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 Shares of Cummins Inc. surged 4.2% toward a record high in premarket trading Tuesday, after the diesel, natural gas and electric engines maker reported third-quarter profit and sales that fell, but beat expectations, and provided an upbeat outlook. Net income declined to $501 million, or $3.36 a share, from $622 million, or $3.97 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.42. Revenue declined 11.3% to $5.12 billion, but beat the FactSet consensus of $4.51 billion. Engine sales fell 13% to $2.1 billion to beat expectations of $1.71 billion; components sales were down 14% to $1.7 billion but topped expectations of $1.24 billion; and power systems sales declined 13% to $981 million, but topped forecasts of $794.5 million; while distribution sales slid 14% to $1.7 billion, just shy of expectations of $1.75 billion. The company said it expects fourth-quarter sales to be "similar" to third-quarter levels, which would be above the current FactSet consensus of $4.77 billion. Cummins said that on Oct. 1, it ended the temporary salary reductions that were implemented in April. The stock has rallied 15.6% over the past three months through Monday, while the S&P 500 has gained 5.0%.
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Shares of Pfizer Inc. were up 0.1% in premarket trading on Tuesday after the drug maker missed sales expectations for the quarter. Pfizer had earnings of $2.2 billion, or 39 cents per share, in the third quarter of 2020, down from $7.7 billion, or $1.36 per share, in the same quarter a year ago. It had adjusted earnings per share of 72 cents for the quarter, against a FactSet consensus of 71 cents. The drug company's revenue fell 4% to $12.1 billion for the quarter, compared with $12.7 billion in the same quarter a year ago. The FactSet consensus was $12.3 billion. The company attributed an estimated unfavorable impact of $500 million for the quarter to the COVID-19 pandemic, citing lower demand for anti-infective products used in surgeries in China and disruptions in traditional prescribing patterns in the U.S. as people avoided going to to the doctor, including a 19% drop in sales of its smoking-cessation drug Chantix. The impact was offset to some degree by "strong performance" of its heart drugs, Vyndaqel and Vyndamax, and its biosimilars business. It did not disclose any additional details about its work to develop a COVID-19 vaccine with BioNTech . However, it did note that the Phase 2/3 clinical trial for the vaccine candidate had enrolled 42,000 participants as of Monday, and about 85% of the participants have received their second and final dose of the experimental vaccine. Pfizer adjusted its 2020 guidance for adjusted earning share to $2.88 to $2.93, from $2.85 to $2.95. Pfizer's stock is down 3.2% for the year, compared with the S&P 500 , which has gained 5.2%.
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Crocs Inc. shares rose 2.9% in Tuesday premarket trading after the shoe company reported better-than-expected third-quarter earnings and revenue. Net income totaled $61.9 million, or 91 cents per share, up from $35.7 million, or 51 cents per share, last year. Adjusted EPS of 94 cents were up from 57 cents last year and beat the FactSet consensus for 70 cents. Revenue of $361.7 million increased from $312.8 million last year and beat the FactSet consensus for $344.0 million. Digital sales rose 35.5%. Retail comparable sales jumped 16.2%. "We achieved record third-quarter revenue and EPS despite the challenges presented by the global COVID-19 pandemic," said Andrew Rees, chief executive officer of the company, in a statement. Cash and equivalents were $123.6 million as of Sept. 30. Excluding any potential impact from COVID-19-related shutdowns, Crocs is guiding for fourth-quarter revenue growth between 20% and 30%, and full-year revenue growth of 5% to 7%. FactSet forecasts fourth-quarter revenue of $286.0 million, suggesting 8.8% growth, and full-year revenue of $1.24 billion, implying a 1% rise. Crocs stock has rallied 24.7% for the year to date while the S&P 500 index is up 5.3% for the period.
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Shares of 3M Co. edged up less than 0.1% in premarket trading Tuesday, after the consumer, health care and industrial products company reported third-quarter profit that beat expectations, while sales rose just above forecasts, helped by a surge in health care sales. Net income fell to $1.41 billion, or $2.43 a share, from $1.58 billion, or $2.72 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to $2.43, above the FactSet consensus of $2.26. Sales rose 4.5% to $8.35 billion, above the FactSet consensus of $8.31 billion. Health care sales rose 25.5% to $2.2 billion, beating the FactSet consensus of $2.06 billion; safety and industrial sales grew 6.9% to $3.0 billion to top expectations of $2.95 billion; and consumer sales grew 5.6% to $1.4 billion, in line with expectations of $1.37 billion; while transportation and electronics sales fell 7.4% to $2.3 billion to fall shy of expectations of $2.35 billion. The company didn't provide full financial guidance given uncertainties related to the COVID-19 pandemic, but said October sales are expected to be in the flat to up low-single digits percentage range from a year ago. The stock has lost 5.8% year to date through Monday, while the Dow Jones Industrial Average has slipped 3.0%.
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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Dow Jones Futures: Stock Market Rally Struggles As Coronavirus Cases Soar; Dexcom, Twilio Are Key Movers Late Investor's Business DailyDow drops 650 points as S&P 500, Nasdaq post worst day since September Fox BusinessAsian shares slip after Wall St's worst day in a month KTAR.comDow Slumps as Record Surge in Infection Triggers Bloodbath Investing.comWall Street tumbles as virus cases soar Reuters
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