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Wednesday, May 7
Expeditors International posts profit gain(8:33 pm ET)
SAN FRANCISCO (MarketWatch) - Expeditors International of Washington Inc. (EXPD: news, chart, profile) reported late Wednesday first-quarter net earnings rose to $66.47 million, or 31 cents a share, from $59.29 million, or 28 cents, a year ago. The Seattle-based trucking and freighting company said revenue for the three months ended March 31 rose 17% to $1.31 billion. Analysts surveyed by FactSet had, on average, expected the company to post earnings of 31 cents a share on $1.29 billion in revenue. Expeditors shares were flat in after-hours trading following the report.
Nationwide Financial Services quarterly net drops 79%(5:51 pm ET)
SAN FRANCISCO (MarketWatch) -- Nationwide Financial Services (NFS: news, chart, profile) said late Wednesday that first-quarter net income came in at $44.5 million, or 32 cents a share, down 79% from a year earlier when the retirement savings provider made $208.3 million, or $1.42 a share. The decline was partly driven by challenging capital markets, which left Nationwide with non-operating realized investment losses of $87.9 million, or 64 cents a share. More than $57 million of that was from assets that are permanently impaired, the company explained.
Murdoch: U.S. economy is 'stressed'(5:20 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) Chairman Rupert Murdoch said Wednesday that the consumer economy in the United States is "stressed," and that the strain is being reflected by advertisers who are doing more "short-term planning" in the buying of ads. Chief Operating Officer Peter Chernin said earlier during Wednesday's earnings call that News Corp. is nonetheless seeing "strong" sales of ads at its broadcast and cable TV networks. Murdoch said the economy in Australia, where News Corp. maintains many holdings, is "booming," and that in Europe the financial picture has been "steady."
News Corp.: Comfortable with MySpace as standalone(5:15 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) is comfortable with keeping MySpace as a standalone entity within its Fox Interactive Media unit, Chief Operating Officer Peter Chernin said during an earnings call Wednesday. He said the company is "willing to have strategic conversations," but "no one should assume we have any concerns about our positioning." Consolidation in the online space has been a topic of great speculation since Microsoft Corp.'s (MSFT: news, chart, profile) unsolicited $44.6 billion bid for Yahoo (YHOO: news, chart, profile) , which it later withdrew after Yahoo said the offer was too low.
News Corp. COO: Interactive revenue miss will be 'slight' (5:00 pm ET)
CHICAGO (MarketWatch) -- News Corp.'s (NWS.A: news, chart, profile) (NWS: news, chart, profile) Fox Interactive Media unit, which includes MySpace, will fall short of its goal of generating $1 billion in revenue for fiscal 2008, but that miss will be "slight" in a "very difficult economy," said Peter Chernin, News Corp.'s chief operating officer during a conference call with analysts on Wednesday. Chernin noted that at this early stage in the social networking phenomenon, it's "difficult to quantify the value of a friend" for advertisers who have grown accustomed to more traditional metrics in the determination of ad rates.
News Corp. reiterates 2008 income estimate(4:48 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) Chief Financial Officer Dave DeVoe said Wednesday that the company is reiterating its estimate that fiscal 2008 operating income will be up by a mid-teens percentage over the fiscal 2007 total, excluding results from the company's December 2007 acquisition of Dow Jones & Co. Dow Jones includes MarketWatch, the publisher of this report.
Moody's Investors Services names Madelain COO (4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- Moody's Investors Service, the credit rating agency of Moody's Corp. (MCO: news, chart, profile) , said late Wednesday it has named Michel Madelain as chief operating officer. Madelain, who currently serves as executive vice president at the Global Fundamental Ratings business, will remain based in London. Moody's said Brian Clarkson, who most recently served as president and COO of Moody's Investors Service, will retire. Clarkson plans to stay though the end of July for the transition period.
News Corp. profit more than triples on gain, TV networks(4:16 pm ET)
CHICAGO (MarketWatch) -- News Corp. (NWS.A: news, chart, profile) (NWS: news, chart, profile) said its quarterly profit more than tripled on a gain related to its sale of DirecTV and improved results at its broadcast and cable television networks, offsetting a decline at its film and TV studios. The media conglomerate said it earned $2.7 billion, or 91 cents a share, compared with a profit of $871 million, or 27 cents a share, in the third fiscal quarter of 2007. Results in the latest three months included a $1.7 billion gain related to News Corp.'s deal to swap its control of satellite provider DirecTV for Liberty Media's (LCAPA: news, chart, profile) 16.3% stake in News Corp. Revenue rose 16% to $8.75 billion. Analysts polled by FactSet Research expected revenue of $8.66 billion.
Blackboard swings to loss on acquisition charges(4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Blackboard Inc. swung to a loss for the first quarter on acquisition-related charges while sales grew 24% for the period. The maker of enterprise software used by the education industry (BBBB: news, chart, profile) reported a net loss of $3.3 million or 11 cents a share, compared to earnings of $1.9 million, or 7 cents a share, for the same period last year. Excluding acquisition charges, the company said it would have earned $2 million, or 6 cents a share, for the recent quarter. Revenue grew to $68.5 million from $55.3 million the previous year. Analysts were expecting earnings to be break-even on a per-share basis with revenue of $64 million, according to estimates from FactSet Research.
WCI's quarterly loss widens(9:34 am ET)
BOSTON (MarketWatch) -- WCI Communities Inc. (WCI: news, chart, profile) , the Florida-based builder of luxury homes and high-rise condos, on Wednesday reported a first-quarter net loss of $84.1 million, or $2 a share, versus a loss of $15.8 million, or 38 cents a share, in the same period the previous year. A trio of analysts polled by Thomson Financial had been looking for a loss of $1.13 a share, on average, with estimates ranging from between a loss of 66 cents and $1.45 a share. "We experienced a sequential lift in traffic and new orders during the first quarter in Florida reflecting seasonal patterns, but saw a dramatic drop in traffic and new orders in the Northeast and Mid-Atlantic," said Chief Executive Jerry Starkey in a statement. WCI, which has been hit by the Florida condo bust and fought off bankruptcy, named billionaire investor Carl Icahn chairman of the board last year. Most of WCI's business is concentrated in Florida, but it also builds in the New York and Washington, D.C., metropolitan areas.
Frontier Oil Q1 earnings 44 cents per share vs 68 cents (8:49 am ET)
NEW YORK (MarketWatch) -- Frontier Oil Corp. (FTO: news, chart, profile) said Wednesday its first-quarter profit totaled $46.0 million, or 44 cents per share, from $74.7 million, or 68 cents per share, in the same quarter a year before. Analysts had, on average, expected earnings of 24 cents per share, according to a FactSet Research survey. Revenue totaled $1.19 billion versus the year-ago quarter's $1.05 billion. The Houston-based oil company said the fall in earnings was due to "lower refining margins and reduced through-put resulting from a planned turnaround at the El Dorado refinery."
Allied Capital reports net loss(8:30 am ET)
BOSTON (MarketWatch) -- Allied Capital Corp. (ALD: news, chart, profile) on Wednesday reported a net loss of $40.7 million, or 25 cents a share, compared with net income of $133.1 million, or 87 cents a share, in the year-ago period. The company blamed the loss on net unrealized depreciation for the quarter. Allied Capital, a business-development company that invests in private debt and equity capital in middle-market businesses, said net investment income rose to $69.5 million from $39.5 million. Analysts polled by Thomson Financial had forecast net investment income of $48 million, on average.
Foster Wheeler's first-quarter profit rises 20%(7:52 am ET)
NEW YORK (MarketWatch) -- Foster Wheeler Ltd. (FWLT: news, chart, profile) Wednesday said its first-quarter net income rose 20% to $138.1 million, or 95 cents a share, from $114.8 million, or 80 cents a share, a year earlier, helped by a $14.2 million asbestos-related gain. Excluding amortization and interest expense, earnings were 85 cents a share. The Hamilton, Bermuda, engineering and construction company said operating revenue increased 56% to $1.8 billion from $1.15 billion a year ago. On average, analysts polled by Thomson Reuters expected earnings of 73 cents a share on revenue of $1.48 billion. Analyst estimates typically exclude items.
Hospira posts first-quarter profit(7:46 am ET)
NEW YORK (MarketWatch) -- Hospira Inc. (HSP: news, chart, profile) said Wednesday that it swung to a first-quarter profit of $65.4 million, or 41 cents a share, from a loss of $29.4 million, or 19 cents a share, in the year-ago period. Adjusted net income fell to 55 cents a share from 59 cents a share. Net sales rose 13.5% to $888.7 million from $782.8 million. Analysts surveyed by FactSet Research forecast earnings of 55 cents a share, on average. The Lake Forest, Ill. pharmaceutical and medication delivery company said it still expects adjusted 2008 earnings of $2.45 to $2.55 a share, compared to the Wall Street target of $2.50 a share.
Cognizant Q1 earnings 34 cents per share vs 25 cents(7:15 am ET)
NEW YORK (MarketWatch) -- Cognizant Technology Solutions Corp. (CTSH: news, chart, profile) said Wednesday its first-quarter profit totaled $102 million, or 34 cents per share, from $75 million, or 25 cents per share, in the same quarter a year before. The result compared with 33 cents per share analysts had expected, according to a FactSet Research survey. Revenue for the quarter totaled $643 million compared to $460 million in the year-ago quarter. The Teaneck, N.J. company said that second-quarter revenue should "be at least $680 million," with earnings for the quarter seen between 34 cents and 35 cents.
Quicksilver Resources net climbs 85% as production rises(6:47 am ET)
LONDON (MarketWatch) -- Quicksilver Resources (KWK: news, chart, profile) said first-quarter net income rose 85% to $42.2 million, or 25 cents a share, with revenue up 35% to $157.5 million. Average production rose 13% to 211 million cubic feet of natural gas equivalent during the first quarter and it expects second-quarter production between 225 MMcfe to 235 MMcfe per day. Analysts polled by FactSet expected earnings of 25 cents a share.
OGE Energy profit down 24.4%(6:48 am ET)
LONDON (MarketWatch) -- OGE Energy Corp. (OGE: news, chart, profile) , the parent of Oklahoma Gas and Electric Co., said Wednesday that its first-quarter net profit fell 24.4% to $13 million, or 14 cents a share, from $17.2 million, or 19 cents a share, a year earlier. Total operating revenue for the period rose 12.8% to $994.7 million. The group said its Enogex natural has pipeline business recorded earnings of 24 cents a share compared to 17 cents a share a year earlier. Its OG&E electric utility swung to a loss of 12 cents a share, compared to earnings of 2 cents a share the year before, largely due to higher operation and maintenance expenses.
DirecTV net up 10% on new subscribers, fewer cancellations(6:41 am ET)
WASHINGTON (MarketWatch) -- DirecTV Group Inc.'s (DTV: news, chart, profile) first-quarter net income rose 10% amid higher net subscriber additions and a lower subscriber cancellation rate. DirecTV, the nation's largest satellite-TV firm, reported net income of $371 million, or 32 cents a share, up from $336 million, or 27 cents a share, a year earlier. Revenue rose 17% to $4.59 billion. The mean estimates of analysts surveyed by Thomson Reuters were for earnings of 31 cents a share on revenue of $4.47 billion. DirecTV said U.S. net subscriber additions rose 17% to 275,000, putting the total at 17 million, up 5.2%. Average revenue per subscriber increased 8.6% and average subscriber-acquisition costs climbed 6.7%. The monthly churn rate - the percentage of customers that left - fell to 1.36% from 1.44%.
KKR Private Equity net asset value slips 5.3%(4:43 am ET)
LONDON (MarketWatch) -- Investment company KKR Private Equity Investors (KPEQF: news, chart, profile) said Wednesday that its net asset value fell 5.3% during the first three months of the year to $4.72 billion from $4.98 billion at the end of December. The fall was driven by net unrealized losses on investments and currency transactions of $251.8 million, with more than half that loss stemming from its holding in French directories company PagesJaunes Groupe. The company, which invests in private equity opportunities identified by Kohlberg Kravis Roberts & Co. said its decline in the quarter still compared favorably to a 9.9% drop in the S&P 500 index.
Lafarge climbs as emerging markets drives net up 49%(3:19 am ET)
LONDON (MarketWatch) -- Shares of Lafarge (FR:012053: news, chart, profile) rose 4% in Paris as the building materials group said first-quarter net income, excluding capital gains, rose 49% to 150 million euros, with sales up 8% to 4 billion euros. The company said it was able to benefit from strong contribution in emerging markets, which offset the slowdown in the U.S. and Spain.
Liberty International swings to loss, net asset value falls(2:47 am ET)
LONDON (MarketWatch) -- U.K. property company Liberty International (UK:LII: news, chart, profile) [s:lbyiy] said Wednesday that it swung to a first-quarter net loss of 306.2 million pounds ($603.7 million) from a profit of 272.7 million pounds a year earlier. The group said revenue for the quarter rose 33% to 172 million pounds, while its net asset value per share has fallen to 1,181 pence a share from 1,264 pence a share due to the U.K.'s weak property market conditions. Underlying pretax profit fell 5.6% to 33.9 million pounds.
Intercontinental Hotels profit down 34%(2:40 am ET)
LONDON (MarketWatch) -- Intercontinental Hotels Group (UK:IHG: news, chart, profile) (IHG: news, chart, profile) said Wednesday that its first-quarter net profit slipped 34% to 31 million pounds, while revenue rose 15% to 226 million pounds. The group said revenue growth was driven by a 3.5% increase in revenue per available room as well as the introduction of over 5,200 more rooms. Adjusted net profit, which excludes one-off gains a year earlier, rose 21% to 35 million pounds. The strongest growth in revenue per available room was in the Middle East at 20.2%, while growth in the Americas was 2.3%, due to a weak March, which was impacted by the timing of Easter.
Total profit climbs 18% on oil, gas prices(2:34 am ET)
LONDON (MarketWatch) -- Total (TOT: news, chart, profile) (FR:012027: news, chart, profile) , the French oil group, said first-quarter net income rose 18% to 3.6 billion euros ($5.6 billion), or up 9% to 3.25 billion euros when adjusted for inventory effects, special items and its share of the amortization of intangibles from the Sanofi-Aventis merger. Analysts polled by FactSet had expected a profit of 3.29 billion euros. Production was virtually flat at 2.43 million barrels of oil a day. Rising oil and gas prices and a slight recovery in petrochemicals prices offset the weak dollar and falling refining margins.
British American Tobacco profit up 21%(2:29 am ET)
LONDON (MarketWatch) -- British American Tobacco (UK:BATS: news, chart, profile) (BTI: news, chart, profile) said Wednesday that its first-quarter net profit rose 21% to 599 million pounds ($1.18 billion) as revenue for the period rose 14% to 2.54 billion pounds. The group said volumes from its premium brands improved 6% and now represent 33% of its total volume. Among its Global Drive brands, sales of Dunhill rose 8%, Lucky Strike rose 16% and both Kent and Pall Mall rose around 30%. By region, the company said good volume growth in Russia, Pakistan, Iran, Turkey and Spain was partly offset by declines in the Czech Republic, Mexico and Brazil.
DBS Group 1Q net income falls 2% to $444 million (12:42 am ET)
HONG KONG (MarketWatch) -- DBS Group Holdings Ltd., Southeast Asia's largest bank by market capitalization, said its first-quarter net profit fell 2%, exceeding analysts' expectations, as strong lending growth offset losses on investments tied to U.S. subprime mortgages. The bank posted a net profit of S$603 million ($444 million), down from S$617 million a year earlier. Analysts on average had forecast net profit of S$562 million. DBS said it posted a net trading loss of S$161 million loss in the quarter, down from S$171 million trading profit a year earlier.
Tuesday, May 6
THQ swings to loss for fourth fiscal quarter(4:47 pm ET)
SAN FRANCISCO (MarketWatch) -- THQ Inc. swung to a loss for its fourth fiscal quarter despite a rise in sales. For the quarter ended March 31, the video game publisher (THQI: news, chart, profile) reported a net loss of $34.5 million, or 52 cents a share, compared to net income of $6.5 million, or 9 cents a share, for the same period last year. Excluding certain charges, the company said net losses would have come in at $24.8 million, or 37 cents a share. Revenue grew 8.6% to $187 million. The company said revenue would have totaled $217.6 million were it not for the impact of deferred revenue from "Frontlines: Fuel of War." Analysts were expecting a loss of 4 cents a share on revenue of $200.4 million, according to estimates from FactSet Research.
Tesoro swings to a loss as refining margins fall 52%(4:42 pm ET)
SAN FRANCISCO (MarketWatch) -- Oil refiner Tesoro Corp. (TSO: news, chart, profile) , pinched by rising crude prices and narrower margins for its finished products, reported late Tuesday a first-quarter loss of $82 million, or 60 cents a share. The company posted net income of $116 million, or 84 cents a share, a year ago. Overall refining margins fell to $6.54 a barrel from $13.50 a year ago. Revenue for the three months ended March 31 rose to $6.53 billion from $3.88 billion. Analysts polled by FactSet had predicted the San Antonio, Texas, company would report a loss of 29 cents a share. Tesoro shares fell 32 cents ahead of the report to close at $25. The share price is down 48% so far this year.
Harman swings to loss, hurt by 'warranty' charges(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- Harman International Industries Inc. (HAR: news, chart, profile) late Tuesday swung to a fiscal third-quarter loss, compared to a year-earlier, and revamped part of its senior management team. Harman reported a net loss of $3.3 million, or 6 cents a share. The company said it was hurt by "unprecedented charges for warranty issues" due to problems with a memory chip. A year ago, it earned $71 million, or $1.07 a share. Harman, of Washington, D.C., is a maker of stereo and entertainment products for cars and consumer electronics. It said sales rose to $1 billion, from $883 million in the year-earlier period.
Pitney Bowes posts lower profit, raises outlook(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Pitney Bowes Inc. (PBI: news, chart, profile) on Tuesday reported a first-quarter profit of $119.1 million, or 56 cents a share, down from $144.8 million, or 65 cents a share, a year earlier. Excluding restructuring charges, earnings came to 66 cents a share. Revenue for the postage meter machine maker rose 11% to $1.6 billion. Analysts polled by FactSet Research were looking for earnings, on average, of 65 cents a share on sales of $1.49 billion. The Stamford, Conn.-based company also raised its adjusted 2008 earnings target to a range from $2.80 to $2.90 a share. Wall Street previously forecast a profit of $2.85 a share.
Web advertising firm ValueClick posts profit gain(4:15 pm ET)
SAN FRANCISCO (MarketWatch) - ValueClick Inc. said Tuesday its first-quarter profit and sales rose compared to the same period a year earlier. Westlake Village, Calif.-based Internet advertising services company ValueClick (VCLK: news, chart, profile) said net income for the period ended in March rose to $19.2 million, or 19 cents a share, from $18.6 million, or 18 cents a share in the same period a year earlier. Meanwhile revenue rose 12% to $176 million. Analysts estimated ValueClick would post earnings of 16 cents a share, and $169.86 million in revenue, according to FactSet Research.