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Market Update

3M, Caterpillar Lift Outlook, McDonald's Delivers Stronger Turnaround


Author: Mukesh Buch
ticker.com
Last Update: 7:04 PM ET April 25 2017

3:10 PM New York 3M lifted earnings outlook. Caterpillar beats earnings expectations and raises outlook. Coca-Cola net slumped on bottling refranchising costs. Lockheed Martin net plunged but expects more international orders. McDonald''s shows stronger performance on all-day breakfast.

Tollbooth Index increased 33.84 or 0.3% to 11,960.44.

Earnings Review

3M Co (MMM) gained 89 cents to $195.12 after the industrial conglomerate said sales in the first-quarter ending in March jumped 3.7% from a year ago to $7.7 billion.

Net income in the quarter rose 3.1% to $1.32 million or $2.16 per diluted share from $1.28 million or $2.05 in the same quarter last year.

3M lifted fiscal 2017 diluted earnings per share forecast in the range of $8.70 to $9.05, growth of 7% to 11% from a year ago and revised from the earlier estimated range of $8.45 to $8.80.

Baker Hughes Inc (BHI) fell 39 cents to $58.28 after the oilfield services provider reported revenues in the first-quarter ending in March declined 15% from a year ago to $2.3 billion.

Net loss in the quarter narrowed to $129 million or 30 cents per diluted share from $981 million or $2.22 in the same quarter last year.

Biogen Inc (BIIB) soared 4.7% or $13.04 to $289.89 after the biopharmaceutical products maker said total revenues in the first-quarter ending in March rose 3% from a year ago to $2.8 billion.

Net income in the quarter tumbled 23% to $747.6 million or $3.46 per diluted share from $970.9 million or $4.43 in the same quarter last year.

As of March 31, Biogen had cash and marketable securities of about $5.7 billion and $6.5 billion in notes payable and other financing arrangements.

Caterpillar Inc (CAT) soared 6.7% or $6.47 to $103.18 after the construction and mining equipment maker said revenues in the first-quarter ending in March grew 3.8% from a year ago to $9.8 billion.

Net income in the quarter plunged 29.2% to $192 million or 32 cents per diluted share from $271 million or 46 cents in the same quarter last year.

Caterpillar lifted sales and revenues forecast in the full-year to between $38 billion to $41 billion with a midpoint of $39.5 billion from the earlier forecasted range of $36 billion to $39 billion with a midpoint of $37.5 billion.

The industrial equipment maker also lowered earnings per share forecast in the range of $2.10 from the previous outlook for 2017 of about $2.30 or $2.90.

The Coca-Cola Co (KO) slid 2 cents to $43.26 after the non-alcoholic beverages maker reported net revenues in the first-quarter ending in March declined 11% from a year ago to $9.1 billion.

Net income in the quarter slumped 20% to $1.2 billion or 27 cents per diluted share from $1.5 billion or 34 cents in the same quarter last year.

E I Du Pont De Nemours And Co (DD) advanced 2.6% or $2.03 to $81.40 after the industrial conglomerate said sales in the first-quarter ending in March jumped 5% from a year ago to $7.7 billion.

Net income in the quarter plummeted 9.7% to $1.1 billion or $1.27 per diluted share from $1.2 billion or $1.39 in the same quarter last year.

Du Pont estimated first-half 2017 earnings per share of about $2.42, a decrease of 5% from prior year.

Eli Lilly and Co (LLY) dropped 3% or $2.53 to $80.89 after the human and animal health products maker reported total revenues in the first-quarter ending in March jumped 7% from a year ago to $4.3 billion.

Net in the quarter swung to a loss of $110.8 million or 10 cents per diluted share from profit of $440.1 million or 41 cents in the same quarter last year.

Lockheed Martin Corporation (LMT) slumped 2.6% or $7.28 to $268.93 after the security and aerospace products maker said net sales in the first-quarter ending in March jumped 6.7% from a year ago to $11.1 million.

Net income in the quarter plunged 15% to $763 million or $2.61 per diluted share from $898 million or $2.91 in the same quarter last year.

McDonald''s Corporation (MCD) jumped 5.1% or $6.88 to $141.11 after the quick service restaurants operator reported revenues in the first-quarter ending in March dropped 4% from a year ago to $5.7 billion.

Net income in the quarter jumped 8% to $1.2 billion or $1.47 per diluted share from profit of $1.1 billion or $1.25 in the same quarter last year.

""A strong start to 2017 that includes positive comparable sales across all segments, higher global guest counts and enhanced profitability,"" said president and chief executive officer Steve Easterbrook.

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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