Posted: Thursday, July 24, 2014 9:20 AM ET
Thursday headlines include Ford beating earnings estimates, Caterpillar topping estimates and raising its guidance, Broadcom exiting the baseband business, and earnings from 3M and Nokia.
Automaker Ford (F) said it earned32 cents per share in the second quarter, or 40 cents per share on an adjusted basis. Analysts had expected the company to earn 36 cents per share. Revenue was $37.4 billion, topping estimates for $36.2 billion. The company's profits in North America set a record at $2.4 billion, and its recently struggling European operations made $14 million.
Heavy equipment maker Caterpillar (CAT) earned $1.57 per share in the second quarter on $14.15 billion in sales. Analysts had expected the company to earn $1.52 per share on $14.4 billion in sales. The company also raised its full-year guidance to $5.75 per share, from a prior forecast for $5.55 per share. Analysts had expected $6.23 per share.
Chipmaker Broadcom (BRCM) plans to stop making cellular baseband chips and will cut one-fifth of its workforce as part of the restructuring process. The company had previously said it was considering selling the unit.
3M (MMM) said Thursday that it earned $1.91 per share in the second quarter on $8.13 billion in revenue. Analysts had expected the company to earn $1.91 per share on $8.09 billion in revenue. The company reaffirmed its previous full-year guidance range of $7.30 to $7.55 per share, which compares to analyst forecasts for $7.46 per share.
Finnish company Nokia (NOK) said Thursday that it earned more than analysts were expecting in the second quarter, helped by margin expansion in its networks business. Operating profit in the unit, which not is about 90% of the company's business was 281 million euros, compared to 197 million euros expected by analysts. Operating margin expanded to 11 percent from 7.7 percent.
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