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DAILY EARNINGS

GE Net Swings to Profit; Honeywell, Whirlpool Net Surge


Author: Mukesh Buch
ticker.com
Last Update: 1:38 PM ET July 22 2016

12:00 PM New York – American Airlines second-quarter net tumbled 44% to $950 million. GE second-quarter net swung to profit $2.7 billion. Honeywell second-quarter net soared 8% to $1.3 billion. Moody''s second-quarter net fell 2% to $256 billion. Whirlpool second-quarter net surged 81% to $320 million.

Tollbooth Index increased 36.50 or 0.3% to 10,979.89.

Earnings Review

American Airlines Group Inc (AAL), the airline company said total revenues in the second-quarter ending in June dropped 4.3% from a year ago to $10.4 billion.

Net income in the quarter tumbled 44.1% to $950 million or $1.68 per diluted share compared to $1.70 billion or $2.41 per share from the same quarter last year.

General Electric Company (GE), the diversified industrial conglomerate reported revenues in the second-quarter ending in June soared 15% from a year ago to $33.5 billion.

Net in the quarter swung to profit $2.74 billion or 30 cents per diluted share compared to a net loss of $1.36 billion or 13 cents per share from the same quarter last year.

GE said revenues in industrial businesses dropped 1% to $24.4 billion but reiterated growth in the unit in the second-half between 2% to 4% and group orders slumped 2% to $26.6 billion while total backlog jumped 17% to $320 billion.

Honeywell International Inc (HON), the industrial conglomerate stated revenues in the second-quarter ending in June rose 2% from a year ago to $10 billion.

Net income in the quarter soared 7.6% to $1.28 billion or $1.51 per diluted share compared to $1.19 billion or $1.66 per share from the same quarter last year.

The company lowered revenues forecast in the year between $40 billion and $40.6 billion from the earlier estimated range of $40.3 billion to $40.9 billion and earnings per share in the range of $6.60 and $6.70 compared to previous guidance between $6.55 and $6.70.

Moody''s Corporation (MCO), the credit rating services provider said revenues in the second-quarter ending in June increased 1% from a year ago to $928.9 million.

Net income in the quarter fell 2.4% to $255.5 million or $1.30 per diluted share compared to $261.7 million or $1.28 per share from the same quarter last year.

Whirlpool Corporation (WHR), the home appliances maker reported revenues in the second-quarter ending in June were flat at $5.2 billion compared to a year ago.

Net income in the quarter surged 80.8% to $320 million or $4.15 per diluted share compared to $177 million or $2.21 per share from the same quarter last year.

Verizon Communications Inc (VZ), the wireless network services provider is close to buying Yahoo’s core internet business for about $5 billion but the deal is tentative and does not include portfolio of patents and other real estate properties.
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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