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Market Update

AstraZeneca Net Slumps on Weak Crestor Sales, MGM Net Drops


Author: Mukesh Buch
ticker.com
Last Update: 12:17 PM EST November 09 2017

12:15 PM New York – AstraZeneca profit slumps on weak sales of Crestor. Magna International sales jump after higher production in Europe. MGM Resorts profit tumbled but revenues surged 18%. Office Depot profit plunged 52%. Time revenues fell as ad revenues declined.

Tollbooth Index slumped 94.63 or 0.7% to 13,259.35.

Earnings Review

AstraZeneca Plc (AZN) slid 5 cents to $33.28 after the U.K.-based biopharmaceutical products maker reported total revenues in the third-quarter ending in September jumped 9% from a year ago to $6.2 billion.

Net income in the quarter tumbled 34.8% to $649 million or 54 cents per diluted share from $995 million or 80 cents in the same quarter last year.

AstraZeneca said revenues in Crestor, cholesterol treatment drugs business tumbled 36% to $1.8 billion and sales in the U.S. declined 10% after availability of its cheaper generic versions.

The drug-maker lifted fiscal 2017 profit forecast as “towards the favorable end” from the earlier estimate to “decline at a slower rate.”

Magna International Inc (MGA) slumped 2.2% or $1.15 to $52.26 after Canada-based automobile parts supplier said sales in the third-quarter ending in September jumped 7% from a year ago to $9.5 billion.

Net income in the quarter was flat at $503 million from a year ago period but diluted earnings per share increased to $1.36 compared to $1.29 million or $3.63 in the same quarter last year.

Magna said growth in the sales was driven by light vehicle production in the Europe increased 8% but production of light vehicle in North American dropped by 7%.

MGM Resorts International (MGM) slid 6 cents to $33 after the casino resorts operator reported revenues in the third-quarter ending in September soared 17.6% from a year ago to $1.5 billion.

Net income in the quarter tumbled 72.2% to $149.1 million or 26 cents per diluted share from $535.6 million or 93 cents in the same quarter last year

Office Depot Inc (ODP) advanced 2.7% or 8 cents to $3.09 after the office products retailer said total sales in the third-quarter ending in September declined 8% from a year ago to $2.6 billion.

Net income in the quarter plunged 52.3% to $92 million or 17 cents per diluted share from $193 million or 35 cents in the same quarter last year.

Time Inc (TIME) soared 6% or 60 cents to $10.60 after the media and publishing services provider said revenues in the third-quarter ending in September plunged 9% from a year ago to $679 million.

Net in the quarter swung to profit $13 million or 14 cents per diluted share from a loss of $112 million or $1.13 in the same quarter last year.

The publishing services provider said revenues in the advertising segment and1 in the circulation business declined 12% each and revenues in magazines unit tumbled 14%.

Teekay Corporation (TK) surged 13.7% or $1.11 to $9.23 after the Bermuda-based oil and gas marine transportation services provider said revenues in the third-quarter ending in September dropped 4.4% from a year ago to $273.6 million.

Net in the quarter swung to a loss of $317.5 million from $47.7 million profit 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