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Market Update

3M Lifts Fiscal Outlook; Caterpillar Net Loss Narrows, Ford Net Surges


Author: Mukesh Buch
ticker.com
Last Update: 2:29 PM EST January 25 2018

2:45 PM New York City, New York 3M lifted fiscal 2018 outlook. Biogen robust fiscal 2018 estimate on record revenues. Caterpillar beats profit estimates after sales surged 35%. Celgene profit soared on strong Revlimid sales. Ford annual profit surged. Northrop Grumman profit tumbled 66%.

Tollbooth Index increased 20.19 to 14,730.36.

Earnings Review

3M Company (MMM) gained 1.4% or $3.55 to $251.47 after the industrial conglomerate reported sales in the fourth-quarter ending in December soared 9% from a year ago to $8 billion.

Net income in the quarter tumbled 56.4% to $523 million or 85 cents per diluted share from $1.2 billion or $1.88 in the same quarter last year.

3M lifted fiscal 2018 diluted earnings per share forecast in the range of $10.20 to $10.70 from the earlier estimate of $9.60 to $10.

Biogen Inc (BIIB) increased $1.19 to $347.69 after the biopharmaceutical products maker said total revenues in the fourth-quarter ending in December surged 15% from a year ago to $3.3 billion.

Net in the quarter swung to a loss of $297.4 million or $1.40 per diluted share from profit of $649.2 million or $2.99 in the same quarter last year.

Biogen forecasted fiscal 2018 revenue growth in the range of $12.7 billion to $13 billion and diluted earnings per share between $22.20 and $23.20.

Caterpillar Inc (CAT) dropped 2.1% or $3.57 to $166.49 after the construction and mining equipment maker said revenues in the fourth-quarter ending in December soared 35% from a year ago to $12.9 billion.

Net loss in the quarter narrowed to $1.3 billion or $2.18 per diluted share from $1.2 billion or $2 in the third-quarter of fiscal 2017.

Caterpillar estimated fiscal 2018 diluted earnings per share in the range of $7.75 to $8.75.

Celgene Corporation (CELG) fell 27 cents to $102.84 after the biopharmaceutical products maker reported net sales in the fourth-quarter ending in December jumped 17.4% from a year ago to $3.5 billion.

Net in the quarter swung to a loss of $81 million or 10 cents per diluted share from profit of $429 million or 53 cents in the same quarter last year.

Ford Motor Company (F) rose 38 cents to $11.67 after the auto maker said total revenues in the year ending in December rose 3.3% from a year ago to $156.8 billion.

Net income in the quarter surged 65.2% to $7.6 billion or $1.90 per diluted share from $4.6 billion or $1.15 in the same quarter last year.

Northrop Grumman Corporation (NOC) advanced 2.6% or $8.20 to $321.66 after the security surveillance products provider reported sales in the fourth-quarter ending in December jumped 4% from a year ago to $6.6 billion.

Net income in the quarter plunged 66.1% to $178 million or $1.01 per diluted share from $525 million or $2.96 in the same quarter last year.

The security surveillance products provider forecasted fiscal 2018 sales of about $27 billion and diluted earnings per share in the range of $15 to $15.25.

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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