Earning Plays

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Wednesday, July 2
UniFirst net income rises 23%(9:20 am ET)
NEW YORK (MarketWatch) -- UniFirst Corp. (UNF: news, chart, profile) on Wednesday said third-quarter net income rose 23% to $16.9 million, or 87 cents a share, from $13.7 million, or 71 cents a share in the year-ago period. Revenue at the Wilmington, Mass. workplace uniform company rose to $254.6 million from $229.8 million.
OPEC repeats claim of speculators causing record oil prices(8:55 am ET)
NEW YORK (MarketWatch) -- Abdalla Salem el-Badri, secretary general of the Organization of the Petroleum Exporting Countries, on Wednesday reiterated the cartel's position that record oil prices are mostly the fault of speculators. "70% of crude contracts on the Nymex are held by speculators...Some form of regulation is needed," el-Bradri said at the World Petroleum Congress in Madrid, according to press reports. Tighter regulation should apply not only for oil but other commodities, he said. "The market has no shortage of physical crude," said el-Badri, who added that supply is currently higher than demand.
Acuity Brands profit rises, cautious on year(8:33 am ET)
NEW YORK (MarketWatch) - Acuity Brands Inc. (AYI: news, chart, profile) on Wednesday its fiscal third-quarter net income rose to $41.1 million, or $1 a share, from $38.7 million, or 88 cents a share, in the year-ago period. On a continuing operations basis, it earned $1.01 a share compared with 78 cents a share. Net sales rose to $512.4 million from $502.4 million. "Looking ahead, various leading indicators such as employment, housing demand, consumer sentiment, bank lending standards, and commodity prices are signaling a slowdown in future non-residential construction activity, our primary market," said Vernon Nagel, chairman, president, and chief executive. The lighting company expects unit sales growth to be "challenging" for the remainder of fiscal year 2008 and into 2009.
Morgan Stanley to sell roughly half its stake in MSCI(7:51 am ET)
BOSTON (MarketWatch) -- Index provider and research firm MSCI Inc. (MXB: news, chart, profile) Wednesday said it intends to file "shortly" a registration statement for the sale by Morgan Stanley (MS: news, chart, profile) of about half its stake in MSCI through the sale of common stock. The company said the move is consistent with Morgan Stanley's earlier view that it could sell a portion of its ownership in MSCI, and that it may ultimately sell the entire stake. Separately, MSCI before the opening bell said its second-quarter net income dropped 6% from a year earlier to $18.6 million, or 18 cents a share.
Family Dollar Stores net income up 7%(7:18 am ET)
NEW YORK (MarketWatch) -- Family Dollar Stores Inc. (FDO: news, chart, profile) on Wednesday said third-quarter net income for the three months ended May 31 rose 7% to $64.7 million, or 46 cents a share, from $60.4 million, or 40 cents a share in the year-ago period. Revenue stayed about flat at $1.7 billion. Analysts surveyed by FactSet Research forecast earnings of 40 cents a share and revenue of $1.7 billion, on average. The Matthews, S.C. retailer said it expects fourth-quarter earnings of $1.58 to $1.63 a share, with same-store sales growth of 6% in June.
Taylor Wimpey unable to raise further equity capital(2:29 am ET)
LONDON (MarketWatch) -- U.K. home builder Taylor Wimpey (UK:TW: news, chart, profile) said Wednesday that "in light of current market conditions" it hasn't been able to reach a satisfactory deal to raise further equity capital, as it also announced the departure of its finance director. The company, which had announced at the end of June that it was talking to a number of existing and potential investors, said it will continue to evaluate options to secure value for its shareholders. On its trading, the company said U.K. housing reservations are down 45% and total completions in the first half of the year were down by a third. It added it expects the U.K. housing market to remain weak at least through 2008 and doesn't anticipate any recovery in the short term. In the U.S. Taylor Wimpey said housing markets may have stabilized, but no material recovery can be expected until 2009 at the earliest. Peter Johnson, group finance director, will stand down at the end of 2008 and an external recruitment process has already begun, it added.
Marks & Spencer U.K. sales decline(2:21 am ET)
LONDON (MarketWatch) -- U.K. clothing and food retailer Marks & Spencer (UK:MKS: news, chart, profile) said Wednesday that total group sales in the 13 weeks to June 28 rose 1.3%, due to strong international sales, while the U.K. market has continued to weaken. Total U.K. sales fell 0.5%, with slightly higher food sales helping offset a decline in clothing sales. U.K. same-store sales for the period were down 5.3%. The group said it needs to increase the pace of change on a number of operating and trading initiatives, and as a result, Steven Esom, director of food, is leaving with immediate effect. He will be replaced by John Dixon, currently director of the group's Home unit.
Sodexo 9-month revenue rose 2.5%; affirms targets for year(1:56 am ET)
TEL AVIV (MarketWatch) -- Sodexo, (SDXAY: news, chart, profile) (FR:012122: news, chart, profile) the Paris provider of food and facilities-management services, reported that revenue for the nine months ended May 31 rose 2.5%. The figure reached 10.48 billion euros from 10.22 billion in the year-earlier period. Internal, or organic, growth was 8.5% while acquisitions benefited the company by 0.6%. Currency translations knocked 6.5% off the revenue number. All businesses are progressing, with service vouchers and cards an exceptional performer, Sodexo said in a statement. The company affirmed its earnings targets for the year.