Earning Plays

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Monday, May 12
Dish Network first-quarter net income rises (6:54 pm ET)
SAN FRANCISCO (MarketWatch) -- Dish Network Corp. (DISH: news, chart, profile) late Monday reported its first-quarter earnings rose to $258.6 million, or 57 cents a share, from $157.1 million, or 35 cents a share, a year earlier. Revenue rose to $2.81 billion from $2.55 billion a year ago, said the Englewood, Colo.-based provider of satellite-TV services. Analysts surveyed by FactSet Research had forecast the company to earn, on average, 52 cents a share on revenue of $2.85 billion. Dish had a total of 13.8 million subscribers on March 31, up from 13.4 million on March 31, 2007.
Fluor earnings jump 63%; company lifts outlook (6:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Engineering and construction giant Fluor Corp. (FLR: news, chart, profile) reported late Monday first-quarter net income rose to $138 million, or $1.50 a share, from $84.6 million, or 94 cents, a year ago. Revenue for the three months ended March 31 rose 32% to $4.81 billion. Analysts surveyed by FactSet had predicted Fluor would report earnings of $1.26 a share on $4.67 billion in revenue. Reflecting its strong order backlog, the company raised its full-year 2008 earnings outlook to a range of $6.25 to $6.55 a share, up from its previous guidance of $5.10 to $5.50 a share. Shares of the Irving, Texas-based company rose 1.5% ahead of the report to close at $166.36. Shares are up 59% over the past 12 months. (Inserts dropped word.)
Winn-Dixie profit dips partly due to higher tax rate(4:50 pm ET)
SAN FRANCISCO (MarketWatch) -- Grocery chain operator Winn-Dixie Stores Inc. (WINN: news, chart, profile) on Monday reported a third-quarter profit of $15.02 million, or 28 cents a share, down from $17.83 million, or 33 cents a share, a year ago. The company blamed a higher reported income tax expense and lower interest income. Sales came in at $1.7 billion, up 2.3% from a year earlier. Analysts polled by FactSet Research were looking for a profit, on average, of 26 cents a share, with sales of $1.71 billion.
McDermott Intl. profit falls 22% (4:43 pm ET)
SAN FRANCISCO (MarketWatch) -- Energy industry engineering and construction company McDermott International, Inc. (MDR: news, chart, profile) reported Monday first-quarter net income fell to $123.2 million, or 54 cents a share, from $158.1 million, or 69 cents, a year ago. Revenue for the three months ended March 31 rose 6.4% to $1.45 billion from $1.36 billion. Analysts surveyed by FactSet had predicted McDermott would post earnings of 56 cents a share on $1.48 billion in revenue. Shares of the Houston-based company rose 5 cents ahead of the report to close at $53.95. Shares are up 53% over the past 12 months.
Radian net improves, but market woes hit operating results(8:37 am ET)
NEW YORK (MarketWatch) -- Mortgage insurer Radian Group Inc (RDN: news, chart, profile) said Monday its first quarter net income rose, based on unrealized investment and accounting gains, to $195.6 million, or $2.44 a share, compared to $113.5 million, or $1.42 a share a year ago. On an operating basis, the company lost $215.2 million, or $2.69 a share as for the quarter. "The continuation of weak housing and credit markets and these conditions have impacted results in our mortgage insurance and financial guaranty businesses," Chief Executive Officer S.A. Ibrahim said in a press release.
Standard Pacific's quarterly loss widens(8:28 am ET)
BOSTON (MarketWatch) -- Standard Pacific Corp. (SPF: news, chart, profile) on Monday reported a quarterly loss of $216.4 million, or $3.34 a share, compared with a loss of $40.8 million, or 63 cents a share, in the year-ago period. For the quarter ended March 31, the troubled home builder said it recorded after-tax impairment charges of $117.9 million, or $1.82 a share, as a result of challenging market conditions, including more sales incentives and further price declines. Total home-building revenue slipped 47% to $348.2 million, Standard Pacific said.
IndyMac posts loss, doesn't expect see profit this year(7:16 am ET)
LONDON (MarketWatch) -- IndyMac Bancorp (IMB: news, chart, profile) said it swung to a first-quarter loss of $184.2 million, or $2.27 a share, after a year-earlier profit of $52.4 million. But the mortgage finance firm said it was able to trim its loss from the fourth quarter by 64%. It recorded credit provisions of $249 million during the quarter. It doesn't expect to earn a profit until the current decline in home prices decelerates, which it doesn't forecast this year. It's going to defer the interest on our trust preferred securities at the holding company and suspend the dividends on its non-cumulative, perpetual preferred stock at Indymac Bank. Analysts polled by FactSet expected a loss of $1.84 a share for the quarter and a $2.75 per share loss for the year.
MBIA swings to loss of $2.4 billion on derivatives hit(7:06 am ET)
LONDON (MarketWatch) -- Bond insurer MBIA (MBI: news, chart, profile) swung to a first-quarter loss of $2.41 billion, or $13.03 a share. It earned $198.6 million, or $1.46 a share, in the year-earlier period. During the first quarter, it recorded a $3.6 billion unrealized loss on insured derivatives. Analysts polled by FactSet, who exclude gains and charges from their estimates, expected a loss of $1.45 a share.
PMI Group records loss on increased claims, write-off(6:54 am ET)
PMI Group Inc. (PMI: news, chart, profile) swung to a first-quarter loss on increased claims and reserves at its U.S. operations as the company wrote off the remaining value of its stake in Financial Guaranty Insurance Co., calling into question the ailing bond insurer's future. PMI, a mortgage insurer, reported a net loss of $274 million, or $3.37 a share, compared with prior-year net income of $102 million, or $1.16 a share. Revenue rose 7.3% to $315.9 million. The mean estimates of analysts polled by Thomson Reuters were for a loss of $1.96 a share on $289 million in revenue. PMI wrote off the remaining value of its 42% stake in FGIC - $103.6 million as of Dec. 31. FGIC contributed $124.2 million in first-quarter losses to PMI, reserving a year-earlier profit. As a result of the write-off, PMI no longer will have to record FGIC losses against its bottom line, nor is it under any "obligation to provide additional capital to FGIC."
Willis Lease Finance's first-quarter net profit up 19%(6:44 am ET)
LONDON (MarketWatch) -- Willis Lease Finance (WLFC: news, chart, profile) , a lessor of commercial jet engines, said first-quarter net income rose 19% to $4.3 million, or 49 cents a share, from $3.6 million, or 42 cents a share, earned in the year-earlier quarter. Revenue also climbed 19% to $32.2 million.
CORRECT: Emmis posts wider quarterly loss, 9% higher revenue(6:37 am ET)
WASHINGTON (MarketWatch) -- Emmis Communications Corp. (EMMS: news, chart, profile) reported a net loss of $15.8 million, or 51 cents a share, in the fourth quarter ended Feb. 29, wider than the loss of $10.7 million, or 35 cents a share, recorded in the final three months of the radio and publishing company's fiscal 2007. Quarterly revenue increased to $85.8 million from the prior year's $78.6 million. The consensus of eight analysts surveyed by FactSet Research had been for Indianapolis-based Emmis to post a fourth-quarter loss of 16 cents a share. Chairman and CEO Jeff Smulyan noted pro-forma growth revenue rates of 3% in the company's domestic radio business as well as 4% in publishing in the latest quarter, at a time of "very difficult operating conditions." (Updating to include formal corporate name.)
JA Solar profit jumps, reiterates targets for 2008(6:24 am ET)
LONDON (MarketWatch) -- Chinese solar cell manufacturer JA Solar Holdings (JASO: news, chart, profile) said Monday that its first-quarter net profit jumped to $22 million, or 14 cents a share, from $8.3 million, or 7 cents a share, a year earlier. Revenue for the period jumped to $160 million from $47.8 million. Analysts had been expecting earnings of 11 cents a share. The company also reiterated its forecast for 2008 revenue in the range of $1.03 billion to $1.14 billion and for gross margin to remain above 20%.
Evercore Partners' first-quarter earnings drop(6:18 am ET)
LONDON (MarketWatch) -- Advisory firm Evercore Partners, Inc. (EVR: news, chart, profile) said it swung to a first-quarter loss of $1 million, or 8 cents a share, compared with a net profit of $4.2 million, of 64 cents a share, in the year-earlier quarter. Adjusted earnings came in at 13 cents a share compared with 50 cents a share in the year-ago period. The company said its advisory revenue fell 51.5% to $41 million in the quarter. It announced a $25 million share repurchase program.
H&R Block tax-season fees strongest since 1999, up 8.9%(6:09 am ET)
TEL AVIV (MarketWatch) -- H&R Block Inc., (HRB: news, chart, profile) the Kansas City, Mo., provider of tax-preparation services, reported its strongest tax season in nine years. For the period Nov. 1, 2007, through April 17, 2008, tax-preparation fees rose 8.9% from the year-earlier period, to $2.8 billion. The increase reflected fee rises of 9.8% at company-owned offices and 7% via franchisees. Average retail fees grew 4.7% as the number of retail clients served rose 2.2%.
Orbotech 1st-quarter net off 34%, hurt by dollar's weakness(5:52 am ET)
TEL AVIV (MarketWatch) -- Orbotech Ltd., (ORBK: news, chart, profile) the Yavneh, Israel, producer of optical-inspection equipment for printed circuit boards and flat-panel displays, reported first-quarter net income fell 34% on 17% higher revenue. Earnings fell to $3.7 million, or 11 cents a share, from $5.6 million, or 17 cents, in the year-earlier period. Revenue reached $100.5 million from $86.1 million. The U.S. dollar's weakness against the shekel knocked 4 cents a share off the latest earnings, and if the exchange rate stays at current levels in the second quarter, those results will reflect a similar reduction, Orbotech said. Sales of equipment to the PCB industry were $36.5 million, up 2.8% from the year-earlier period but off 27% from the fourth quarter, ORBK said. The decline reflects the "prevailing global economic uncertainty, particularly in North America, and this may continue" to hurt PCB revenue in the near term, Orbotech said.
HSBC profit rises as Asia growth offsets write-downs(4:33 am ET)
LONDON (MarketWatch) -- HSBC Holdings (UK:HSBA: news, chart, profile) (HBC: news, chart, profile) said Monday that its first-quarter profit was ahead of the equivalent period a year ago as higher profits in Asia, the Middle East and Latin America helped offset rising loan impairments in the U.S. and a write-down at its investment banking arm. HBSC said loan impairment charges in its U.S. consumer finance business were $3.2 billion, compared with $1.6 billion a year earlier. The global banking and markets arm took a write-down of $2.6 billion. The group also said that significant widening in credit spreads during the first quarter, particularly at the end of March, led to fair value gains of US$2.7 billion on HSBC's own debt, but most of this reversed in April.
Colliers Cre down 18% on warning over real estate activity(3:20 am ET)
LONDON (MarketWatch) -- Shares of Colliers Cre (UK:CRE: news, chart, profile) dropped 18% as the U.K. property consulting firm warned over real estate activity. "The continuing reluctance of banks to lend, together with a deteriorating economic environment, has led us to revise our original expectation of an upturn in activity towards the end of the year. We now expect investment activity in the U.K. to remain at its current depressed level for at least the remainder of 2008," the firm said.
Southern Cross Healthcare loss widens, revenue rises(2:51 am ET)
LONDON (MarketWatch) -- Southern Cross Healthcare (UK:SCHE: news, chart, profile) said its first-half net loss widened to 8.6 million pounds ($16.8 million) from 600,000 pounds, while revenue rose 28% to 431 million pounds. The U.K.'s largest care home provider said the number of beds increased by 14% and underlying average weekly fees rose 6%, while occupancy slipped to 90.4% from 91.1%. Earnings before interest, tax, depreciation, amortization, profit on disposal of property, plant and equipment and subsidiary undertakings and rental charges on operating leases rose 26% to 123.5 million pounds.
Centrica sees 1st-half operating net off; BG margins tight(2:45 am ET)
TEL AVIV (MarketWatch) -- Centrica, (CPYYY: news, chart, profile) (UK:CNA: news, chart, profile) the parent of British Gas, said first-half group operating profit will fall "materially" from a year earlier, in part because of higher wholesale prices for gas. Profit margins at British Gas have been "squeezed to levels below our long-run expectations," Centrica said. That's because even after Centrica raised retail prices in January, wholesale-gas costs continued to rise. And while Centrica Energy's gas production and selling prices have been strong, the high wholesale-gas costs have hurt Centrica's legacy industrial and commercial gas-sale contracts. "Losses here are currently expected to be materially higher" than it previously estimated, Centrica said in a statement on Monday. "Performance across the remainder of the group has been good," it said. For the year, operating profit in upstream gas production will be "very strong," partly offset by the losses from the legacy gas-sales contracts, Centrica said. The shift in product mix also will cause a higher tax rate, now seen about 55%, it said.
CryptoLogic 1st-quarter net off 59%, revenue down 1.3%(2:21 am ET)
TEL AVIV (MarketWatch) -- CryptoLogic Ltd., (CRYP: news, chart, profile) (UK:CRP: news, chart, profile) the Dublin producer of Internet-gambling software, reported first-quarter net income fell 59% on 1.3% lower revenue. Earnings were $609,000, or 6 cents a share, compared with $1.5 million, or 10 cents, in the year-earlier period. Revenue fell to $19.3 million from $19.6 million. Excluding special items, revenue rose 21% from a year earlier, CRYP said. The lower earnings reflected investments in new games, management and partnerships, CryptoLogic said. The year-earlier period also included a $4.5 million one-time benefit. The company restructured in 2007 after the U.S. outlawed most forms of Internet gambling. By the end of 2009, CryptoLogic said, it expects to return to the earnings and revenue levels it reported for 2006.