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Market Update

Lockheed Martin Earnings Beats Estimates, Seagate Net Tumbles


Author: Mukesh Buch
ticker.com
Last Update: 11:11 AM EST January 29 2018

11:05 AM New York City, New York Affiliated Managers earning were ahead of expectations. Dominion Energy lifted fiscal earnings outlook. DST Systems revenues surged. Lockheed Martin sales beat expectations. Seagate Technology net tumbled 47%. WestRock net soared.

Tollbooth Index dropped 88.63 or 0.6% to 14,741.38.

Earnings Review

Affiliated Managers Group, Inc (AMG) declined 3.3% or $7.14 to $208 after the investment manager stated revenues in the fourth-quarter ending in December soared 9.8% from a year ago to $604.1 million.

Net income in the quarter jumped 110% to $315.4 million or $5.50 per diluted share from $150.2 million or $2.67 in the same quarter last year.

Dominion Energy Inc (D) fell 27 cents to $75.22 after the electricity producer and distributor reported revenues in the fourth-quarter ending in December jumped 4% from a year ago to $3.2 billion.

Net income in the quarter surged 206% to $1.4 billion or $2.25 per diluted share from $457 million or 73 cents in the same quarter last year.

In the first-quarter, Dominion estimated diluted earnings per share between 95 cents and $1.15.

The electricity producer forecasted fiscal 2018 diluted earnings per share in the range of $3.80 to $4.25 compared to $3.60 in 2017.

DST Systems, Inc (DST) slid 14 cents to $83.63 after the information technology provider stated total revenues in the fourth-quarter ending in December soared 48.9% from a year ago to $593.9 million.

Net income in the quarter jumped 89.3% to $81.2 million or $1.34 per diluted share from $42.9 million or 66 cents in the same quarter last year.

Lockheed Martin Corporation (LMT) jumped 2.7% or $9.20 to $354.10 after the security and aerospace products maker reported revenues in the fourth-quarter ending in December advanced 9.4% from a year ago to $15.1 billion.

Net in the quarter swung to a loss of $642 million or $2.25 per diluted share from profit of $988 million or $3.35 in the same quarter last year.

Lockheed Martin said as of December 30 backlogs of about $100 billion.

Seagate Technology Plc (STX) slipped 1.6% or 82 cents to $54.14 after the Ireland-based electronic data storage solutions provider reported revenues in the fourth-quarter ending in December increased 0.7% from a year ago to $2.9 billion.

Net income in the quarter tumbled 46.5% to $159 million or 55 cents per diluted share from $297 million or $1 in the same quarter last year.

WestRock Co (WRK) dropped 2.4% or $1.67 to $68.60 after the paper and packaging solutions provider said net sales in the fourth-quarter ending in December surged 12.7% from a year ago to $3.9 billion.

Net income in the quarter soared to $1.1 billion or $4.38 per diluted share from $80.9 million or 32 cents in the same quarter last year.

Separately today, the packaging solutions provider agreed to acquire KapStone for $35 per share for about $4.9 billion, including of $1.36 billion in net debt.

The transaction is expected to close during the quarter ending September 30, 2018.

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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