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Market Update

NY Times Ads Revenues Surge; Church & Dwight Soars on Outlook


Author: Mukesh Buch
ticker.com
Last Update: 1:23 PM EDT November 01 2018

1:05 PM New York City, New York Ball Corp net surged despite weak revenues. Church & Dwight lifted fiscal outlook. Exelon net declined. Marathon Petroleum net dropped despite a surge in revenues. PPL lifted fiscal outlook. Parker Hannifin net soared. Teva Pharma net swung to a loss.

Tollbooth Index edged up 15.16 to 15,471.43 but for the year-to-date soared 12.4%.

Earnings Review

Ball Corporation (BLL) jumped 3.6% or $1.62 to $46.42 after the metal can manufacturer said net sales in the third-quarter ending in September rose 1.4% from a year ago to $2.9 billion.

Net income in the quarter soared 22.9% to $59 million or 17 cents per diluted share from $48 million or 13 cents in the same quarter last year.

Church & Dwight Co., Inc (CHD) soared 8.3% or $4.92 to $64.29 after the baking soda producer stated net sales in the third-quarter ending in September jumped 7.4% from a year ago to $1 billion.

Net income in the quarter jumped 9.7% to $146.3 million or 58 cents per diluted share from $133.4 million or 52 cents in the same quarter last year.

The baking soda producer lifted fiscal organic sales growth forecast to about 4% from the earlier estimate of 3.5% and diluted earnings per share of $2.27 from the earlier estimate of $2.26 to $2.28.

Exelon Corp (EXC) fell 34 cents to $43.47 after the power and gas provider said revenues in the third-quarter ending in September advanced 6.8% from a year ago to $9.4 billion.

Net income in the quarter declined 10.9% to $733 million or 76 cents per diluted share from $823 million or 85 cents in the same quarter last year.

Marathon Petroleum Corporation (MPC) slid 30 cents to $70.15 after the petroleum refiner reported revenues in the third-quarter ending in September surged 19.1% from a year ago to $23.1 billion.

Net income in the quarter dropped 6% to $941 million or $1.62 per diluted share from $1 billion or $1.77 in the same quarter last year.

New York Times Co (NYT) soared 7.7% or $2.02 to $28.42 after the namesake media publisher stated total revenues in the third-quarter ending in September grew 8.2% from a year ago to $417.3 million.

Net income in the quarter plunged 22.7% to $25 million or 15 cents per diluted share from $32.3 million or 20 cents in the same quarter last year.

The publisher said paid digital-only subscriptions in the quarter reached about 3.1 million, a net growth of 203,000 from previous quarter and digital advertising revenue soared 17% to $57.8 million but print advertising revenue continued to decline.

New York Times forecasted fiscal 2018 total subscription revenues to fall in the low to mid-single digits.

PPL Corporation (PPL) edged up 1 cent to $30.46 after the electricity service provider reported revenues in the third-quarter ending in September fell 1.1% from a year ago to $1.9 billion.

Net income in the quarter surged 25% to $445 million or 62 cents per diluted share from $355 million or 51 cents in the same quarter last year.

The electricity service provider lifted diluted earnings per share forecast to between $2.30 and $2.40 from the earlier estimate of $2.25 to $2.40.

Parker Hannifin Corp (PH) advanced 2.8% or $4.22 to $155.85 after the motion and control technology provider said revenues in the first-quarter ending in September increased 3% from a year ago to $3.5 billion.

Net income in the quarter soared 31.6% to $375.7 million or $2.79 per diluted share from $285.4 million or $2.10 in the same quarter last year.

Parker Hannifin forecasted fiscal 2018 diluted earnings per share in the range of $10.90 to $11.50.

Teva Pharmaceutical Industries Limited (TEVA) surged 11.7% or $2.33 to $22.31 after the Israel-focused pharmaceuticals products maker reported revenues in the third-quarter ending in September plunged 19% from a year ago to $4.5 billion.

Net in the quarter swung to $273 million or 27 per diluted share from profit of $530 million or 52 cents in the same quarter last year.

Teva lifted fiscal revenues forecast to between $18.6 billion and $19 billion from the earlier estimate of $18.5 billion to $19 and operating profit in the range of $5.2 billion $5.4 billion from the earlier estimate of $5 billion to 5.3 billion.

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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