>>> Iridium Communications beats by $0.03, beats on revs; affirms outlook (10.9

Iridium Communications beats by $0.03, beats on revs; affirms outlook (10.90)
  • Reports Q3 (Sep) earnings of $0.23 per share, $0.03 better than the Capital IQ Consensus of $0.20; revenues rose 3.3% year/year to $116.55 mln vs the $113.96 mln Capital IQ Consensus.
  • The Company ended the quarter with 949,000 total billable subscribers, which compares to 838,000 for the year-ago period and is up from 912,000 for the quarter ended June 30, 2017. Total billable subscribers grew 13% year-over-year, driven by growth in commercial M2M and government customers.
  • The Company affirmed its full-year 2017 outlook for total service revenue growth and updated its outlook for OEBITDA. The Company expects:
    • Total service revenue growth between 3% and 5% for the full-year 2017.
    • Full-year 2017 OEBITDA between $260 million and $265 million. OEBITDA for 2016 was $254.2 million.
  • The Company also affirmed its long-range outlook for total service revenue growth, OEBITDA margin, cash taxes, peak net leverage and 2019 net leverage. Based on the expected 2018 Iridium NEXT system completion, the Company continues to expect:
    • Total service revenue between $440 million and $465 million for the full-year 2019.
    • OEBITDA margin of approximately 60% in 2019.
    • Negligible cash taxes from 2017 to approximately 2020.
    • Peak net leverage of 6.0x to 6.5x OEBITDA in 2017.
    • Net leverage of approximately 4.5x OEBITDA in 2019.

>>> ConocoPhillips beats by $0.08 (49.96)

ConocoPhillips beats by $0.08 (49.96)
  • Reports Q3 (Sep) earnings of $0.16 per share, $0.08 better than the Capital IQ Consensus of $0.08.
  • Achieved third-quarter production excluding Libya of 1,202 MBOED; 1.4 percent year-over-year underlying production growth excluding the impact of closed or signed dispositions; underlying production grew 19 percent on a production per debt-adjusted share basis.
  • Guidance: Fourth-quarter and full-year 2017 production is expected to be 1,195 to 1,235 MBOED and 1,350 to 1,360 MBOED, respectively. This excludes Libya and reflects expected impacts from the Barnett disposition. Full-year guidance for capital expenditures has been lowered to $4.5 billion. The company's other guidance items remain unchanged.

>>> Bristol-Myers misses by $0.02, beats on revs; raises FY17 EPS guidance (64.

Bristol-Myers misses by $0.02, beats on revs; raises FY17 EPS guidance (64.00)
  • Reports Q3 (Sep) earnings of $0.75 per share, excluding non-recurring items, $0.02 worse than the Capital IQ Consensus of $0.77; revenues rose 6.7% year/year to $5.25 bln vs the $5.2 bln Capital IQ Consensus.
  • Gross margin as a percentage of revenue decreased from 73.5% to 70.1% in the quarter primarily due to product mix and an inventory charge.
  • Product [Growth %]
    • Eliquis [39%]
    • Opdivo [38%]
    • Yervoy [13%]
    • Orencia [10%]
    • Sprycel [8%]
  • Today the company is announcing the FDA added five-year overall survival data from the Phase 3 CA184-029 trial, to the prescribing information for Yervoy for the adjuvant treatment of fully resected cutaneous melanoma with pathologic involvement of regional lymph nodes of more than 1 mm. Yervoy is the first immune checkpoint inhibitor to demonstrate a statistically significant improvement in overall survival in this patient population.
  • Co raises guidance for FY17, sees EPS of $2.95-3.05 (Prior $2.90-3.00), excluding non-recurring items, vs. $2.96 Capital IQ Consensus Estimate.

>>> KKR misses by $0.06 (20.52)

KKR misses by $0.06 (20.52)
  • Reports Q3 (Sep) economic net income of $0.36 per share, $0.06 worse than the Capital IQ Consensus of $0.42.
  • After-tax Distributable Earnings and After-tax Distributable Earnings per adjusted unit eligible for distribution were $464.5 million and $0.57, respectively, for the quarter ended September 30, 2017.
  • Book value was $11.2 billion as of September 30, 2017 or $13.80 per outstanding adjusted unit
  • As of September 30, 2017, Assets Under Management ("AUM") and Fee Paying Assets Under Management ("FPAUM") were $153 billion and $114 billion, respectively, up 17% and 22%, respectively, compared to September 30, 2016. New fee paying capital raised exceeded $37 billion over the past 12 months on an organic basis

>>> Lazard beats by $0.10, beats on revs (45.27)

Lazard beats by $0.10, beats on revs (45.27)
  • Reports Q3 (Sep) earnings of $0.85 per share, excluding non-recurring items, $0.10 better than the Capital IQ Consensus of $0.75; revenues rose 2.5% year/year to $624 mln vs the $593.19 mln Capital IQ Consensus.
  • "Record operating revenue for the third quarter and year to date reflects the strength of our franchise, the quality of work for our clients, and the investments we continue to make in the business," said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. "We are building on a strong and stable foundation, with a solid track record of performance through cycles, and we are in an excellent position to capitalize on growth opportunities."

>>> Xerox beats by $0.07, reports revs in-line; guides FY17 EPS in-line (33.10)

Xerox beats by $0.07, reports revs in-line; guides FY17 EPS in-line (33.10)
  • Reports Q3 (Sep) earnings of $0.89 per share, excluding non-recurring items, $0.07 better than the Capital IQ Consensus of $0.82; revenues fell 5.0% year/year to $2.5 bln vs the $2.49 bln Capital IQ Consensus.
  • Co issues in-line guidance for FY17, sees EPS of $3.28-3.44 (Prior $3.20-3.44), excluding non-recurring items, vs. $3.35 Capital IQ Consensus Estimate.
  • Xerox revised its operating cash flow from continuing operations guidance to reflect incremental pension contributions, the elimination of certain accounts receivable (A/R) sales programs and higher operational cash flow. The company expects to end the year with more than $1.0 billion of cash on its balance sheet.

>>> CEMEX’s grows net income 72% during the first nine months of 2017

CEMEX’s grows net income 72% during the first nine months of 2017 (8.10)
  • Net income reached U.S.$916 million in the first nine months of 2017, an increase of 72% compared to the same period last year. This is the highest net income for this period since almost 10 years.
  • Total debt plus perpetual notes declined by U.S.$1.5 billion year-to-date September.
  • The increase in consolidated net sales on a like-to-like basis was due to higher prices for our products in Mexico and the U.S., as well as higher cement volumes in the U.S., Europe, and Asia Middle East and Africa regions.
  • Operating earnings before other expenses, net, in the third quarter decreased by 9%, to U.S.$494 million.
  • Controlling interest net income during the quarter improved to U.S.$289 million from an income of U.S.$286 million in the same period last year.
  • Operating EBITDA decreased during the quarter by 8% on a like-to-like basis to U.S.$702 million.
  • Operating EBITDA margin decreased by 2.2 percentage points on a year-over-year basis reaching 19.8%, reflecting in part higher energy and freight costs, increase costs in raw materials in some of our ready-mix operations, as well as the impact of lower volumes.

>>> Potash misses by $0.03, beats on revs; narrows FY17 EPS (midpoint below cons

Potash misses by $0.03, beats on revs; narrows FY17 EPS (midpoint below consensus); also narrows potash sales volume guidance (19.67)
  • Reports Q3 (Sep) earnings of $0.09 per share, excluding non-recurring items, $0.03 worse than the Capital IQ Consensus of $0.12; revenues rose 8.6% year/year to $1.23 bln vs the $1.03 bln Capital IQ Consensus.
  • "Sales volumes for the quarter reached a record 2.9 million tonnes, increasing our total for the first nine months to 7.4 million tonnes."
  • Gross margin was $230 million for the quarter and $753 million for the first nine months, exceeding 2016 levels of $190 million and $667 million, respectively, primarily due to higher potash contributions that more than offset weaker nitrogen and phosphate results.
  • Co issues narrows guidance for FY17, sees EPS of $0.56-0.62 from $0.45-0.65 vs. $0.63 Capital IQ Consensus Estimate. Co sees Potash sales volumes of $9.1-9.3 mln tons versus prior guidance of 9.0-9.4 mln. EPS guidance excludes $0.08 in merger related costs.
  • Outlook Details: "With greater clarity on potash markets through the balance of the year, we have narrowed our guidance range for potash sales volumes, to 9.1-9.3 million tonnes, and for gross margin, to $750-$800 million. In nitrogen, we expect markets to remain volatile in the fourth quarter and anticipate full-year gross margin will be significantly weaker than in 2016. In phosphate, we expect challenging market fundamentals will continue to weigh on our realizations. With these factors in mind, and taking into consideration the third-quarter phosphate impairment charge, we have lowered our combined nitrogen and phosphate gross margin range and now estimate $140-$190 million in 2017, trailing last year's combined total."