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DAILY EARNINGS

Bank of America, Schwab, Hasbro Net Jump; Rogers Comm Net Declines


Author: Mukesh Buch
ticker.com
Last Update: 4:29 AM ET October 17 2016

12:00 PM New York – Bank of America third-quarter net rose 7% to $4.5 billion. Charles Schwab third-quarter net surged 34% to $503 million. Hasbro third-quarter net soared 24% to $258 million. J B Hunt third-quarter net declined 5% to $109.4 million. Rogers Communications third-quarter net tumbled 53% to $220 million.

Tollbooth Index fell 12.94 to 10,863.96.

Earnings Review

Bank of America Corp (BAC), the financial services provider said revenues in the third-quarter ending in September advanced 3.1% from a year ago to $21.64 billion.

Net income in the quarter jumped 6.6% to $4.45 billion or 41 cents per diluted share compared to the $4.18 billion or 38 cents per share from the same quarter last year.

The bank said non-interest expenses fell 3% or $458 million to $13.5 billion and deposit balances soared 6% to $1.23 trillion and loan balances increased 3% to $905 billion.

In the quarter, mobile banking active users surged 16% to 21.3 million and pre-tax margin in the global wealth and investment management business soared to 25%.

“We grew revenue, reduced expenses and continued to manage risk, resulting in 17% increase in pre-tax earnings,” Brian Moynihan the chief executive officer said.

Charles Schwab Corp (SCHW), the investment broker and banker reported revenues in the third-quarter ending in September soared 20% from a year ago to $1.9 billion.

Net income in the quarter surged 34% to $503 million or 35 cents per diluted share compared to the $376 million or 28 cents per share from the same quarter last year.

Charles Schwab said new brokerage accounts opened in the quarter declined to 264,000 from 271,000 in the last quarter but increased from 254,000 in the same period a year ago.

Hasbro, Inc (HAS), the toy maker stated revenues in third-quarter ending in September jumped 14% from a year ago to $1.68 billion.

Net income in the quarter soared 24% to $257.8 million or $2.03 per diluted share compared to the $207.6 million or $1.64 per share from the same quarter last year.

J B Hunt Transport Services Inc (JBHT), the transportation and logistics services provider said revenues in the third-quarter ending in September advanced 7% from a year ago to $1.7 billion.

Net income in the quarter dropped 5% to $109.4 million or 97 cents per diluted share compared to the $115.1 million or 99 cents per share from the same quarter last year.

Lennox International Inc (LII), the climate control solution provider stated revenues in the third-quarter ending in September increased 6% from a year ago to $1.01 billion.

Net income in the quarter jumped 6.5% to $101.7 million or $2.33 per diluted share compared to the $80.3 million or $1.76 per share from the same quarter last year.

Lennox lowered fiscal 2016 revenue forecast to between 4% and 6% from 3% and 7% and earnings per share in the range of $6.25 to $6.45 compared to the earlier estimated range of $6.45 to $6.85.

Rogers Communications Inc (RCI), the communications and media group reported revenues in the third-quarter ending in September rose 3% from a year ago to $3.49 billion.

Net income in the quarter tumbled 52.6% to $220 million or 43 cents per diluted share compared to the $464 million or 90 cents per share from the same quarter last year.
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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