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Thursday, Oct. 25
Frontier Airlines profits rise 33% on better traffic(6:57 pm ET)
SAN FRANCISCO (MarketWatch) -- Frontier Airlines, Inc. (FRNT: news, chart, profile) said late Thursday profit rose to $17.3 million, or 39 cents a share, in its fiscal second quarter ended Sept. 30, from $0.5 million, or a penny a share, in the same period last year. Sales at the Denver carrier rose 19% to $373 million. Analysts polled by Thomson Financial were anticipating earnings of 19 cents a share on sales of $178 million. Shares closed unchanged at $6.75 ahead of the report.
Allegheny Energy profit rises 4% (5:49 pm ET)
SAN FRANCISCO (MarketWatch) -- Allegheny Energy Inc. (AYE: news, chart, profile) reported late Thursday third-quarter net income rose to $115 million, or 67 cents a share, from $110.2 million, or 65 cents, a year ago. The year-ago earnings included $16.2 million in one-time gains. Revenue for the three months ended Sept. 30 rose nearly 3.7% to $846.6 million from $816.6 million. Analysts polled by Thomson Financial expected the Greensburg, Pa., power generator to post earnings of 68 cents a share on $990.8 million in revenue. Allegheny shares rose 2.9% ahead of the report to close at a record-high $58.04.
Eastman Chemical profit drops 79% on restructuring(5:45 pm ET)
SAN FRANCISCO (MarketWatch) -- Eastman Chemical Co. (EMN: news, chart, profile) said late Thursday profit in the third quarter fell to $20 million, or 24 cents a share, from $95 million, or $1.15 a share, in the year-earlier period. The Kingsport, Tenn. chemicals company said profits in the most recent quarter were dragged down by $120 million in pre-tax restructuring charges. Excluding those charges, profits rose by two cents a share to $1.26. Analysts polled by Thomson Financial were expecting $1.26 a share. Sales fell 8% to $1.81 billion, slightly under analyst forecasts of $1.89 billion. Eastman forecast fourth-quarter results will be similar to a year-ago operating profit of $1 a share; analysts forecast $1.04. Shares fell 0.2% to $64.05 ahead of the report.
Sierra Wireless quarterly net profit rises (5:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Sierra Wireless Inc. (SWIR: news, chart, profile) late Thursday reported a third-quarter net profit of $9 million, or 33 cents a share, compared with $1 million, or 4 cents a share, in the year-earlier period. The Canada-based maker of mobile broadband network products and software said revenue in the quarter totaled $111.5 million, up from $52.5 million a year ago. Analysts polled by Thomson Financial had forecast 27 cents a share on revenue of $110 million. In the fourth quarter, Sierra expects net profit of 35 cents a share on revenue of $125 million. Analysts are estimating 28 cents a share on revenue of $116 million.
KLA-Tencor earnings drop 35% in first quarter(4:46 pm ET)
SAN FRANCISCO (MarketWatch) - KLA-Tencor Corp. (KLAC: news, chart, profile) reported net income of $88 million on revenue of $693 million for the quarter ended Sept. 30. compared to profit of $136 million on revenue of $629 million for the same period last year. The company's results included $91 million in charges for special items, including stock based compensation. On a GAAP basis, KLA reported earnings per share of 46 cents, compared to 67 cents in the year-ago quarter. Analysts had expected the company to report earnings per share of 77 cents on revenue of $682 million.
Genworth quarterly net rises 12%; insurer trims 2007 outlook(4:44 pm ET)
SAN FRANCISCO (MarketWatch) -- Genworth Financial (GNW: news, chart, profile) said late Thursday that third-quarter net income came in at $339 million, or 76 cents a share, up 12% from a year earlier when the insurer made $304 million, or 65 cents a share. Net operating income was $368 million, or 83 cents a share. Genworth forecast full-year net operating earnings of $3 to $3.10 a share, down from a previous estimate of $3.15 to $3.25 a share. Results from the company's U.S. mortgage insurance business fell short of Genworth's expectations, reflecting a difficult environment in the U.S. residential real estate market, Chief Executive Michael Fraizer said in a statement.
McAfee earnings double to $62.9 million(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- McAfee Inc. (MFE: news, chart, profile) on Thursday reported a preliminary third-quarter profit of $62.9 million, or 38 cents a share, on revenue of $322 million. During the same period a year ago, the security-software maker earned $30.3 million, or 19 cents a share on $288 million in sales. Excluding one-time items, McAfee would have earned $72.5 million, or 44 cents a share. Analysts surveyed by Thomson Financial had forecast McAfee to earn 40 cents a share on $320 million. McAfee said the results were preliminary because, as it previously announced, it will restate several financial statements to account for past stock-option grants and it expects to take a charge of between $100 million and $150 million as a result.
Wendy's earnings hit by charges; revenue flat(4:20 pm ET)
CHICAGO (MarketWatch) -- Wendy's International said Thursday its third quarter profit was cut by better than half, weighed down by charges and the spin-off of Tim Horton's. After the close of trading, Wendy's reported earnings of $29.9 million, or 34 cents a share, on the period - down from $69.2 million, or 58 cents, in the same quarter of 2006. On a continuing operations basis, the company said it would have earned $28.8 million, or 33 cents a share, up from $23.7 million or 20 cents. Revenue came in at $631.1 million, up 0.2%. The average estimate of analysts polled by Thomson First Call had been for the company to earn 33 cents a share on revenue of $629 million. Wendy's (WEN: news, chart, profile) added that it now expects full-year earnings per share to come in at the high end of its previously announced target range of $1.09 to $1.23.
Microsoft posts 23% gain in first-quarter profit(4:20 pm ET)
SAN FRANCISCO (MarketWatch) - Microsoft Corp. said Thursday its fiscal first-quarter profit rose 23% from the same period a year earlier, amid its fastest revenue growth for the period since 1999. Microsoft (MSFT: news, chart, profile) said net income for the period ended in September rose to $4.3 billion, or 45 cents a share, from $3.5 billion, or 35 cents a share in the period a year earlier. Meanwhile revenue rose to $13.76 billion from $10.8 billion. Analysts polled by Thomson Financial had been estimating earnings for the quarter of 39 cents a share, on $12.6 billion in revenue.
Synchronoss Technologies earnings jump 158% in third quarter(4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Synchronoss Technologies Inc. (SNCR: news, chart, profile) saw earnings jump more than 150% in the third quarter amid a strong gain in revenue. The provider of transaction management software for telecommunications carriers reported earnings of $8 million, or 24 cents a share, compared to earnings of $3.1 million, or 10 cents a share, for the same period last year. The company said earnings got a boost of 6 cents a share due to a lower-than-expected tax rate. Revenue surged more than 80% to $34.5 million from $18.9 million. Analysts were expecting earnings of 17 cents a share on revenue of $33.4 million, according to Thomson Financial.
US Airways to sustain sales pace in 4Q amid fuel-price hike(2:33 pm ET)
SAN FRANCISCO (MarketWatch) -- US Airways Group, Inc. (LCC: news, chart, profile) executives said Thursday fourth quarter revenues per paying passenger are likely to rise at about the same pace as in the third quarter, when unit revenues rose 6.5% for its flagship carrier and 5.6% including its US Airways Express unit. In a conference call to discuss third quarter earnings, executives said fourth-quarter fuel prices are likely to range between $2.28 and $2.33 a gallon, up 16% from the year-ago quarter, while costs excluding fuel will increase between 5% to 7%. The company said it's on track to cut capacity by about 4%. "High fuel prices are a big concern so we have increased our focus on costs," said CFO Derek Kerr. Shares were last down 3.8% at $27.64.
Compuware shares surge 16% following upbeat earnings report(10:09 am ET)
SAN FRANCISCO (MarketWatch) -- Compuware Corp. (CPWR: news, chart, profile) saw its shares rise $1.43, or more than 16%, to $10.05 Thursday following the business software company's upbeat second-quarter report. The Detroit-based company said late Wednesday that it earned $37.4 million, or 13 cents a share, as revenue rose 47% to $302 million. During the same period a year ago, Compuware earned $24.8 million, or 7 cents a share, on $290.6 million in sales.
Natixis Bleichroeder boosts price target for NOV(9:51 am ET)
NEW YORK (MarketWatch) -- Natixis Bleichroeder on Thursday raised its 2007 earnings estimate for National Oilwell Varco (NOV: news, chart, profile) to $3.73 a share from $3.63 a share and boosted its price target for the oil services giant to $80 a share from $65.50. The company's backlog of $8 billion is equivalent to nearly two years of capital equipment sales based on its estimates, the analyst firm said. Shares of National Oilwell Varco rose 29 cents to $73.76 on Thursday.
Energy shares edge up on earnings, rising crude(9:41 am ET)
NEW YORK (MarketWatch) -- Energy shares rose in early action on Thursday as Wall Street sifted through earnings reports from major players in the sector and oil traders eyed geopolitical flare-ups with Iran, Iraq and Turkey. The Amex Oil Index (XOI: news, chart, profile) rose fractionally. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.6% to 543 ahead of inventory data expected later in the day. Murphy Oil (MUR: news, chart, profile) fell 2% to $75.42 after it said its profit dropped 11% on weaker refining margins. ConocoPhillips (COP: news, chart, profile) rose 56 cents to $82.21 the day after it reported a 5% earnings dip. Oil futures prices rose $1.46 to $88.56.
Deluxe Corp. profit rises (9:32 am ET)
CHICAGO (MarketWatch) -- Deluxe Corp. said its third-quarter profit increased slightly, even as revenue declined, on strong results for its personal check business and cost control initiatives. The St. Paul, Minn.-based company (DLX: news, chart, profile) said it earned $32.2 million, or 62 cents a share, compared with a profit of $31.2 million, or 61 cents, in the prior-year quarter. The year-ago quarter included a benefit of 4 cents a share related to a lower tax rate. Revenue fell to $388.6 million from $398.1 million, impacted by the sale earlier this year of the company's industrial packaging product line. Analysts polled by Thomson Financial were expecting a profit of 61 cents a share on revenue of $392.6 million. The company said that on a full year basis, revenue is expected to be between $1.608 billion and $1.615 billion, and EPS is expected to be between $2.75 and $2.80 a share.
Stewart Information swings to 3rd-quarter loss; revenue off(9:31 am ET)
TEL AVIV (MarketWatch) -- Stewart Information Services Corp., (STC: news, chart, profile) the Houston provider of real estate information, title insurance and related services, swung to a third-quarter net loss from a year-earlier profit on 22% lower revenue. The loss was $14.3 million, or 79 cents a share, compared with net income of $14.2 million, or 77 cents, in the year-earlier period. Revenue fell to $501.9 million from $641.5 million. The latest quarter reflects a 61-cent charge for two title claims and two reserve adjustments and a gain of 11 cents on the sale of property. Operating results were hurt "by the substantial decline in business nationwide related to real estate market conditions. This was particularly true in California and Florida," Stewart said in a statement on Thursday. The company has closed or consolidated some 60 unprofitable branches this year and plans to close more, it said. And it has cut "significant" numbers of employees in October and is further paring the payroll.
Friedman Billings Ramsey Q3 loss $1.28 a share vs 39c loss(9:19 am ET)
NEW YORK (MarketWatch) -- Friedman, Billings, Ramsey Group (FBR: news, chart, profile) said Thursday its third-quarter loss totaled $215 million, or $1.28 per share, from a loss of $67 million, or 39 cents per share, in the same quarter a year before. Revenue for the quarter was down 24% to $62.3 million, compared with $82.4 million a year earlier. The company said that "economic exposure to our securitized, non-recourse mortgage loan portfolio has been eliminated."
Beauty products maker Ulta Salon IPO prices above range(9:16 am ET)
NEW YORK (MarketWatch) -- Ulta Salon Cosmetics & Fragrance Inc. (ULTA: news, chart, profile) priced its initial public offering at $18, above its original range of $14-$16 a share, for its stock market debut on Thursday. The company boosted its price range to $17-$18 in a sign of strong investor interest. Ulta raised $154 million by offernig 8.54 million shares with underwriter J.P. Morgan (JPM: news, chart, profile) . Credit Suisse (CS: news, chart, profile) and Oak Investment Partners are shareholders in the Romeoville, Ill. company.
Franklin Resources profitr rise 14%(9:13 am ET)
NEW YORK (MarketWatch) -- Asset manager Franklin Resources said Thursday its third quarter net income rose 14% to $436.9 million, or $1.76 a share, compared to $381.7 million, or $1.49 a share a year ago. The company's revenue rose 26%, to $1.63 billion from $1.3 billion a year ago.
R.H. Donnelly swings to third-quarter profit(9:08 am ET)
NEW YORK (MarketWatch) -- R.H. Donnelley Corp.'s (RHD: news, chart, profile) third-quarter net income swung to a profit of $18.1 million, or 25 cents a share, from a year-earlier loss of $35.4 million, or 51 cents, a year earlier. The Cary, N.C., telephone directory publisher said revenue rose 28%, to $669.9 million from $524.2 million a year ago. On average, analysts polled by Thomson Financial expected earnings of 31 cents a share on revenue of $671 million. Donnelley backed its previously stated 2007 revenue guidance of about $2.68 billion and adjusted earnings before interest, taxes, depreciation and amortization guidance of about $1.44 billion. The company said it intends to initiate a cash dividend on its common stock in April, worth about 25% of the company's free cash flow.
Ensco International net income rises 24% (9:03 am ET)
NEW YORK (MarketWatch) -- Ensco International Inc. (ESV: news, chart, profile) on Thursday said third-quarter net income for the three months ended Sept. 30 increased 24% to $266.7 million, or $1.82 a share, from $214.8 million, or $1.40 a share in the year-ago period. Revenue rose to $552 million from $486.1 million. The Dallas-based oil drilling firm was expected to earn $1.70 a share on revenue of $551 million, on average. The average day rate for Ensco's jackup rig fleet increased by 20% to $143,200, as compared to $119,400 in the prior year quarter. "Looking ahead to the fourth quarter of 2007, we currently expect a decline in our quarterly earnings...due to the continuing softness in the U.S. Gulf of Mexico jackup market and mobilization downtime on several of our international jackups prior to commencement of new contracts," the company said.
Ball Corp. 3rd-quarter net fell 43% after charge; sales up(9:04 am ET)
TEL AVIV (MarketWatch) -- Ball Corp., (BLL: news, chart, profile) the Broomfield, Colo., supplier of high-quality metal and plastic packaging products and aerospace technology and services, reported third quarter earnings fell 43% as sales rose 9.3%. Earnings fell to $60.9 million, or 59 cents a share, from $107.1 million, or $1.02, in the year-earlier period. The latest earnings reflect a 50-cent charge to settle a dispute with a beverage-can customer in the metal beverage packaging, Americas, segment. Sales reached $1.99 billion from $1.82 billion. A survey of analysts by Thomson Financial produced a consensus estimate of $1.05 of profit on $1.97 billion of sales. The quarter was particularly strong in metal beverage packaging, Europe/Asia, and aerospace and technologies segments, R. David Hoover, chairman, president and chief executive, said in a statement on Thursday.
ImClone swings to third-quarter loss(8:59 am ET)
NEW YORK (MarketWatch) -- ImClone Systems Inc. (IMCL: news, chart, profile) swung to a third-quarter loss of $916,000, or 1 cent a share, from a year-earlier profit of $57.3 million, or 65 cents, hurt in part by a $50 million litigation expense. The New York biopharmaceutical company's revenue fell to $147.5 million from $150.7 million a year ago, hampered by by lower license fees and milestones.
Diamond Offshore third-quarter profit rises(8:53 am ET)
NEW YORK (MarketWatch) -- Diamond Offshore Drilling Inc. (DO: news, chart, profile) on Thursday reported third-quarter net income of $205.5 million, or $1.48 a share, up from $164.5 million, or $1.19 a share, in last year's third quarter. The Houston drilling-services contractor had revenue for the three months ended Sept. 30 of $644 million, up from $514.5 million a year earlier, according to a Securities and Exchange Commission filing. The company's shares closed Wednesday at $118.57.
Cott Corp Q3 loss 8 cents per share vs 9 cent gain(8:51 am ET)
NEW YORK (MarketWatch) -- Cott Corp. (COT: news, chart, profile) said Thursday its third-quarter net loss totaled $5.8 million, or 8 cents per share, from a profit of $6.6 million, or 9 cents per share, in the same quarter a year before. The Canadian beverage maker said its revenue for the quarter was $465 million, compare with $476 million a year earlier. Cott also said its board's strategic review, launched earlier this year in the context of anticipated soft-drink industry consolidation, has finished and that the company doesn't currently expect any transaction will result from the review. It said it is rolling out a new product portfolio, focused on the high-growth, high-margin categories of teas, energy drinks and flavored waters.
CORRECT: Celgene profit rises(8:52 am ET)
NEW YORK (MarketWatch) - Celgene Corp (CELG: news, chart, profile) on Thursday said third-quarter net income rose to $38.8 million, or 9 cents a share, from $20.4 million, or 5 cents a share. On an adjusted basis, it earned 29 cents a share. Total revenue rose to $349.9 million from $244.8 million. Analysts, on average, expected it to earn 28 cents a share on revenue of $369 million, according to Thomson Financial. (Corrects income and revenue figures)
ProLogis reports higher earnings and FFO(8:47 am ET)
BOSTON (MarketWatch) -- Industrial real estate investment trust ProLogis (PLD: news, chart, profile) on Thursday said its third-quarter net income attributable to common stockholders rose to $1.12 a share from 65 cents a year earlier. The Denver-based owner and operator of distribution facilities said funds from operations, a key measure of REIT profitability, rose to $1.41 a share from 79 cents the previous year. Analysts polled by Thomson Financial had forecast FFO of $1.20 a share. The company raised its full-year FFO outlook to a range of $4.40 to $4.50 a share. For 2008, it sees FFO between $4.65 and $4.85 a share. "As a result of continued strong market fundamentals and customer demand driven by growth in global trade, we anticipate another year of solid growth in FFO per share," said Chief Executive Jeffrey Schwartz in the earnings release.
Janus' quarterly results hit by printing-business sale(8:39 am ET)
BOSTON (MarketWatch) -- Janus Capital Group Inc. (JNS: news, chart, profile) Thursday said its quarterly net income fell to $12.2 million, or 7 cents a share, from $29.5 million, or 15 cents a share, the previous year. The Denver-based money manager said it plans to sell its printing business, Rapid Solutions Group, and recorded an after-tax impairment charge of 21 cents a share. The printing business reported a third-quarter net loss of $38.6 million, including the $36 million impairment charge. The charge and the unit's operating loss were reported as discontinued operations in the latest quarter's results, Janus said. Income from continuing operations rose to $50.8 million from $32.6 million a year earlier.
Consol Energy swings to loss after mine-roof collapse(8:22 am ET)
TEL AVIV (MarketWatch) -- Consol Energy, (CNX: news, chart, profile) the Pittsburgh coal producer, swung to a third-quarter loss from a year-earlier profit because of sales that were lost when a roof collapsed and idled a mine. The net loss was $5.4 million, or 3 cents a share, compared with net income of $48.3 million, or 26 cents, in the year-earlier period. Revenue rose 3% to $868.4 million from $843.4 million. The Buchanan Mine roof fell on July 9. That slashed net by $84 million, "which includes additional expenses incurred in managing and monitoring the underground mine atmosphere since the mine was idled, as well as income from sales that were lost once inventories at the mine were depleted," the company said in a statement on Thursday. The incident "overwhelmed what was generally a good third quarter," said J. Brett Harvey, president and chief executive.
UST Q3 earnings 84 cents per share vs 73 cents (8:19 am ET)
NEW YORK (MarketWatch) -- UST Inc. (UST: news, chart, profile) said Thursday its third-quarter profit totaled $133.6 million, or 84 cents per share, from $118.1 million, or 73 cents per share, in the same quarter a year before. Sales for the quarter totaled $479.6 million compared with $458.6 million a year ago. The Stamford, Conn.-based company cited "robust volume growth in moist smokeless tobacco and wine" and raised its 2007 earnings forecast by 6 cents a share to $3.27 per share.