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Celgene Reports 37% Jump in Quarterly Profits

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Celgene Reports 37% Jump in Quarterly ProfitsThe double-digit increase in the sales of the multiple myeloma drug Revlimid of Celgene Corp. contributed to its 37% leap in quarterly profits. Celgene, a biotechnology company based in the U.S. said that it is confident that its recently acquired treatment for Crohn’s disease will help maintain its profitability.

According to the RBC Capital Markets analyst Michael Yee, the data on the quarterly profits of Celgene is ‘strikingly positive’. He also said that the comments made by the company gave investors more confidence about the Celgene Corp’s Crohn’s disease drug.

The full-year earnings forecast of Celgene was raised by the company by 5% and it is expecting that its share will range from $3.65 to $3.70 apiece. It is eyeing that its 2014 revenue will exceed its $7.60 billion forecast.

As for Revlimid, its sales increase by 19% or $1.3 billion with reports saying that the patients are using the medicine for a longer period of time. By the looks of it, the sales for this particular medicine will be at $1.26 billion according to analysts.

The net profit of Celgene rose to $508 million which puts the per share price of $0.97 cents. This is 37% higher from that of last year’s net profit of $372 billion or $0.43 per share.

One-time items excluded, the company earned $0.97 per share for the quarter which exceeds the estimates of analysts by 2%.

American Airlines Records Higher Third Quarter Profits

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For the third quarter of the year, American Airlines sees profits rise by 87% because of the plummeting fuel costs.

The world’s biggest airline based on passenger traffic earned a third-quarter profit that amounts to $942 million with a combined net income of American and US Airways last year of $505 million. American Airlines and US Airways have merged since December of 2013.

American Airlines Records Higher Third Quarter ProfitsThe total operating expenses of the company went up by 3.5% which equals to $9.9 billion as it benefited from the lower jet fuel costs and American Airlines doesn’t hedge jet fuel price which its peers are doing thus plummeting fuel costs directly increases its net income.

American Airlines disclosed that fuel costs went down by 1.3% for the third quarter versus the costs of the merged companies last year. The airline also added that revenue for the latest quarter revenue is 1% higher compared to that of 2013.

No forecasts for the remaining months of 2014 was provided by the American Airlines Group but Doug Parker, the company’s Chief Executive Officer mentioned in a statement that he’s expecting to record profits for the last quarter and the entire year.

In 2013, American Airlines rose from bankruptcy and completed its $11 billion merger with US Airways in December to form the biggest airline in the world and operated under the name American Airlines Group.

3M Co. Posts Rise in Quarterly Profit with Jump in U.S. Sales

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3M Co, a diverse maker of adhesives, abrasives and various other products in the U.S., posted an increase of 5.85 in its quarterly profits that exceeded most estimates. This rise is driven by a jump of sales in the U.S., cost control and strong pricing.

The 3M Co shares in Dow Jones Industrial Average went up to 6.2%. The positive results of the third quarter that just ended exceeded its financial targets for the entire year, a change that the diverse manufacturer attributes partially to more negative currency impacts.

3M Co. Posts Rise in Quarterly Profit with Jump in U.S. SalesThis famous maker of products for various industries derives over 60% of its total earnings from outside of the U.S. and analysts have warned the company of a tough quarter because of the volatility of Latin America and Europe markets.

Without the impact made by foreign currency translation, the sales of 3M Co jumped by 3.9%. While the organic sales growth slowed down from the latest quarter, it still went ahead of the expectations of analysts, especially the Wall Street.

The net income of 3M Co for the third quarter rose by 5.8% or $1.3 billion which is equal to $1.98 per share. Sales were up by 2.8% or $8.14 billion which is lower than the $8.24 billion that was expected by analysts.

3M Co forecasted the entire year of 2014 to show a profit of $7.40 to $7.50 per share while its 2013 projected profit was $7.30 to $7.55. Analysts are looking at 2014 earnings of its shares for $7.46 apiece.

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