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DAILY EARNINGS

Apple, Exelon, Time Warner Net Soar; Harris, Reynolds Net Decline


Author: Mukesh Buch
ticker.com
Last Update: 11:06 PM ET May 03 2017

12:00 PM New York Apple second-quarter net jumped 5% to $11 billion. Exelon first-quarter net surged to $995 million. Intercontinental Exchange first-quarter net soared 36% to $502 million. Reynolds American first-quarter net tumbled 78% to $780 million. Time Warner first-quarter net jumped 17% to $1.4 billion.

Tollbooth Index slid 5.94 to 12,098.54.

Earnings Review

Apple Inc (AAPL), the mobile and media devices maker reported revenues in the second-quarter ending in March advanced 4.5% from a year ago to $52.9 billion.

Net income in the quarter jumped 4.8% to $11 billion or $2.10 per diluted share from $10.5 billion or $1.90 in the same quarter last year.

Apple said iPhone sales in the quarter declined to 50.76 million from 51.19 million a year earlier and revenue in the China region declined 14.1% to $10.73 billion.

''''We are proud to report strong March quarter, with revenue growth accelerating from the December quarter and continued robust demand for iPhone 7 Plus, said chief executive officer Tim Cook.

Apple said it plans to launch its new iPhones in September.

Apple said its board authorized $50 billion to return to shareholders and extended timeframe by four quarters. Under the expanded program, Apple plans to return a total of $300 billion by the end of March 2019.

Apple forecasted fiscal 2017 revenues in the third-quarter between $43.5 billion and $45.5 billion, gross margin between 37.5% and 38.5%.

The Clorox Company (CLX), the consumer and professional products maker said revenues in the third-quarter ending in March advanced 3.5% from a year ago to $1.5 billion.

Net income in the quarter jumped 6.2% to $172 million or $1.31 per diluted share from $162 million or $1.23 in the same quarter last year.

Clorox forecasted fiscal 2017 revenues in the range of 3% to 4% but the household cleaning products maker lifted diluted earnings per share forecast to between $5.25 and $5.35 from the earlier estimated range of $5.23 to $5.38.

Exelon Corporation (EXC), the utility services provider stated revenues in the first-quarter ending in March soared 15.8% from a year ago to $8.8 billion.

Net income in the quarter surged to $995 million or $1.07 per diluted share from $173 million or 19 cents in the same quarter last year.

Estee Lauder Companies Inc (EL), the skin care and makeup products maker reported revenues in the third-quarter ending in March jumped 8% from a year ago to $2.9 billion.

Net income in the quarter soared 12% to $298 million or 80 cents per diluted share from $265 million or 71 cents in the same quarter last year.

The skin care products maker forecasted fiscal 2017 revenues to increase between 4% and 5% from a year ago and diluted earnings per share in the range of $3.02 to $3.09.

Harris Corporation (HRS), the communications services provider said revenues in the third-quarter ending in March slumped 3.9% from a year ago to $1.5 billion.

Net income in the quarter tumbled 49.4% to $85 million or 69 cents per diluted share from $168 million or $1.34 in the same quarter last year.

Intercontinental Exchange Inc (ICE), the financial and commodity trading services provider stated total revenues sales in the first-quarter ending in March declined 5.2% from a year ago to $1.47 billion.

Net income in the quarter soared 36% to $502 million or 84 cents per diluted share from $369 million or 62 cents in the same quarter last year.

Reynolds American, Inc (RAI), the cigarettes and other tobacco products maker said net sales in the first-quarter ending in March increased 1.1% from a year ago to $2.9 billion.

Net income in the quarter tumbled 78.1% to $780 million or 55 cents per diluted share from $3.6 billion or $2.49 in the same quarter last year.

Total first-quarter domestic cigarette volumes for decreased 4.4% and industry cigarette volume was down 3.1%.

Time Warner Inc (TWX), the media and entertainment services provider reported revenues in the first-quarter ending in March soared 6% from a year ago to $7.7 billion.

Net income in the quarter jumped 17.3% to $1.4 billion or $1.80 per diluted share from $1.2 billion or $1.51 in the same quarter last year.

The media company said revenue in Home Box Office increased 4% and in the Warner Bros unit jumped 8% and in Turner segment advanced 6%.
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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc