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Medtronic quarterly profit beats on strength in surgical products

“Medical device maker Medtronic on Tuesday beat Wall Street estimates for quarterly profit, driven by higher sales in its surgical products unit and restorative therapies group” writes David Paul Morris for cnbc.com. Revenue rose 2.4 percent to $7.55 billion and beat analysts’ estimate of $7.52 billion.Its fast-growing minimally invasive therapies business, which makes surgical instruments and endoscopy products, brought in revenue of $2.12 billion, above analysts’ expectation of $2.08 billion.Excluding items, the company earned $1.29 per share, beating analysts’ expectations of $1.24 per share, according to IBES data from Refinitiv.Medtronic…

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Cooper Tire shares up 2.8% premarket as adjusted profit beat offset sales miss

“Cooper Tire & Co. shares CTB, +2.01% rose 2.8% in premarket trade Tuesday, after an adjusted profit beat that offset weaker-than-expected sales for the fourth quarter” writes Ciara Linnane for marketwatch.com. The company is expecting macro-conditions to support growth in tire demand in 2019 and expect full-year operating profit margins to improve. Source: marketwatch.com

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News Oil 

Oil Search profit lifted by higher prices

“The average price Oil Search received for its LNG and has was 31% higher than in 2017, while the average oil and condensate price was 27% higher” writes Robb M for marketwatch.com. Additionally, Oil Search has sought to reduce its reliance on Papua New Guinea and gas exports, buying into oil fields it is developing in Alaska’s North Slope.Offsetting the hit to production, stronger liquefied natural gas and oil prices helped lift revenue for the year 6.2% to US$1.54 billion.The company operates all of Papua New Guinea’s oil fields and…

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Danone profit and sales fall, upbeat on year ahead

“Danone SA (BN.FR) said Tuesday that net profit and sales for 2018 fell slightly, but the company sees like-for-like sales growing in the year ahead” writes Anthony Shevlin for marketwatch.com. Danone sees mid-to-high single-digit inflation in the costs of raw and packaging materials for the year ahead.The French food company said net profit for the year was 2.35 billion euros ($2.66 billion), compared with EUR2.45 billion the year previous. Source: marketwatch.com

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HSBC profit up 16%, misses forecasts

“HSBC Holdings PLC’s HSBC, +1.01% full-year profit missed analysts’ expectations despite a rise in deposit revenue in Asia” writes Chester Yung for marketwatch.com. Full-year revenue rose to $53.78 billion from $51.45 billion a year earlier, while net profit rose to $12.61 billion from $9.68 billion.HSBC said Tuesday its 2018 reported pretax profit rose 16% to $19.89 billion.HSBC’s Hong Kong-listed shares rose 0.4% to 67.95 Hong Kong dollars at midday before the bank released results. Source: marketwatch.com

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AngloGold Ashanti swings to profit

“For the full year, AngloGold Ashanti recorded a profit of $133 million, compared with a loss of $191 million in 2017” writes Oliver Griffin for marketwatch.com. AngloGold Ashanti Ltd. (ANG.JO) on Tuesday reported a swing to net profit in the second half of 2018, citing strong performance after the restructuring of its operations in South Africa.The South African gold mining company made a profit of $100 million in the six months ended Dec. 31, compared with a loss of $15 million in the year-earlier period. Source: marketwatch.com

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BHP profit jumps, dividend steady

“BHP, the world’s largest listed miner by market value, said it made a profit of US$3.76 billion in the six months through December” writes Rhiannon Hoyle for marketwatch.com. Net profit in the year-earlier period was US$2.02 billion, weighed down by one-off items totaling US$2 billion mainly because of large expenses linked to the U.S. tax overhaul.It had paid a US$1.02 special dividend to shareholders late last month funded from the sale of the shale operations. Source: marketwatch.com

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Markets News 

Europe’s largest bank, HSBC, misses expectations in 2018 earnings

“Europe’s largest bank, HSBC, said on Tuesday that 2018 net profit came in below expectations following a challenging fourth-quarter when markets globally experienced a sharp sell-off and reduced activity” writes Yen Nee Lee for cnbc.com. The bank’s reported pre-tax profit for the whole of 2018 was $19.89 billion, 15.9 percent higher than the previous year.Hong Kong is a key market for HSBC, accounting for around one-third of overall revenue in the first nine months of 2018.The London-headquartered bank was expected to record a 23.8 percent jump in reported pre-tax profit…

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Faurecia 2018 profit up, hits targets

“Faurecia SA (EO.FR) said Monday that net profit rose in 2018, leading the group to hit its financial targets for the year despite a difficult second half” writes Nathan Allen for marketwatch.com. The French auto-parts maker said net profit in 2018 increased to 700.8 million euros ($791.3 million) from EUR599.4 million. Source: marketwatch.com

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