Earning Plays

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Wednesday, Jan. 9
Alcoa earnings jump 76% after sale of business units(4:10 pm ET)
SAN FRANCISCO (MarketWatch) -- Aluminum maker Alcoa Inc. (AA: news, chart, profile) on Wednesday posted a fourth-quarter profit of $632 million, or 75 cents a share, up from $359 million, or 41 cents a share, a year ago. Revenue fell to $7.39 billion from $7.84 billion due to lower aluminum prices and the exclusion of a business segment which is now part of a joint venture. Excluding a favorable restructuring adjustment and a tax benefit stemming from the sale of the company's packaging and consumer businesses, earnings would have come in at 36 cents a share. Analysts polled by Thomson Financial had expected a profit of 33 cents a share on sales of $6.92 billion.
MBIA says SEC, insurance regulator start informal inquiries(11:27 am ET)
SAN FRANCISCO (MarketWatch) -- MBIA Inc. (MBI: news, chart, profile) said on Wednesday that the Securities and Exchange Commission and the New York Insurance Department have started informal inquiries into recent disclosures by the bond insurer and its deal with private-equity firm Warburg Pincus. MBIA also said that it has committed to keep the New York insurance regulator up to date about dividend payments, its approach to its structured finance business and "significant" transactions. MBIA shares fell 11% after the disclosure, adding to losses of more than 20% on Tuesday.
Mosaic's second-quarter income rises sharply(7:27 am ET)
NEW YORK (MarketWatch) -- Mosaic Co.'s (MOS: news, chart, profile) said Wednesday that its fiscal second-quarter net income rose sharply to $394 million, or 89 cents a share, from $65.9 million, or 15 cents a share, a year earlier. Results for the latest quarter included a foreign currency transaction loss of 9 cents a share and a tax benefit of 8 cents a share. Sales at the the Plymouth, Minn., fertilizer company grew 44% to $2.2 billion in the period ended Nov. 30. Analysts polled by Thomson Financial expected earnings of 73 cents a share and revenue of $2.17 billion. Mosaic shares closed Tuesday at $88.37.
The Shaw Group returns to profit after 34% revenue rise(6:39 am ET)
LONDON (MarketWatch) -- Baton Rouge, La.-based engineering firm The Shaw Group (SGR: news, chart, profile) said it swung to a $2.23 million, or 3 cent a share, profit in the fiscal first quarter ending Nov. 30. It lost $12.3 million in the year-ago quarter. Revenue rose 34% to $1.71 billion. Excluding a foreign exchange translation cost at Westinghouse, it would've earned 49 cents a share. Analysts polled by Thomson Financial expected earnings of 49 cents a share on revenue of $1.68 billion. Shaw's backlog of unfilled orders as of Nov. 30 was $14.0 billion with approximately $5.8 billion, or 41%, of the backlog expected to be converted to revenue during the next 12 months.
Mercantile Bank profit falls 98%(6:26 am ET)
LONDON (MarketWatch) -- Mercantile Bank Corp. (MBWM: news, chart, profile) said Wednesday that its fourth-quarter net income fell 98% to $100,000, or a penny a share, from $4.6 million, or 54 cents a share. The bank said earnings continued to reflect an elevated level of non-performing assets and a lower net interest margin compared to a year ago.
Emmis Broadcasting swings to third-quarter loss(6:26 am ET)
LONDON (MarketWatch) -- Media group Emmis Broadcasting Corp. (EMMS: news, chart, profile) said it swung to a third-quarter loss of $2.1 million, or 6 cents a share, compared to a profit of $946,000, or 3 cents a share, a year earlier. The company said its loss from continuing operations widened to 22 cents a share from 9 cents a share. Revenue for the quarter inched higher to $91.7 million from $91.2 million. The company said it faces "unprecedented challenges", particularly in its largest radio markets.
DuPont sees 07 earnings at upper end of range, lifts 08 view(6:17 am ET)
LONDON (MarketWatch) -- Chemical company DuPont (DD: news, chart, profile) on Wednesday said it expects 2007 profit to come in at the upper end of its previous forecast range for earnings of $3.15 to $3.20 a share due to a strong fourth quarter. "Our science-driven innovations and market differentiation enabled us to deliver fourth quarter revenues somewhat above our earlier expectations," said Chief Executive Charles Holliday. The firm also lifted its outlook for 2008 earnings to a range of $3.35 to $3.55 a share compared to an earlier forecast of $3.31 to $3.52 a share, saying it expects growth in its agriculture and nutrition business segment and in its emerging market operations to more than compensate for a slower U.S. economy. DuPont will report fourth-quarter results on Jan. 22.
Persimmon expects to meet forecasts as completions drop 5%(2:34 am ET)
LONDON (MarketWatch) -- U.K. home builder Persimmon (UK:PSN: news, chart, profile) said Wednesday that it expects pretax profit for 2007 to be in line with the mid range of analyst expectations. The group said market conditions have been challenging, resulting in a 5% drop in completions in 2007 to 15,905, but added it has improved operating margins through tighter cost controls. Sales prices have remained resilient, though incentives and marketing costs have increased. Persimmon said forward sales into 2008 totalled 603 million pounds, compared to 701 million pounds a year earlier.
FirstGroup says third-quarter in line with expectations(2:32 am ET)
LONDON (MarketWatch) -- Bus and train service operator FirstGroup (UK:FGP: news, chart, profile) , the world's leading transport company by revenue, said Wednesday that fiscal third-quarter performance is in line with its own expectations and said it's on target to reach its synergy target of $100 million per year from buying Laidlaw, the owner of Greyhound. In the U.K., its bus division saw passenger revenue growth of 5%, which along with cost control has lifted year-to-date operating margins by over one percentage point. In rail, passenger revenue has increased 10%. As for fuel exposure, it's hedged at approximately $74 per barrel for its total U.K. requirement and 80% hedged at approximately $83 per barrel for the `at risk' portion of its North American requirement.
Marks & Spencer comparable sales fall 2.2%(2:24 am ET)
LONDON (MarketWatch) -- U.K. clothing and food retailer Marks & Spencer Group (UK:MKS: news, chart, profile) said Wednesday that group sales in the 13 weeks to Dec. 29 rose 2.8%, driven by 5.1% growth in U.K. food sales. The retailer said comparable sales fell 2.2% in the period and added it expects trading conditions to remain tough throughout 2008. The group held its market share in both general merchandise and food sales, but noted price deflation was 6%, reflecting its focus on better customer value.
Tuesday, Jan. 8
No signs that housing is stabilizing: KB Home CEO(12:19 pm ET)
BOSTON (MarketWatch) -- KB Home (KBH: news, chart, profile) Chief Executive Jeffrey Mezger during a conference call Tuesday to discuss the company's roughly $773 fourth-quarter loss after charges said entering 2008, the home builder sees no indication that markets are stabilizing. "We believe pricing and margin pressures affecting our industry will continue until inventory levels are in better balance with demand. And that will not occur in our view until prices have stabilized and consumer confidence is restored," the CEO said. "With these current market dynamics, we don't believe sales rates are improving enough to clear excess inventories in the short term." KB Home shares were down more than 6% in midday trades.
Constellation Brands third-quarter earnings rise (8:24 am ET)
NEW YORK (MarketWatch) -- Constellation Brands Inc.'s (STZ: news, chart, profile) fiscal third-quarter net income rose to $119.6 million, or 55 cents a share, from $107.8 million, or 45 cents, a year earlier, helped in part by lower acquisition-related integration costs and restructuring charges. A Thomson Financial survey of analysts, on average, projected earnings of 55 cents a share for the quarter. The Fairport, N.Y., wine maker said net sales for the quarter ended Nov. 30 fell to $1.41 billion from $1.83 billion a year ago, due to in part to reporting the Crown Imports and Matthew Clark wholesale business joint ventures under the equity method. Constellation also expects the integration of its acquired Fortune Brands U.S wine business, realignment of the U.S. wine sales and marketing teams and portfolio rationalization to produce cost savings of about $30 million annually by the end of fiscal 2010, with roughly $20 million anticipated as savings in fiscal 2009. The company expects to incur related one-time cash charges of $22 million and one-time noncash charges of $23 million, for a total of $45 million. In addition, the company sees one-time cash costs of roughly $28 million that will be recorded in its allocation of purchase price in connection with the acquired wine business, including $19 million for employee termination costs and $9 million for contract termination and other costs that will be paid primarily in fiscal 2009. Constellation is forecasting fiscal 2008 earnings of $1.06 to $1.11 a share.
Family Dollar's first-quarter net income falls 4%(7:25 am ET)
NEW YORK (MarketWatch) -- Family Dollar Stores Inc. (FDO: news, chart, profile) said Tuesday that its first-quarter net income slipped 4% to $51.9 million from $54.1 million in the year-ago period. Earnings per share rose 2.8% to 37 cents vs. 36 cents a year earlier. The number of weighted average diluted shares fell to 141,324 in the latest quarter, compared to 150,961 a year ago. Analysts on average expected earnings of 37 cents a share, according to a survey by Thomson Financial. The retailer said it expects second-quarter earnings of 40 to 44 cents a share and full-year earnings of $1.56 to $1.64 a share. Wall Street is looking for a second-quarter profit of 57 cents a share and full-year earnings of $1.65 a share.
CORRECT: Great Atlantic & Pacific profit up 41%(6:21 am ET)
LONDON (MarketWatch) -- The Great Atlantic & Pacific Tea Company, Inc. (GAP: news, chart, profile) said fiscal third-quarter ending Dec. 1 net income rose 41% to $57.3 million, or $1.35 a share, with sales up 3% to $1.25 billion. The owner of A&P said on an adjusted basis, it lost $12.1 million from operations, or 29 cents a share, against the $17.7 million loss in the year-ago quarter from adjusted operations. Analysts polled by Thomson Financial expected a loss of 48 cents a share. Same-store sales rose 3.1% during the quarter. "I'm pleased with the growing vitality of our business that continued in the third quarter, as evidenced by our continued sales improvement, Fresh store development and fundamental merchandising and operating improvements," said CEO Eric Claus. (Corrects adjusted loss per share calculation.)
Credence Systems sets restructuring plans(6:20 am ET)
WASHINGTON (MarketWatch) -- Credence Systems Corp. (CMOS: news, chart, profile) announced a restructuring initiative in line with the company's plan to focus on semiconductor customers in Asia. The company said it will take charges of about $16 million against financial results for the first quarter of fiscal 2008 in connection with this restructuring, under which net worldwide headcount will be reduced by about 400 people, or some 30% of the company's total work force, by end of fiscal 2008. "The essence of our new strategy is simplicity and focus," said Lavi Lev, president and chief executive. "This means doing fewer things better in a focused market." Credence Systems also said it anticipates posting a first-quarter net loss of 37 cents to 39 cents a share, with sales pegged in a range of $58 million to $62 million.
Credence Systems posts fourth-quarter profit(6:13 am ET)
WASHINGTON (MarketWatch) -- Credence Systems Corp. (CMOS: news, chart, profile) reported a net profit of $5.6 million, or 5 cents a share, for the fourth quarter ended Nov. 3, a reversal from the prior year's net loss of $1.9 million, or 2 cents a share. The Milpitas, Calif.-based company serving the consumer semiconductor industry generated quarterly sales of $97.7 million, down from $127.1 million a year earlier. Gross margin widened to 49.2% from 44.6%. Analysts, on average, had been looking for a quarterly profit of 5 cents a share on sales of $105 million, according to estimates compiled by Thomson Financial.
Monday, Jan. 7
Lawson Software swings to second-quarter profit(4:13 pm ET)
SAN FRANCISCO (MarketWatch) - Lawson Software Inc. said Monday it swung to a profit in its fiscal second quarter, compared to the same period a year earlier. St. Paul, Minn.-based business software maker Lawson (LWSN: news, chart, profile) said net income for the period ended in November rose to $3.7 million, or 2 cents a share, compared to a loss of $3.5 million, or 2 cents a share a year earlier. Revenue rose 18% to $218.6 million, Lawson said. Excluding special items, Lawson said earnings for quarter were 9 cents a share. Analysts polled by Thomson Financial had expected earnings excluding special items of 8 cents a share, on $206 million in revenue.
Citigroup may cut workforce by 5% to 10%: report(10:03 am ET)
BOSTON (MarketWatch) -- Citigroup Inc. (C: news, chart, profile) is mulling letting go between 5% and 10% of its staff of about 327,000, business news channel CNBC reported Monday. The bank, which has been hit by subprime-related losses, may also sell some assets, according to CNBC, which cited people familiar with the matter. Citigroup is scheduled to report earnings next week. The stock lost 0.5% in early dealings Monday.
Schnitzer Steel profit rises 19%(7:42 am ET)
NEW YORK (MarketWatch) -- Schnitzer Steel Industries Inc (SCHN: news, chart, profile) said Monday that profit in it fiscal first quarter ended November 30 rose 19%, to $25 million, or 85 cents a share, compared to $21 million, or 69 cents a share a year ago. On a per share basis, results in the first quarter were 23% above last year's levels. Revenue for the quarter rose to $604 million from $510 million.
Sunday, Jan. 6
Toyota's Japan vehicle sales decline 6% in 2007: NIkkei (9:58 pm ET)
HONG KONG (MarketWatch) -- Japanese vehicle sales by Toyota Motor Corp. (JP:7203: news, chart, profile) totaled 1.58 million units in 2007, a decline of 6% from the year-earlier period, according to a report Monday. The sales figure, which excluded domestic sales of Toyota affiliates Daihatsu Motor Co. (JP:7262: news, chart, profile) and Hino Motors Ltd. (JP:7205: news, chart, profile) , marked the first time that Japan's leading automaker has failed to make the 1.6-million-unit threshold of domestic annual sales since 1983, the Nikkei News reported, without identifying its source. Toyota has not officially released its sales data for 2007. The Nikkei said the result, which marked the third year of declining Japanese sales for Toyota, came in a year in which it rolled out 11 new models and spent heavily on advertising. Toyota said early last year it expected to sell 1.72 million units in Japan in 2007, but trimmed the forecast to around 1.65 million units in October. Shares of Toyota ended 0.7% lower at midday in Tokyo Monday.