Wednesday headlines include: Weak earnings from Xerox, Yahoo beating revenue expectations, Boeing topping estimates, Total working on a succession plan and a strong quarterly report from Broadcom.
Xerox (XRX) said Wednesday that it earned 22 cents per share in the third quarter on $5.12 billion in revenue. Analysts had expected the company to earn 26 cetns per share on $5.19 billion in revenue. The company said revenue on the printer business fell to $2.02 billion, down 6% from the year-ago quarter. Looking forward, the company said it expects to earn between 30 and 32 cents per share in the third quarter, compared to estimates for 31 cents.
Internet portal Yahoo (YHOO) said late Tuesday that its revenues were $1.15 billion in the most-recent quarter, or $1.094 billion after commissions. Analysts had been expecting adjusted revenue of $1.05 billion. For the first time, the company broke out mobile revenues, attributing $200 million to mobile in the third quarter. Yahoo said it expects that figure to exceed $1.2 billion for the full year.
Aircraft and defense firm Boeing (BA) said Wednesday that it earned $1.86 per share in the third quarter, or $2.14 on an adjusted basis. Revenue was $23.78 billion. Analysts had expected the company to earn $1.97 on an adjusted basis, or $1.86 on a GAAP basis. Looking forward, the company said it expects core earnings of $8.10 to $8.30 per share 2014.
French oil giant Total S.A. (TOT) is considering separating the roles and chairman and CEO after the death of Christophe De Margerie, who was killed in a plane crash earlier this week. The company's former CEO, who is currently honorary chairman, will propose becoming non-executive chairman, while Patrick Pouyanne, currently the company's head of refining, would become the new CEO.
Chipmaker Broadcom (BRCM) said Tuesday that it earned 55 cents per share in the third quarter on $2.26 billion in revenue. On an adjusted basis, the company earned 91 cents per share. Analysts had been expecting 84 cents per share on $2.17 billion in revenue. Looking forward, the company said it expects revenue in the fourth quarter to be $2.0 billion to $2.15 billion.