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DAILY EARNINGS

IBM, Verizon Net Soar; BNY Mellon, United Technologies Net Drop


Author: Mukesh Buch
ticker.com
Last Update: 7:12 AM ET October 20 2015

12:30 AM New York BNY Mellon third-quarter net declined 23% to $820 million. IBM third-quarter net surged to $2.9 billion. Lockheed Martin third-quarter net fell 2.6% to $865 million. United Technologies third-quarter net tumbled 26.5% to $1.4 billion. Verizon third-quarter net jumped 10% to $4.2 billion.

Tollbooth Index decreased 38.88 or 0.4% to 10,641.35.

Earnings Review

The Bank of New York Mellon Corporation (BK), the financial services provider reported total revenues in the third-quarter ending in September plunged 17.8% from a year ago to $3.79 billion.

Net income in the quarter declined 23.4% to $820 million or 74 cents per diluted share compared to $1.07 billion or 93 cents from the same quarter last year.

As of September 30, asset under management was $1.63 trillion and assets under custody increased 1% to $28.5 trillion.

Harley-Davidson Inc (HOG), the motorcycle maker said revenues in the third-quarter ending in September rose 1.5% from a year ago to $1.32 billion.

Net income in the quarter declined 6.5% to $140.3 million compared to $150.1 million and diluted earnings per share were flat at 69 cents from the same quarter last year.

International Business Machines Corp (IBM), the technology company reported revenues in the third-quarter ending in September tumbled 13.9% from a year ago to $19.28 billion.

Net income in the quarter surged to $2.95 billion or $3.01 per diluted share compared to $18 million or 2 cents from the same quarter last year.

The company said last year results included pre-tax charges of $4.7 billion related to its chip operations Microelectronics sold to Globalfoundries, a unit of the government of Abu Dhabi.

IBM lowered diluted earnings per share forecast for the year between $13.25 and $14.25 from the earlier estimated range between $15.75 and $16.50.

Lockheed Martin Corporation (LMT), the security and aerospace company said revenues in the third-quarter ending in September jumped 3.1% from a year ago to $11.46 billion.

Net income in the quarter fell 2.6% to $865 million or $2.77 per diluted share compared to $888 million or $2.76 from the same quarter last year.

The company lifted sales forecast for the year to $45 billion from the previous guidance of $43.50 billion to $45 billion.

Travelers Companies Inc (TRV), the personal property and casualty insurance services provider stated total revenues in the third-quarter ending in September slid 1% from a year ago to $6.79 billion.

Net income in the quarter rose 1% to $928 million or $2.97 per diluted share compared to $919 million or $2.69 from the same quarter last year.

United Technologies Corporation (UTX), the aerospace products maker reported sales in the third-quarter ending in September dropped 6% from a year ago to $13.79 billion.

Net income in the quarter tumbled 26.5% to $1.36 billion or $1.61 per diluted share compared to $1.85 billion or $1.93 from the same quarter last year.

The company announced a new share repurchase program for as much as $12 billion, including the $6 billion using the net proceeds from the Sikorsky sale.

Verizon Communications Inc (VZ), the wireless communication services provider reported total revenues in the third-quarter ending in September soared 5% from a year ago to $33.16 billion.

Net income in the quarter jumped 9.9% to $4.17 billion or 99 cents per diluted share compared to $3.79 billion or 89 cents from the same quarter last year.

In the quarter, Verizon added 1.3 million new monthly wireless subscribers and total retail connections rose 4.3% to 110.8 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