Earnings

Morgan Stanley reported a second quarter net loss from continuing operations of $1.36 per share. The recent quarter’s results include negative adjustments of $1.32 per share from improvement in its debt-related credit spreads and 74 cents per share from the repurchase of TARP capital. Net revenues fell 11% to $5.41 billion, ahead of the $5.35 billion revenue estimate.

Whirlpool said its second quarter earnings fell to $1.04 per share from $1.53 per share in the year-ago period. Revenues declined 18% to $4.17 billion. The consensus estimates called for earnings of 51 cents per share on revenues of $4.2 billion.

PepsiCo.’s second quarter earnings were $1.06 per share compared to $1.05 per share last year. Net revenues fell to $10.59 billion from the year-ago’s $10.95 billion. The consensus estimates called for earnings of $1 per share on revenues of $10.99 billion. The company reaffirmed its full year 2009 guidance of mid-to-high-single-digit growth in net revenue and core earnings per share.

Pfizer said its second quarter revenues totaled $10.98 billion, down 9% year-over-year. The company’s adjusted earnings were 48 cents per share, down 13% from last year. Analysts estimated earnings of 48 cents per share on revenues of $11.28 billion. The company increased its 2009 adjusted earnings per share guidance to $1.90-$2 from its earlier estimate of $1.85-$1.95, while analysts estimate earnings of $1.96 per share.

Elsewhere in the drug space, Eli Lilly said its second quarter adjusted earnings were $1.12 per share compared to the $1.02 per share consensus estimate. Total revenues were up 3% to $5.29 billion, slightly ahead of the mean analysts’ estimate of $5.28 billion. For the full year, the company estimates earnings of $4.20-$4.30 per share, higher than its initial estimate of $4-$4.25 per share.

Meanwhile, GlaxoSmithKline reported a 14% increase in its adjusted earnings per share to 31 pence per share. Revenues climbed 15% to 6.75 billion pounds. The company also raised its dividend by 8% to 14 pence per share.

Boeing said its second quarter revenues rose 1% to $17.15 billion. On a reported basis, the company’s earnings rose to $1.41 per share from $1.16 per share last year. The company’s earnings guidance for 2009 remains unchanged at $4.70-$5 per share.