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World's largest chemical company $DWDP reported a 4Q17 GAAP loss attributable to the company of $1.26Bil or $0.54 per share, driven by restructuring costs and write-down in asset values. Pro forma adjusted EPS, however, jumped 41% from a year ago. Correspondingly, revenue jumped 13% YoY, with net sales of $20.1Bil, helped by robust product demand.
$BHGE, a provider of oilfiled products and services, reported a net loss of $29MM or $0.07 per share in 4Q17. In the preceding quarter, the company had reported a loss of $0.24 per share. On a non-GAAP basis, Baker Hughes posted earnings of $0.15 per share in 4Q17. Total revenues were $5.76BIl, down 3% compared to the year-ago quarter.
$KMB plans to cut costs by $1.5Bil over the next four years, including slashing 5,000 to 5,500 jobs (about 12% of its workforce) and closing 10 facilities. This comes as the company reported a 22% YoY increase in profit for 4Q17, but only a slight uptick in sales. Excluding certain items, earnings were $1.57 per share, up 8% from a year ago.
$VVV, a producer of automotive lubricants, has appointed Brad Patrick as Chief People and Communications Officer. Patrick, who joins the company from Tempur Sealy International, will report to Valvoline's CEO Sam Mitchell. Previously, Patrick held key HR positions at Sara Lee, The Gillette, Delta Air Lines and Frito-Lay.
Biotechnology company $BIVV said results of the latest study conducted on its class monoclonal antibody BIVV009, indicated for the treatment of cold agglutinin disease, achieved the primary and secondary endpoints. The endpoints included tolerability, pharmacokinetic profile supporting biweekly dosing, and classical complement pathway inhibition.
$BIVV and Swedish Orphan Biovitrum AB said new data showed that individualized dosing with extended half-life therapy, Alprolix, every 14 or more days may be a potential option for people with severe hemophilia B who seek the benefits of protection from a prophylactic therapy with reduced treatment burden.
$AOBC now sees 3Q18 net sales of $170-180MM generating a GAAP EPS of $0.01-0.04 and adjusted EPS of $0.07-0.10. For FY18, the firearm maker expects net sales of $650-675MM generating a GAAP EPS of $0.33-0.43 and adjusted EPS of $0.57-0.67.
With wholesaler and retailer orders slumping, iconic Smith & Wesson firearm maker $AOBC saw quarterly net sales slump 36% to $148.4MM in 2Q18. Net income reduced to a measly $3.2MM or $0.06 per diluted share, about one-tenth f om last year's $32.5MM or $0.57 per diluted share.
Dow Chemical proclaimed that it had completed the sale of a part of its Dow AgroSciences' corn seed business in Brazil to China’s CITIC for $1.1Bil. Dow, a subsidiary of $DWDP, sold the seed business as part of the conditional regulatory approval from Brazil's Administrative Council for Economic Defense for its recently completed merger with DuPont.
$INFO has priced an offering of $500MM aggregate principal amount of senior notes due 2026. The offering is expected to close on December 1, 2017. The company intends to use the net proceeds from the offering to repay amounts outstanding under its revolving credit facility.
$BIVV said the FDA has approved updated labeling for ALPROLIX, the extended half-life therapy for the treatment of patients with hemophilia B. These updates are based on interim data from the Phase 3 B-YOND open-label extension trial and final data from the Phase 3 Kids B-LONG pediatric study.