Earning Plays

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Friday, Feb. 15
Energy shares move lower on bearish economic signals(9:40 am ET)
NEW YORK (MarketWatch) - Energy shares headed into the red Friday as gloomy economic data on the prices of imported goods and a profit warning from Best Buy stoked selling despite a rise in crude. Crude prices rose $1.12 to $96.58, closing in on the $100 mark, as OPEC mulled a cut in production after it slightly scaled back its forecast for U.S. petroleum demand. The Amex Oil Index (XOI: news, chart, profile) fell 0.25% to 1,379. The Amex Natural Gas Index (XNG: news, chart, profile) dipped 0.5% to 575.59. Arch Coal (ACI: news, chart, profile) fell 2.3% to $35.65 after it was downgraded to sell at Goldman Sachs along with other coal producers.
Countrywide loan funding down 6% in January(8:52 am ET)
NEW YORK (MarketWatch) -- Struggling lender Countrywide Financial Corp. (CFC: news, chart, profile) said Friday it had mortgage loan funding of $22 billion in January, down 6% from a month prior and 41% a year earlier. The lender's operational results for January showed daily loan applications rose $1.1 billion to $2.6 billion for the month, but were still down 6.4% from January 2007. Delinquencies and foreclosures also continued to rise, with delinquencies up to 7.47% from 7.27% and foreclosures growing to 1.48% from 1.44% a month earlier.
Scana Q4 earnings 75 cents per share vs 57 cents(7:51 am ET)
NEW YORK (MarketWatch) -- Scana Corp. (SCG: news, chart, profile) said Friday its fourth-quarter profit totaled $88 million, or 75 cents per share, from $65 million, or 57 cents per share, in the same quarter a year before. Revenue for the recent quarter was $1.172 billion, compared with $1.168 billion in the year-ago period. Analysts polled by Thomson Financial had predicted on average earnings of 70 cents a share on revenue of $1.313 billion. The Columbia, S.C., utility said its forecast for 2008 earnings remains at $2.90-$3.05 per share, assuming normal weather.
Barnes Group posts 5% profit fall on charges(6:37 am ET)
LONDON (MarketWatch) -- Barnes Group (B: news, chart, profile) , the Bristol, Conn. aerospace and industrial components manufacturer, said fourth-quarter net income dropped 5% to $17.6 million, or 30 cents a share, while sales rose 9% to $358.9 million. Excluding charges related to job cuts and tax expense, and the company would've earned 38 cents a share, up 12% and a penny below Thomson Financial-compiled analyst estimates. For 2008, it expects earnings between $2.20 and $2.30 a share, compared to analyst estimates of $2.31 a share.
Alliance One posts quarterly profit on 22% top-line growth(6:33 am ET)
WASHINGTON (MarketWatch) -- Alliance One International Inc. (AOI: news, chart, profile) reported net income of $15.7 million, or 18 cents a share, for the third quarter ended Dec. 31, a reversal from the prior year's loss of $28.3 million, or 33 cents a share. The Morrisville, N.C.-based company's quarterly sales and operating revenue reached $560.1 million from $458.8 million a year earlier, primarily reflecting an increase in quantities sold along with higher average selling prices for the merchant of leaf tobacco. Operating income improved to $30.2 million from $18 million.
Air Liquide annual profit up 12% (3:43 am ET)
French industrial gases producer L'Air Liquide (FR:012007: news, chart, profile) Friday unveiled a 12.1% rise in full-year net profit, helped by an improved operational performance and a lower tax rate in Germany, and said it expects double-digit growth in net profit in 2008. The world's leading supplier of industrial gases said net income rose to EUR1.12 billion, from EUR1 billion a year earlier. That beats average market expectations of EUR1.11 billion, according to a Dow Jones Newswires survey of five analysts. The group said capital expenditure in 2007 totaled EUR2.7 billion, which Chief Financial Officer John Glen said will help the group accelerate growth. Air Liquide also reiterated its objective of spending EUR10 billion on new industrial capacity and small and medium-sized acquisitions through 2011 and confirmed its plan to grow revenues over the next five years by between 8-10%, leading to a projected 10-13% growth in net profit.
Natixis shares drop 13% after write-down, profit warning(3:18 am ET)
LONDON (MarketWatch) -- Shares in Natixis (FR:012068: news, chart, profile) fell 13% in early trading Friday, hitting their lowest level in over three years after the French bank announced a surprise 1.2 billion euro ($1.75 billion) write-down on its exposure to subprime mortgages and bond insurers. The group warned late Thursday that it expects the write-downs to result in a net profit for the year of around 1 billion euros, a decline of more than 50% from the 2.16 billion euros reported in 2006.
Tate & Lyle pretax marginally tops company's expectations(2:25 am ET)
LONDON (MarketWatch) -- U.K. sugar producer Tate & Lyle (UK:TATE: news, chart, profile) said Friday that pretax profit from continuing operations in the four months to Jan. 31 was marginally ahead of expectations, boosting its confidence that the performance in the second half of its fiscal year will broadly match the first half. The group said its Americas ingredients operations performed ahead of expectations, while the European sugar market remained difficult. Tate & Lyle added that sales of its sucralose sweetener grew, but profit was lower for the division due to higher costs.
Bank of East Asia profit up 21% despite $147.4 mln writedown(1:25 am ET)
HONG KONG (MarketWatch) -- Hong Kong lender, Bank of East Asia, Friday reported a 21% growth in 2007 profit on strong growth in interest and fee income and in spite of a HK$1.15 billion ($147.4 million) writedown on some financial investments. Net profit attributable to shareholders rose to HK$4.14 billion from $3.43 billion as net fee income expanded 33% and net interest income grew 20% during the year. The bank's revaluation loss of $147.4 million was related to its investments in collateralized debt obligations, according to reports. Its total exposure to CDOs stands at $560 million after the writedown, added reports. Bank of East Asia's shares ended the morning trading session in Hong Kong 5% lower.
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.