Q3 Earnings Roundup: Coca-Cola, Johnson & Johnson, PNC, State Street

Q3 Earnings Roundup: Coca-Cola, Johnson & Johnson, PNC, State Street

Earnings season is in full swing, and prior to the opening bell on Tuesday, the following companies released their third quarter earnings reports: The Coca-Cola Company (NYSE:KO), Johnson & Johnson (NYSE:JNJ), PNC Financial Services (NYSE:PNC), and State Street Corporation (NYSE:STT).

Q3 Earnings Roundup: Coca-Cola, Johnson & Johnson, PNC, State Street

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For the third quarter, The Coca-Cola Company (NYSE:KO) reported its profit increased 4 percent from the previous year, along with increasing revenue growth and volumes in its five geographic operating groups.

Thailand and India operations contributed to the worldwide four percent volume growth.

Third quarter adjusted earnings per share exceeded analysts’ estimates by .01, but revenue slightly missed forecasts.

Adjusted net income for the quarter was $2.33 billion ($0.51 per share), as compared to $2.40 billion ($0.52 per share) in the previous year’s quarter. Analysts had estimated $0.50 per share earnings.

Net operating revenues rose 1 percent to $12.34 billion, up from last year’s $12.24 billion, but just shy of $12.39 billion estimates.

Chairman and CEO Muhtar Kent said via a statement,”We continue to deliver consistent and solid performance, with our business growing worldwide volume by 4% in the quarter and 5% year-to-date. Importantly, we realized growth in the quarter across all five of our global geographic operating groups, despite continued volatility in the worldwide economy.”

Johnson & Johnson

For the third quarter, Johnson & Johnson (NYSE:JNJ) earnings per share before special items and revenue exceeded Wall Street estimates.

With the exclusion of special items, earnings per share was $1.25 per share vs. an estimated $1.21 per share.

Revenue increased 6.5 percent to $17.1 billion, exceeding the $16.97 billion estimates. Without a stronger dollar, sales would have increased 10.8 percent.

J&J slightly increased its full-year profit forecast to between $5.05 and $5.10 per share, up from $5.00 to $5.07 per share.

Third-quarter global sales of prescription drugs rose 7 percent to $6.4 billion, thanks to a jump in sales of the company’s new prostate cancer drug Zytiga along with a double-digit rise for its cancer, arthritis, psoriasis and HIV treatments.

Global sales for J&J’s medical device business jumped 12.5 percent to $7.1 billion.

PNC Financial Services

In the third quarter, PNC Financial Services (NYSE:PNC)’s net income rose, assisted by a one-time gain from its Visa shares sale and greater corporate client fees.

Net income available to common shareholders increased to $876 million ($1.64 per share), up from $826 million ($1.55 per share) in the previous year.

With the sale of its Visa investment, the company incurred a $137 million pretax gain.

PNC’s revenue increased 15 percent to $4.08 billion, up from $3.54 billion in the prior year.

The company’s quarterly numbers exceeded analysts’ estimates of $1.61 earnings per share on $4.01 billion revenues.

State Street Corporation

State Street Corporation (NYSE:STT) reported a rise in net income, but a slight dip in its revenue for the third quarter.

The bank reported earnings at $654 million ($1.36 per share), a 20 percent increase from $543 million ($1.10 per share) from the prior year’s same time period.

Revenue dropped 3 percent to $2.36 billion from last year’s $2.43 billion.

In a statement by State Street’s chairman, president and CEO Joseph L. Hooley, he said, “Our third-quarter results reflect continued resilience across both asset servicing and asset management, partially offset by weakness in trading services.”

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