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Hershey Co. beat first-quarter EPS expectations but missed revenue projections, providing a downbeat 2016 earnings outlook. Earnings came in at $239 million, or $1.06 a share, compared with $243 million, or $1.10 a share in the same period a year ago. The company had adjusted EPS of $1.10 ahead of the FactSet consensus of $1.07. Revenue declined to $1.83 billion from $1.94 billion, compared with the FactSet consensus of $1.90 billion. For 2016, the company expects adjusted EPS of $4.24 to $4.28, below the FactSet consensus of $4.34. The stock gained 7.4% over the last three months, compared with a 9.7% rise in the S&P 500 .

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From:: Stock Market News

Procter & Gamble Co. shares are down 0.4% in premarket trading Tuesday, after the company announced third-quarter earnings that beat estimates, but offered a fourth-quarter outlook that will be “significantly lower” than last year. The consumer goods company had net income of $2.75 billion, or 97 cents per share, up from $2.15 billion, or 75 cents per share, for the same period last year. The FactSet consensus was 82 cents per share. Sales for the quarter totaled $15.76 billion, down from $16.93 billion last year, and just missing the FactSet consensus of $15.81 billion. The company said sales were negatively affected by foreign exchange, a 2% impact from Venezuela deconsolidation, and a 1% impact from minor brand divestitures. P&G sold its Duracell business during the quarter. The company expects total sales to be down high-single digits in fiscal 2016, and “tightened” its earnings expectations, forecasting a per-share decline between 3% and 6% versus $3.76 last year owing to advertising investments, a higher tax rate, headwinds from foreign exchange and lower non-operating income. P&G plans to repurchase and exchange shares worth $8 billion for the year. Shares are up 0.5% for the past year while the S&P 500 is down 1.4% for the same period.

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From:: Stock Market News

Reynolds American Inc. said Tuesday it had net income of $3.565 billion, or $2.49 a share, in the first quarter, up from $389 million, or $36 a share, in the year-earlier period. Income was boosted by a gain on the sale of Natural American Spirit’s business outside the U.S., offset by certain charges. Adjusted per-share earnings came to 50 cents, matching the FactSet consensus. Sales climbed to $2.917 billion from $2.057 billion, slightly below the FactSet consensus of $2.936 billion. The company said the integration of Newport manufacturing is on track for early completion by mid-2016, and that Chief Executive Susan Cameron will remain with the company to complete the integration of Lorillard and plan for her succession. “All of our operating companies demonstrated excellent performance, benefiting from increased volumes and higher pricing on both cigarettes and moist snuff,” she said in a statement.
The company is still expecting 2016 adjusted EPS to range from $2.25 to $2.35, compared with the FactSet consensus of $2.35. Shares were not yet active in premarket trade, but are up 4.9% in the year so far, while the S&P 500 has gained about 2%.

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From:: Stock Market News

Shares in Nokia Corp. gained 1.4% in early trading Tuesday after the Finnish tech company announced plans to buy Withings SA, saying the move will accelerate its entry into the digital health business. Withings, a French company with about 200 employees, makes activity trackers, blood pressure monitors, home and baby monitors, thermometers and other devices that link to mobile apps. The cash deal values Withings at 170 million euros, or about $192 million, and is expected to close in this year’s third quarter.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News