Two giants in their respective sectors reported contrasting results on Tuesday. Drug maker Pfizer Inc.(NYSE:PFE) saw a quarter percent profit surge in its June quarter while oil company BP plc (ADR)(NYSE:BP) reported a $1.4 billion loss in the same period.
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The world's largest drug maker's forecast-beating performance was led by reduced costs from its restructuring efforts, boosting its earnings to $3.25 billion or 43 cents a share, up from $2.61 billion or 33 cents a share in the year-ago period.
Adjusted earnings were at 62 cents a share, much beyond analyst estimates of 54 cents. Revenues however slipped 9 percent to $15.06 billion due to competition to its cholesterol fighting drug Lipitor, which has gone off-patent.
Analysts said that improved price realisations and better margins on sales were the reason for its stellar performance.
Pfizer's shares were trading up nearly 2 percent at $24.18 in early trades.
BP's loss came from lower prices, reduced production and a write-down of assets. Its loss compares with a profit of $5.7 billion a year earlier. Revenue also fell 9 percent to $95 billion.
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It added $847 million as provisioning for the clean-up of the Gulf of Mexico oil rig disaster, while non-operating charges accumulated to $4.8 billion.
BP's shares were trading down 4.6 percent at $39.90 in early trades on the NYSE.