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Earnings Analysis: 
Cummins, Kellogg, Reuters Net Jump; Coca-Cola Net Tumbles 56%
Author: Mukesh Buch
123jump.com
Last Update: 1:51 AM ET February 09 2017


 
12:00 PM New York Cummins fourth-quarter net surged 135% to $378 million. CVS Health fourth-quarter net jumped 14% to $1.7 billion. Coca-Cola fourth-quarter net tumbled 56% to $550 million. Kellogg fourth-quarter net advanced 16% to $324 million. Thomson Reuters fourth-quarter net surged to $2.2 billion.

Tollbooth Index increased 76.67 or 0.7% to 11,501.56.

Earnings Review

Cummins Inc (CMI), the diesel engines maker said revenues in the fourth-quarter ending in December dropped 6% from a year ago to $4.5 billion.

Net ncome in the quarter surged 134.8% to $378 million or $2.25 per diluted share compared to the $161 million or 92 cents per share in the same quarter last year.

Cummins said revenues in North America slumped 13% while international sales improved 6% mainly due to higher revenues in China.

Cummins forecasted full-year revenues may drop as much as 5% and operating profit to fall between 11% and 11.5% of sales.

CVS Health Corp (CVS), the retail drugstores operator stated revenues in the fourth-quarter ending in December soared 11.7% from a year ago to $46 billion.

Net income in the quarter jumped 13.8% to $1.7 billion or $1.59 per diluted share compared to the $1.5 billion or $1.34 per share in the same quarter last year.

The drug retailer said in the year, it generated more than $8 billion in free cash and returned more than $6 billion to shareholders through dividend and share repurchases.

The Coca-Cola Co (KO), the non-alcoholic beverage maker reported revenues in the fourth-quarter ending in December dropped 6% from a year ago to $9.4 billion.

Net income in the quarter tumbled 56% to $550 million or 13 cents per diluted share compared to the $1.2 billion or 28 cents per share in the same quarter last year.

Coca-Cola said global sales fell 1%, with 4% decline in Latin America but increased 1% in both North America and Europe. Sales of sparkling beverages rose 1% in North America.

""This is a pivotal time of change for our company,"" Coca-Cola''s next chief executive officer James Quincey said in a call with investors.

DTE Energy Co (DTE), the diversified energy group said revenues in the fourth-quarter ending in December advanced 15.3% from a year ago to $2.9 billion.

Net income in the quarter soared 63.7% to $131 million or 73 cents per diluted share compared to the $80 million or 45 cents per share in the same quarter last year.

The energy group reaffirmed earnings per share in 2017 in the range of $5.15 to $5.46.

Kellogg Company (K), the ready-to-eat cereal and convenience foods maker reported net sales in the fourth-quarter ending in December fell 1.4% from a year ago to $3.1 billion.

Net income in the quarter advanced 15.6% to $324 million or 92 cents per diluted share compared to the $279 million or 79 cents per share in the same quarter last year.

Kellogg estimated earnings per share in the full-year between $3.91 and $3.97.

Thomson Reuters Corp (TRI), the news and professional information services provider said revenues in the fourth-quarter ending in December slid 1% from a year ago to $2.9 billion.

Net income in the quarter surged to $2.2 billion or $3.03 per diluted share compared to the $417 million or 53 cents per share in the same quarter last year.

Reuters said higher profit was mainly due to $2 billion gain on the sale of IP & Science business in October 2016. After adjusting for the sale and charges linked to discontinued operations, the company earned 60 cents a share compared to $417 million or 53 cents a share.

""This is another steady quarter of progress,"" chief executive officer Jim Smith said.

Twitter Inc (TWTR), the social media platform operator stated revenues in the fourth-quarter ending in December grew 1% from a year ago to $717.2 million.

Net loss in the quarter widened to $167 million or 23 cents per diluted share compared to the $90.2 million or 13 cents per share in the same quarter last year.

Twitter said advertising revenue in the quarter declined 0.5% to $638 million, the lowest quarterly revenue since it went public in 2013.

Yum! Brands, Inc (YUM), the quick service restaurant operator said revenues in the fourth-quarter ending in December increased 2% from a year ago to $2 billion.
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