Thursday headlines include: Caterpillar beating estimates; AT&T falling short; Reynolds American to ban smoking in its workplaces; General Motors beating on earnings, but missing on revenues; and Comcast also missing on the top line, but beating on the bottom.
Heavy-equipment maker Caterpillar (CAT) said Thursday that it earned $1.63 per share in the most-recent quarter, or $1.72 per share on an adjusted basis. Revenue was $13.55 billion. Analysts had expected the company to earn $1.34 per share on $13.21 billion in revenue. Looking forward, the company said it expects to earn $6.50 per share this year, compared to previous guidance for $6.20. Analsyts had been expecting $6.27.
Telecommunications giant AT&T (T) said Thursday that it earned 63 cents per share on an adjusted basis, missing estimates for 64 cents per share. The company added 785,000 monthly subscribers during the quarter, which fell short of the 789,000 analysts had been expecting. The company also lowered its 2014 estimate for revenue growth to a range of 3 to 4 percent, compared to a prior estimate for about 5 percent.
Tobacco giant Reynolds American (RAI) is ending smoking in its offices. The company said that beginning in 2015, smoking at employee desks and offices, in conference rooms hallways and elevators will be prohibited, joining areas where smoking is already banned, that include factory floors, cafeterias and fitness centers. The policy will go into effect as soon as the company and build indoor smoking areas for employees. The use of electronic cigarettes and smokeless tobacco will still be allowed.
Automaker General Motors (GM) said Thursday that it earned 97 cents per share on an adjusted basis in the third quarter. Analysts had expected 95 cents. Revenue was $39.3 billion, compared to estimates for $39.8 billion. GAAP earnings in the quarter included $300 million in non-recurring items, including flood damage at a technical center outside of Detroit and writedowns of assets in Russia.
Cable television giant Comcast (CMCSA) said Thursday that it earned 99 cents per share in the third quarter on revenue of $16.79 billion. Adjusted earnings were 73 cents per share. Analysts had expected the company to earn 71 cents per share on revenue of $16.82 billion. The company added 315,000 high-speed internet subscribers in the quarter, but lost 81,000 video subscriptions.