U.S. companies added 227,000 jobs in October, according to a private survey, a healthy gain that suggests companies are still finding workers to hire even as the unemployment rate has fallen to a 49-year low.
Payroll processor ADP said Wednesday that employers added jobs in manufacturing, retail, and professional services such as engineering. October’s hiring was the strongest in eight months.
The figures suggest to a solid increase in Friday’s jobs report from the government. Economists believe that report will show employers added 190,000 jobs. ADP’s report doesn’t include government employment and frequently diverges from the official figures, however.
Yum Tops Key 3Q Sales Estimates at KFC, Taco Bell
Yum Brands topped key sales estimates during the third quarter on growth in its KFC and Taco Bell restaurants.
The results helped push shares higher in premarket trading Wednesday.
The Louisville, Kentucky-based company said profit rose 8.6 percent to $454 million, or $1.40 per share. Excluding special charges and costs, Yum Brands earned $1.04 per share, topping analyst projections by 20 cents.
Revenue fell 3 percent to $1.39 billion, but still beat Wall Street forecasts.
Overall same-store sales, a key measure for retailers, rose 2 percent, matching expectations. The increase was driven by a 3 percent rise in sales at KFC and a 5 percent rise in sales at Taco Bell, both of which beat expectations.
Rising Prices, Margins Drive GM’s Third Quarter
General Motors swung to a third-quarter profit and blew past Wall Street expectations on rising prices in North America and surprising resilience in China.
The automaker reported $2.5 billion in profits Wednesday, or $1.75 per share, far exceeding analyst projections for per-share earnings of $1.25.
Revenue jumped 6.4 percent to $35.8 billion, also topping forecasts. The Detroit auto maker is posting record equity income for the third quarter in China despite potentially declining conditions there and rising trade tensions.
Whirlpool Making $55 Million Expansion in Oklahoma
Whirlpool Corp. has announced plans for a $55 million expansion that will bring about 150 more jobs to Oklahoma.
The home appliance company says in a news release Tuesday that it will build a distribution center adjacent to an existing manufacturing plant in Tulsa. Construction on the 798,000 square-foot facility is scheduled to start in November with a complete date of December 2019.
Tulsa mayor G.T. Bynum praised the announcement, saying Whirlpool is a leader in recruiting residents of all nationalities and backgrounds, which he has promoted during his time in office.
Whirlpool reports $21 billion in annual sales in 2017 and 92,000 employees. Its brands include Whirlpool, KitchenAid and Maytag.
Molson Coors: 3Q Earnings Snapshot
Molson Coors Brewing Co. (TAP) on Wednesday reported third-quarter net income of $338.3 million.
The Denver-based company said it had profit of $1.56 per share. Earnings, adjusted for non-recurring costs, came to $1.84 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.57 per share.
The beer maker posted revenue of $3.63 billion in the period. Its adjusted revenue was $2.93 billion, which also topped Street forecasts. Three analysts surveyed by Zacks expected $2.89 billion.
Molson Coors shares have dropped 29 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has declined 26 percent in the last 12 months.
Anthem: 3Q Earnings Snapshot
Anthem Inc. (ANTM) on Wednesday reported third-quarter net income of $960 million.
The Indianapolis-based company said it had profit of $3.62 per share. Earnings, adjusted for one-time gains and costs, were $3.81 per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $3.67 per share.
The health insurer posted revenue of $23.25 billion in the period. Its adjusted revenue was $22.98 billion, also beating Street forecasts. Seven analysts surveyed by Zacks expected $22.91 billion.
Anthem shares have climbed 18 percent since the beginning of the year. The stock has risen 25 percent in the last 12 months.
Kellogg: 3Q Earnings Snapshot
Kellogg Co. (K) on Wednesday reported third-quarter net income of $380 million.
On a per-share basis, the Battle Creek, Michigan-based company said it had net income of $1.09. Earnings, adjusted for non-recurring gains, were $1.06 per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.07 per share.
The maker of Frosted Flakes, Pop Tarts and Eggo waffles posted revenue of $3.47 billion in the period, which topped Street forecasts. Five analysts surveyed by Zacks expected $3.42 billion.
Kellogg shares have increased nearly 6 percent since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has increased 19 percent in the last 12 months.
Samsung Reports 3rd-Quarter Profit Surge on Demand for Chips
Samsung Electronics Co. has posted record operating profit for the last quarter with robust demand for its mainstay memory chips compensating for a slowdown in its smartphone business.
The South Korean technology giant on Wednesday said its operating profit during the July-September quarter grew at nearly a 21 percent annual pace to 17.6 trillion won ($15.4 billion).
Samsung’s previous high in quarterly profit was the 15.6 trillion won it posted during the first quarter.
Third-quarter sales grew 5.5 percent year-on-year to reach 65.4 trillion won ($57 billion) while net income rose 17.5 percent to reach 13.1 trillion won ($11.5 billion).
Samsung says the operating profit of its chips division rose 37 percent year-on-year to 13.65 trillion won ($11.9 billion) thanks to strong demand generated by mobile devices and servers.
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