Earning Plays

[3xBuBu]

Wednesday, June 4
ADC Telecom posts earnings of $16.5 million(4:20 pm ET)
SAN FRANCISCO (MarketWatch) - ADC Telecommunications Inc. (ADCT: news, chart, profile) on Wednesday reported a fiscal second-quarter profit from continuing operations of $16.5 million or 14 cents a share, on $403.4 million in sales. During the same period a year ago, ADC earned $93.4 million, or 73 cents a share, on revenue of $349.3 million. Excluding one-time items, ADC would have earned 39 cents a share. Analysts surveyed by FactSet Research had forecast ADC to earn 32 cents a share on $384.4 million in sales. The telecom equipment company also raised its full-year sales outlook to between $1.52 billion and $1.54 billion from its earlier forecast of $1.48 billion to $1.51 billion.
Immucor gives 2009 profit forecast(4:20 pm ET)
NEW YORK (MarketWatch) -- Immucor Inc. (BLUD: news, chart, profile) said Wednesday that it expects to post a profit of $1.11 to $1.15 a share in fiscal 2009 on revenue of $292 million to $300 million. The Norcross, Ga.-based blood transfusion systems company said its forecast excludes the impact of the pending BioArray acquisition, which will result in earnings dilution of about 20 to 23 cents a share in the first full year of operations after the deal closes. Shares of Immucor closed up 3.3% Wednesday to $26.90.
Jos A Bank first-quarter net income increases(1:46 pm ET)
SAN FRANCISCO (MarketWatch) -- Jos. A. Bank Clothiers Inc. (JOSB: news, chart, profile) on Wednesday reported its first-quarter net income rose to $9.8 million, or, 53 cents a share, from $8.4 million, or 45 cents a share, a year earlier. Revenue increased to $145.4 million from $129.5 million a year ago, said the men's clothing retailer.
Xilinx to cut 7% of workforce(9:38 am ET)
NEW YORK (MarketWatch) -- Xilinx Inc. (XLNX: news, chart, profile) said Wednesday that it will cut about 250 jobs, or about 7% of its workforce, by the end of the next fiscal quarter. The chipmaker anticipates related charges of about $18 million to $22 million. Shares of Xilinx were trading up about 1.8% early Wednesday at $27.41.
Smuckers, P&G sign merger agreement(8:40 am ET)
BOSTON (MarketWatch) -- Procter & Gamble Co. (PG: news, chart, profile) and J.M. Smucker Co. (SJM: news, chart, profile) said Wednesday that they have signed an agreement to merge Procter & Gamble's Folgers coffee business into Smucker through an all-stock transaction valued at about $3.3 billion. Under the deal, Smucker will issue a one-time special dividend of $5 a share to its shareholders prior to the merger. P&G shareholders will then receive approximately 53.5% of Smucker stock in a tax-free stock-for-stock merger with P&G. Upon completion of the merger, Smucker shareholders will own about 46.5% of the combined company. Smucker said that if the transaction closes in the early part of the fourth quarter, fiscal 2009 adjusted earnings per share should come in between $3.45 and $3.50. Fiscal 2010 adjusted earnings are expected to come in between $3.62 and $3.72 a share.
Ingram Micro reaffirms second-quarter outlook(8:24 am ET)
NEW YORK (MarketWatch) -- Ingram Micro Inc. (IM: news, chart, profile) confirmed its second-quarter profit and sales forecast Wednesday, ahead of its shareholders' meeting. The Santa Ana, Calif., technology company said it expects to report a quarterly profit of 34 cents to 37 cents a share, excluding items, on sales of $8.50 billion to $8.75 billion. Analysts surveyed by Thomson Financial are forecasting, on average, quarterly earnings of 35 cents a share. Shares of Ingram Micro closed Tuesday at $18.59.
Private-sector jobs add 40,000 in May, ADP says(8:20 am ET)
WASHINGTON (MarketWatch) -- Companies in the U.S. private sector added 40,000 jobs in May, according to the ADP employment report released Wednesday. The report comes two days before the Labor Department reports on nonfarm payrolls for May. Adding in about 20,000 jobs typically created by government, the ADP report suggests nonfarm payrolls rose by about 60,000 in May, compared to a drop of 50,000 expected by Wall Street economists. The ADP data have overshot the employment report in recent months.
Suncor Energy reiterates year-end production target(7:38 am ET)
NEW YORK (MarketWatch) -- Suncor Energy Inc. (SU: news, chart, profile) on Wednesday reiterated its year-end Canadian oil sands production target of 275,000 to 285,000 barrels a day. Production in May averaged 164,000 barrels per day, below the 2008 average target, because of a planned maintenance shutdown of one of two oil sands processing units that began May 16. The company said the upgrades are expected to be completed by the middle of June. Separately, Suncor said Tuesday it issued $2 billion in debt. Proceeds from the deal will be used for working capital needs, sustaining and growth capital expenditures, and to repay outstanding commercial paper borrowings.
CORRECT: American Woodmark posts lower profit, sales(7:06 am ET)
WASHINGTON (MarketWatch) -- American Woodmark Corp. (AMWD: news, chart, profile) reported net income of $36,000 for the fourth quarter ended April 30, down from $6.2 million earned in the final three months of fiscal 2007. Earnings per share were nil in the latest quarter, down from the prior year's 40 cents. The Winchester, Va.-based company's quarterly sales totaled $143.3 million, down 14%, with gross margin narrowing to 16.3% from 20.9%. American Woodmark cited weakness in both remodeling sales and new construction sales of its kitchen cabinets and vanities. Analysts' consensus forecast had been for a profit of 1 cent a share for the latest quarter, according to estimates compiled by FactSet Research. (Refiling to fix spelling of company name.)
VimpelCom 1st-quarter net doubled on 42% higher revenue(6:44 am ET)
TEL AVIV (MarketWatch) -- Vimpel Communications, (VIP: news, chart, profile) the Moscow telecom-service provider, reported first-quarter net income more than doubled on 42% higher revenue. Earnings reached $601 million, or 59 cents an American depositary share, from $277 million, or 27 cents, in the year-earlier period. Each ADS represents 20 ordinary shares. Revenue rose to $2.11 billion from $1.49 billion. The number of mobile subscribers rose 14% to 52.3 million, VimpelCom said in a statement on Wednesday. Operations in the Commonwealth of Independent States countries continue strong, particularly in Kazakhstan and Ukraine, VimpelCom said. Cold weather and power outages in Tajikistan and Uzbekistan hurt results, the company said.
Cigna to affirm 2008 view of adjusted operating net, members(6:32 am ET)
TEL AVIV (MarketWatch) -- Cigna Corp., (CI: news, chart, profile) the Philadelphia insurance giant, said that at meetings with investors and analysts this week, its officials would affirm the company's estimates of adjusted earnings from operations and its medical-membership numbers for 2008. Cigna made the disclosure in a Securities and Exchange Commission Form 8-K dated June 3.
Bombardier profit jumps as transportation arm grows(6:29 am ET)
LONDON (MarketWatch) -- Bombardier Inc. (CA:BBDA: news, chart, profile) (CA:BBDB: news, chart, profile) said Wednesday that its fiscal first-quarter profit jumped to $226 million, or 12 cents a share, from $79 million, or 4 cents a share, a year earlier. Analysts had expected the group to report earnings of 9 cents a share. Revenue for the quarter ended April 30 rose 20.7% to $4.79 billion. The growth in revenue was driven by Bombardier's transportation arm, which benefited from regional train sales in France, Netherlands and Sweden as well as higher sales in North America. Higher deliveries and service revenue in the aerospace arm was partially offset by lower sales of pre-owned aircraft.
Copart 3rd-quarter net up 20% on 52% higher revenue(4:07 am ET)
TEL AVIV (MarketWatch) -- Copart Inc., (CPRT: news, chart, profile) the Fairfield, Calif., provider of vehicle-salvage services to insurers, reported late on Tuesday that fiscal third-quarter earnings rose 20% on 52% higher revenue. For the quarter ended April 30, earnings reached $46.5 million, or 52 cents a share, from $38.9 million, or 41 cents, in the year-earlier period. Shares outstanding declined 4.3% to 89.7 million. Revenue rose to $221.2 million from $145.7 million.
IG Group sees revenue rising over 50%(2:45 am ET)
LONDON (MarketWatch) -- Spread betting firm IG Group Holdings (IGG: news, chart, profile) said Wednesday that it expects to report an increase in revenue of over 50% for the year ended May 31 to around 184 million pounds ($361 million) from 122 million pounds a year earlier. The firm said the rate of account opening in its financial business has continued to accelerate and over the last five months has been about twice the run-rate of a year earlier. IG Group said its U.S. businesses HedgeStreet and IG Markets, which launched earlier this year, did not contribute materially to revenue, but are preparing to roll out a broader product range later in 2008.
Sportingbet swings to profit, employees remain in custody(2:38 am ET)
LONDON (MarketWatch) -- U.K. online betting group Sportingbet (UK:SBT: news, chart, profile) said Wednesday that it swung to a net profit of 3.4 million pounds ($6.7 million) in the three months to April 30 from a loss of 62.4 million pounds a year ago, as it added two employees arrested in Turkey late last month remain in custody. The group said no further information is available about the employees, who are of Turkish nationality but based in the U.K. The group said net gaming revenue rose 29% to 40.7 million pounds and operating profit before exceptional items more than doubled to 7.3 million pounds from 3 million pounds. Sportingbet added that it is continuing to discuss its position with the U.S. department of Justice after withdrawing from the U.S. market in 2006.
Tuesday, June 3
Hovnanian reports quarterly net loss of $340.7 million(7:02 pm ET)
SAN FRANCISCO (MarketWatch) -- Hovnanian Enterprises Inc. (HOV: news, chart, profile) late Tuesday reported a fiscal second-quarter net loss of $340.7 million, or $5.29 a share, as the homebuilder struggles in the face of the mortgage-fueled credit crunch. The result compares to a net loss of $28 million, or 49 cents a share, a year earlier, the company reported. Revenue was $776.4 million in the latest period, down from $1.1 billion a year ago. The company took $251 million in pre-tax charges in its fiscal second quarter, mostly from land impairments. Still, Hovnanian said it generated $56.1 million in cash during the quarter. "We now believe that we have ample liquidity to weather the current downturn," Ara Hovnanian, chief executive of the homebuilder, said.
E.W. Scripps sees newspaper rev down 8%-10% second half(5:03 pm ET)
SAN FRANCISCO (MarketWatch) -- The E. W. Scripps Co. (SSP: news, chart, profile) , slated to separate into two publicly traded companies on July 1, released financial forecasts for the respective businesses late Tuesday. After the split, E. W. Scripps expects its newspaper revenues to fall 8% to 10% in the second quarter compared to a year-earlier while television station revenues are likely to rise 16% to 18%, primarily due to increases in political advertising. Revenues at Scripps Networks Interactive, the new company that will be created from the separation, is forecast to increase by a mid- to high-single digit percentage in the second half. Revenue for 2008 is likely to reach the upper end of the company's previously issued guidance of 8% to 10% growth.
State Street shares rise after new revenue target(3:07 pm ET)
BOSTON (MarketWatch) -- State Street Corp. (STT: news, chart, profile) shares were up more than 1% Tuesday afternoon after the company raised its revenue-growth estimate for fiscal 2008, according to a filing with the Securities and Exchange Commission. The financial-services giant said it now expects revenue growth at the "higher end" of the 14% to 17% range. In mid-April, State Street had forecast revenue growth in the "middle" of the range. Additionally, State Street reiterated its outlook for operating earnings per share growth in the middle of the 10% to 15% range, and operating return on equity in the middle of the 14% to 17% range. On Monday, State Street said it had started to offer about $2.5 billion in common shares.
Sherwin-Williams cuts profit forecast(9:28 am ET)
NEW YORK (MarketWatch) -- Sherwin-Williams Co. (SHW: news, chart, profile) on Tuesday lowered its second-quarter and full-year earnings forecast, citing lower domestic sales, the ongoing downturn in the U.S. housing market and continued increases in raw-material costs. The Cleveland-based paint maker said it expects to report second-quarter earnings of $1.40 to $1.50 a share, compared to its previous guidance of $1.45 to $1.60 a share. The company also revised its full-year profit outlook to $3.60 to $4.10 a share, vs. the previous forecast for $4.70 to $4.85 a share. On average, analysts surveyed by FactSet Research were expecting a per-share profit of $1.54 for the second quarter and $4.72 for the year.