion and stock repurchase of $3.0 billion.