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Tuesday, Aug. 19
Analog Devices third-quarter net income rises (4:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Analog Devices Inc. (ADI: news, chart, profile) late Tuesday reported its fiscal third-quarter net income rose to $138.6 million, or 47 cents a share, from $120.4 million, or 37 cents a share, a year earlier. Earnings from continuing operations were 44 cents a share. Revenue increased to $659 million from $617.4 million in the year-ago period, said the Norwood, Mass.-based semiconductor company. Analysts surveyed by FactSet Research had expected the company to report earnings of 45 cents a share on revenue of $660.8 million. In the fourth quarter, the company expects to report earnings from continuing operations of 44 cents to 46 cents a share while revenue growth is projected to rise 6%-9% from fourth quarter 2007. Analysts are forecasting the company to earn 46 cents a share on revenue of $676 million.
Hewlett-Packard earnings rise 11%(4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. (HPQ: news, chart, profile) on Tuesday reported a fiscal third-quarter profit of $2 billion, or 80 cents a share, compared to $1.8 billion, or 66 cents a share in same period a year ago. Revenue rose 10% to $28 billion from last-year's sales of $25.4 billion. Excluding one-time items, H-P would have earned $2.2 billion, or 86 cents a share. By that measure, analysts surveyed by FactSet Research had forecast H-P to earn 88 cents a share on revenue of $27.4 billion. For its fourth quarter, H-P said it expects to earn between 95 cents and 97 cents a share on revenue in a range of $30.2 billion to 30.3 billion.
Target's second-quarter income falls 7.6%(8:39 am ET)
NEW YORK (MarketWatch) -- Target Corp. (TGT: news, chart, profile) said Tuesday that its second-quarter net income fell 7.6% to $634 million from $686 million in the year-earlier period. On a per-share basis, earnings were 82 cents a share compared to the year-ago 80 cents, although the number of average outstanding shares fell to 774 million from 857 million. A FactSet Research survey of analysts, on average, predicted earnings of 76 cents a share. The Minneapolis discount retailer said retail-segment sales for the quarter ended Aug. 2 increased to $14.97 billion from $14.17 billion a year ago. Shares of Target closed Monday at $50.05.
Medtronic posts rise in first-quarter profit(7:28 am ET)
NEW YORK (MarketWatch) -- Medtronic Inc. (MDT: news, chart, profile) said Tuesday that first-quarter net income was $747 million, or 66 cents a share, compared with $675 million, or 59 cents a share, for the same period a year ago. On an adjusted basis, earnings were 72 cents a share. Sales for the Minneapolis-based medical-products maker were $3.71 billion vs. last year's $3.13 billion. The company was expected to post earnings of 69 cents a share on sales of $3.67 billion, according to a poll of analysts by FactSet Research. Medtronic shares ended trading Monday down 1.2% to $53.44.
Myriad Genetics swings to profit, plans strategic review(6:52 am ET)
LONDON (MarketWatch) -- Biotechnology company Myriad Genetics Inc. (MYGN: news, chart, profile) said Tuesday that it swung to a net profit of $65.5 million, or $1.40 a share, in its fiscal fourth-quarter, from a loss of $7.8 million, or 18 cents a share, a year earlier. Revenue for the quarter jumped to $166.9 million from $45.5 million. The group said its results were boosted by a $100 million up-front license payment from Lundbeck for European marketing rights to Flurizan. The company also announced that its management will perform a comprehensive review, considering a variety of strategic alternatives for the company. The options include a possible corporate restructuring which would separate the molecular diagnostic business from the pharmaceutical business as independent operating entities, the group said.
PICC Property & Casualty posts 1H net loss on higher claims(6:26 am ET)
HONG KONG (MarketWatch) -- China's largest non-life insurer by premiums, PICC Property & Casualty Co. (HK:2328: news, chart, profile) (PPCCF: news, chart, profile) , said Tuesday it posted a first-half net loss of 292 million yuan ($42.6 million), swinging from a profit a year earlier, owing to the settlement of damage-related claims related to the January to February snow storms and the Sichuan earthquake in May. PICC, which hold a 43.3% share of the non-life insurance market, reported net profit of 3.2 billion yuan in the six-month period ended June 30 last year. This year's result bettered average forecasts for a net loss of 1.09 billion yuan, according to a poll conducted by Dow Jones Newswires. Revenue for the six month period climbed 19% to 58.97 billion yuan, while net premiums increased 21% to 40.18 billion yuan. Payouts on claims totaled 30.48 billion yuan, up 40% from 22.19 billion yuan. The insurer did not propose an interim dividend. Last year it paid an interim dividend of 0.091 yuan per share.
Home Depot profit drops 24%, sticks to 2008 view(6:09 am ET)
LONDON (MarketWatch) -- Home Depot (HD: news, chart, profile) , the world's largest home-improvement retailer, said second-quarter to Aug. 3 net income dropped 24% to $1.2 billion, or 71 cents a share, with sales down 5% to $20.99 billion and same-store sales down 7.9%. "We continue to see pressure on our market and the consumer, generally," said Frank Blake, chairman and CEO. For the year, it expects earnings per share from continuing operations to drop 24% and sales to fall 5%, in line with earlier guidance. Analysts polled by FactSet Research had expected the Atlanta retailer to earn 61 cents a share on sales of $20.56 billion, and for earnings per share for the year to drop 25%.
Hutchison Telecom posts smaller 1H net profit, revenue rise(5:23 am ET)
HONG KONG (MarketWatch) -- Hutchison Telecommunications International (HTX: news, chart, profile) reported a large rise in first-half earnings from underlying operations, but said net profit declined sharply owing to distortions created when it booked a large one-off gain last year from the sale of its Indian cellular operations. Net profit for the six months ended June 30 totaled HK$1.17 billion ($150 million), down from HK$70.09 billion in the year-earlier period. Net profit from continuing operations climbed to HK$1.17 billion, compared to HK$57 million. The company said its subscriber base climbed to 11.1 million, a 68% increase from a year earlier. Revenue climbed 22% to HK$11.76 billion. Hutchison Whampoa Ltd., which reports results Friday, owns a 59% stake in HTIL.
Mesa Air Group swings to third-quarter loss(5:12 am ET)
LONDON (MarketWatch) -- Low-cost airline Mesa Air Group Inc. (MESA: news, chart, profile) said it swung to a third-quarter net loss of $3.6 million, or 14 cents as share, from a profit of $2.6 million, or 8 cents a share, in the year-earlier quarter. Excluding one-time items, the carrier posted an adjusted loss of 9 cents a share compared to an adjusted profit of 21 cents a share in the year-ago period. Operating revenue climbed 5% to $351 million. The load factor, a measure of how full an airline's planes are, fell to 77% from 80%.
Ciba shares stumble on $542 million write-down(3:10 am ET)
LONDON (MarketWatch) -- Shares of Ciba (CH:000581972: news, chart, profile) dropped 14% in early Swiss trading after the company took a 595 million franc ($542 million) write-down of its water and paper treatement operation and said it's looking at acquisitions and ventures to strengthen plastic additives and coating effects arms. A number of options are being evaluated for the paper and publication inks businesses, which are not performing in line with expectations, the company said. On the write-down, Ciba swung to a second-quarter loss of 606 million francs, with sales down 7% to 1.53 billion francs.
Kerry Properities' first-half net climbed 1% to $317.5 mil(1:52 am ET)
HONG KONG (MarketWatch) -- Kerry Properties Ltd, (HK:683: news, chart, profile) reported Tuesday net profit for the first half climbed 1% from the year-earlier period. Net profit for the six month period totaled HK$2.48 billion ($317.5 million) compared to HK$2.47 billion a year earlier. Revenue was up 24% to HK$7.23 billion. The board declared a first-half dividend of 30 Hong Kong cents, unchanged from a year earlier.
Monday, Aug. 18
Virgin Blue posts 55% fall in net profit, cuts dividend (10:29 pm ET)
HONG KONG (MarketWatch) -- Australia's second-largest carrier, Virgin Blue Holdings Ltd (AU:VBA: news, chart, profile) , reported Tuesday a 55% decline in annual net profit, and cut its dividend, as higher fuel costs hurt its bottom line. Net profit for the fiscal year ended June 30 totaled A$97.7 million ($85 million), down from A$222 million a year earlier, the airline said in a statement to the Australian Stock Exchange. The airline, which is 25%-owned by British tycoon Richard Branson, said revenue rose 8.4% to A$2.35 billion. Virgin Blue said it would not pay a final dividend. The airline's Sydney-listed shares were down as much as 22.3% after the results were released.
Perrigo's fourth-quarter profit, sales rise(8:28 am ET)
NEW YORK (MarketWatch) -- Perrigo Co. (PRGO: news, chart, profile) said Monday that its fourth-quarter profit rose to $27.5 million, or 29 cents a share, from $18.8 million, or 20 cents per share, in the same quarter a year before. Excluding charges, fourth-quarter adjusted profit was 39 cents a share compared to the year-earlier 24 cents. Analysts had expected earnings of 41 cents per share, according to a FactSet Research poll. Sales for the quarter increased to $500.2 million from $374.3 million. Perrigo said it expects fiscal 2009 earnings of $1.90 to $1.98 a share and revenue growth of 13% to 18%.
Lowe's earnings decline in second quarter(7:25 am ET)
NEW YORK (MarketWatch) -- Lowe's Companies Inc. (LOW: news, chart, profile) said Monday that second-quarter earnings fell to $938 million, or 64 cents a share, compared to $1.0 billion, or 67 cents, in the same period a year ago. Sales rose to $14.5 billion compared to $14.2 billion. Analysts polled by FactSet estimated, on average, earnings per share of 56 cents on sales of $14.1 billion. Lowe's same-store sales fell 5.3% in the period. For the third quarter Lowe's sees sales growth at 1% to 2% and earnings per share of 27 cent to 31 cents. For the full year of 2008 Lowe's expects earnings per share of $1.48 to $1.56.
Trina Solar profit more than doubles, hikes revenue goal(6:41 am ET)
LONDON (MarketWatch) -- China's Trina Solar (TSL: news, chart, profile) said second-quarter net income more than doubled to $17.1 million, or 68 cents a U.S. share, from $7.4 million, or 32 cents a share, as revenue grew to $204 million from $75.3 million. The quarter included losses of 24 cents a share from currency exchange and 8 cents a share from discontinuing the Lianyungang polysilicon project. For the year, it revised higher its revenue goal to a range of $850 million to $900 million, up from $770 million to $808 million, while it kept its operating margin goal unchanged at 15% to 17%. Analysts polled by FactSet Research had expected earnings of 78 cents a share.
Lehman could face $1.8 billion loss: report(3:27 am ET)
LONDON (MarketWatch) -- Lehman Brothers Holdings (LEH: news, chart, profile) may face a fiscal third-quarter loss of $1.8 billion some analysts believe, which would take its losses since the start of March to at least $4.5 billion, according to a report in the Wall Street Journal. Back-to-back losses would add to the pressure on CEO Richard Fuld to show the losses won't continue, the newspaper said. If the losses do continue to pile up, Lehman could need to raise further capital beyond the $6 billion it received in June, the Journal said.