| As of Thursday, November 12th: |
As of October 1st, the earnings growth rate was at -24.7%.Of the 458 S&P 500 companies who have reported Q3, 80% beat estimates, 6% were in-line, and 14% were below estimates. The blended earnings growth rate for the S&P 500 for Q3 2009 is currently at -13.9%. (Data provided by Thomson Reuters)
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U.S. companies ranging from chemicals like Du Pont, to pharmas like Pfizer and Schering Plough, and financials like Fifth Third and BlackRock, reported earnings Tuesday.
Pfizer Revenue Comes in Below Street View
Drug giant Pfizer [PFE
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] Tuesday reported higher earnings for the third quarter but revenue came in just below what Wall Street was expecting.
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The company earned 62 cents a share, versus the consensus forecast of 60 cents a share.
Revenue, however, was a bit light, coming in at $11.97 billion, vs. the $12.01 analysts were expecting, according to Thomson Reuters.
The company said the weak dollar boosted earnings by 5 percent.
Pfizer also sounded an optimistic note about its drug pipeline, saying it had increased the number of experimental drugs in the final stage of government approval from 16 to 25 in the past 6 months.
Schering-Plough Profit Helped by Overseas Sales
Drug maker Schering-Plough [SGP
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] reported a net profit ahead of market expectations Tuesday thanks to international sales at a time when the U.S. market remained difficult.
The company earned $551 million, or 34 cents a share, for the third quarter.
Excluding certain items the company earned 39 cents a share.
On average, analysts predicted a profit of 31 cents a share.
Net sales rose to $4.6 billion from $2.8 billion in the year-ago period.
3M Earnings Ahead of Estimates
3M [MMM
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] posted third-quarter earnings ahead of analysts' estimates, despite what it called challenging economic conditions.
Third-quarter net income rose to $991 million, or $1.41 a share, from $960 million, or $1.34 a share, a year ago.
Excluding items, the company said it earned $1.42 a share, compared with earnings of $1.29 a share a year ago.
According to Thomson Reuters, analysts were expecting the company to earn $1.38 a share.
Revenue rose 6.2 percent to $6.56 billion from $6.18 billion a year ago, with double-digit sales growth in each of its three largest businesses.
"Our diversified business portfolio served us well in the third quarter, as 3M employees once again delivered consistent results with 23 percent-plus operating margins in a highly challenging economic environment," said George W. Buckley, 3M chairman, president and CEO, in a press release.
The St. Paul, Minn.-based company said it expects earnings for the year to be within the range of $5.40 to $5.48 a share, or an increase of 8.4 percent to 10 percent from the year ago period.
3M said it plans to manage its business "prudently" for the remainder of the year as economic conditions are expected to remain "volatile."
DuPont Profit Beats Estimates
DuPont's profit, excluding a charge hurricane-related charged, beat estimates in the third quarter, when the company reported earnings of 56 a share versus expectations of 51 cents a share.
Including the charge, earnings were 40 cents a share in the third quarter.
The company provided fourth quarter 2008 earnings guidance of 20 to 25 cents per share, which reflects continuing hurricane-related business interruption impacts of about 10 cents per share, DuPont [DD
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] said in a statement Tuesday.
The company expects weakening demand in the North American and Western European markets.
Fifth Third Badly Misses Forecasts
Fifth Third Bancorp [FITB
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] badly missed market forecasts, reporting a loss per share of 14 cents compared with a profit of 18 cents per share expected by analysts polled by ThomsonReuters.
The bank's net loss was $56 million and it was mainly driven by higher credit costs and market valuation adjustments, Fifth Third Bancorp said in a statement.
The bank considers taking part in the Treasury's plan of buying Tier 1 securities from banks.
"We are in the process of evaluating this opportunity and considering an application," the statement said.
U.S. Bancorp's Profit Disappoints
U.S. Bancorp's [USB
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] profit fell more than market expectations and the company said Tuesday that its performance may be further affected by market turbulence.
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Earnings per share at U.S. Bancorp were 32 cents in the quarter ended in September, compared with estimates of 42 cents a share and from 62 cents a share in the same period a year ago.
"There can be no assurance that the Emergency Economic Stabilization Act of 2008 or the actions taken by the U.S. Treasury Department thereunder will help to stabilize the U.S. financial system or alleviate the industry or economic factors that may adversely impact our business," U.S. Bancorp said in a statement.
BlackRock Profit Misses Forecasts
BlackRock's [BLK
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] profit fell 15 percent in the third quarter to $1.62 per share Tuesday from a year ago and was below market expectations of $1.96 per share.
Net income for the third quarter was $218 million, while for the first nine months of the year it totaled $733 million, or $5.49 per diluted share, an increase of 9 percent compared to the first nine months of 2007, the company said in a statement.
Diluted earnings per share for the third quarter included a 58 a share non-operating loss due to adverse market effects on co-investments and seed investments, BlackRock said.
Lockheed Martin Profit Rises
Lockheed Martin [LMT
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] reported a 2 percent increase in third-quarter profit Tuesday, helped by higher sales of its information systems and a one-time gain deferred from selling its stake in two space launch businesses two years ago.
The world's largest defense contractor, which makes F-16 jets and a range of military and civil electronics, forecast earnings well below Wall Street estimates for next year, reflecting concern that growth in U.S. military spending will slow under the next administration as budget pressures increase.
The Bethesda, Maryland-based company reported quarterly profit of $782 million, or $1.92 per share, compared with $766 million, or $1.80 per share, in the year-ago quarter.
Results were boosted by a one-time gain of $44 million, representing a portion of deferred gains from the 2006 sale of its stake in Lockheed Khrunichev Energia International and International Launch Services, which provided marketing and support services for commercial satellite launches.
Sales fell 5 percent to $10.6 billion, as the company had less work on the F-16 fighter jet -- which is being phased out as Lockheed's newer F-35 takes shape -- and it delivered no commercial satellites.
For the full year, it raised its earnings per share forecast 10 cents to a range of $7.55 to $7.70.
Analysts are expecting $7.60, on average.
Lockheed made its first earnings forecast for next year of $7.65 per share to $7.90 per share.
That is well below the $8.40 expected by analysts.
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Coach Tops Profit by a Penny
Coach [COH
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] reported lower quarterly profit on Tuesday that topped Wall Street estimates by a penny, helped by strong demand in Asia.
The U.S. handbag maker said net income for the fiscal first quarter that ended on Sept 27, fell to $145.8 million from $154.8 million, a year ago.
On a per-share basis, earnings were 44 cents, up from 41 cents a year ago, due to a lower number of shares outstanding.
Analysts on average had been expecting 43 cents per share, according to Reuters Estimates.
Net sales rose to $752.5 million from $676.7 million a year ago.
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Chiaki Tsukumo / AP |
For the full year Coach lowered its sales outlook but kept its earnings outlook.
The company said it now expects fiscal 2009 sales to grow about 10 percent to $3.5 billion, down from a prior forecast that called for growth of 13 percent.
The company said it still expects earnings of about $2.25 per share.
For the second quarter, Coach said it expects earnings of 77 cents per share on sales of about $1.05 billion.
Analysts on average were expecting second-quarter earnings of 75 cents on revenue of $1.09 billion, according to Reuters Estimates.
Biogen Idec Profit Soars
Top biotech Biogen Idec [BIIB
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] reported a sharply higher third-quarter profit Tuesday, driven by strong sales of its three main products.
The company earned 70 cents a share with net income of $206.8 million, vs. 41 cents and $119.4 million in the year-ago period.
Revenue rose from about $1 billion to $1.1 billion.
On an adjusted basis, the company earned 98 cents a share, vs. analysts' forecast of 87 cents.
UAL Posts Net Loss
UAL [UAUA
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] , parent of United Airlines, posted a quarterly net loss largely due to hefty mark-to-market losses on its fuel hedge contracts as the price of oil descended from a record high.
The company said Tuesday its third-quarter net loss amounted to $779 million, or $6.13 per share, compared with a profit of $334 million, or $2.21 per share, a year earlier.
Excluding one-time items, the carrier said it lost $1.99 per share.
The carrier said its hedge-related losses amounted to $519 million, but noted that it saw a cash gain of $17 million on contracts that settled during the third quarter.
Wall Street analysts had expected UAL to lose $2.48 per share, according to Reuters Estimates.
The company said its operating revenue rose 0.7 percent to $5.57 billion from a year earlier.
UAL's results follow those of rival airlines like Continental Airlines that last week reported losses due to energy costs.
The airline industry has been battered by soaring fuel costs, which peaked alongside crude oil as it notched a record high in July.
Oil has fallen about 50 percent since it touched its high.
-- Reuters contributed to this report
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Data is a real-time snapshot *Data is delayed at least 15 minutes