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Monday, Aug. 11
Icahn Enterprises swings to second-quarter loss(6:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Icahn Enterprises LP (IEP: news, chart, profile) said it swung to a second-quarter loss because of investment losses, according to a Securities and Exchange Commission filing late Monday. The firm reported a second-quarter loss of $98.8 million versus net income of $64.2 million a year ago. Based on limited partner units, however, the per-share loss widened to $1.37 from 40 cents last year. Icahn Enterprises reported "negative" revenue of $149.7 million for the quarter due to a $772.5 million loss in investment activities. Last year, the firm reported revenue of $783.1 million.
McDermott posts 19% jump in profit (4:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Engineering and construction company McDermott International (MDR: news, chart, profile) reported late Monday second-quarter net income rose to $177.5 million, or 77 cents a share, from $149.4 million, or 66 cents, a year ago. Operating revenue, which excludes one-time items, rose 27% to $231.1 million from $181.8 million. Revenue for the quarter rose 26% to $1.79 billion. Analysts polled by Factset Research had predicted the Houston-based company would post earnings of 78 cents a share on $1.85 billion in revenue. McDermott shares closed ahead of the report with a 1.3% gain at $41.88.
Napster revenue slips in first fiscal quarter(4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- Napster Inc. saw its net losses widen slightly on a dip in revenue for the first fiscal quarter ended June 30. The digital music provider (NAPS: news, chart, profile) said Monday afternoon that net losses for the quarter were approximately $4.38 million, or 10 cents a share, compared to a net loss of $4.24 million, or 10 cents a share, for the same period last year. Revenue slipped to $30.3 million from $32.5 million last year. Analysts were expecting a loss of 9 cents a share on revenue of $30.9 million, according to consensus estimates from FactSet Research.
Fluor second-quarter net income doubles(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Fluor Corp. (FLR: news, chart, profile) late Monday reported its second-quarter net income more than doubled to $209.3 million, or $1.13 a share, from $95.6 million, or 53 cents a share, a year ago. Second-quarter results include a pre-tax gain of 26 cents a share from the sale of Fluor's joint venture interest in a wind farm project. Revenue rose to $5.77 billion from $4.22 billion in the year-earlier period, the engineering and construction giant said. Analysts surveyed by FactSet Research had forecast Fluor would earn 79 cents a share on revenue of $5.16 billion. The company raised its earnings view to $3.65 to $3.80 a share for 2008, compared with a previous outlook of $3.30 to $3.45 a share. Wall Street is projecting the company to report earnings of $3.27 a share in 2008.
Liberty Media revenue up in quarter(9:32 am ET)
NEW YORK (MarketWatch) -- Liberty Media (LINTA: news, chart, profile) said Monday that second-quarter revenue for Liberty Media Interactive rose by 9% to $1.76 billion and Liberty Entertainment Group Stars Entertainment revenue grew 8% to $275 million. For Liberty Media Interactive adjusted OIBDA rose to $387 million, from $383 million in the year-ago period. For Liberty Entertainment Group adjusted OIBDA grew to $68 million from $55 million. Adjusted OIBDA, as defined by Liberty, excludes depreciation and amortization, stock and other equity-based compensation and restructuring and impairment charges that are included in the measurement of operating income pursuant to GAAP.
Pepco quarterly profit drops to 7 cents a share (8:55 am ET)
NEW YORK (MarketWatch) -- Pepco Holdings, Inc. (POM: news, chart, profile) said Monday its second-quarter profit totaled $15.0 million, or 7 cents a share, down from $57.2 million, or 30 cents a share, in the same quarter a year before. Excluding special items, earnings for the second quarter 2008 would have been $108 million, or 53 cents per share. Analysts had expected earnings on average of 38 cents a share, according to a FactSet Research survey. Revenue for the quarter was $2.52 billion compared to $2.08 billion in the year-ago period.
Valspar's third-quarter profit declines(8:40 am ET)
NEW YORK (MarketWatch) -- Valspar Corp. (VAL: news, chart, profile) said Monday that its third-quarter net income fell to $47 million, or 44 cents a share, from $58.2 million, or 52 cents a share, in the year-earlier period. The Minneapolis architectural, automotive and specialty products supplier said earnings excluding restructuring charges and its Huarun minority interest were 50 cents a share. Sales rose 7.2% to $957.7 million. For 2008, Valspar expects adjusted earnings of $1.55 to $1.65 a share. Shares of Valspar closed Friday at $23.63.
Sysco earnings per share rise 12% to 55 cents in quarter(8:32 am ET)
NEW YORK (MarketWatch) -- Sysco Corp. (SYY: news, chart, profile) said Monday that fourth-quarter earnings rose to $334 million, or 55 cents a share, compared to $303 million, or 49 cents a share, in the same period a year ago. Sales increased 5.4% to $9.7 billion from $9.2 billion in the fourth quarter of fiscal 2007 for the food-product supplier.
Diebold's preliminary second-quarter profit falls on charges(7:58 am ET)
NEW YORK (MarketWatch) -- Diebold Inc. (DBD: news, chart, profile) reported its preliminary second-quarter results Monday, posting net income of $25.6 million, or 38 cents a share, down from $26.9 million, or 40 cents a share, in the same period a year ago. Excluding restructuring and other charges, the North Canton, Ohio-based maker of ATMs and security equipment said it would have earned 64 cents a share. Revenue rose 11% to $771 million. Diebold raised its full-year revenue growth outlook to a range of 8% to 10% from its prior range of 6% to 8%. It expects 2008 earnings of $2.25 to $2.30 a share, excluding restructuring charges and other special items. Shares closed Friday at $37.70.
Clear Channel Outdoor earnings per share rise to 23 cents(7:16 am ET)
NEW YORK (MarketWatch) -- Clear Channel Outdoor Holdings Inc. (CCO: news, chart, profile) said Monday that second-quarter earnings rose to $83 million, or 23 cents a share, compared to $68.6 million, or 19 cents a share, in the year-ago period. Revenue rose 9% to $915 million in the quarter. Included in the revenue is a $52 million increase due to movements in foreign exchange. Excluding that, revenue growth would have been 3%. Analysts polled by FactSet, on average, estimated earnings per share of 18 cents on revenue of $864 million for the San Antonio, Texas-based outdoor advertising company.
EnergySolutions profit more than doubles(6:13 am ET)
LONDON (MarketWatch) -- Nuclear services provider EnergySolutions (ES: news, chart, profile) said net income more than doubled to $12.6 million, or 14 cents a share, as revenue climbed to $460 million from $162 million. The company was buoyed by a jump in international revenue on the acquisition of RSMC in June 2007. Annual revenue is seen between $1.8 billion and $1.9 billion and earnings per share excluding amortization of intangible assets and secondary offering costs are seen between 89 cents to 94 cents a share. Analysts polled by FactSet Research expected quarterly earnings of 10 cents a share.
RadNet swings to loss, while revenue climbs(6:07 am ET)
LONDON (MarketWatch) -- RadNet (RDNT: news, chart, profile) swung to a second-quarter loss of $2.15 million, or 6 cents a share, hurt by settlements, financing expenses and stock compensation expenses. Revenue rose to $127 million from $107 million on improved volume in existing centers as well as acquisitions, the diagnostic imaging services provider said. It reiterated 2008 guidance for revenue between $470 million and $500 million and adjusted earnings before interest, tax, depreciation and amortization between $100 million and $115 million.
YouGov warns profit to be hit by investment, failed deal(3:00 am ET)
LONDON (MarketWatch) -- Polling firm YouGov (UK:YOU: news, chart, profile) said revenue in the second half to July 31 is in line with expectations, helped by U.K. and Middle East organic growth and new acquisitions. Gross margins will be a little ahead of market expectations, but it's also invested more rapidly than originally expected, including establishing data centers in Berlin and Palo Alto, and recruiting panel members in Austria, Germany and Russia. Those investments totaled 2 million pounds, and it's had to take a 1.2 million pound cost after terminating talks on a "significant acquisition." Adjusted operating profit for the year will be around 8.5 million pounds. Separately, Alan Newman has been named interim CFO after Katherine Lee decided to leave for personal reasons.
Pfleiderer warns on margins, revenue(2:49 am ET)
LONDON (MarketWatch) -- Pfleiderer (DE:676474: news, chart, profile) warned that the financial market crisis may impact its business during the second half, as it sees only limited opportunitites to pass on cost increases for raw materials. Revenue at the German wood and laminate floor maker won't hit 2 billion euros ($2.99 billion) this year -- it now forecasts sales between 1.8 billion and 1.9 billion euros -- and it won't hit a 15% margin target. Pfleiderer's didn't make a second-quarter profit after earning 10.4 million euros in last year's second quarter, and revenue fell to 449.1 million euros from 458.5 million euros after a plant closure in Canada.
Friday, Aug. 8
Delphi second-quarter net loss narrows on absence of charges(12:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Delphi Corp. (DPHIQ: news, chart, profile) on Friday reported its second-quarter net loss narrowed to $551 million, or 98 cents a share, from $821 million, $1.46 a share, in the same period last year. The company credited the decline in loss to an absence of charges recorded in the second quarter of 2007. Revenue slid to $5.2 billion from $6 billion, primarily due to a 28% drop in GM North America production volume. Sales to GMNA accounted for 19% of total revenue in the quarter, down from 31% in the year earlier period. Delphi also said General Motors Co. (GM: news, chart, profile) has agreed to increase advances to the auto parts maker by $300 million to $950 million following modification of its reorganization plan.
Fannie, Freddie shares sink after big loss by Fannie(9:32 am ET)
WASHINGTON (MarketWatch) -- Shares of big mortgage buyers Fannie Mae (FNM: news, chart, profile) and Freddie Mac (FRE: news, chart, profile) sank at the opening on Friday after Fannie reported a wider-than-expected second-quarter loss of $2.3 billion, or $2.54 a share. Fannie's shares were down 16% or $1.68 to $8.27 at the opening while shares of Freddie fell 6% or 33 cents to $5.56. Fannie is slashing its dividend to conserve capital but expects 2008 to be its peak year for credit-related expenses, which hurt the company in the quarter.
Applied Industrial profit matches Street expectations(9:04 am ET)
NEW YORK (MarketWatch) -- Applied Industrial Technologies (AIT: news, chart, profile) said Friday its second-quarter profit totaled $24.4 million, or 57 cents a share, from $24.6 million, or 56 cents a share, in the same quarter a year before. Analysts had also expected earnings on average of 57 cents a share, according to a FactSet Research survey. Sales for the quarter totaled $530 million compared to $528 million in the year-ago period. For fiscal 2009, the company said it expects earnings of $2.20 to $2.40 a share on sales of $2.13 to $2.24 billion.
Edison International earnings more than double in quarter(9:00 am ET)
NEW YORK (MarketWatch) -- Edison International (EIX: news, chart, profile) said Friday that second-quarter earnings rose to $261 million, or 79 cents a share, compared to $93 million, or 28 cents a share, in the same period a year ago. Revenue in the period rose to $3.4 billion from $3.0 billion. GAAP earnings in the second quarter of 2007 were adversely impacted from early debt extinguishment charges. Analysts polled by FactSet, on average, estimated earnings per share of 79 cents on revenue of $3.4 billion. Edison reaffirmed its forecast of $3.61 to $4.01 per share for 2008.
Hormel Foods warns on profit due to rising costs(8:22 am ET)
LONDON (MarketWatch) -- Hormel Foods (HRL: news, chart, profile) warned fiscal third-quarter earnings would fall to a range of 37 cents to 39 cents a share, down from 41 cents a share in the year-earlier period, on higher-than-expected feed and fuel input costs at its Jennie-O Turkey Store unit. For the year, it now sees adjusted earnings between $2.22 and $2.28 a share, below earlier guidance of $2.30 to $2.40 a share. Analysts polled by FactSet Research expected third-quarter earnings of 45 cents a share and annual earnings of $2.35 a share.
Fannie Mae swings to $2.3 billion loss in second quarter(7:46 am ET)
WASHINGTON (MarketWatch) -- Mortgage-finance giant Fannie Mae (FNM: news, chart, profile) reported a loss of $2.3 billion, or $2.54 a share in the second quarter, down from the gain of $1.9 billion, or $1.86 a share, it reported in the year-ago period. Analysts surveyed by FactSet Research were expecting the big mortgage buyer to report a loss of 91 cents a share. The company said challenging housing and mortgage market conditions and credit performance hurt its results in the quarter.
Warner Chilcott profit up after last year's settlement(7:09 am ET)
LONDON (MarketWatch) -- Warner Chilcott Ltd. (WCRX: news, chart, profile) said its second-quarter net income climbed to $33.6 million, or 13 cents a share, from $7.9 million, or 3 cents a share, as revenue rose 3% to $234 million. Growing revenue of Loestrin 24, Femcon and Taclonex offset generic competition for Estrostep, the women's health care products firm said. The year-earlier quarter was impacted by a $10 million settlement. Its adjusted cash net income of 33.6 cents a share edged past FactSet Research-compiled analyst estimates of 32 cents a share. Adjusted earnings per share are seen between $1.30 and $1.35 a share on revenue between $935 million and $945 million.
Beazer Homes loss narrows slightly as revenue drops 40%(6:55 am ET)
LONDON (MarketWatch) -- Beazer Homes USA Inc. (BZH: news, chart, profile) said Friday that its fiscal third-quarter net loss narrowed slightly to $109.8 million, or $2.85 a share, from $118.7 million, or $3.09 a share, a year earlier. Revenue for the quarter fell 40% to $455.6 million. The loss from continuing operations was $2.85 a share. Analysts polled by FactSet had been expecting a loss of $2.75 a share in the latest quarter. The home builder said the fall in revenue was driven by a 37% decline in home closings and an 8.8% fall in average selling price.
MBIA profit up on derivatives gain, will resume buyback(6:35 am ET)
LONDON (MarketWatch) -- Bond insurer MBIA Inc. (MBI: news, chart, profile) said Friday that its second-quarter net profit jumped to $1.7 billion, or $7.14 a share, from $211.8 million, or $1.61 a share, a year earlier. The gain was driven by $3.3 billion in pretax unrealized gains on insured credit derivatives. The group said its adjusted operating profit in the quarter was $228.9 million, or 96 cents a share. Analysts polled by FactSet were expecting a loss of 60 cents a share in the latest quarter. MBIA said it hasn't altered its projection for its ultimate loss on mortgage-related exposure and as a result loss reserves had an insignificant impact on net income. The company also said its board of directors has authorized the resumption of its share repurchase program, which was suspended in the third quarter of 2007.
LifePoint second-quarter earnings rise(6:32 am ET)
LONDON (MarketWatch) -- LifePoint Hospitals (LPNT: news, chart, profile) said second-quarter earnings from continuing operations rose to $31.5 million, or 59 cents a share, from $24.6 million, or 43 cents a share, a year earlier. Analysts surveyed by FactSet had been expecting the hospital operator to make 56 cents a share, on average. LifePoint said it now sees full-year earnings per share of between $2.55 and $2.70.
Air Canada owner reports profit rise on stake sales(6:19 am ET)
LONDON (MarketWatch) -- Ace Aviation (CA:ACE.A: news, chart, profile) , the Air Canada owner, said its second-quarter profit climbed to C$830 million ($789 million), or C$10.76 a share, from C$118 million, or 98 Canadian cents a share. The profit rise was mostly on the sale of stakes in Aeroplan and Jazz. It swung to an operating loss of C$2 million during the quarter, while revenue rose to C$2.78 billion from C$2.66 billion. It's actively exploring options for its 75% interest in Air Canada.
Aircastle profit slips 7% as revenue rises(6:18 am ET)
LONDON (MarketWatch) -- Aircraft leasing company Aircastle (AYR: news, chart, profile) said Friday that its second-quarter net profit fell 7% to $35.3 million, or 45 cents a share, frmo $38.1 million, or 57 cents a share, a year earlier. Total revenue for the quarter rose 71% to $145.4 million. Adjusted earnings for the quarter were 44 cents a share, a penny below the consensus forecast according to a FactSet poll. The group said revenue growth was driven by higher lease rental, which was partly offset by lower interest income on its debt investments.
AES profit jumps to $905 million, raises forecast(6:11 am ET)
LONDON (MarketWatch) -- Power company AES Corp. (AES: news, chart, profile) said Friday that its second-quarter net profit jumped to $905 million, or $1.31 a share, from $254 million, or 37 cents a share, a year earlier. Revenue for the quarter rose 24% to $4.15 billion. The group said its overall results for the first half of the year were ahead of its expectations and that it was raising its earnings guidance for the year by 2 cents to $1.16 a share and added its board has authorized a share buyback of up to $400 million. The group said its profit included on the sale of its Northern Kazakhstan business and that adjusted earnings per share for the quarter were 17 cents.
Inpex Q1 net rises 29%, lifts full-year forecast(2:33 am ET)
HONG KONG (MarketWatch) -- Japanese energy producer Inpex Holdings (JP:1605: news, chart, profile) Friday reported a 29% jump in fiscal first-quarter profit as higher crude-oil and natural gas prices more than offset a decline in production. It also raised its earnings forecast for the full year. Net income for the April-June period rose to 49.7 billion yen ($456 million), or 21,124 yen a share, from 38.5 billion yen. Quarterly sales improved 41% to 381.3 billion yen. Average prices of domestically-produced crude-oil jumped 41%, while prices of overseas output flared up 78%, offsetting a 6.5% decline in production volume. The company got 4% more per unit of gas sold in Japan, and 63% higher for each unit of gas sold overseas, while output slipped 1%. Inpex raised its full-year net income forecast to 177 billion yen from 120 billion yen previously.
RBS swings to loss after 5.9 bln pound write-down(2:27 am ET)
LONDON (MarketWatch) -- Royal Bank of Scotland (UK:RBS: news, chart, profile) (RBS: news, chart, profile) said Friday that it swung to a first-half net loss of 802 million pounds ($1.56 billion) from a profit of 3.56 billion pounds a year earlier. The bank took write-downs in the period of 5.9 billion pounds, in line with the amount it forecast in April when it announced its 12 billion pound rights issue. The bank, which acquired some of the assets of ABN Amro in October, said that on a pro forma basis its loss was 761 million pounds compared to a profit of 3.65 billion a year earlier. RBS said its core Tier 1 ratio at the end of June was 5.7% and that it is on target to achieve its target level of 6% by the end of the year.
Thursday, Aug. 7
The9 sees earnings double on strong game revenue(6:11 pm ET)
SAN FRANCISCO (MarketWatch) -- The9 Ltd. said Thursday that earnings more than doubled during the second quarter thanks to strong revenue from its video game services. The Chinese provider of online games (NCTY: news, chart, profile) said net income was $16.9 million, or 61 cents a share, compared to net income of $7.4 million, or 28 cents a share, for the same period last year. Net revenue grew 69% to $66.3 million. Analysts were expecting earnings of 49 cents a share on revenue of $66.3 million, according to consensus estimates from FactSet Research.