During 2Q16, $IBM said that it generated over $2Bil of free cash flow and more than $13Bil over the last 12 months. The company said that it returned about 70% of free cash flow to shareholders through dividends and gross share repurchases during the quarter.
Industrial manufacturer $LECO reported a quarterly profit, helped by income tax benefits. The company reported 3Q16 earnings of $60.0MM, or $0.89 per share, which includes a $4.0MM, or $0.06 per share benefit from a discrete income tax item. This compares with net losses of $60.5MM, or $0.82 per share a year ago.
$GE announced investments in additive manufacturing, digital platforms and wind
turbine supply chain. These will add to earnings in 2018 and position the
company in fast growth markets in the future. Orders were $26.9Bil, down 6%. Renewables
grew by 59%. Aviation service orders were up 10% and growth market orders were
$WBS' net interest income for 3Q16 grew to $180.2MM from $168MM in the previous year quarter. Net interest margin rose to 3.10% from 3.04%. The yield on interest-earning assets increased by 6 basis points, while the cost of funds rose by 1 basis point.
$STI said the expense target might go up a little bit in future. Looking at 4Q16 and 2017, the company does not believe it's going to consistently operate with an expense base that is north of $1.4Bil per quarter or low. $STI is going to try to grow revenue more than expenses and look to bring the efficiency ratio down in 2017 relative to 2016.
$WBS, the holding company for Webster Bank, reported a rise in 3Q16 earnings driven by strong commercial loan growth, a rise in net interest margin and solid growth in non-interest income. Net income rose to $51.82MM or $0.54 per share from $51.37MM or $0.53 per share last year. Revenue grew 7.5% to $246.6MM.