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Thursday, June 26
Paychex earnings rise 12%(4:47 pm ET)
SAN FRANCISCO (MarketWatch) -- Paychex Inc. (PAYX: news, chart, profile) on Thursday reported a fiscal fourth-quarter profit of $135.5 million, or 38 cents a share, on revenue of $519.2 million. During the same period a year ago, the payroll and human resources services company earned $121.1 million, or 32 cents a share, on $487.3 million in sales. The results were in line with estimates of analysts surveyed by FactSet Research.
Accenture says quarterly net jumps 36%; lifts outlook(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Accenture Ltd. (ACN: news, chart, profile) said late Thursday that fiscal third-quarter net income came in at $469.1 million, up 36% from a year earlier when the consulting and outsourcing firm made $345.4 million. Earnings per share came in at a record 74 cents, also up 36% from a year ago. The company raised its outlook for earnings per share for the full fiscal year 2008 to a range of $2.63 to $2.65 from a previous estimate of $2.55 to $2.60 a share.
Palm swings to loss as sales continue to decline(4:09 pm ET)
SAN FRANCISCO (MarketWatch) -- Palm Inc. swung to a loss for its fourth fiscal quarter as revenue fell by 26% amid slowing sales of many of its smart phone lines. For the quarter ended May 31, Palm (PALM: news, chart, profile) reported a net loss of $43.4 million, or 40 cents a share, compared to earnings of $15.4 million, or 15 cents a share, for the same period last year. On a non-GAAP basis, the company said net losses totaled $23.9 million, or 22 cents per share. Revenue fell to $296.2 million from $401.3 million last year. Analysts were expecting a loss of 18 cents a share on revenue of $302.5 million, according to consensus estimates from FactSet Research.
Exxon Mobil, BHP Billiton team up on $1.5 bln project(1:07 pm ET)
NEW YORK (MarketWatch) -- BHP Billiton (BHP: news, chart, profile) and Exxon Mobil (XOM: news, chart, profile) are expected to approve a $1.5 billion development plan for the Turrum gas and oil field in Bass Strait late next month, according to a Thursday report in The Australian newspaper. The Turrum Phase 2 project will move ahead with reserves of about 1 trillion cubic feet.
Duke Energy Corp. paying $240 mln for wind farm developer(8:54 am ET)
NEW YORK (MarketWatch) -- Duke Energy Corp. (DUK: news, chart, profile) on Thursday said it would pay about $240 million to buy Catamount Energy, a developer of wind projects in the U.S. and the U.K. The Charlotte, N.C. electric power producer purchased the company from private equity firm Diamond Castle Holdings LLC to "significantly" increase its wind holdings. Catamount has approximately 300 megawatts of renewable energy in operation, including its interests in the Sweetwater project in Nolan County, Texas, which is one of the largest wind projects in the world. Catamount also has approximately 1,750 megawatts of development interests in several states and the U.K.
Discover Financial's quarterly net climbs 12%(8:54 am ET)
NEW YORK (MarketWatch) -- Discover Financial Services (DFS: news, chart, profile) on Thursday reported second-quarter profit of $234.1 million, or 48 cents a share, compared with $209.2 million, or 44 cents a share, in the year-ago period. Analysts polled by Thomson Reuters, on average, had forecast earnings of 37 cents a share for the second quarter. The company increased its loan loss provision by 31% to $210 million from $145 million, a rise the credit card issuer attributed to "higher net charge-offs reflecting recent credit trends." Discover also declared a cash dividend of 6 cents a share, payable on July 22 to stockholders of record on July 1.
Ball to shutter Ontario packaging plant(8:43 am ET)
NEW YORK (MarketWatch) -- Ball Corp. (BLL: news, chart, profile) said Thursday that it will close its Brampton, Ontario, plastic packaging plant by the end of the third quarter. As a result, the Broomfield, Colo., container maker expects to take an after-tax charge of about $5 million. About 90 workers at the plant will be affected, the company said. Shares of Ball closed Wednesday at $49.66.
Southern Co.declares $70-$90 mln in charges for investments(8:39 am ET)
NEW YORK (MarketWatch) -- Utility giant Southern Co. (SO: news, chart, profile) on Thursday said it expects to take after tax costs of $70 million to $90 million in its second quarter for three residual investments in the 1990s, when it pursued development of international energy projects. These international lease transactions, commonly known as sale-in, lease-out or SILO transactions, are no longer pursued by Southern Co. or its subsidiaries, the Atlanta company said.
OPEC's Khelil sees oil summer max of $150; cites weak dollar(7:56 am ET)
NEW YORK (MarketWatch) -- Algerian Energy Minister Chakib Khelil, who serves as president of OPEC, on Thursday said oil prices could jump as high as $150-$170 dollars a barrel this summer according to reports. However, he thinks crude will fall short of $200 a barrel. At a meeting in Paris, Khelil said a further fall of 1% to 2% of the dollar verses the euro could add another $8 a barrel to oil prices. He cited the weakness of the greenback as a major cause of spiking oil prices. In electronic trades on the Nymex, oil futures rose 40 cents to $134.94 on Thursday morning.
ConAgra net income climbs 4.8%(7:44 am ET)
NEW YORK (MarketWatch) -- ConAgra Foods Inc. (CAG: news, chart, profile) on Thursday said fourth-quarter net income rose 4.8% to $201.3 million, or 41 cents a share from $192 million, or 39 cents a share in the year-ago period. The latest quarter includes charges of 3 cents a share. Income from continuing operations rose to 18 cents a share from 13 cents a share. Revenue climbed nearly 16% to $3.1 billion. Analysts surveyed by FactSet forecast earnings of 34 cents a share and revenue of $3.25 billion, on average. The Omaha, Neb. food giant expects earnings from continuing operations, excluding items impacting comparability, to be in the range of $1.56-$1.59 in fiscal 2009.
Oshkosh forecasts third-quarter loss on impairment charge(6:24 am ET)
LONDON (MarketWatch) -- Oshkosh Corp. (OSK: news, chart, profile) said Thursday it will report a third-quarter loss of $1.22 to $1.32 a share compared with previous estimates of a profit of $1.40 to $1.50. The company cited a non-cash charge for impairment of goodwill at Geesink Norba, its European garbage truck business, as well as lower sales in Europe and North America. Oshkosh expects fiscal fourth quarter results to be below year-earlier levels as well.
Fleetwood Enterprises swings to quarterly profit; sales drop(6:24 am ET)
LONDON (MarketWatch) -- Fleetwood Enterprises, Inc. (FLE: news, chart, profile) , a maker of pre-fabricated housing and recreational vehicles, said it swung to a fourth-quarter profit of $18.9 million, or 26 cents a share, compared to a loss of $39.2 million, or 61 cents a share, posted in the year-earlier quarter. The results in the fourth quarter of fiscal 2008 were boosted by $24.1 million of gains from real estate sales. Sales fell 26% to $363.5 million. For fiscal 2009 the company said it expects sales to remain soft in the manufactured housing business and very challenging in recreational vehicles until fuel prices and home values stabilize.
Lennar narrows loss, expects market to deteriorate further(6:06 am ET)
LONDON (MarketWatch) -- Miami-based builder Lennar (LEN: news, chart, profile) (LEN.B: news, chart, profile) said its second quarter to May 31 loss narrowed to $120.9 million, or 76 cents a share, from $244.2 million, or $1.55 a share. Revenue fell 61% to $1.13 billion. The company said its loss includes a 60 cents a share charge on valuation adjustments and write-offs of option deposits. The value of its backlog is down 56% to $1.3 billion. The remainder of 2008 will likely see further deterioration in overall market conditions, it added. Analysts polled by FactSet Research expected a loss of 56 cents a share.
Standard Chartered boosted by strong wholesale banking(5:07 am ET)
LONDON (MarketWatch) -- Asia-focussed bank Standard Chartered (UK:STAN: news, chart, profile) (HK:2888: news, chart, profile) , said Thursday that it's delivered a "very strong" performance so far in 2008 driven by wholesale banking and has yet to see a material slowdown in its markets. Across the group, net interest margin has remained broadly stable and the bank said it expects to be in the middle of its target range for Tier 1 capital at the half-year stage. In the first five months of the year it has taken a $108 million charge against profit from its asset backed securitization portfolio and a further $184 million charge against reserves, which won't hit the bottom line. The bank added that "given the extraordinary turbulence in financial markets and increasing inflationary pressures," it will remain disciplined in managing both risks and costs. Shares in the bank reversed early losses to trade up 0.7% shortly after the statement.
Ameron net up 3% on pipe, steel mini-mill units(4:36 am ET)
LONDON (MarketWatch) -- Ameron International (AMN: news, chart, profile) said second-quarter to June 1 net income rose 3% to $16.3 million, or $1.78 a share, with sales up 2% to $159.8 million. The company said its composite pipe and 50%-owned steel mini-mill drove results. Analysts polled by FactSet Research expected earnings of $1.74 a share.
DSG swings to loss on charges, sees challenging market ahead(2:53 am ET)
LONDON (MarketWatch) -- U.K. electrical goods retailer DSG International (UK:DSGI: news, chart, profile) said Thursday that it swung to a net loss of 260.8 million pounds in the 53 weeks ending May 3, from a profit of 5 million pounds a year earlier. The result was due to a 389.2 million pound restructuring and impairment charge. Ignoring those charges, underlying pretax profit fell 30% to 205.3 million pounds, while group sales rose 8% to 8.55 billion pounds and same-store sales rose 1%. The group said it faces a challenging year and remains very cautious over consumer confidence in many of its markets. With that in mind it will focus on reducing costs and further managing its cash flow, DSG said.
Moneysupermarket sees results in line with expectations(2:42 am ET)
LONDON (MarketWatch) -- Financial services price comparison Web site Moneysupermarket.com said Thursday that its results for the first six months of the year are in line with the board's expectations. Group revenue for the first half of 2008 is expected to be around 100 million pounds, representing an increase of around 25% on a proforma basis. Trading conditions in the money section of its comparison service continue to be extremely challenging, especially in loans and mortgages, which continued to worsen through the second quarter, the group said. Its insurance, travel and home services comparison services all grew strongly, with revenue seen rising between 45% and 75% compared to a year earlier.
UniCredit aims for earnings growth of up to 12%(1:52 am ET)
LONDON (MarketWatch) -- Italian banking group UniCredit (IT:UCG: news, chart, profile) said Thursday that it's aiming to grow earnings per share annually by 10% to 12% from 2008 to 2010 on annual revenue growth of 6.7%. UniCredit suffered no further net write-downs on its asset-backed securities trading portfolio in the second quarter and confirms all targets in terms of capital, where it aims for a core tier 1 ratio of 6% at the end of the year, and profitability, where it expects earnings per share between 0.52 and 0.56 euros. In Central and Eastern Europe, the group will expand its network significantly, while in Western Europe, the focus will be on optimization, efficiency, restructuring and cost control, the bank added. The Capitalia integration will cost 9,000 jobs in Western Europe, but in Central Europe it will open 1,300 branches and add 11,500 jobs.
Wednesday, June 25
CKE Restaurants' first-quarter EPS boosted by stock buyback(4:46 pm ET)
SAN FRANCISCO (MarketWatch) -- CKE Restaurants Inc. (CKR: news, chart, profile) late Wednesday reported its first-quarter net income rose to $16.6 million, or 31 cents a share, from $15.4 million, or 23 cents a share, a year earlier. The company attributed the increase in earnings primarily to its share repurchase program which reduced the number of outstanding shares. Revenue declined to $466.2 million from $481.8 million a year ago, said the restaurant holding company. On average, analysts surveyed by FactSet Research had expected earnings of 27 cents a share on revenue of $464.5 million. Same-store sales grew 3.9% at the Carl's Jr. chain and slid 0.6% at Hardee's restaurants during the quarter. In a separate release, CKE said blended same-store sales in May were up 2.6%.
Profit, sales up at Nike(4:28 pm ET)
SAN FRANCISCO (MarketWatch) -- Nike Inc. (NKE: news, chart, profile) late Wednesday reported fiscal fourth-quarter net income rose 12% from a year ago, helped by gains in Europe and Asia as it geared up for the European soccer championship and Beijing Olympic Games. Nike posted net income of $490.5 million, or 98 cents a share. It earned $437.9 million, or 86 cents a share, in the year-earlier period. Sales jumped 16% to $5.1 billion. The earnings beat Wall Street's forecast. Analysts, on average, had estimated Nike to earn 96 cents a share on sales of $4.95 billion, according to FactSet Research. Nike shares fell 2% in late trading after the report.
Caci sees fiscal 2009 earnings of $2.90-$3.10 a share(4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- Caci International Inc. (CAI: news, chart, profile) late Wednesday forecasted earnings of $2.90 to $3.10 a share with revenue ranging from $2.55 billion to $2.65 billion in fiscal 2009. Analysts surveyed by FactSet Research are expecting the company to post earnings of $3.14 a share on revenue of $2.63 billion in 2009. The information technology provider also reiterated 2008 earnings at $2.65 to $2.75 a share range on revenue of $2.38 billion to $2.43 billion. Wall Street is projecting earnings of $2.73 a share and revenue of $2.41 billion.
Red Hat profit rises almost 7%(4:17 pm ET)
SAN FRANCISCO (MarketWatch) -- Red Hat Inc. (RHT: news, chart, profile) on Wednesday reported a fiscal first-quarter profit of $17.3 million, or 8 cents a share, on revenue of $156.6 million, compared to earnings of $16.2 million, or 8 cents a share, on $118.9 million in sales during the same period a year ago. Excluding one-time items, Red Hat would have earned $37 million, or 18 cents a share. By that measure, Red Hat met the earnings estimate of analysts surveyed by FactSet Research, who also forecast the company to report $153.1 million in sales.
Research In Motion earnings double, in line with estimates(4:11 pm ET)
SAN FRANCISCO (MarketWatch) - Research In Motion saw both revenue and earnings more than double in its first fiscal quarter. For the quarter ended May 31, Research In Motion (RIMM: news, chart, profile) reported earnings of $482.5 million, or 84 cents a share, compared to earnings of $223.2 million, or 39 cents a share, for the same period last year. Revenue grew more than 100% to $2.24 billion. Analysts were expecting earnings of 85 cents a share on revenue of $2.27 billion, according to consensus estimates from FactSet Research. The company said it expects revenue of $2.55 billion to $2.65 billion with earnings-per-share between 84-89 cents for the second fiscal quarter. Analysts were expecting revenue of $2.44 billion and earnings of 90 cents a share for the period.
Oracle profit rises 27% amid strong software sales(4:10 pm ET)
SAN FRANCISCO (MarketWatch) - Oracle Corp. said Wednesday its fiscal fourth-quarter profit rose 27%, despite lingering economic uncertainty in the U.S. Business software maker Oracle (ORCL: news, chart, profile) said net income for the period ended in May rose to $2.04 billion, or 39 cents a share, from $1.6 billion, or 31 cents a share in the same period a year earlier. Meanwhile revenue rose to $7.24 billion from $5.83 billion. Excluding special items, Oracle said net income for the quarter was 47 cents a share. Wall Street analysts on average estimated Oracle would post earnings excluding special items of 45 cents a share, and $6.85 billion in revenue, according to FactSet Research.
Hudson City CEO sees 'significant' rise in full-year profit(9:24 am ET)
BOSTON (MarketWatch) -- Hudson City Bancorp (HCBK: news, chart, profile) Chief Executive Ronald Hermance on Wednesday said he sees "positive trends in several of the bank's key performance metrics." The CEO projected a "significant increase" in earnings for the current year, citing strength in areas such as loan production and market share, capital, asset quality and net interest margin. In the previous year, Hudson City delivered profit of 58 cents a share while the consensus analyst estimate for the current year is 85 cents a share, or a 46% rise. "Given current market conditions, we see the estimate as reasonable," Hermance said.
MasterCard settles AmEx case, sees $1 bln charge(8:49 am ET)
BOSTON (MarketWatch) -- MasterCard Inc. (MA: news, chart, profile) on Wednesday said it has reached an agreement to settle outstanding litigation with American Express Co. (AXP: news, chart, profile) . In a separate statement, AmEx said it was dropping the lawsuit alleging MasterCard had blocked it from the bank-issued card business in the U.S. MasterCard said the agreement calls for 12 quarterly payments, starting in the third quarter of 2008, of $150 million. The settlement payments are estimated to be about $1 billion in total, MasterCard said, adding it will take a charge for the settlement in the current quarter. The maximum amount of the settlement is $1.8 billion, MasterCard said. (Updated to correct company name.)
Dean Foods raises second-quarter guidance(8:31 am ET)
NEW YORK (MarketWatch) -- Dean Foods Co. (DF: news, chart, profile) said Wednesday that it expects second-quarter earnings of at least 32 cents a share, ahead of its previous guidance of 26 to 31 cents a share. The Dallas-based milk producer also reaffirmed its full-year earnings guidance of at least $1.20 a share. Shares of Dean Foods closed Tuesday at $18.39.
American Greetings' first-quarter earnings fall 56% (8:04 am ET)
NEW YORK (MarketWatch) -- American Greetings (AM: news, chart, profile) said on Wednesday that its first-quarter earnings fell 56% to $13.3 million, or 27 cents a share, from $30.1 million, or 54 cents a share, in the year-earlier period. Revenue for the company rose 2% to $428.3 million from $420 million. The Cleveland, Ohio-based greeting-card company reaffirmed its fiscal 2009 estimate of earnings from continuing operations to be between $1.60 to $1.85 a share.
Emcor sees 2008 profit of $2.22 to $2.42 a share(7:51 am ET)
NEW YORK (MarketWatch) -- Emcor Group (EME: news, chart, profile) on Wednesday said it expects 2008 earnings of $2.22 to $2.42 a share, up from its earlier forecast of $2.08 to $2.28 a share. Analysts surveyed by FactSet forecast earnings of $2.31 a share, on average.
Williams lifts earnings outlook on higher natural gas prices(7:42 am ET)
NEW YORK (MarketWatch) -- Williams Companies Inc. (WMB: news, chart, profile) on Wednesday upped its 2008 profit estimate to a range of $2.30 to $2.80 a share, from its earlier view of $1.70 to $2.10 a share. For 2009, Williams increased its profit view to $2.05 to $2.90 a share, from $1.80 to $2.30 a share earlier. The Tulsa, Okla. natural gas and crude oil producer cited more favorable commodity prices. "The more favorable prices are expected to benefit the company's exploration & production and midstream businesses," Williams said. Analysts had been expecting earnings of $2.22 a share and 2009 earnings of $2.37 a share, according to a survey by FactSet.