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DAILY EARNINGS

Biogen, Loews Net Jump; Merck Net Drops


Author: Mukesh Buch
ticker.com
Last Update: 2:42 AM ET October 28 2013

10:45 AM New York Biogen third-quarter net surged 22% to $488 million. CNA Financial third-quarter net surged 23% to $272 million. Merck third-quarter net declined 23% to $1.1 billion. Loews third-quarter net soared 17% to $282 million. Roper third-quarter net climbed 17% to $136 million.

Earnings Review

AMC Networks Inc (AMCX), the cable television operator agreed to acquire all of Chellomedia, the international content division of Liberty Global for $1.03 billion or 750 million.

The transaction is expected to close in the first quarter of 2014.

Biogen Idec Inc. (BIIB), the biotechnology company reported revenue in the third-quarter ending in September soared 32% to $1.83 billion. Net income in the quarter surged 22% to $488 million or $2.05 a diluted share compared to $398.4 million or $1.67.

Biogen lifted its full year financial guidance and said revenue to increase between 23% to 25% and diluted earnings per share in the range of $7.50 and $7.70.

Consol Energy Inc. (CNX), the coal and natural gas producer agreement to sell its Consolidation Coal Company subsidiary which contains all five of its long-wall coal mines in West Virginia, to a subsidiary of Murray Energy Corporation for $3.5 billion.

CNA Financial Corporation (CNA), the property and casualty insurer said total revenue in the third-quarter ending in September rose 2% to $2.5 billion. Net income in the quarter surged 23% to $272 million or $1.01 a diluted share compared to $221 million or 82 cents.

Merck & Co., Inc (MRK), the pharmaceutical company reported sales in the third-quarter ending in September fell 4% to $11 billion. Net income in the quarter declined 23% to $1.12 billion or 38 cents a diluted share compared to $1.73 billion or 56 cents.

Merck narrowed its full-year non-GAAP earnings per share in the range of $3.48 to $3.52 and GAAP earnings per share to be between $1.61 and $1.79.

The Mosaic Company (MOS), the fertilizer products maker agreed to acquire the Florida phosphate business of CF Industries, Inc. (CF) for $1.2 billion in cash plus $200 million to fund CF Industries'' asset retirement obligation escrow.

The transaction is expected to close in the first half of 2014.

Loews Corporation (L), the property and casualty insurer reported total revenue in the third-quarter ending in September slid to $3.70 billion from $3.71 billion. Net income in the quarter soared 17% to $282 million or 73 cents a diluted share compared to $177 million or 45 cents.

Roper Industries, Inc. (ROP), the radio frequency chip maker said revenue in the third-quarter ending in September jumped 11% to $827.8 million. Net income in the quarter climbed 17% to $136.3 million or $1.36 a diluted share compared to $116.7 million or $1.17.

Roper lowered its diluted earnings per share guidance for the year in the range of $5.57 to $5.63 from previous forecast of $5.72 to $5.86. Fourth quarter adjusted diluted earnings per share expected between $1.57 and $1.63.

Sohu.com Inc (SOHU), the China-based online media, search, gaming service provider said total revenue in the third-quarter ending in September climbed 29% to $368 million. Net in the quarter swung to a loss of $64.2 million or $1.69 compared to a net income of $21.6 million or 56 cents.

Sohou revenues jumped 53% to $57 million and revenues from online games increased 7% to $161 million. Brand advertising revenues surged 60% to $125 million.
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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