Pfizer Inc. (NYSE:PFE), the world’s biggest drugmaker, reported a fall in net income of 14 percent to $3.21 billion, or 43 cents a share for the third quarter, from $3.74 billion, or 48 cents, a year earlier. The New York-based firm also announced plans to buy back as much as $10 billion in shares. Sales for the quarter fell 16 percent to $14 billion. Excluding one-time items, earnings matched the 53 cents average of 16 analysts’ estimates compiled by Bloomberg, while revenues were below the estimates.
Exxon Mobil Corporation (NYSE:XOM) posted a third quarter profit of $9.57 billion, or $2.09 a share, down from $10.33 billion, or $2.13 a share, a year earlier. The earnings were 7.4 percent down, due to lower production and weaker realized liquids and natural gas prices. Revenue for the quarter fell by 7.7 percent to $115.71 billion. Analysts projected earnings of $1.95 on revenue of $112.4 billion. Exploration and production earnings declined 29 percent amid lower liquids and natural-gas prices, while Refining and marketing earnings more than doubled, helped by strong margins.
Notes From Schwarzman, Sternlicht, Robert Smith, Mary Callahan Erdoes, Joseph Tsai And Much More From The 2020 Delivering Alpha Conference
The following are rough notes of Stephen Schwarzman, Steve Mnuchin, and Barry Sternlicht's interview from our coverage of the 2020 CNBC Institutional Investor Delivering Alpha Conference. We are posting much more over the next few hours stay tuned. Q2 2020 hedge fund letters, conferences and more One of the most influential investor conferences every year, Read More
Kellogg Company’s (NYSE:K) third-quarter earnings rose 2.1 percent, helped by strong sales overseas and in North America. The cereal maker reported a profit of $296 million, or 82 cents a share, compared with $290 million, or 80 cents a share, a year earlier. Sales for the quarter jumped 12 percent to $3.72 billion. However, the company’s gross margin fell slightly to 38.8 percent from 40.8 percent as input costs jumped 16 percent. Analysts polled by Thomson Reuters had most recently forecast earnings of 80 cents on revenue of $3.69 billion.
Exelon Corporation (NYSE:EXC) posted a third quarter profit of $297 million, or 35 cents a share, down from $602 million, or 90 cents a share, a year earlier. The company’s earnings fell 51 percent due to weak energy margins. Revenue for the quarter jumped 25 percent to $6.57 billion. Analysts polled by Thomson Reuters most recently projected earnings of 72 cents a share on revenue of $7.99 billion. The company raised its full year outlook to $2.75 to 2.95 per-share earnings from earlier of $2.55 to $2.85.
Avon Products, Inc. (NYSE:AVP) third-quarter profit fell 81 percent due to weaker sales across its business. The door-to-door cosmetics vendor reported a profit of $31.6 million, or 7 cents a share, down from a year-earlier profit of $164.2 million, or 38 cents a share. Excluding restructuring costs and other items, earnings totaled 17 cents a share. Net sales for the quarter fell 7.3 percent to $2.51 billion. Analysts expected earnings of 22 cents a share on $2.58 billion in sales.
Watson Pharmaceuticals, Inc. (NYSE:WPI) reported third quarter GAAP net income of $76.7 million or $0.60 per share, compared to net income of $68.1 million or $0.54 per share for the quarter last year. Net revenue for the quarter was $1.28 billion against $1.08 billion reported in the earlier year quarter. Analysts expected earnings of $1.28 a share on $1.27 billion in sales.
Teva Pharmaceutical Industries Ltd (NYSE:TEVA) reported a third quarter loss of $79 million, or nine cents a share, compared with a year-earlier profit of $916 million, or $1.03 a share. Revenue for the quarter rose 14 percent to $4.97 billion. The company’s Gross margin widened to 52.3 percent from 51.7 percent. Analysts polled by Thomson Reuters expected earnings of $1.25 a share on revenue of $5.07 billion.