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DAILY EARNINGS

Facebook Net Swings to Profit; Colgate, GM Net Slip


Author: Mukesh Buch
ticker.com
Last Update: 12:14 PM ET July 25 2013

10:45 AM New York 3M second quarter net jumped 13% to $1.20 billion. Colgate second quarter net declined 11% to $561 million. Facebook second quarter net swung to a $562 million profit. General Motors second quarter net tumbled 20% to $1.2 billion. United Continental second quarter net soared 38% to $469 million.

Earnings Review

3M Company (MMM), the diversified technology company reported net sales in the second quarter ending in June grew 2.9% $7.8 billion. Net income in the quarter jumped 13% to $1.20 billion or $1.71 a diluted share compared to $1.17 billion or $1.66.

The company added operating income flat to $1.7 billion.

American Electric Power Company, Inc. (AEP), the electric utility provider stated total revenues in the second quarter ending in June flat to $3.6 billion. Net income in the quarter plunged 24% to $338 million or 69 cents a diluted share compared to $362 million or 75 cents.

For the quarter, operating income declined 13% to $357 million. For the year, the company reaffirms operating earnings per share in the range of $3.05 to $3.25.

Biogen Idec Inc. (BIIB), the biotechnology company said total revenues in the second quarter ending in June jumped 21% to $1.7 billion. Net income in the quarter soared 145% to $490.7 million or $2.06 a diluted share compared to $386.8 million or $1.61.

Boston Scientific Corporation (BSX), the medical devices maker stated net sales in the second quarter ending in June slid 1% $1.81 billion. Net in the quarter swung to a profit $130 million or 10 cents a diluted share compared to net loss of $3.58 billion or $2.51.

The company estimates sales for the third quarter in the range of $1.70 to $1.76 billion and for the year between $7.05 and $7.17 billion.

Colgate-Palmolive Company (CL), the consumer products company reported net sales in the second quarter ending in June rose 2% $4.3 billion. Net income in the quarter declined 11% to $561 million or 60 cents a diluted share compared to $627 million or 65 cents.

The company added gross profit in the quarter increased 3% to $2.53 billion and operating profit slipped 8% to $906 million.

Facebook, Inc. (FB), the social network provider stated revenue in the second quarter ending in June surged 60% $1.8 billion. In the quarter net swung to a profit $562 million or 13 cents a diluted share compared to net loss of $743 million or 8 cents.

General Motors Corporation (GM), automobile company reported net sales in the second quarter ending in June rose 4% to $39.1 billion. Net income in the quarter tumbled 20% to $1.2 billion or 75 cents a diluted share compared to $1.5 billion or 90 cents.
L-3 Communications Holdings, Inc (LLL)), the aerospace and defense contractor reported net sales in the second quarter ending in June rose 2% $3.2 billion. Net income in the quarter dropped 9.8% to $185 million or $2.06 a diluted share compared to $205 million or $2.11.

United Continental Holdings, Inc (UAL), the airline stated revenue in the second quarter ending in June increased 0.6% $10 billion. Net income in the quarter soared 38% to $469 million or $1.21 a diluted share compared to $339 million or 89 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