Earning Plays

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Wednesday, July 23
Allstate quarterly net income falls 98%(5:53 pm ET)
SAN FRANCISCO (MarketWatch) -- Allstate Corp. (ALL: news, chart, profile) said late Wednesday that second-quarter net income came in at $25 million, or five cents a share, down 98% from a year earlier when the auto and homeowners insurer made $1.4 billion, or $2.30 a share. Operating income, which excludes net realized investment gains and losses, was $683 million, or $1.24 a share. Allstate was expected to make $1.29 a share, according to the average estimate of 19 analysts in a Thomson Reuters survey. Catastrophe losses were $698 million in the latest quarter, up from $433 million a year ago.
Pulte Homes posts narrowed second-quarter loss(5:28 pm ET)
SAN FRANCISCO (MarketWatch) -- Pulte Homes Inc. on Wednesday posted a second-quarter loss of $158.4 million, or 63 cents a share, compared to a loss of $507.6 million, or $2.01 a share in the same period a year earlier. Bloomfield Hills, Mich.-based Pulte Homes (PHM: news, chart, profile) said revenue for the period ended in June fell to $1.6 billion, from $2 billion. "The operating environment for homebuilding continued to deteriorate during the second quarter," Pulte Chief Executive Richard Dugas said in a statement.
Noble posts 30% higher profit on robust drilling demand (5:28 pm ET)
SAN FRANCISCO (MarketWatch) -- Offshore oil driller Noble Corp. (NE: news, chart, profile) reported late Wednesday second-quarter net income of $375.7 million, or $1.40 a share, up from $290 million, or $1.08 a share, a year ago. Revenue for the quarter rose 12% to $812.9 million from $726 million. Analysts surveyed by FactSet Research had predicted the Sugar Land, Texas-based company would earn $1.35 a share on $839 million in revenue. Noble shares fell 5.7% ahead of the report to close at $52.76. The stock hit a 52-week high of $68.99 on June 19.
Amazon earnings double on strong sales growth(4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Amazon.com Inc. said Wednesday that earnings for the second quarter more than doubled thanks to a strong growth in sales. For the second quarter ended June 30, the online retail giant (AMZN: news, chart, profile) reported earnings of $158 million, or 37 cents a share, compared to earnings of $78 million, or 19 cents a share, for the same period last year. Revenue grew 41% to $4.06 billion. Analysts were expecting earnings of 26 cents a share on revenue of $3.94 billion, according to consensus forecasts from FactSet Research.
Aflac quarterly net income rises 16%(4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Aflac Inc. (AFL: news, chart, profile) said late Wednesday that second-quarter net income came in at $483 million, or $1 a share, up 16% from a year earlier when the health insurer made $415 million, or 84 cents a share. Operating earnings, which exclude net realized investment gains and losses, were $487 million, or $1.01 a share, in the latest quarter. Aflac was expected to make $1.01 a share, according to the average estimate of 19 analysts in a Thomson Reuters survey. A stronger Japanese yen versus the U.S. dollar boosted earnings, Aflac said. Chief Executive Daniel Amos said full-year sales growth targets in the U.S. and Japan may be difficult to achieve. However, the insurer stuck to its earnings growth targets for 2008 and 2009.
Sanmina-SCI swings to $12 million profit(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- Sanmina-SCI Corp. (SANM: news, chart, profile) on Wednesday reported a third-quater profit of $12 million, or 2 cents a share on sales of $1.9 billion. During the same period a year ago, Sanmina-SCI lost $42.2 million, or 8 cents a share, on $1.67 billion in sales. Excluding one-time items, the electronics contract manufacturer would have earned 5 cents a share. The results were in line with the raised forecast that Sanmina-SCI gave on July 5. For its fiscal fourth quarter, Sanmina-SCI expects to earn between 5 cents and 7 cents a share, excluding one-time items, on revenue between $1.8 billion and $1.9 billion.
Amerigroup swings to loss on big charge(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Amerigroup Corp. (AGP: news, chart, profile) on Wednesday reported a second-quarter loss of $162.5 million, or $3.07 a share, vs. a profit of $32.8 million, or 61 cents a share, a year earlier. Excluding a charge relating to a lawsuit settlement, the health-care services company would have posted a profit of $36.7 million, or 68 cents a share. Revenue came in at $1.13 billion, up from $1 billion a year ago. Analysts polled by FactSet Research were looking for a profit, on average, of 45 cents a share with total revenue of $1.08 billion. Amerigroup said it expects to report earnings, excluding the charge, of $2.30 to $2.40 a share. Wall Street previously forecast a full-year profit of $2.29 a share.
Compuware first-quarter net income rises(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Compuware Corp. (CPWR: news, chart, profile) late Wednesday reported its first-quarter net income rose to $34.7 million, or 13 cents a share, from $189,000, or break-even per share, a year earlier. Revenue increased to $298.6 million from $279.4 million a year ago. Analysts surveyed by FactSet Research had forecast Compuware to earn 10 cents a share.
McKesson net income stays flat, beats estimates(4:19 pm ET)
LOS ANGELES (MarketWatch) -- McKesson Corp. (MCK: news, chart, profile) said Wednesday that first-quarter net income was $235 million, or 83 cents a share, for the period ended June 30, compared with $235 million, or 77 cents a share, a year ago. Sales for the San Francisco-based drug distributor were $26.7 billion vs. last year's $24.5 billion. The company was expected to report income of 80 cents a share, according a poll of analysts by FactSet Research. The company raised its full-year profit outlook to a range of $4 to $4.15 a share, beating the FactSet forecast of $3.86 a share. McKesson shares ended trading Wednesday up 5.4% to $58.85.
Ryland reports net loss of $241.6 million(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- The Ryland Group (RYL: news, chart, profile) reported a second-quarter net loss of $241.6 million, or $5.70 a share, late Wednesday. That compares to a net loss of $52.4 million, or $1.25 a share, a year earlier. The homebuilder wrote down the value of its inventory of unsold homes and took other write-offs and impairments totalling $180.4 million in the latest quarter. The company also had a tax charge of $124 million. Ryland was expected to lose 79 cents a share, according to a survey of 10 analysts by Thomson Reuters. Homebuilding revenues dropped 34.6% to $472.3 million in the period as the company closed fewer home sales. New orders fell almost 19%. The company said its inventory of unsold homes stood at 680 at the end of June. That's 17% lower than at the end of 2007.
C.R. Bard profit hurt by charge, sales up(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- C.R. Bard Inc. (BCR: news, chart, profile) late Wednesday said second-quarter net income fell 20% from a year ago, hurt by a pre-tax charge. The Murrray Hill, N.J.-based medical device maker reported net income of $77.9 million, or 76 cents a share. A year ago, it earned $97.5 million, or 94 cents a share. Sales rose 13% to $617.1 million.
Citrix Systems profit falls, as revenue grows 17%(4:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Citrix Systems Inc. said Wednesday its fiscal second-quarter net income fell to $35 million, or 18 cents a share, from $53 million, or 29 cents a share in the same period a year earlier. Computing infrastructure company Citrix (CTXS: news, chart, profile) said revenue rose 17% to $392 million. Excluding special items, Citrix said earnings for the period ended in June would have been 38 cents a share. Analysts on average estimated Citrix would post earnings excluding special items of 37 cents a share, and $386 million in revenue, according to FactSet Research.
LSI Corp. cuts loss to $14 million(4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- LSI Corp. (LSI: news, chart, profile) on Wednesday reported a second-quarter loss of $14 million, or 2 cents a share, compared to a loss of $378 million, or 50 cents a share in the year-ago period. Revenue rose 3% to $692 million from last year's sales of $670 million. Excluding one-time items, LSI would have earned $83 million, or 13 cents a share, to beat the estimates of analysts surveyed by FactSet Research, who had forecast LSI to earn 10 cents a share. The maker of programmable logic chips said that for its third quarter, it expects to report between a loss of 3 cents a share to a profit of 4 cents a share on revenue in a range of $695 million to $725 million. Excluding one-time items, LSI estimates it will earn between 11 cents and 15 cents a share.
Torchmark quarterly net income edges higher(4:09 pm ET)
SAN FRANCISCO (MarketWatch) -- Torchmark Corp. (TMK: news, chart, profile) said late Wednesday that second-quarter net income came in at $133.7 million, or $1.47 a share, up slightly from a year earlier when the insurer made $127.1 million, or $1.32 a share. Operating income, which excludes net realized investment gains and losses, was $130.6 million, or $1.44 a share. The company was expected to make $1.47 a share, according to 14 analysts in a Thomson Reuters poll. Torchmark stuck to its previous forecast that full-year net operating income per share, including a share buy-back program, will range from $5.90 to $5.96.
ConocoPhillips sticks by 2008 production target (11:56 am ET)
NEW YORK (MarketWatch) -- ConocoPhillips (COP: news, chart, profile) CEO Jim Mulva on Wednesday told Wall Street analysts he's standing by the oil major's target for average production of 1.8 million barrels of oil equivalent a day for 2008, excluding volume from its Lukoil investment. The company plans to buy back $10 billion of its own stock by the end of the year, and invest about $15 billion in capital projects. Mulva echoed other industry players in supporting offshore drilling in the U.S. and said a windfall profits tax on oil companies would discourage investment in energy production. ConocoPhillips continues to move forward on its Denali pipeline project with BP (BP: news, chart, profile) . He declined to comment on whether Exxon Mobil (XOM: news, chart, profile) would opt to join the project as an investor or a customer. "Ultimately, we'd like to see everyone participate," he said of the pipeline to bring natural gas from Alaska to U.S. markets.
Anheuser-Busch profit up modestly (11:33 am ET)
CHICAGO (MarketWatch) - In what could one of its last earnings reports as an independent company, Anheuser-Busch reported a modest rise in second-quarter profit on the back of strength in both its brewing and entertainment arms. The No. 1 U.S. beer maker, currently in the process of being acquired for $52 billion by Belgian/Brazilian brewer InBev (BE:000373910: news, chart, profile) said that it earned $689 million, or 95 cents a share, up from $677 million, or 88 cents, a year ago. Sales net of excise taxes were $4.72 billion, up 4.6%. The average estimate of analysts polled by Thomson Reuters had been for the company to earn 93 cents a share on revenue of $4.71 billion. Anheuser-Busch (BUD: news, chart, profile) also boosted the quarterly dividend on its stock to 37 cents from 33 cents per share.
Thomas & Betts shares gain on profit jump(10:37 am ET)
SAN FRANCISCO (MarketWatch) -- Thomas & Betts Corp. (TNB: news, chart, profile) on Wednesday posted a second-quarter profit of $147.8 million, or $2.54 a share, up from $46.6 million, or 80 cents a share, a year ago. The most recent quarter includes a gain of $1.74 a share from the sale of the company's stake in privately-held Leviton Manufacturing. Total sales rose 26% to $641.3 million. Analysts polled by FactSet Research were looking for the electrical components maker to report a profit, excluding one-time items, of 91 cents a share on sales of $645 million. Thomas & Betts stock rose 3.3% to $40 in early trades.
C.H. Robinson shares fall 14% after earnings miss forecasts(10:19 am ET)
SAN FRANCISCO (MarketWatch) - Shares of trucking and transport company C.H. Robinson fell more than 14% in early trade Wednesday on the heels of a quarterly report that didn't meet Wall Street's expectations. Less shipping volume as consumers hold back combined with increased fuel prices left the Minneapolis-based company with earnings of 52 cents a share for the second quarter, it said Tuesday. Analysts surveyed by FactSet research had expected earnings of 55 cents a share. "There is less freight available," said C.H. Robinson chairman and chief executive John Wiehoff during the company's conference call Tuesday. "When you add diesel fuel increases of 50%-plus to that environment, things get pretty challenging."
Drug stocks inch higher; Wyeth gains after raising forecast(9:53 am ET)
BOSTON (MarketWatch) -- Drug stocks edged higher early Wednesday as shares of Wyeth (WYE: news, chart, profile) gained after it raised its 2008 financial forecast. The Amex Pharmaceutical Index ($DRG: news, chart, profile) and the Amex Biotechnology Index ($BTK: news, chart, profile) were both up marginally at 304.0 and 833.8, respectively. Wyeth shares rose almost 4% to $46.37. Although the company reported modestly lower second-quarter earnings, Wyeth also increased its 2008 adjusted earnings forecast to $3.47 to $3.55 a share.
Energy stocks move into the red on Dolly-led retreat in oil(9:39 am ET)
NEW YORK (MarketWatch) -- Energy stocks moved into the red along with oil prices, cooled by Hurricane Dolly's miss of oil and gas production operations the U.S. Gulf of Mexico on Wednesday. A better-than-expected earnings update from ConocoPhillips (COP: news, chart, profile) was mostly brushed off. The Amex Oil Index (XOI: news, chart, profile) fell 0.2% to 1,377. The Amex Natural Gas Index (XNG: news, chart, profile) dropped 0.4% to 620. ConocoPhillips (COP: news, chart, profile) fell 16 cents to $84.15. Crude prices fell $1.37 to $127.05. Peabody Energy (BTU: news, chart, profile) rose 5% to $68.45.
Cincinnati Financial sells big chunk of Fifth Third stake(9:29 am ET)
SAN FRANCISCO (MarketWatch) -- Cincinnati Financial (CINF: news, chart, profile) said on Wednesday that it sold more than half of its stake in Fifth Third Bancorp (FITB: news, chart, profile) because the bank cut its dividend earlier this year. The sale will generate total proceeds of approximately $480 million, which will be reduced by capital gains taxes of roughly $120 million, the insurer said. The net after-tax gain of about $225 million, or $1.35 a share, will be included in third-quarter 2008 net income, it added. Cincinnati plans to reinvest the proceeds in other fixed maturity and equity investments. But it also warned that it won't be able to replace the investment income it lost from Fifth Third's dividend reduction. After the sale of stock, Cincinnati Financial owns 5.5% of Fifth Third shares.
Sovereign Bancorp profit slips 13.6%(9:14 am ET)
NEW YORK (MarketWatch) -- Sovereign Bancorp (SOV: news, chart, profile) said Wednesday that its second quarter profit slipped 13.6% to $127.4 million, or 22 cents a share, from $147.5 million, or 27 cents a shares a year ago. The company said its credit loss provision in the quarter was $132 million, compared to $51 million last year.
Genzyme reports profit growth in second quarter(9:13 am ET)
WASHINGTON (MarketWatch) -- Genzyme Corp (GENZ: news, chart, profile) on Wednesday said second-quarter net income fell to $69.6 million, or 25 cents a share, from $83.8 million, or 31 cents a share, in the year ago period. Results in the most recent quater reflects the fee for mipomersen, a cholesterol-lowering drug in late-stage development. Revenue rose to $1.2 billion from $933.4 million. Genzyme repeated that it expects non-GAAP earnings for the year of $3.90 a share. The company lowered its GAAP earnings estimate in 2008 to about $2.20 a share from prior guidance of approximately $2.65. GAAP figures also includes Genzyme's equity investment in Isis Pharmaceuticals.
Convergys 2Q EPS up 14%(9:08 am ET)
NEW YORK (MarketWatch) -- Convergys Corp. (CVG: news, chart, profile) said Wednesday that second-quarter earnings were $40.5 million, or 32 cents a share, compared to $38.8 million, or 28 cents a share, in the year-ago period. This includes a $7.7 million year-over-year increase in cellular partnerships equity earnings and a lower effective tax rate of 24.9%. Revenue was $689.5 million, compared with $707.0 million in the same period last year. Convergys sees full-year consolidated revenues at the lower end of the previously provided range of $2.85 billion to $3.0 billion. It also sees 2008 GAAP earnings of $1.15 to $1.20 a share.
GM's second-quarter global sales fall 5%(8:53 am ET)
NEW YORK (MarketWatch) -- General Motors Corp. (GM: news, chart, profile) said Wednesday its global sales fell by 5% in the second quarter to a total of 2.28 million vehicles. However, its overseas growth rose 10%, setting records in all of its non-U.S. sales regions. Among the highlights, Chevrolet posted strong growth in emerging markets, with the brand's overseas sales up 19%. The announcement followed sales figures from archrival Toyota Motor Corp. (TM: news, chart, profile) , which beat GM by selling a total of 2.41 million vehicles during the period.
New York Times Co. profit drops on year-ago gain(8:53 am ET)
CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) said Wednesday that its second-quarter profit dropped 82% compared with a large gain in the year-ago quarter, and warned that a trend toward weak advertising sales shows no signs of abating in the third quarter. The company said it earned $21.1 million, or 15 cents a share, in the latest three months, compared with a profit of $118.4 million, or 82 cents a share, in the second quarter of 2007. The prior-year result included an after-tax gain of $94.3 million, among other items. Revenue in the latest second quarter fell 6% to $741.9 million. On average, analysts surveyed by FactSet Research expected New York Times to report a profit of 22 cents a share on revenue of $755 million. Total ad revenue plunged nearly 11%. New York Times Co. Chief Executive Janet Robinson warned: "To date in July, we have seen the effects of the deepening economic slowdown, particularly in [advertising] categories sensitive to the price of oil - airlines, hotels and autos, and we expect that will continue for some time."
ConocoPhillips net up 13% over yr-ago adjusted figure(8:44 am ET)
NEW YORK (MarketWatch) -- ConocoPhillips (COP: news, chart, profile) on Wednesday said second-quarter net income rose to $5.4 billion, or $3.50 a share, from $301 million, or 18 cents a share in the year-ago period. Breaking out $4.5 billion in losses for its Venezuelan business last year, net earnings rose $600 million, or 12.5% over the year-ago period's figure of $4.8 billion, or $2.90 a share. The integrated oil and gas major beat the Wall Street net income target of $5.14 billion, or $3.33 a share. Revenue rose to $71.4 billion from $47.4 billion.
Exelon 2nd-quarter net up 6.6% on 2.7% higher revenue(8:43 am ET)
NEW YORK (MarketWatch) -- Exelon Corp., (EXC: news, chart, profile) the Chicago electricity provider, reported second-quarter profit rose 6.6% on 2.7% higher revenue. Earnings were $748 million, or $1.13 a share, compared with $702 million, or $1.03, in the year-earlier period. Revenue reached $4.62 billion from $4.5 billion.
Northwest Airlines quarterly loss hits $1.43 a share(8:41 am ET)
NEW YORK (MarketWatch) -- Northwest Airlines Corp. (NWA: news, chart, profile) said Wednesday its second-quarter loss totaled $377 million, or $1.43 per share, from a profit of $2.15 million in the same quarter a year before. The carrier emerged from bankruptcy in the second quarter of 2007, making year-ago comparisons difficult, however. Analysts polled by FactSet Research had tipped an average expectated loss of 53 cents a share. Revenue for the quarter was $3.58 billion, compared to $3.18 billion in the year-ago period. The Eagan, Minn.-based airline said it has $3.3 billion in unrestricted liquidity. It added that it sees its merger with Delta Air Lines Inc. deal closing in fourth quater of this year.
AMG reports lower quarterly net income, revenue(8:32 am ET)
BOSTON (MarketWatch) -- Affiliated Managers Group Inc. (AMG: news, chart, profile) on Wednesday reported net income for the June quarter fell to $35.3 million from $41.9 million in the year-ago period. The asset-management company said earnings per share slipped to 89 cents from $1.04, while revenue dropped to $309 million from $331.5 million. Separately, AMG on Wednesday said it plans to make investments in asset managers Harding Loevner LLC and Gannett Welsh & Kotler LLC, a unit of The Bank of New York Mellon Corp. (BK: news, chart, profile) .