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Philips 66 Q3 Profit Leaps On Growth In Refining Income; Beats View

Franklin Resources Inc. Q4 Profit Decreases, but beats estimates

Franklin Resources Inc. (BEN) reported a profit for fourth quarter that decreased from last year but beat the Street estimates.

The company’s bottom line came in at $232.7M, or $0.46 per share. This compares with $665.7M, or $1.30 per share, in last year’s fourth quarter.

Excluding items, Franklin Resources Inc. reported adjusted earnings of $394.4M or $0.78 per share for the period.

Analysts on average had expected the company to earn $0.67 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 11.1% to $1.939 billion from $2.181 billion last year.

Franklin Resources Inc. earnings at a glance (GAAP) :

-Earnings (Q4): $232.7M. vs. $665.7M. last year.
-EPS (Q4): $0.46 vs. $1.30 last year.
-Analyst Estimates: $0.67
-Revenue (Q4): $1.939 Bln vs. $2.181 Bln last year.

Zebra Technologies Guides Q4 Well Below View As Q3 Results Miss Estimates

While reporting financial results for the third quarter on Tuesday, Zebra Technologies Corp. (ZBRA) provided its adjusted earnings and adjusted net sales growth guidance for the fourth quarter, well below analysts’ estimates.

For the fourth quarter, the company expects adjusted earnings in a range of $4.50 to $4.80 per share on adjusted net sales between a decline of 2 percent and growth of 1 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.13 per share on net sales growth of 4.70 percent to $1.54 billion for the quarter. Analysts’ estimates typically exclude special items.

For the third quarter, the company reported net income of $170 million or $3.26 per share, down from $199 million or $3.69 per share in the prior-year quarter. Excluding items, adjusted net income for the quarter were $4.12 per share, compared to $4.55 per share in the year-ago quarter.

Net sales for the quarter grew 4.0 percent to $1.38 billion from $1.44 billion in the same quarter last year.

Analysts expected earnings of $4.54 per share on net sales of $1.44 billion for the quarter.

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IPG Photonics Q3 Profit Increases

IPG Photonics Corp. (IPGP) Tuesday reported an increase in third-quarter earnings, despite an 8 percent decline in revenues, compared to the prior year.

For the third quarter, the company profit of $76.26 million compared to $75.40 million a year ago. On a per-share basis, earnings increased 5 percent to $1.47 from $1.40 in the prior year.

On average, 8 analysts polled by Thomson Reuters expected the company to earn $1.15 per share. Analysts estimates usually exclude special items.

Net sales for the quarter declined to $349.01 million from $379.15 million a year ago. Analysts were looking for $372.81 million.

Looking ahead to the fourth quarter, IPG expects earnings per share in the range of $0.70-$1.00 and revenues in the range of $300-$330 million. Analysts expect $1.15 per share, on revenue of $375.39 million.

Abiomed To Be Bought By Johnson & Johnson In $16.6 Bln Deal; Stock Surges In Pre-market

Drug major Johnson & Johnson (JNJ) Tuesday said it has entered into a definitive agreement to acquire Abiomed Inc. (ABMD), a provider of cardiovascular medical technology, for an upfront payment of $380.00 per share in cash.

In pre-market activity on Nasdaq, Abiomed shares were gaining around 51 percent to trade at $381.60.

The enterprise value of the acquisition is approximately $16.6 billion which includes cash acquired.

Abiomed shareholders will also receive a non-tradeable contingent value right or CVR entitling the holder to receive up to $35.00 per share in cash if certain commercial and clinical milestones are achieved.

Under the deal terms, a unit of Johnson & Johnson will commence a tender offer for all outstanding shares of Abiomed.

The transaction was unanimously approved by both companies’ boards of directors, and the completion is expected prior to the end of the first quarter of 2023.

Johnson & Johnson expects to fund the transaction through a combination of cash on hand and short-term financing.

Following the completion of the deal, Abiomed will operate as a standalone business within Johnson & Johnson MedTech, becoming one of 12 JJMT priority platforms as defined by annual sales of at least $1 billion each.

The deal is expected to broaden Johnson & Johnson MedTech’s position as a growing cardiovascular innovator.

Philips 66 Q3 Profit Leaps On Growth In Refining Income; Beats View

Phillips 66 (PSX), a diversified energy company, on Tuesday announced significantly higher earnings in the third quarter ended 30 September, supported by strong refining operations and improved market capture. Earnings exceeded the Street’s consensus estimate.

Earnings increased to $5.39 billion or $11.16 per share from $402 million or $0.91 per share in the third quarter of the previous fiscal.

Adjusted earnings increased to $3.12 billion or $6.46 per share as compared to $1.40 billion or $3.18 per share in the comparable prior period.

14 analysts polled by Thomson Reuters were expecting the company to report earnings of $5.04 per share. Analysts typically exclude one-time items.

“Third-quarter results reflect a continued favorable market environment, as well as strong operating performance and improved market capture,” said Mark Lashier, President and CEO of Phillips 66. “Our focus remains on operating safely and reliably producing critical energy products.

Shares of Phillips 66 are currently trading in pre-market at $104.29, up $0.09 or 0.09 percent from the previous close.