AT&T revenue disappoints
AT&T posted third-quarter revenue below Wall Street estimates yesterday and added fewer customers than expected, citing a shortage of the latest Apple iPhone.
While profit was better than estimated, analysts were disappointed with slowing customer growth, which showed it was rapidly losing ground to rival Verizon Wireless. AT&T’s profit rose to $3.64bn (£2.27bn) from from $3.62bn. Revenue fell to $31.46bn from $31.48bn.
Boeing trumps expectations
BOEING posted stronger-than-expected results for the third quarter yesterday and raised its forecast for the full year as its defence business improved and commercial aircraft deliveries surged. The company said it earned $1bn, or $1.35 a share, compared with $1.1bn, or $1.46 a share, a year ago. Revenue rose to $20bn from $17.7bn. Defence revenue fell four per cent to $7.8bn, but margins widened to 10.5 per cent from 10 per cent.
Lockheed ups full-year outlook
LOCKHEED Martin, the largest US weapons maker, yesterday posted an 11 per cent increase in third-quarter earnings, beating expectations by a wide margin, and raised its full-year forecast. Lockheed warned that revenue would ease slightly in 2013, but raised 2012 earnings forecast to a range of $8.20 to $8.40 from $7.90 to $8.10. Net earnings per share rose 11 per cent to $2.21 from $1.99 a year earlier, but fell from $2.38 in the second quarter.
Income rises at Motorola Solutions
MOTOROLA Solutions reported a better-than-expected third-quarter profit on strong government spending yesterday, but the communications gear maker forecast current-quarter earnings largely below market estimates. Net income rose to $206m, or 72 cents per share, in the third quarter, from $128m, or 38 cents per share, a year earlier. Revenue rose three per cent to $2.2bn.
Northrop bullish for the full year
NORTHROP Grumman reported a lower quarterly profit yesterday, but raised its full-year forecast. Defence equipment maker Northrop, said it now expects full-year earnings of $7.35 per share to $7.40 per share, up from its prior view of $7.05 to $7.25 per share. The company reported earnings per share of $1.82 for the third quarter, down from $1.86 a year ago. Revenue fell to $6.27bn, compared to $6.61bn a year earlier.