Earnings Roundup: BAC, KO, EMC
Tuesday, October 19, 2021 8:23 AM

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Bank of America Corporation (NYSE: BAC) on Tuesday posted a wider third-quarter loss as the banking giant recorded a previously announced $10.4 billion goodwill charge for its card businesses. However, shares of the company edged higher in pre-market trading as its adjusted profit topped Wall Street's expectations. The company's third quarter net loss was $7.3 billion, or 77 cents per share, compared with a loss of $2.2 billion, or 26 cents a share, in the year-ago quarter. Excluding  the non-cash goodwill charge, net income was $3.1 billion, or 27 cents per share. Revenue, net of interest expense, climbed to $26.7 billion from $26.035 billion in the same quarter last year. Analysts, on average, expected the company to report earnings of 16 cents per share on revenue of $27.15 billion. Shares of the company rose nearly 0.3% in pre-market trading.

Coca-Cola Co. (NYSE: KO) said Tuesday that its third-quarter profit improved to $2.06 billion, or 88 cents a share, from $1.9 billion, or 81 cents, in the year-earlier quarter. On an adjusted basis, the company earned 92 cents per share in the latest quarter. Revenue grew 5% to $8.43 billion from $8.044 billion. Analysts, on average, expected the company to report earnings of 89 cents per share on revenue of $8.30 billion. 

EMC Corporation (NYSE: EMC) said that its third quarter net income rose to $472.52 million, or 22 cents per share, from $298.18 million, or 14 cents per share, in the prior-year quarter. On an adjusted basis, the company earned 30 cents per share in the latest quarter. Revenues increased to $4.21 billion from $3.52 billion.  Analysts, on average, expect the company to report earnings of 30 cents per share on revenue of $4.15 billion. Looking ahead to full-year 2010, the company said that it now expects consolidated revenues of $16.9 billion, 91 cents in consolidated GAAP diluted earnings per share, and $1.25 in consolidated non-GAAP diluted earnings per share, which excludes the impact of restructuring and acquisition-related charges, stock-based compensation expense, and intangible asset amortization. Analysts currently expect the company to report earnings $1.21 per share on revenue of $16.70 billion.

Disclosure: Author doesn't own any of the stocks discussed here.

 

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