The companies that reported earnings before the markets open on Thursday are: Morgan Stanley, Union Pacific, UnitedHealth Group Inc., Johnson Controls, Parker Hannifin, Southwest Airlines, Rockwell Collins, PPG Industries and Huntington Bancshares.
Morgan Stanley (NYSE:MS) said fourth quarter income from continuing operations applicable to Morgan Stanley increased to $867 million, or $0.43 per share, from $460 million, or $0.18 per share, for the same period a year ago. Net revenue rose 14 percent to $7.8 billion. Analysts polled by Thomson Reuters expected earnings of 35 cents a share on revenue of $7.35 billion. Trading revenue fell 27 percent to $854 million. Compensation expenses increased to $16.0 billion from $14.4 billion. Shares of MS ended Wednesday's regular trading down 3.5 percent at $27.75.
Union Pacific Corp. (NYSE: UNP) reported the most profitable year in its nearly 150-year history. Full-year profit increased 47 percent to $2.8 billion as operating revenue rose 20 percent to $17 billion. For the fourth quarter, net income was $775 million, or $1.56 per share, up from $549 million, or $1.08 per share, in the year-ago quarter. Total operating revenue rose 17 percent to $4.41 billion, as freight revenue grew 17 percent. Analysts expected UNP to earn $1.48 per share on revenue of $4.35 billion for the fourth quarter. Shares of UNP closed Wednesday's regular trading at $97.30.
UnitedHealth Group Inc. (NYSE:UNH) posted quarterly profit of $1.04 billion or 94 cents a share, up from $944 million or 81 cents a share a year-earlier. Revenue rose 10 percent to $24 billion. Analysts expected earnings of 84 cents a share on revenue of $23.75 billion. The company affirmed its outlook for 2011 net earnings in the range of $3.50 to $3.70 per share. It expects 2011 revenues to be about $100 billion, based on strong customer retention and new growth across its businesses and from recent acquisitions. Shares of UNH ended Wednesday's regular trading at $40.56.
Johnson Controls Inc. (NYSE:JCI) raised its full-year earnings and revenue forecast as it reported higher first-quarter profit with double-digit improvements by all three businesses. The company expects full-year earnings per share in the range of $2.50 to $2.55, up from $2.30 - $2.45 per share projected earlier. 2011 revenues are now forecast to increase 12 percent over 2010 to $38.5 billion versus the previous forecast of $37 billion. For the first quarter, net income was $375 million or $0.55 per share, compared with net income of $350 million, or $0.52 per share in the 2010 first quarter. Net sales rose 13 percent to $9.5 billlion. Analysts expected JCI to report profit of 54 cents a share on revenue of $8.97 billion. Shares of JCI closed Wednesday's regular trading at $40.13.
Southwest Airlines Co. (NYSE: LUV) said quarterly profit per share, excluding items, increased to 15 cents a share from 10 cents a share a year-earlier. This was in line with Thomson's First Call mean estimate of 15 cents per share for fourth quarter, it said. Total operating revenue rose 14.8 percent to $3.1 billion, which also was an all-time quarterly record on an available seat mile basis at 12.56 cents, the airliner said. Bookings in place for the remainder of the first quarter also are strong, it said. Shares of LUV closed Wednesday's regular trading at $12.83.
Parker Hannifin Corp. (NYSE:PH) said second quarter profit more than doubled as sales rose nearly 22 percent on higher order levels, and it raised its earnings forecast. Net income was $231.8 million or $1.39 per share, up from $105.0 million or $0.64 per share a year-earlier. Sales increased to $2.9 billion from $2.4 billion. Analysts expected earnings of $1.30 per share on revenue of $2.74 billion. Parker reported an increase of 29 percent in total orders for the quarter. For fiscal 2011, the company has increased guidance for earnings from continuing operations to the range of $5.80 to $6.20 per share. Shares of PH ended Wednesday's regular trading at $91.08.
Rockwell Collins Inc. (NYSE:COL) reported a 25 percent rise in first quarter profit and it raised its 2011 earnings per share forecast to $3.85 to $4.05. The company posted quarterly net income of $151 million or 96 cents a share, compared with $121 million or 76 cents a share in the same period last year. Revenue rose 8 percent to $1.11 billion, helped by higher sales in both Commercial Systems and Government Systems, it said. Analysts expected earnings of $0.87 per share on revenue of $1.11 billion. Shares of COL ended Wednesday's regular trading at $63.26.
PPG Industries (NYSE:PPG) reported higher fourth quarter earnings driven by strong performance at its coatings and optical and specialty materials segments. Quarterly net income was $205 million, or $1.24 per share, up from $142 million, or 85 cents per share last year. Sales rose to $3.4 billion from $3.1 billion. Analysts expected earnings of $1.12 per share on revenue of $3.29 billion. The company said it is implementing price increases in its commodity chemicals segment and in each of its coatings segments to fully counter rising raw materials costs. Shares of PPG closed Wednesday's regular trading at $82.79.
Huntington Bancshares Inc. (NASDAQ:HBAN) posted quarterly net income of $122.9 million, or $0.05 per share, compared with a net loss of $369.7 million, or $0.56 per share, in the year-ago quarter. Analysts expected earnings of $0.08 per share. Shares of HBAN ended Wednesday's regular trading at $7.00.