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DAILY EARNINGS

GE Net Flat, Microsoft Swings to Profit


Author: Mukesh Buch
ticker.com
Last Update: 11:40 AM ET July 19 2013

10:45 AM New York BB&T second quarter net advanced 7% to $547 million. GE second quarter net were flat at $3.1 billion. Johnson Controls third quarter net surged 32% to $571 million. Microsoft fourth quarter net swung to a profit $4.97 billion. Schlumberger second quarter net soared 50% to $2.10 billion.

Earnings Review

BB&T Corporation (BBT), the financial service provider reported revenue in the second quarter ending in June gained 6% to $2.5 billion. Net income in the quarter advanced 7% to $547 million or 77 cents a diluted share compared to $510 million or 72 cents.

General Electric Company (GE), the industrial conglomerate stated revenue in the second quarter ending in June fell 4% to $35.1 billion. Net earnings in the quarter were flat at $3.1 billion or 30 cents a diluted share compared to 29 cents a year ago.

Johnson Controls, Inc. (JCI), the industrial control systems maker said net sales in the third quarter ending in June rose 2% $10.8 billion. Net income in the quarter surged 32% to $571 million or 83 cents a diluted share compared to $431 million or 63 cents.

The company added gross profit in the quarter jumped 9% to $1.68 billion.

For the fourth quarter, the company expects diluted earnings per share in the range of 93 cents to 95 cents.

For the year, the company expects diluted earnings per share between $2.64 and $2.66.

Microsoft Corporation (MSFT), the software company said revenues in the fourth quarter ending in June jumped 10% to $19.9 billion. In the quarter, net swung to a profit $4.97 billion or 59 cents a diluted share compared to net loss of $492 million or 6 cents.

Philip Morris International Inc. (PM), the tobacco products maker stated total revenue in the second quarter ending in June grew 3% to $20.5 billion. Net income in the quarter dropped 8% to $2.12 billion or $1.30 a diluted share compared to $2.31 billion or $1.36.

Gross profit in the quarter declined 4% to $5.22 billion and operating income slipped 8% to $3.33 billion.

State Street Corporation (STT), the financial service provider said net sales in the second quarter ending in June up 4% to $2.58 billion. Net income in the quarter jumped 16% to $571 million or $1.24 a diluted share compared to $494 million or $1.01.

Schlumberger Limited (SLB), the oil and gas explorer stated revenue in the second quarter ending in June jumped 6% to $11.2 billion. Net income in the quarter soared 50% to $2.10 billion or $1.57 a diluted share compared to $1.40 billion or $1.05.

The Sherwin-Williams Company (SHW), the paint company reported consolidated net sales in the second quarter ending in June grew 5% to $2.71 billion. Net income in the quarter climbed 13% to $257.3 million or $2.46 a diluted share compared to $227.8 million or $2.17.

The company added gross profit in the quarter $1.23 billion.

For the third quarter, the company anticipates consolidated net sales increase in the range of 6% to 9% and diluted earnings per share between $2.55 and $2.65.

For the year, the company expects diluted earnings per share in the range of $7.45 to $7.55.

Whirlpool Corporation (WHR), the home appliances maker stated net sales in the second quarter ending in June gained 5% to $4.75 billion. Net earnings in the quarter soared 75% to $198 million or $2.44 a diluted share compared to $113 million or $1.43.

Operating profit in the quarter jumped 69% to $328 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