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DAILY EARNINGS

Bank of America, Linear Tech Net Surge


Author: Mukesh Buch
ticker.com
Last Update: 11:26 AM ET January 15 2014

10:45 AM New York AEP Ind fourth-quarter net plunged 54% to $11 million. Bank of America fourth-quarter net surged to $3.44 billion. Fastenal fourth-quarter net rose 0.5% to $99 million. Linear Technology second-quarter net surged 18% to $105 million. WNS Holdings third-quarter net doubled to $12.2 million.

Earnings Review

AEP Industries (AEP), the plastic packaging films maker said revenue in the fourth-quarter ending in December slid 0.8% to $1.14 billion.

Net income in the quarter plunged 53.9% to $10.7 million or $1.92 per diluted share compared to $23.2 million or $4.16.

Bank of America Corporation (BAC) the bank reported net revenue in the fourth-quarter ending in December jumped 15% to $21.7 billion.

Net income in the quarter surged to $3.44 billion or 29 cents per diluted share compared to $732 million or 3 cents.

For the year, revenue climbed 7% to $89.8 billion and net income soared to $11.4 billion or 90 cents per diluted share from $4.2 billion or 25 cents per diluted share

The bank added consolidated deposit balances jumped $14 billion to $1.12 trillion and loan balances climbed $20 billion to $928 billion.

Debit and consumer credit card spending increased 4% to $123 billion and commercial loan balances raised $42 billion to $396 billion.

Tier-1 common capital at the end of quarter increased to $145 billion, and capital ratio of 11.2%.

The bank said losses in its mortgage unit in the fourth-quarter fell to $1.1 billion from $3.7 billion in the same period a year ago. Bank released $1.2 billion from reserves to cover bad loans from $900 million a year earlier.

Fastenal Company declined 5.8% or $2.79 to $45.42 after the construction material retailer said net sales in the fourth-quarter ending in December climbed 7.5% to $813.8 million.

Net earnings in the quarter rose 0.5% to $99.2 million compared to $98.7 million and diluted earnings per share were flat at 33 cents from a year ago.

Linear Technology Corporation (LLTC), the semiconductors maker said revenue in the second-quarter ending on December 29 soared 9.6% to $334.6 million.

Net income in the quarter surged 17.9% to $104.8 million or 44 cents per diluted share compared to $88.8 million or 38 cents.

WNS (Holdings) Limited (WNS), the India focused outsourcing service provider stated revenue in the third-quarter ending in December advanced 5.8% to $127.1 million.

Profit for the quarter doubled to $12.2 million or 23 cents per diluted share compared to $6.1 million or 12 cents.
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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