Bristol-Myers Squibb Earnings: Here’s Why Investors are Buying Shares
Bristol-Myers Squibb Company (NYSE:BMY) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. Shares are up 1.72%.
Bristol-Myers Squibb Company Earnings Cheat Sheet
Results: Net income increased 8.57% to $925 million (47 cents per diluted share) in the quarter versus a net gain of $852 million in the year-earlier quarter.
Revenue: Decreased 23.18% to $4.19 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Bristol-Myers Squibb Company reported adjusted net income of 47 cents per share. By that measure, the company beat the mean analyst estimate of $0.43. It beat the average revenue estimate of $4.12 billion.
Quoting Management: “With regulatory approvals for Eliquis and Forxiga, and good operating performance in the fourth quarter, Bristol-Myers Squibb had a strong finish to an important year of transition,” said Lamberto Andreotti, chief executive officer, Bristol-Myers Squibb…
…In 2012 we continued to effectively execute our strategy, and continued to build the post-Plavix portfolio and operating structure that provide a solid foundation for our future growth. As we begin 2013, I am looking forward to our many opportunities, including the growth of the existing key brands, the execution of the new launches, and the continued delivery of a diverse and sustainable R&D pipeline.”
Revenue increased 12.15% from $3.74 billion in the previous quarter. Net income increased to $925 million in the quarter versus a net loss of $711 million in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.44 and has not changed. For the current year, the average estimate has moved up from a profit of $1.94 to a profit of $1.96 over the last ninety days.
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(Company fundamentals provided by Xignite Financials.)