Earning Plays

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Friday, March 7
Legg Mason gets SIV support, accrues charge of $142 mln(8:43 am ET)
BOSTON (MarketWatch) -- Investment manager Legg Mason Inc. (LM: news, chart, profile) said Friday it has obtained a letter of credit from an unidentified "large bank" to provide support to a troubled structured investment vehicle holding in a money market fund. The agreement provides support up to $150 million for the money market fund's holding in Cheyne Finance, a U.K.-based SIV. "We continue to make progress in reducing the exposure of our money market funds to SIV holdings," said Chief Executive Mark Fetting in a statement. Based on market conditions and prices as of March 5, Legg Mason so far this quarter has accrued a non-cash charge to earnings of approximately $142 million, mainly as a result of unrealized losses in the SIV securities, the Baltimore-based company said.
Baker Hughes worldwide rig count rises in February(7:49 am ET)
NEW YORK (MarketWatch) -- Baker Hughes (BHI: news, chart, profile) said Friday worldwide rig count for February rose to 3,417, up 121 from the 3,296 counted in January 2008 and up 65 from the 3,352 counted in February. International rig count fell 21 from January and the U.S. rig count rose 16 in February. The Canadian rig count for February was 620, up 126 from the 494 counted in January and down 15 from the 635 counted in the year-ago period.
Ferrellgas Partners net income falls on higher propane costs(7:10 am ET)
NEW YORK (MarketWatch) -- Ferrellgas Partners LP (FGP: news, chart, profile) said Friday second-quarter net income fell to $51.2 million, or 76 cents a unit, from $52.9 million, or 84 cents a unit in the year-ago period. Adjusted earnings for the three months ended Jan. 31 fell to 81 cents a unit from 93 cents a unit. Sales rose 15% to $764 million from $663 million. Analysts expected earnings of $1 a unit on revenue of $758 million, on average. "The unprecedented sharp increase in propane costs was responsible for reduced results in our risk management operations. We have already taken steps to reduce our exposure in this area," the Overland Park, Kan. company said.
MF Global: Volumes, revenue better than period this year(6:07 am ET)
LONDON (MarketWatch) -- MF Global (MF: news, chart, profile) , the futures broker that was stung by a $141.5 million loss from unauthorized wheat futures trades, said volumes and revenue for the current quarter to date are higher than in any comparable period during the current fiscal year. Client funds are at higher level than on Feb. 27 or at the end of the third quarter ending Dec. 31. "Our clients have been very supportive over the last week as the fundamental strengths of our business - our balanced and diversified model - remain sound as do the strong secular trends driving the derivatives markets," said Kevin Davis, chief executive officer, MF Global. The firm plans to meet with investors and analysts over the coming days and weeks.
J.D. Wetherspoon falls as profit drops 16%, outlook cautious(3:29 am ET)
LONDON (MarketWatch) -- Shares in U.K. pub chain J.D. Wetherspoon (UK:JDW: news, chart, profile) dropped 8% as the company reported its half-year to Jan. 27 profit fell 16% to 18.3 millon pounds ($36 million), while revenue inched up 0.4% to 440 million pounds. Smoking bans led to strong growth in food sales but a decline in bar sales, which put pressure on margins and profits. It has a "slightly more cautoius outlook" for the second half, seeing second-half sales trends to be broadly similar to those of the second quarter and expecting to experience some cost pressures.
USG People drops on fourth-quarter miss, outlook(3:18 am ET)
LONDON (MarketWatch) -- Shares in USG People (NL:35448: news, chart, profile) dropped 5.2% in early Amsterdam trading after the employment services firm missed fourth-quarter earnings and issued a pessimistic outlook. The company reported that fourth-quarter earnings more than doubled to 35.9 million euros, on revenue growth of 5.5% to 1 billion euros. Analysts polled by FactSet had expected quarterly earnings of 40 million euros on revenue of 1.01 billion euros. For 2008, "it is evident that the expected lower economic growth will also impact the European temporary employment markets and therefore also growth of our group revenue," and the company refrained to make an income forecast.
Thales profit more than doubles(2:41 am ET)
LONDON (MarketWatch) -- French defense group Thales (FR:012132: news, chart, profile) said Friday that its 2007 net profit more than doubled to 887 million euros from 388 million euros in 2006. Revenue for the year grew 20% to 12.3 billion euros due to growth across all its divisions, with the security unit among the fastest growing due to the additional contribution from businesses acquired from Alcatel-Lucent. Profit was also boosted by a pretax gain of 432 million euros from disposals. The group said it would raise its dividend to 1 euro a share from 0.87 euros a share.
Thursday, March 6
National Semi posts dip in quarterly profit(4:10 pm ET)
SAN FRANCISCO (MarketWatch) - National Semiconductor Corp. said Thursday its fiscal third-quarter profit fell compared to the same period a year earlier, citing lower-than-expected shipments of chips used in mobile devices. National Semi (NSM: news, chart, profile) said net income for the period ended in February fell to $71.2 million, or 28 cents a share, from $73.7 million, or 22 cents a share in the period a year earlier. Net sales meanwhile rose to $453.4 million from $431 million. Analysts have been estimating that National Semi would post earnings of 25 cents a share, on $458.47 million in revenue, according to FactSet Research.
Blockbuster fourth-quarter income jumps to $41 million (8:48 am ET)
NEW YORK (MarketWatch) -- Blockbuster Inc.'s (BBI: news, chart, profile) fourth-quarter net income jumped to $41 million, or 18 cents a share, from $11.2 million, or 4 cents a share, a year earlier, due to "aggressive" cost reductions and the repositioning of subscription programs. Excluding severance costs and other items, adjusted net income for the quarter was 26 cents a share, up from 11 cents a share in the year-earlier quarter. Earnings from continuing operations rose to 19 cents a share from 5 cents a share a year ago. The Dallas video retail chain store said revenue for the quarter ended Jan. 6 rose 3.6% to $1.57 billion from $1.51 billion a year ago. On average, analysts polled by Thomson Financial expected earnings of 18 cents a share on revenue of $1.44 billion. Domestic same-store and by-mail revenue rose 6.1%. Worldwide same-stores and by-mail revenues for the period were up 7.4% from the year-ago period.
Nordstrom February same-store sales declined 5.8%(8:44 am ET)
TEL AVIV (MarketWatch) -- Nordstrom Inc., (JWN: news, chart, profile) the Seattle department-store chain, reported that in February, same-store sales fell 5.8%. A survey of analysts by Thomson Financial produced a consensus estimate of a decline of 3.5% in the month. Same-store sales reflect outlets open at least a year, excluding acquisitions and divestitures. Total sales fell 3.3% to $529 million from $547 million in the year-earlier month.
Kohl's February same-store sales fall 3.8%(8:41 am ET)
NEW YORK (MarketWatch) -- Kohl's Corp. (KSS: news, chart, profile) said Thursday that its February sales at stores open at least one year fell 3.8%. Analysts, on average, had expected the same-store sales to fall 4%, according to Thomson Financial. Sales for the four weeks ended March 1 rose 4.6% to $971.6 million.
Abercrombie & Fitch February same-store sales fall 2%(8:37 am ET)
NEW YORK (MarketWatch) -- Abercrombie & Fitch Co.'s (ANF: news, chart, profile) February comparable-store sales, or sales at stores open at least a year, fell 2%, while net sales rose 11% to $228.9 million from $206.6 million. The New Albany, Ohio, retailer said total company direct-to-consumer net sales increased 39% to $16.9 million. Abercrombie & Fitch's Abercrombie & Fitch brand comparable-store sales rose 2%, while abercrombie division comparable-store sales fell 7%. The company said its Hollister Co. division comparable-store sales fell 4%, while RUEHL comparable-store sales declined 15%.
Aeropostale February same-store sales up 7% (8:36 am ET)
NEW YORK (MarketWatch) -- Aeropostale Inc.'s (ARO: news, chart, profile) February same-store sales, or sales of stores open at least a year, rose 7% compared with a same-store sales increase of 2.3% a year earlier. Analysts surveyed by Thomson Financial, on average, projected a same-store sales increase of 4.6% for the month. The New York mall-based clothing retailer said total net sales rose 18.6% to $89.7 million from $75.6 million for the four-week period ended March 1.
American Eagle says February same-store sales down 4%(8:28 am ET)
NEW YORK (MarketWatch) -- American Eagle Outfitters Inc. (AEO: news, chart, profile) said Thursday that February same-store sales fell 4% for the month. Analysts surveyed by Thomson Financial predicted a same-store sales decline of 2.3%. The Pittsburgh-based apparel chain's total sales for the four weeks ended March increased 5% to $175.1 million, compared to $166.3 million a year earlier. American Eagle said it expects higher first-quarter markdowns this year, with earnings of 25 cents to 27 cents a share for the quarter, compared to 35 cents during the same period last year. The company expects fourth-quarter earnings of 66 cents a share, compared to previous guidance of 64 to 65 cents a share. American Eagle will report fourth quarter earnings March 12.
TJX February same-store sales up 3%(8:22 am ET)
NEW YORK (MarketWatch) -- TJX Cos.' (TJX: news, chart, profile) February same-store sales increased 3% from a year ago, despite unfavorable weather patterns in certain parts of the U.S. A Thomson Financial survey of analysts, on average, predicted same-store sales to rise 3.2%. The Framingham, Mass., clothing retail chain said sales for the four weeks ended March 1 rose 6% to $1.3 billion from $1.2 billion a year ago.
Family Dollar February same-store sales up 1.3%(8:18 am ET)
NEW YORK (MarketWatch) -- Family Dollar Stores Inc. (FDO: news, chart, profile) said Thursday that its February sales at stores open at least one year rose 1.3%. Analysts, on average, had expected the same-store sales to fall 0.2%, according to Thomson Financial. Net sales for the four weeks ended March 1 rose 4.4% to $533.7 million. The retailer also noted that its stores will be closed for the Easter holiday, which will hurt March results and help April results. The holiday occurred in the April sales period last year, but falls in March this year. Family Dollar expects March same-store sales to fall 2% to 4%.
Dillard's February sales slip(8:14 am ET)
NEW YORK (MarketWatch) - Dillard's Inc. (DDS: news, chart, profile) said Thursday that its February sales at stores open at least one year fell 2%. Analysts, on average, had expected the same-store sales to fall 3.6%, according to Thomson Financial. Total sales for the four weeks ended March 1 fell 2% to $581.6 million.
Fred's February same-store sales rise 1.1%(8:00 am ET)
NEW YORK (MarketWatch) -- Fred's Inc. (FRED: news, chart, profile) said Thursday that its February sales at stores open at least one year rose 1.1%. Analysts, on average, had expected the same-store sales to fall 0.4%, according to Thomson Financial. Total sales for the four weeks ended March 1 rose 3% to $148.5 million.
Joy Global first-quarter profit up 19%(7:40 am ET)
NEW YORK (MarketWatch) -- Joy Global Inc.'s (JOYG: news, chart, profile) fiscal first-quarter net income rose 19% to $71.1 million, or 65 cents a share, from $59.7 million, or 51 cents a share, a year earlier, on increased orders. Earnings from continuing operations for the period were 64 cents a share. The Milwaukee mining equipment company's sales rose 14% to $640.3 million from $560.5 million a year ago. On average, analysts polled by Thomson Financial expected earnings of 65 cents a share on revenue of $639 million. Joy Global's orders during the first-quarter rose 54% to $870 million. For 2008, the company expects sales of $3.1 billion to $3.3 billion and earnings of $3.15 to $3.45 a share, up from its prior estimate of earnings of $3.10 to $3.35 a share.
Fleetwood Enterprises narrows third-quarter loss(7:37 am ET)
NEW YORK (MarketWatch) -- Fleetwood Enterprises Inc.'s (FLE: news, chart, profile) fiscal third-quarter loss narrowed to $16.4 million, or 25 cents a share, from $29.9 million, or 47 cents a share, a year earlier. Analysts surveyed by Thomson Financial expected, on average, a loss of 28 cents a share. The Riverside, Calif., maker of prefabricated housing and recreational vehicles said Thursday that net sales for the period ended Jan. 27 fell to $355.5 million from $443.2 million in the previous year's third quarter. Results for the more recent quarter include a gain of 8 cents a share from the sale of idle facilities, offset by severance costs, while last year's third quarter included impairment and severance charges of 6 cents a share.
American Oriental Bioengineering's quarterly net up 39%(6:33 am ET)
WASHINGTON (MarketWatch) -- American Oriental Bioengineering Inc. (AOB: news, chart, profile) reported fourth-quarter net income of $15.2 million, or 20 cents a share, up from $10.9 million, or 17 cents, earned in the final three months of 2006. Quarterly revenue reached $57.3 million from the prior year's $41.3 million, the New York-based manufacturer and distributor of pharmaceutical and nutraceutical products said. American Oriental also anticipates a first-quarter profit of 12 cents a share on revenue of at least $38 million. The average estimates among two analysts surveyed by FactSet Research who follow the company was for a profit of 20 cents in the fourth quarter as well as for earnings of 13 cents in the current quarter, which is seasonally the slowest for American Oriental.
Mothers Work February same-store sales rise 4.8%(6:16 am ET)
LONDON (MarkerWatch) -- Maternity apparel retailer Mothers Work, Inc. (MWRK: news, chart, profile) on Thursday said February same-store sales at stores opened a least a year rose 4.8%. Total sales for the period climbed 4.1% to $45.7 million.
Lenox Group swings to profit; sales off 15%, costs down(6:02 am ET)
TEL AVIV (MarketWatch) -- Lenox Group Inc., (LNX: news, chart, profile) the Eden Prairie, Minn., producer of giftware and collectibles, swung to a fourth-quarter profit from a year-earlier loss on 15% lower sales. Earnings were $4.4 million, or 31 cents a share, compared with a net loss of $6.4 million, or 46 cents, in the year-earlier period. Shares outstanding rose 1.9% to 14 million. Revenue fell to $135 million from $159.1 million. The company said in a statement late on Wednesday that it was disappointed by the lower sales but it "significantly" reduced operating costs. Selling, general and administrative expense dropped 7.5% for the quarter and 8.5% for the year. And Lenox said it "will also be developing a presence in international markets."
Delhaize profit dips on weaker dollar(2:43 am ET)
LONDON (MarketWatch) -- Supermarket operator Delhaize (BE:000356270: news, chart, profile) said Thursday that the group share of fourth-quarter net profit fell 0.5% to 114.1 million euros as revenue fell 3.4% to 4.68 billion euros, due to the weak dollar and an $18.6 million impairment charge on its U.S. Sweetbay stores. At constant exchange rates, net profit was up 7.5% and revenue rose 5%. In its U.S. operations, same-store sales rose 3.7% during the quarter. Delhaize said it will increase its net dividend by 9.1% to 1.08 euros a share and added it's forecasting growth of 25% to 30% in net profit from continuing operations at identical exchange rates.
Taylor Wimpey swings to loss after U.S. land write-downs(2:33 am ET)
LONDON (MarketWatch) -- U.K. home builder Taylor Wimpey (UK:TW: news, chart, profile) on Thursday reported a pro-forma loss of 197.9 million pounds for 2007, down from a profit of 289.5 million pounds a year earlier. The loss was largely due to write-downs on the value of land and work in progress in the U.S. as well as restructuring costs following the groups creation through the merger of Taylor Woodrow and George Wimpey. Excluding one-off items, pretax profit fell to 535.6 million pounds from 776.5 million pounds and revenue fell 12% to 5.89 billion pounds. In the U.K., the group said it's expanded its margin ahead of targets, while in the U.S. it has reduced its unsold inventory by 29% in the second half of the year. It will also raise its total dividend by 6.8%.
H&R Block shrinks loss, sees tax-season `traction'(2:31 am ET)
TEL AVIV (MarketWatch) -- H&R Block Inc., (HRB: news, chart, profile) the Kansas City, Mo., tax-services provider, narrowed its fiscal third-quarter net loss on 4.4% higher revenue. For the quarter ended Jan. 31, the loss shrank to $47.4 million, or 14 cents a share, from $60.3 million, or 18 cents, in the year-earlier period. Revenue reached $972.6 million from $931.2 million. Earnings from operations before charges for severance were 8 cents a share against 7 cents. The latest period included 5 cents a share for severance. Halfway through tax season, "we have good marketplace traction and excellent opportunities," Chairman Richard C. Breeden said in a statement late on Wednesday. The company is seeing "a healthy increase in both the number of retail tax clients served and average revenue per retail tax client," he said.
Wednesday, March 5
TiVo loss narrows(4:12 pm ET)
CHICAGO (MarketWatch) -- TiVo Inc. (TIVO: news, chart, profile) said that its fourth-quarter loss narrowed from the year-earlier quarter. The pioneer of digital video-recording technology reported that it lost $6.4 million, or 6 cents a share, in the latest three months, compared with a loss of $19.5 million or 20 cents a share in the prior year. Service and technology revenue rose to $58.1 million from $57 million. Analysts polled by FactSet Research were expecting a loss of 11 cents a share. In the first quarter of fiscal 2009, TiVo expects to post a net loss of $1 million to $3 million on service and technology revenue of $53 million to $55 million.
Trump Entertainment's fourth-quarter loss widens(8:51 am ET)
NEW YORK (MarketWatch) -- Trump Entertainment Resorts Inc.'s (TRMP: news, chart, profile) fourth-quarter loss widened to $183.2 million, or $5.89 a share, from a year-earlier loss of $9.68 million, or 31 cents a share, hurt in part by asset impairment charges. The Atlantic City, N.J., gaming company said revenue fell 6.4% to $228.6 million from $244.2 million a year ago. On Tuesday, Trump Entertainment shares closed down 21 cents, or 5.4%, to $3.70.
Chico's FAS swings to fourth-quarter loss(7:49 am ET)
NEW YORK (MarketWatch) -- Chico's FAS Inc. (CHS: news, chart, profile) said Wednesday that it swung to a fourth-quarter loss, hurt by weaker same-store sales and an aggressive markdown strategy. The Fort Myers, Fla.-based women's apparel retailer said it lost $20.5 million, or 12 cents a share, in the quarter, compared to a profit of $18.2 million, or 10 cents a share, a year earlier. Sales fell 7.9% to $409.3 million. The company forecasts negative same-store sales in the first half of the year, but sees opportunity for earnings improvement in the second half. Shares of Chico's FAS closed Tuesday at $9.87.
CORRECT: Neiman Marcus profit climbs 8% on 6% sales growth(6:45 am ET)
LONDON (MarketWatch) -- Privately held retailer Neiman Marcus said in a filing to the Securities and Exchange Commission that net income rose 8% to $44.3 million in the second quarter to Jan. 26, with revenue up 6% to $1.37 billion. The firm, owned by TPG Capital and Warburg Pincus, said comparable revenue rose 3.7% during the quarter and it also said selling costs compared to revenue fell because of higher Internet revenue and lower annual incentive compensation. (Corrects quarterly information.)