Domestic shipping drove revenue higher at UPS and third-quarter profits rose 20 percent, but shares are down before the opening bell with U.S. markets falling again.

The Atlanta package delivery service reported a profit Wednesday of $1.51 billion, or $1.73 per share. Earnings, adjusted for non-recurring costs, were $1.82 per share, which is in line with expectations, according to a survey by Zacks Investment Research.

Revenue was $17.44 billion, about what industry analysts were expecting. Domestic revenue rose 8.1 percent, while international revenue was up 3 percent, or up 5 percent on a currency-neutral basis. Supply chain and freight segment revenue grew 12 percent.

UPS expects full-year earnings in the range of $7.03 to $7.37 per share. Analysts surveyed by FactSet expect $7.25 per share, on average.

Shares of UPS Inc. are down about 3 percent in premarket trading.

Court Rules for Investors in Volkswagen Diesel Suit

A court in Stuttgart, Germany has ruled that Volkswagen’s parent company must pay 47 million euros ($54 million) in damages to investors for not making a timely disclosure of its scandal over cars rigged to cheat on diesel emissions tests.

The dpa news agency reported that the court announced the verdict Wednesday against Porsche SE, which holds 52 percent of the voting rights in Volkswagen.

News of the scandal broke in September 2015 but the plaintiffs argued that Volkswagen’s top management knew about the troubles earlier. Former Volkswagen CEO Martin Winterkorn exercised his legal right not to testify.

The case comes in addition to investor suits against Porsche SE and Volkswagen before a court in Braunschweig, Germany. Porsche SE has said it would appeal a judgment against it in Stuttgart.

Boeing Tops All Expectations on Strong Defense Spending

Boeing is topping expectations for the third quarter and raising its outlook for the year on burgeoning defense spending.

Shares are up more than 2 percent before the opening bell Wednesday.

The Chicago plane maker had a profit of $2.36 billion, or $4.07 per share. Adjusted per-share profit was $3.58, exceeding estimates by 13 cents, according to a survey by Zacks Investment Research.

Revenue was $25.15 billion, also breezing past projections for $23.72 billion.

Boeing Co.’s earnings projections are now between $14.90 and $15.10 per share for 2018, up from $14.30 to $14.50, with revenue in the range of $98 billion to $100 billion.

Gibson Guitars, Bankruptcy Set to End, Picks New Leaders

Famed guitar maker Gibson is changing its corporate leaders as the company plans to emerge from bankruptcy protection on Nov. 1.

In a news release Tuesday, Nashville-based Gibson Brands, Inc. said James “JC” Curleigh will become president and chief executive officer. Curleigh worked for Levi Strauss & Co. as president of the Levi’s brand and a member of its worldwide leadership team.

Nat Zilkha will be board chairman under the new majority ownership group, global investment firm KKR.

Other new leaders include Cesar Gueikian as chief merchant officer; Kim Mattoon as chief financial officer; and Christian Schmitz as chief production officer.

Outgoing CEO and board chairman Henry Juszkiewicz will have a one-year consulting contract to help in the transition. He’ll have no formal role with Gibson beyond that.

AT&T: 3Q Earnings Snapshot

T&T Inc. (T) on Wednesday reported third-quarter net income of $4.72 billion.

The Dallas-based company said it had profit of 65 cents per share. Earnings, adjusted for one-time gains and costs, came to 90 cents per share.

The results fell short of Wall Street expectations. The average estimate of 16 analysts surveyed by Zacks Investment Research was for earnings of 93 cents per share.

The telecommunications company posted revenue of $45.74 billion in the period, exceeding Street forecasts. Thirteen analysts surveyed by Zacks expected $45.63 billion.

AT&T shares have declined 15 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 2.5 percent. The stock has fallen slightly more than 6 percent in the last 12 months.

Boston Scientific: 3Q Earnings Snapshot

Boston Scientific Corp. (BSX) on Wednesday reported third-quarter profit of $432 million.

The Marlborough, Massachusetts-based company said it had net income of 31 cents per share. Earnings, adjusted for one-time gains and costs, were 35 cents per share.

The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 34 cents per share.

The medical device manufacturer posted revenue of $2.39 billion in the period, which missed Street forecasts. Nine analysts surveyed by Zacks expected $2.41 billion.

For the current quarter ending in December, Boston Scientific expects its per-share earnings to range from 30 cents to 32 cents.

The company said it expects revenue in the range of $2.53 billion to $2.57 billion for the fiscal fourth quarter.

Boston Scientific expects full-year earnings in the range of $1.38 to $1.40 per share, with revenue ranging from $9.79 billion to $9.83 billion.

Boston Scientific shares have climbed 45 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 2.5 percent. The stock has increased 22 percent in the last 12 months.

Restaurant Brands: 3Q Earnings Snapshot

Restaurant Brands International (QSR) on Wednesday reported third-quarter net income of $133.6 million.

The Oakville, Ontario-based company said it had profit of 53 cents per share. Earnings, adjusted for non-recurring costs, were 63 cents per share.

The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.

The operator of Burger King and Tim Hortons restaurant chains posted revenue of $1.38 billion in the period, also falling short of Street forecasts. Five analysts surveyed by Zacks expected $1.39 billion.

Restaurant Brands shares have fallen nearly 8 percent since the beginning of the year. The stock has fallen 15 percent in the last 12 months.

Norfolk Southern: 3Q Earnings Snapshot

Norfolk Southern Corp. (NSC) on Wednesday reported third-quarter net income of $702 million.

On a per-share basis, the Norfolk, Virginia-based company said it had net income of $2.52.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.44 per share.

The railroad posted revenue of $2.95 billion in the period, which also topped Street forecasts. Six analysts surveyed by Zacks expected $2.9 billion.

Norfolk Southern shares have risen slightly more than 8 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 2.5 percent. The stock has increased 19 percent in the last 12 months.

Freeport-McMoRan: 3Q Earnings Snapshot

Freeport-McMoRan Inc. (FCX) on Wednesday reported third-quarter profit of $556 million.

The Phoenix-based company said it had net income of 38 cents per share. Earnings, adjusted for non-recurring gains, came to 35 cents per share.

The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.

The mining company posted revenue of $4.91 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $4.38 billion.

Freeport-McMoRan shares have fallen 39 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 2.5 percent.

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