In the news: Earnings from AmerisourceBergen, Conoco Phillips, Time Warner Cable and Visa; and Walmart joining the battle against ApplePay.
Drug distributor AmerisourceBergen (ABC) said Thursday that it earned 29 cents per share in the third quarter, or $1.10 per share on an adjusted basis. Revenue was $31.59 billion. Analysts had expected the company to earn $1.05 per share on $30.61 billion in revenue. Looking forward, the company said it expects to earn between $4.36 and $4.50 per share for the full year.
Oil company ConocoPhillips (COP) said Thursday that it earned $2.17 per share, or $1.29 per share on an adjusted basis. Analysts had expected the company to earn $1.20 per share. The company sold its operations in Nigeria during the quarter for $1.4 billion as it has tried to exit low-margin business and focus on projects like shale drilling in the U.S.
Time Warner Cable
Pay-television provider Time Warner Cable (TWC) said Thursday that it earned $1.76 per share in the third quarter, on $5.71 billion in revenue. Adjusted earnings were $1.86 per share. Analysts had expected the company to earn $1.90 per share on $5.75 billion in revenue. The company reported a net loss of 184,000 video subscribers in the quarter, compared to estimates for 136,000.
Add Walmart (WMT) to the list of companies banking on a retailer-backed mobile payment system to rival Apple's (AAPL) ApplePay. Walmart is one of the leading backers of CurrentC, which is the retail industry's effort to move into the payments space.
Staying with payments, Visa (V) said Thursday that it earned $2.18 per share on an adjusted basis, on total operating revenue of $3.23 per share. Analysts had expected the company to earn $2.10 per share on $3.19 billion in revenue. Looking forward, the company said it believes the mobile payments space will be “a great driver” for the business in the future.