By MarketWatch
WASHINGTON (MarketWatch) ? DuPont updated its 2012 profit outlook as the Dow Jones Industrial Average component reported lower third-quarter results Tuesday, with its shares falling more than 5% in premarket trading.
On Wall Street, investors kept a close eye on the latest clutch of earnings releases, bidding stock-index futures sharply lower. Read more in Indications.
E.I. du Pont de Nemours & Co. /quotes/zigman/225806/quotes/nls/dd DD +0.85% pegged full-year earnings from continuing operations to be in a range of $3.25 to $3.30 a share, excluding significant items. This would be down from the $3.55 a share earned in 2011.
/quotes/zigman/225806/quotes/nls/dd DD 49.76, +0.42, +0.85%/quotes/zigman/627604 DJTCHE 393.87, -5.27, -1.32%
Along with a lower third-quarter profit, DuPont said sales from continuing operations dropped 9% to $7.4 billion for the third quarter, with volume down 5% from the prior year. ?Weaker-than-expected demand in titanium dioxide and photovoltaic markets contributed to the decline from last year?s record third-quarter earnings,? said Chief Executive Ellen Kullman in a statement. Additionally, the company said it would eliminate some 1,500 positions globally over the next 12 to 18 months. See more on DuPont?s results and outlook.
Separately, United Technologies Corp. /quotes/zigman/244482/quotes/nls/utx UTX -0.21% ?reported a lower profit from continuing operations but higher sales for the third quarter, as the Dow component affirmed its 2012 profit outlook in a range of $5.25 to $5.35 a share. Earnings from continuing operations amounted to $1.37 a share for the latest quarter, off 4%, but came in ahead of analysts? consensus. The company also revised projected 2012 dilution from its Goodrich Corp. acquisition to 10 cents a share, narrower than the 20 cents previously forecast, and raised its restructuring target to $600 million from $500 million. See more on United Technologies? results and forecast.
Rounding out the trio of blue chips scheduled to report results Tuesday, 3M Co. /quotes/zigman/302497/quotes/nls/mmm MMM -0.44% ?cut its 2012 profit estimate to a below-consensus range of $6.27 to $6.35 a share, including 3 cents a share in acquisition costs; its earlier forecast was $6.35 to $6.50 a share. Third-quarter profit reached $1.16 billion, or $1.65 a share, matching analysts? consensus and up from $1.09 billion, or $1.52 a share, earned in the year-ago period. Quarterly sales dipped 0.4% to nearly $7.5 billion, below analysts? average view of $7.63 billion. See more on 3M?s quarterly profit rising as margins widen.
/conga/story/misc/markets.html 221098A major mover to the downside was RadioShack Corp. /quotes/zigman/260227/quotes/nls/rsh RSH -2.05% , shares of which shed 13% in the wake of third-quarter results that showed a net loss, a modest top-line decrease and a 1.6% drop in comparable-store sales. ?Overall, our business performed below expectations,? said Dorvin Lively, intrim CEO, in the retailer?s earnings release. See: RadioShack swings to loss on sales, margin fall.
Also on the early side, United Parcel Service Inc. /quotes/zigman/251269/quotes/nls/ups UPS -1.02% posted third-quarter a net profit of $469 million, or 48 cents a share, down from $1.07 billion, or $1.09 a share, earned in the year-earlier period, as revenue eased to $13.07 billion from $13.17 billion. On an adjusted basis, earnings would have been $1.06 a share, a penny shy of the consensus in a survey by FactSet Research. The delivery company also updated its 2012 outlook for adjusted profit to a range of $4.55 to $4.65 a share, representing an increase of 5% to 7% over 2011 adjusted earnings. Read more on UPS.
And Whirlpool Corp. /quotes/zigman/246389/quotes/nls/whr WHR -0.85% ?revised higher its 2012 profit outlook as net earnings and sales fell for the third quarter. In terms of ongoing business operations, the appliance maker now sees 2012 earnings in a range of $6.90 to $7.10 a share, up from $6.50 to $7 a share previously, while for net profit Whirlpool?s forecast of $5 to $5.50 a share is unchanged. Read more on Whirlpool.
Other notable companies on Tuesday?s earnings calendar include Harley- Davidson Inc. /quotes/zigman/228798/quotes/nls/hog HOG -0.80% , Xexox Corp. /quotes/zigman/246904/quotes/nls/xrx XRX +0.72% , Unisys Corp. /quotes/zigman/572054/quotes/nls/uis UIS +0.14% , Coach Inc. /quotes/zigman/263421/quotes/nls/coh COH -3.27% , Amgen Inc. /quotes/zigman/19815/quotes/nls/amgn AMGN +0.73% , Gilead Sciences Inc. /quotes/zigman/72849/quotes/nls/gild GILD -0.32% , C.R. Bard Inc. /quotes/zigman/219264/quotes/nls/bcr BCR -1.13% , Illinois Tool Works Inc. /quotes/zigman/229839/quotes/nls/itw ITW -0.38% , Facebook Inc. /quotes/zigman/9962609/quotes/nls/fb FB +1.69% , Juniper Networks /quotes/zigman/202982/quotes/nls/jnpr JNPR -0.45% , Broadcom Corp. /quotes/zigman/66924/quotes/nls/brcm BRCM +0.27% , Altera Corp. /quotes/zigman/67862/quotes/nls/altr ALTR +1.26% ?and Netflix Inc. /quotes/zigman/87598/quotes/nls/nflx NFLX +4.46% , among many others.
Harley-Davidson profit off 27% on lower shipments.
Xerox?s quarterly net drops 12% on weaker technology sales.
Coach?s first-quarter net up 3% on higher international sales.
After the bell
Facebook is projected to report third-quarter earnings of 6 cents a share. Facebook?s effort to extend its business from advertising into commerce is one of the reasons why the social-media company is worth another look, according to a Wall Street Journal report. See: Facebook expected to show revenue gains.
Facebook gives gift to investors
Facebook is launching initiatives to make more off of its big user base. (Photo: AFP/Getty Images.)
Netflix is likely to post third-quarter earnings of 5 cents a share, down 96% from a year ago. Outlook: Netflix streaming view key metric in results.
And Norfolk Southern Corp. /quotes/zigman/235929/quotes/nls/nsc NSC +1.81% ?? which like UPS, is a component of the Dow Jones Transportation Average ? is likely to report third-quarter earnings of $1.23 a share, down 23% from the same period last year.
/quotes/zigman/225806/quotes/nls/dd
US : U.S.: NYSE
Volume: 5.72M
Oct. 22, 2012 4:00p
Rev. per Employee$569,871
/quotes/zigman/244482/quotes/nls/utx US : U.S.: NYSE
Volume: 3.66M
Oct. 22, 2012 4:00p
Rev. per Employee$280,130
/quotes/zigman/302497/quotes/nls/mmm US : U.S.: NYSE
Volume: 3.13M
Oct. 22, 2012 4:01p
Rev. per Employee$352,027
/quotes/zigman/260227/quotes/nls/rsh US : U.S.: NYSE
Volume: 3.58M
Oct. 22, 2012 4:00p
Market Cap$242.64 million
Rev. per Employee$128,829
/quotes/zigman/251269/quotes/nls/ups US : U.S.: NYSE
Volume: 6.48M
Oct. 22, 2012 4:00p
Rev. per Employee$135,342
/quotes/zigman/246389/quotes/nls/whr US : U.S.: NYSE
Volume: 1.03M
Oct. 22, 2012 4:04p
Rev. per Employee$270,529
/quotes/zigman/228798/quotes/nls/hog US : U.S.: NYSE
Volume: 2.41M
Oct. 22, 2012 4:00p
Rev. per Employee$869,778
/quotes/zigman/246904/quotes/nls/xrx US : U.S.: NYSE
Volume: 16.96M
Oct. 22, 2012 4:05p
Rev. per Employee$161,769
/quotes/zigman/572054/quotes/nls/uis US : U.S.: NYSE
Volume: 302,661
Oct. 22, 2012 4:00p
Market Cap$912.99 million
Rev. per Employee$169,828
/quotes/zigman/263421/quotes/nls/coh US : U.S.: NYSE
Volume: 6.48M
Oct. 22, 2012 4:00p
Rev. per Employee$264,621
/quotes/zigman/19815/quotes/nls/amgn US : U.S.: Nasdaq
Volume: 4.66M
Oct. 22, 2012 4:00p
Rev. per Employee$925,843
/quotes/zigman/72849/quotes/nls/gild US : U.S.: Nasdaq
Volume: 4.98M
Oct. 22, 2012 4:00p
/quotes/zigman/219264/quotes/nls/bcr US : U.S.: NYSE
Volume: 835,136
Oct. 22, 2012 4:01p
Rev. per Employee$243,281
/quotes/zigman/229839/quotes/nls/itw US : U.S.: NYSE
Volume: 2.87M
Oct. 22, 2012 4:01p
Rev. per Employee$278,490
/quotes/zigman/9962609/quotes/nls/fb US : U.S.: Nasdaq
Volume: 32.45M
Oct. 22, 2012 4:00p
/quotes/zigman/202982/quotes/nls/jnpr US : U.S.: NYSE
Volume: 5.11M
Oct. 22, 2012 4:05p
Rev. per Employee$474,625
/quotes/zigman/66924/quotes/nls/brcm US : U.S.: Nasdaq
Volume: 5.99M
Oct. 22, 2012 4:00p
Rev. per Employee$789,885
/quotes/zigman/67862/quotes/nls/altr US : U.S.: Nasdaq
Volume: 3.37M
Oct. 22, 2012 4:00p
Rev. per Employee$634,141
/quotes/zigman/87598/quotes/nls/nflx US : U.S.: Nasdaq
Volume: 6.53M
Oct. 22, 2012 4:00p
/quotes/zigman/235929/quotes/nls/nsc US : U.S.: NYSE
Volume: 3.35M
Oct. 22, 2012 4:01p
Rev. per Employee$374,196
Source: http://feeds.marketwatch.com/~r/marketwatch/bulletins/~3/j66WE9a0Zew/bulletinredir.asp
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