Earnings Releases – 28 Jan 2014

Edited by Vani Rao

Yahoo Q4 revenue declines

Yahoo Inc.’s (NASDAQ:YHOO) revenue declined for the fourth consecutive quarter as weak online advertising sales weighed on the results. The company announced Q4 revenue of $1.26 billion, compared to $1.34 billion in the year-ago quarter. Yahoo said that revenue from display ads was down 6% year-over-year in the fourth quarter, while the price per ad, declined 7%, excluding Korea. Net income rose to $348.2 million from $272.3 million earned in the year-ago period. Excluding certain items, Yahoo said it earned 46 cents a share, beating the average analysts’ expectations of 38 cents.

Pfizer beats profit estimates

Pfizer Inc. (NYSE:PFE) reported better-than-expected fourth-quarter results, helped by higher sales of drugs for cancer, nerve pain and arthritis. The company said that it earned $2.57 billion, or 40 cents per share, in the fourth quarter. Excluding special items, Pfizer earned 56 cents per share. Analysts, on average, expected 52 cents per share. Global revenue fell 2% to $13.56 billion, hurt by competition from cheaper generic forms of its blockbuster medicines. However, revenue topped Wall Street forecasts of $13.35 billion. Pfizer said it expects full-year earnings in 2014, excluding special items, of $2.20-2.30 per share, in line with Wall Street expectations of $2.28 per share.

Ford posts higher profit on North America

Source: WSA
Source: WSA

Ford Motors (NYSE:F) reported higher-than-expected quarterly results as earnings in its core North American market fell less steeply than Wall Street expected. The declining prices however have raised concerns about its 2014 performance. Ford’s net income in the fourth quarter rose to $3 billion, or 74 cents a share, from $1.6 billion, or 40 cents a share, a year earlier. Excluding one-time items, Ford’s revenue rose 4% to $37.6 billion, more than the estimates of $35.17 billion, while earnings came in at 31 cents a share, 3 cents more than what analysts expected.

In North America, Ford’s pretax earnings were $1.7 billion, a decline of $200 million, as vehicle pricing fell for the first time in five years due to increased competition. Ford said it still expected global pre-tax earnings of $7-8 billion this year, with lower auto operating margins.

Amgen profit tops Wall Street expectations

Amgen (NASDAQ:AMGN) reported a higher-than-expected fourth-quarter profit, helped by a greater share of sales of its blockbuster rheumatoid arthritis drug, Enbrel, and lower taxes. The company said its net profit rose to $1.02 billion, or $1.33 per share, from $788 million, or $1.01 per share, in the same quarter a year ago. Excluding items, Amgen reported adjusted earnings of $1.82 per share. Analysts on an average had expected adjusted earnings of $1.68 a share.

DuPont doubles profit riding on agriculture push; announces buyback

DuPont’s (NYSE:DFT) quarterly profit doubled, beating market estimates, as its strong push into agriculture paid off. The chemical maker also announced a buyback of $5 billion of its stock. DuPont expects to repurchase $2 billion of its shares this year. The company said it expects full-year operating earnings to rise by 8-15% to $4.20-$4.45 per share. DuPont expects 2014 sales to increase by 4% to about $37 billion. Net income rose to $185 million, or 20 cents per share, in the fourth quarter ended, from $92 million, or 9 cents per share, a year earlier. Operating earnings per share were 59 cents per share, ahead of average analysts’ expectations of 55 cents per share. Net sales rose 6% to $7.75 billion.

VMware profit narrowly beats estimates

Virtualization software maker VMware’s (NYSE:VMW) quarterly profit slightly beat average analysts’ estimates, helped by higher revenue from license sales. Net income rose to $335 million, or 77 cents per share, in the fourth quarter, from $206 million, or 47 cents per share, a year earlier. Excluding items, the company earned $1.01 per share from average analysts’ estimate earnings of $1.00 per share.

Coming up in the next 24 hours

Fourth-quarter profit for Dow Chemical (NYSE:DOW), the largest US chemical maker by sales, is likely to improve on the back of strong demand for chemicals from the electronics, pharmaceutical and agriculture industries. Investor focus will be on the management’s comments on Daniel Loeb’s proposals after the activist investor disclosed a stake in the company last week. He has urged Dow to separate its petrochemical businesses from the specialty chemicals businesses.

Boeing (NYSE:BA) would announce its fourth quarter results before the opening bell. Results are expected to be strong, since the company delivered a record 648 jetliners last year. Investors will focus on Boeing’s profit margin from commercial aircraft, which is pressured by increased deliveries of its low-margin 787 jetliner. Boeing’s defense business remains under pressure from government budget cuts and slow overseas sales of fighter jets and other military equipment.

Amazon (NASDAQ:AMZN) releases quarterly results after the close of market for an increasingly disparate audience. Investors will look for signals about consumer and technology trends, while the company continues to invest for the future and defies hopes that it will finally deliver a significant profit.

Qualcomm (NASDAQ:QCOM) is scheduled to report third-quarter results after the bell. Facing slower demand for high-end smartphones in the US and growing demand for low-end handsets in China, the leading mobile chipmaker has been adjusting its chip line-up and throttling back spending to adjust to new market conditions. Its quarterly numbers will give a useful glimpse into its progress and the outlook for devices in general.

Facebook (NASDAQ:FB) is scheduled to report its latest quarterly results after the market close. Investors will be looking for an insight into the largest social network’s advertising strategy and how it addresses persistent signs of teens turning to other more youngsters oriented social media services.

Symantec (NASDAQ:SYMC) is likely to report lacklustre third-quarter results in a weak PC market, where demand for its storage and security products has been declining.

EMC Corp. (NYSE:EMC) will announce its fourth quarter earnings. Last quarter, the world’s largest data storage equipment maker cut its full year forecast due to cutbacks in corporate IT budgets and uncertainty in government spending. Investors will look out for its 2014 outlook.

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