Coca-Cola, Citigroup And Johnson & Johnson Release Earnings
The Coca-Cola Company (NYSE: KO) released third-quarter 2013 results before the market opened this morning and the company seems to be just spinning its wheels. For the quarter, the company posted diluted earnings per share of $0.54 on revenues of $12.03 billion. In the third-quarter of 2012, the company reported EPS of $0.50 on revenues of $12.34 billion. Globally, the company’s volume inched up 2 percent and is up 2 percent for the first nine months of 2013. That translates into a meager 1 percent volume growth from the second quarter and is down from 3 percent growth in the first six months of 2013. The company indicated that it was hit hard by a strengthening U.S. dollar. North American sales volume increased 2 percent on rising sales of soft and sports drinks. Some emerging markets saw better than average results. Sales volume in India alone bounced up by 34 percent. Shares are trading down this morning on lighter than average volume.
Citigroup Inc. (NYSE: C) also released third-quarter financials today, missing analyst’s estimates my $0.02. The financial services company reported Q3 EPS of $1.02 versus the $1.04 expected. Revenues were $17.9 billion versus the consensus of $18.73 billion. According to CEO Michael Corbat, the company faced some headwinds from what he termed as a challenging macro environment. The marginal fall was attributed to the Fed’s decision to continue its bond buying program for longer than expected. Although the company noted better results in equity trading, the gains were not enough to offset the decline in bond trading. Shares dropped in early trading today on the earnings release.
Johnson & Johnson (NYSE: JNJ) performed better than expected on its earnings results, managing to beat analyst’s estimates. Earnings excluding one-time items of $1.36 a share beat the $1.32 average guestimate. The company reckons that profit per share for the year will be in the range of $5.43 to $5.49. In July, JNJ had forecast 2013 earnings of $5.40 to $5.47 a share. In the 11th straight quarter of growth, revenue increased to $17.6 billion from $17.1 billion a year earlier. The New Brunswick, New Jersey-based healthcare company is on a roll with shares trading up this morning by over 1.25 percent.
On another note, Yahoo! Inc. (NASDAQ:YHOO) is set to release earnings after the final bell this afternoon.
Disclosure: The author has no position in the stocks mentioned in this article, and does not intend to initiate any position in the next 48 hours.
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