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Market Update

Air Products to Buy GE Patents, Becton Dickinson Net Swings to Loss


Author: Mukesh Buch
ticker.com
Last Update: 1:13 PM EST November 06 2018

1:10 PM New York City, New York Archer-Daniels beats earnings estimates. AmerisourceBergen net swung to profit. Air Products net fell but revenues jumped. Becton, Dickinson net swung to a loss despite the surge in revenues. Eli Lilly lifted fiscal outlook.

Tollbooth Index jumped 220.47 1.4% to 15,499.13 but for the year-to-date soared 12.6%.

Earnings Review

Archer-Daniels-Midland Company (ADM) rose 18 cents to $48.28 after the agro food processer reported revenues in the third-quarter ending in September soared 6.8% from a year ago to $15.8 billion.

Net income in the quarter surged to $536 million or 94 cents per diluted share from $192 million or 34 cents in the same quarter last year.

AmerisourceBergen Corp (ABC) plunged 8.1% or $7.18 to $81.39 after the drug wholesaler said revenues in the fourth-quarter ending in September jumped 10.7% from a year ago to $43.3 billion.

Net in the quarter swung to profit $233.3 million or $1.07 per diluted share from a loss of $344.6 million or $1.58 in the same quarter last year.

Air Products & Chemicals Inc (APD) fell 1.5% or $2.28 to $155.09 after the industrial hydrogen and helium gas producer reported revenues in the fourth-quarter ending in September advanced 4.5% from a year ago to $2.3 billion.

Net income in the quarter dropped 3.4% to $452.9 million or $2.05 per diluted share from $468.7 million or $2.13 in the same quarter last year.

Air Products forecasted fiscal 2019 diluted earnings per share in the range of $8.05 to $8.30, jump 10% at midpoint from a year ago.

In the fiscal 2019 first quarter, the gas producer forecasted diluted earnings per share between $1.85 and 1.90, jump of 5% from a year ago period.

Separately, today Air Products agreed to acquire gasification business of General Electric to expand its syngas product offerings without disclosing financial terms.

This includes more than 1,000 patents related to GE''s gasification technology.

Becton, Dickinson and Company (BDX) fell $1.13 to $236.20 after the medical surgical products maker said revenues in the fourth-quarter ending in September soared 39% from a year ago to $4.4 billion.

Net in the quarter swung to a loss of $173 million or 64 cents per diluted share from profit of $289 million or $1.24 in the same quarter last year.

Becton, Dickinson forecasted fiscal 2018 revenues to increase 8.5% to 9.5% after acquisition of the C. R. Bard and diluted earnings per share growth of 13% to 14% or in the range of $12.05 and $12.15.

CVS Health Corp (CVS) jumped 4.2% or $3.11 to $76.80 after the drug store provider reported revenues in the third-quarter ending in September rose 2.4% from a year ago to $47.3 billion.

Same store sales in the quarter jumped 6.7% and pharmacy same store sales surged 8.7% and same store prescription volume soared 9.2% and pharmacy services claims growth advanced 5.7%.

Net income in the quarter soared 8.2% to $1.4 billion or $1.36 per diluted share from $1.3 billion or $1.26 in the same quarter last year.

The healthcare services provider forecasted fiscal 2018 operating profit to decline from 39% to 41% and diluted earnings per share in the range of $1.40 to $1.50.

Eli Lilly and Co (LLY) slumped 3.9% or $4.32 to $106.20 after the drug maker said revenues in the third-quarter ending in September jumped 7% from a year ago to $6.1 billion.

Net income in the quarter more than doubled to $1.1 billion or $1.12 per diluted share from $555.6 million or 53 cents in the same quarter last year.

Eli Lilly lifted fiscal 2018 revenues forecast in the range of $24.3 billion to $24.5 billion from the earlier estimate of $24 to $24.5 billion but lowered diluted earnings per share in the range of $3.04 to $3.09 from the earlier estimate of $3.19 to $3.29.

Thomson Reuters Corporation (TRI) advanced 3.3% or $1.50 to $47.41 after the news and information for professional markets provider reported revenues in the third-quarter ending in September grew 2% from a year ago to $1.3 billion.

Net income in the quarter plunged 16.4% to $291 million or 37 cents per diluted share from $348 million or 46 cents in the same quarter last year.

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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