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DAILY EARNINGS

Bank of Nova Scotia Net Drops, Medtronic Net Swings to Profit


Author: Mukesh Buch
ticker.com
Last Update: 4:07 AM ET May 31 2016

12:00 PM New York Bank of Nova Scotia second-quarter net declined 14% to $1.5 billion. Frontline first-quarter net surged seven-fold to $79 million. Medtronic fourth-quarter net swung to $1.1 billion in profit.

Tollbooth Index decreased 27.39 or 0.3% to 10,654.27.

Earnings Review

Bank of Nova Scotia (BNS), the Canada-based diversified financial services provider said total revenues in the second-quarter ending in April advanced 10.9% from a year ago to $6.59 billion.

Net income in the quarter declined 13.6% to $1.52 billion or $1.23 per diluted share compared to $1.76 billion or $1.42 per share from the same quarter last year.

Frontline Ltd (FRO), the Bermuda-based shipping company reported revenues in the fourth-quarter ending in March soared 142.9% from a year ago to $227.1 million.

Net income in the quarter surged seven-fold to $78.9 million or 50 cents per diluted share compared to $11 million or 9 cents per share from the same quarter last year.

Medtronic Plc (MDT), the medical devices maker said revenues in the fourth-quarter ending on April 29 jumped 4% from a year ago to $7.57 billion.

Net in the quarter swung to profit $1.1 billion or 78 cents per diluted share compared to net loss of $0.001 million or break even per share from the same quarter last year.

Medtronic reported operating profit in the quarter surged to $1.51 billion from $373 million in the same period a year ago.
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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