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Thursday, Feb. 14
CORRECT: Allied Waste rides higher prices to profit increase(4:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Allied Waste Industries (AW: news, chart, profile) on Thursday reported a fourth-quarter profit of $115.3 million, or 26 cents a share, up from $9.8 million, or break even on a per-share basis, a year earlier. Revenue rose 3.7% to $1.52 billion from $1.47 billion, a year ago. Analysts polled by Thomson Financial were looking for a profit, on average, of 21 cents a share on revenue of $1.87 billion. Analysts typically exclude one-time items. The trash hauler is looking for revenue growth of 1.5% to 3% for 2008 with operating income in the range of $1.145 billion and $1.185 billion. (Corrects analyst estimates.)
NetSuite cuts losses, sales up by 57% in fourth quarter(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- NetSuite Inc. reported a 57% rise in sales and trimmed its losses for the fourth quarter. The provider of on-demand business software (N: news, chart, profile) reported a net loss of $3.3 million, or 22 cents a share, for the quarter compared to a loss of $8.1 million, or $1.25 a share, for the same period last year. On a pro-forma basis, the company said it would have lost $842,000, or 1 cent a share, for the recent period. Revenue grew to $31.7 million from $20.2 million last year. Analysts were expecting a loss of 3 cents a share on revenue of $30.5 million, according to Thomson Financial.
Comcast's Burke: Adapting to weakened economy(9:52 am ET)
CHICAGO (MarketWatch) -- Comcast Corp. (CMCSA: news, chart, profile) (CMCSK: news, chart, profile) Chief Operating Officer Steve Burke told analysts Thursday that the company is adapting its broadband and marketing plans to the realities of "slower housing trends in a weaker economy." Burke said that while Comcast still hopes customers opt for a "triple play" of digital video, broadband and telephone service, it has launched a lower-speed broadband product at $24.95 for those who don't want to pay $45 for the most popular high-speed offering. The company is also spending more on marketing its high-definition products to compete with satellite providers such as DirecTV (DTV: news, chart, profile) , which offers more than 100 HD channels. "We've been launching a new advertising campaign with the tagline 'More, More, More' that's off to a very good start," said Burke, "emphasizing the fact that we offer more of the hi-def programming people really want."
Energy shares move higher as crude gains(9:41 am ET)
NEW YORK (MarketWatch) -- Energy stocks chalked up early gains in morning trades, with shares of oil producers and oil services companies leading the way higher. "The market seems to be slowly moving away from heightened concerns of a global economic slowdown as demand from India, China, Japan, and others may be sufficient enough to make up for any slip in demand from the U.S.," analyst Brian Niemiec of Susquehanna Financial said in a note to clients. Crude futures advanced 93 cents to $94.20. The Amex Oil Index (XOI: news, chart, profile) rose 1% to 1,391. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.6% 586. ConocoPhillips (COP: news, chart, profile) rose 1.1% to $79.57 on reports that it won a $10 billion natural gas project in the United Arab Emirates. Chesapeake Energy Corp. (CHK: news, chart, profile) rose 1.6% to $42.91 after it was upgraded to outperform from market perform at Wachovia.
MFA Mortgage fourth-quarter net jumps(9:11 am ET)
NEW YORK (MarketWatch) -- MFA Mortgage Investments Inc. (MFA: news, chart, profile) said earnings in the fourth-quarter rose to $20.62 million, or 16 cents a share, from $6.45 million, or 6 cents, a year earlier. Net income applicable to common shares was $18.6 million, up from $4.41 million last year. Analysts polled by Thomson Financial, on average, projected earnings of 17 cents a share. Total assets under management on Dec. 31 were $8.61 billion, up from $6.44 billion a year ago.
HRPT Properties fourth-quarter net slides 27%(9:05 am ET)
NEW YORK (MarketWatch) -- HRPT Properties Trust (HRP: news, chart, profile) said earnings for the fourth quarter fell 27% to $27.5 million, or 4 cents a share, from $37.9 million, or 11 cents a share, a year earlier. The Newton, Mass., real estate investment trust said funds from operations fell to $60.9 million, or 27 cents a share, from $62.1 million, or 29 cents a share, in the year-ago period. Total assets under management on Dec. 31 were $5.86 billion, up from $5.58 billion a year ago.
Liz Claiborne sees fourth-quarter loss(9:04 am ET)
NEW YORK (MarketWatch) -- Liz Claiborne Inc. (LIZ: news, chart, profile) expects to report a fourth-quarter loss of 90 cents to $1 a share, compared with a profit of 71 cents a share a year earlier, as a result of decreased brand performance. The New York apparel, accessories and fragrance designer estimates non-GAAP income of 15 cents to 25 cents a share on net sales of about $1.21 billion. The non-GAAP income excludes expenses from streamlining operations and non-cash charges from impairment of its Ellen Tracy trademark, among other expenses. Liz Claiborne expects to report a loss in 2007 of 25 cents to 35 cents a share, swinging from a profit of $2.46 a share in 2006. The company also estimates adjusted earnings of $1.25 to $1.35 a share on sales of about $4.58 billion, hurt by weak Partnered Brands unit results. The company expects 2008 earnings of $1.50 to $1.70 a share, excluding brands examined in a strategic review. The company expects to complete its strategic review process of certain brands by the end of the first quarter. Liz Claiborne postponed its earnings conference call and the filing of its annual report to no later than March 13 from a previous expectation of Feb. 27.
CenturyTel posts rise in fourth-quarter profit(8:49 am ET)
NEW YORK (MarketWatch) -- CenturyTel (CTL: news, chart, profile) reported on Thursday that fourth-quarter earnings rose to $115.0 million, or $1.04 a share, from $72.2 million, or 62 cents, in the year-earlier period. Excluding nonrecurring items, earnings increased to 82 cents a share from the year-earlier 68 cents. On average, analysts surveyed by Thomson Financial expected the Monroe, La., provider of communications, high-speed Internet and entertainment services to earn 71 cents a share. Shares of CenturyTel closed Wednesday at $36.96.
Keefe Bruyette downgrades four top brokers by 12%(8:42 am ET)
NEW YORK (MarketWatch) -- Four top brokers got their 2008 earnings estimates slashed by an average of 12% by analysts at Keefe, Bruyette and Woods on Thursday. Keefe also cut first-quarter earnings estimates for Bear Stearns (BSC: news, chart, profile) , Goldman Sachs (GS: news, chart, profile) , Lehman Brothers (LEH: news, chart, profile) and Morgan Stanley (MS: news, chart, profile) . All four firms' fiscal first quarters close at the end of February. The downgrades are another sign that players in the capital markets continue to be pummeled by write-downs tied to fallout in the mortgage market and a slower investment banking climate.
CH Energy Group fourth-quarter income rises(8:15 am ET)
NEW YORK (MarketWatch) -- CH Energy Group Inc. reported fourth-quarter net income of $11.4 million, or 73 cents a share, up from around $9.75 million, or 61 cents a share, for the prior year's fourth quarter. Operating revenue totaled $322.3 million for the fourth quarter, up from $222.5 million a year earlier, the Poughkeepsie, N.Y., utility holding company said.
Goodyear swings to fourth-quarter profit(8:08 am ET)
NEW YORK (MarketWatch) -- Goodyear Tire & Rubber Co. (GT: news, chart, profile) said Thursday that it swung to a fourth-quarter profit of $52 million, or 23 cents a share, from a year-earlier loss of $358 million, or $2.02 a share. Sales at North America's largest tire maker rose to $5.2 billion from $4.6 billion a year earlier. Earnings excluding items climbed to 49 cents a share, exceeding the mean estimate of 42 cents a share on $4.76 billion in revenue, according to analysts polled by Thomson Financial. Goodyear shares closed Wednesday at $25.32.
Venoco Inc. files $209 mln IPO in partnership venture (8:07 am ET)
NEW YORK (MarketWatch) -- Denver-based oil and natural gas producer Venoco Inc. (VQ: news, chart, profile) late Wednesday filed to raise up to $209 million in an initial public offering for its Venoco Acquisition Company, L.P. The IPO will raise money to acquire, exploit, develop and produce oil and natural gas properties, Venoco said in a filing with regulators. Venoco Acquisition Company plans to trade on the New York Stock Exchange under the symbol VAC.
Jarden swings to Q4 loss, adjusted net up(7:52 am ET)
NEW YORK (MarketWatch) -- Jarden Corp. (JAH: news, chart, profile) swung to a fourth-quarter loss of $11.2 million, or 15 cents a share, from net income of $35.7 million, or 52 cents a share in the year-ago period. Adjusted net income rose to $68.7 million, or 89 cents a share a share, from $54.8 million, or 80 cents a share in the year-ago period. Charges included in the latest quarter included $46.5 million in costs tied to its K2 Inc. acquisition. Analysts surveyed by Thomson Financial forecast earnings of 73 cents a share for the Rye, N.Y. consumer products maker.
Taser 4th-quarter net doubled, revenue rose 61%(7:52 am ET)
TEL AVIV (MarketWatch) -- Taser International Inc., (TASR: news, chart, profile) the Scottsdale, Ariz., producer of weapons systems for law enforcement and personal protection, reported fourth-quarter earnings doubled on 61% higher revenue. Earnings reached $4.7 million, or 7 cents a share, from $2.3 million, or 4 cents, in the year-earlier period. Shars outstanding rose 2.4% to 66.3 million. Sales rose to $31 million from $19.3 million. A survey of analysts by Thomson Financial produced a consensus estimate of 7 cents of profit on $29 million of sales.
Mack-Cali Realty fourth-quarter FFO rises(7:42 am ET)
NEW YORK (MarketWatch) -- Mack-Cali Realty Corp. (CLI: news, chart, profile) reported Thursday funds from operations for the fourth quarter of $73 million, or 89 cents a share, up from $68.2 million, or 87 cents a share, for the year-ago period. According to a filing with the Securities and Exchange Commission, net income for the fourth quarter 2007 was $15.8 million, or 24 cents a share, down sharply from $67.4 million, or $1.07 a share, for the same quarter last year. Revenue for the fourth quarter increased 2.9% to $201.7 million from $196.1 million for the same quarter last year. Shares of the Edison, N.J., real estate investment closed Wednesday at $35.02.
Arbitron 4th-period net off; 2008 estimate exceeds consensus(7:25 am ET)
TEL AVIV (MarketWatch) -- Arbitron Inc., (ARB: news, chart, profile) the New York media and marketing research firm, reported fourth-quarter earnings fell 25% on 5.4% higher revenue. Earnings fell to $3.7 million, or 13 cents a share, from $4.9 million, or 17 cents, in the year-earlier quarter. Revenue reached $80.1 million from $76 million. A survey of analysts by Thomson Financial produced consensus estimated 9 cents of profit on $84 million of revenue. On Jan. 31, Arbitron closed the sale of Continental Research, its U.K.-based custom-research business. In the fourth quarter, Continental had a loss of $500,000 on $4.6 million of revenue. The former unit is now reported as a discontinued operation. For 2008, Arbitron expects earnings from continuing operations of $1.42 to $1.56 a share versus $1.37 in 2007. Thomson's survey calls $1.40 a share for the year. Arbitron expects revenue to increase 8% to 10%.
Auxilium Pharmaceuticals narrows fourth-quarter loss(7:25 am ET)
NEW YORK (MarketWatch) -- Auxilium Pharmaceuticals Inc. (AUXL: news, chart, profile) said Thursday that it narrowed its fourth-quarter loss to $11.9 million, or 29 cents a share, from $12.8 million, or 36 cents a share, in the year-earlier period. The Malvern, Penn.-based specialty biopharmaceutical company reported revenue for the three months ended Dec. 31 of $27.7 million, compared to $19.5 million a year ago. Analysts surveyed by Thomson Financial, on average, expected the company to post a loss of 30 cents a share on $26.9 million in revenue. For 2008, the company said it expects to post a net loss of $44 million to $48 million on revenue of $120 million to $125 million. Shares of Auxilium closed Wednesday at $35.10.
Patterson-UTI Energy net income falls(7:23 am ET)
NEW YORK (MarketWatch) -- Patterson-UTI Energy Inc. (PTEN: news, chart, profile) on Thursday said fourth-quarter net income fell to $85.1 million, or 55 cents a share, from $156 million, or 97 cents a share in the year-ago period. Revenue dropped to $521 million from $638 million. Analysts expected earnings of 51 cents a share and revenue of $506.5 million, according to a survey by Thomson Financial. The Snyder, Texas land-based oil and gas driller said it plans to spend $480 million in 2008 on rig fleet upgrades and expansion of its pressure pumping operations. Patterson-UTI said it's seeing an oversupply of drilling rigs available in the marketplace. "We believe that sustained natural gas prices, at current or higher levels, support our expectation for increased drilling activity," the company said.
Gentiva profit jumps 60%, raises 2008 earnings guidance(7:00 am ET)
LONDON (MarketWatch) -- Gentiva Health Services Inc. (GTIV: news, chart, profile) said Thursday that its fourth-quarter net income rose 60% to $8.8 million, or 31 cents a share, from $5.5 million, or 20 cents a share. Revenue for the period rose 7% to $313.4 million. The company said its performance was driven by its Home Health division and double-digit growth in Medicare revenue. Gentiva said it's raised its 2008 financial outlook and now expects earnings in a range of $1.32 to $1.40 a share, up from its previous guidance of $1.25 to $1.35 a share.
Comcast resumes dividend payments; quarterly net jumps 54%(6:55 am ET)
Comcast Corp. (CMCSA: news, chart, profile) (CMCSK: news, chart, profile) announced plans for its first dividend in nearly a decade and committed to a timeline for buying back nearly $7 billion in stock, a salve to investor complaints the cable giant isn't friendly to shareholders. The plans were announced as Comcast exceeded its 2007 financial expectations, which the company scaled back in early December. Comcast's fourth-quarter net income jumped 54% to $602 million, or 20 cents a share, on revenue of $8.01 billion. The average of analyst estimates was earnings of 17 cents a share and revenue of $7.9 billion, according to Thomson Financial. Comcast's dividend of 25 cents a year on its two traded classes of stock translates into $750 million in annual payouts, or about one-third of the company's free cash flow. The company discontinued paying a dividend in March 1999.
Swift Energy posts loss after a sale; operating net up 54%(6:51 am ET)
TEL AVIV (MarketWatch) -- Swift Energy Co., (SFY: news, chart, profile) the Houston oil-and-gas company, reported a fourth-quarter loss of $80.1 million after a $132.8 million loss from discontinued operations. Earnings from continuing operations rose 54% to $52.7 million, or $1.71 a share, from $34.3 million, or $1.13, in the year-earlier period. Revenue rose 46% to $196.4 million from $144.6 million. A survey of analysts by Thomson Financial produced consensus estimates of $1.64 of profit on $203 million of revenue. The loss from discontinued operations reflects Swift's plan to sell much of its New Zealand operations. Separately, Swift named Robert J. Banks executive vice president and chief operating officer. As COO, he succeeds Joe D'Amico, who is retiring after 20 years with the company. Banks is currently Swift's vice president for international operations and strategic ventures.
Marriott profit drops 20%, guidance for 2008 below view(6:43 am ET)
LONDON (MarketWatch) -- Marriott International (MAR: news, chart, profile) said fourth-quarter net income dropped 20% to $176 million, or 46 cents a share, as it halted its synthetic fuel operation, while revenue rose 8% to $4.09 billion. From continuing operations, it earned 62 cents a share, wrapping company forecasts and matching Thomson Financial-compiled analyst forecasts, with revenue per available room up 8.1% worldwide and 6.2% in North America on a comparable basis. It expects first-quarter EPS of 32 cents to 36 cents and 2008 EPS of $2 to $2.10. Analysts had forecast first-quarter earnings of 41 cents a share and 2008 earnings of $2.13 a share.
Advanced Medical Optics reports loss, to cut 150 jobs(6:21 am ET)
LONDON (MarketWatch) -- Advanced Medical Optics (EYE: news, chart, profile) said its fourth-quarter loss widened to $12.3 million, or 20 cents a share, from $7.61 million, or 13 cents a share, hurt by charges related to acquisitions and losses on derivative instruments. Sales rose 25% to $304.6 million. Analysts polled by Thomson Financial expected earnings of 39 cents a share on revenue of $313 million. The company cut its view of 2008 performance as the deteriorating U.S. economy will negatively impact domestic LASIK procedure volumes, resulting in earnings for 2008 of $1.25 to $1.45 a share on revenue between $1.22 billion and $1.42 billion. The group previously estimated earnings of $1.55 to $1.75 a share on revenue between $1.23 billion and $1.25 billion. It also plans to cut approximately 150 positions, or about 4% of the company's global workforce, in a bid to save $10 million to $12 million a year; it will take $25 million to $30 million in charges on the job-cut plan.
Northwest Natural 4th-period net off 1.3%, revs off 1.6%(6:20 am ET)
TEL AVIV (MarketWatch) -- Northwest Natural Gas Co., (NWN: news, chart, profile) the Portland, Ore., natural-gas distributor, reported fourth-quarter net income fell 1.3% on 1.6% lower revenue. Earnings fell to $29.7 million, or $1.11 a share, from $30.1 million, or $1.09, in the year-earlier period. Revenue fell to $331.6 million from $336.9 million. A survey of analysts by Thomson Financial produced consensus estimates of $1.12 of profit on $321 million of revenue. For 2008, NWN estimates earnings at $2.48 to $2.63 a share. Thomson's survey calls $2.68 for the year.
Air France-KLM net down 39% on taxes(4:10 am ET)
LONDON (MarketWatch) -- Franco-Dutch airline Air France-KLM (FR:003112: news, chart, profile) Thursday said its net profit for its fiscal third quarter ended Dec. 31 dropped 39% due to an income tax of EUR63 million compared to a tax credit the previous year. Net profit in the third quarter amounted to EUR139 million ($202 million), down from EUR229 million a year earlier. Still, the company's shares rose as it reported a 23% rise in operating profit to EUR311 million, from EUR252 million, on a rise in passenger activity and unit revenues. That came despite strike action limiting traffic growth at Air France to 1.9%, a competitive environment "which remained aggressive" in the cargo sector and "ever-higher oil prices," Air France-KLM said, without elaborating. At 0840 GMT, Air France-KLM's shares were trading up EUR0.25, or 1.3%, at EUR19.75, in line with a 1.3% rise in the CAC 40.
KBC profit up 13%, remains confident for 2008(2:46 am ET)
LONDON (MarketWatch) -- Belgian bank KBC Group (BE:000356573: news, chart, profile) said Thursday that its fourth-quarter net profit rose 12% to 708 million euro, helped by strong growth in Central and Eastern Europe, which more than offset a decline in merchant banking profit. Underlying net profit for the period rose 20% to 676 million euros. KBC said it took a write-down of 70 million euros on its collateralized debt obligations portfolio and another 23 million euros was set aside to cover counterparty risk for credit insurers. KBC was also upbeat about 2008, saying it hadn't seen customer credit risk increasing. "We see a lot of pessimism in the financial economy, which we cannot fully reconcile with business reality in our core markets," the bank said.
CORRECT: Thomas Cook loss narrows as revenue edges up(2:39 am ET)
LONDON (MarketWatch) -- Travel company Thomas Cook Group (UK:TCG: news, chart, profile) said Thursday that its operating loss in the two months ended Dec. 31 narrowed slightly to 131.6 million euros from 132.4 million euros as revenue rose 1% to 1.24 billion euros. Excluding one-off items, the operating loss narrowed further to 106.8 million euros. Thomas Cook said the result was in line with its expectations and reflects the seasonality of its business. The firm added that trading continues to be encouraging. Separately Thomas Cook said it's agreed to buy Web site Hotels4U.com for an initial payment of 21.8 million pounds. [Corrects the currency for profit and revenue figures.]
Clariant Int'l 4th-quarter loss widened on 3.8% higher sales(2:35 am ET)
TEL AVIV (MarketWatch) -- Clariant International Ltd., (CLZNF: news, chart, profile) (CH:001214263: news, chart, profile) the Muttenz, Switzerland, chemicals producer, reported a wider fourth-quarter loss on 3.8% higher sales. The loss was 17 million Swiss francs, or 0.08 franc a share, versus 1 million francs, or 0.02, in the year-earlier period. Sales rose to 2.09 billion francs from 2.01 billion.
Diageo profit up 9%, sees strong growth in Eastern Europe(2:26 am ET)
LONDON (MarketWatch) -- U.K. drinks group Diageo (UK:DGE: news, chart, profile) said Thursday that its fiscal first-half net profit rose 9% to 975 million pounds ($1.91 billion) from 895 million pounds as net sales rose 7% to 4.29 billion pounds. The group said it's on track to meet its guidance for the year after strong growth from its North America spirits business and strong growth in Eastern Europe helped offset the loss of its import license in Korea. Profit was also helped by a lower tax rate in the period.
Rexel 4th-quarter net up 50% on flat sales(2:19 am ET)
TEL AVIV (MarketWatch) -- Rexel, (FR:RXL: news, chart, profile) the Paris electrical-parts maker, reported fourth-quarter net income up 50% on flat sales. Earnings reached 56.6 million euros from 37.8 million in the year-earlier period. Sales were level with a year earlier at 2.72 billion euros. Operating expenses also were flat, at 496 million euros. The company expects organic sales -- those generated internally and excluding acquisitions -- in 2008 to be level with or above those of 2007.