Earning Plays

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Wednesday, Aug. 20
CORRECT: Longs Drug Stores profit rises(6:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Longs Drug Stores Corp. (LDG: news, chart, profile) reported late Wednesday fiscal second-quarter net income of $27.5 million, or 76 cents a share, up from $26.6 million, or 69 cents, in the year-ago quarter. Revenue for the period ended July 31 rose to $1.32 billion from $1.2 billion a year ago. Analysts polled by FactSet Research had predicted the Walnut Creek, Calif.-based drugstore chain would earn 77 cents a share on $1.35 billion in sales. Shares of Longs, which has tendered its shares to CVS Caremark Corp. (CVS: news, chart, profile) , closed ahead of the report with a gain of 0.7% at $72.10. (Corrects net earnings per share for the 2007 and 2008 quarters to diluted numbers from common numbers)
Limited Brands profit cut by more than half(4:41 pm ET)
SAN FRANCISCO (MarketWatch) -- Limited Brands, Inc. (LTD: news, chart, profile) on Wednesday reported a second-quarter profit of $102 million, or 30 cents a share, down from $264.4 million, or 67 cents a share, a year ago. Excluding several one-time benefits and charges, earnings would have come in at 27 cents a share. Sales fell to $2.3 billion from $2.6 billion last year. Analysts polled by FactSet Research were looking for a profit, on average, of 19 cents a share, on sales of $2.3 billion. The clothing retailer is looking for third-quarter results in a range of break even to 4 cents a share. Wall Street previously forecast earnings of 4 cents a share.
Hot Topic narrows loss in second quarter(4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- Hot Topic Inc. (HOTT: news, chart, profile) late Wednesday reported its second-quarter net loss narrowed to $450 million, or a penny a share, from a loss of $1.73 billion, or 4 cents a share, a year ago. Second-quarter results include about a penny a share of expenses related to its online music project. Net sales rose marginally to $166.8 million from $161.7 million a year earlier while same-store sales slid 0.9%, the City of Industry, Calif.-based teen retailer said. Analysts polled by FactSet Research, on average, had forecast a loss of 2 cents a share on revenue of $166.1 million. In the third quarter, the company expects to earn 12 cents to 15 cents a share and in the fourth quarter, it sees earnings of 25 cents to 28 cents a share based on projections of low single digit decline in same-store sales. The outlook include expenses related to its online music initiative. Analysts are forecasting the company to report earnings of 16 cents a share in the third quarter.
JDS Uniphase net loss deepens on charges(4:26 pm ET)
SAN FRANCISCO (MarketWatch) -- JDS Uniphase Corp. saw its net loss grow in its fourth fiscal quarter on mostly acquisition-related charges while revenue grew more than 11%. For the period ended June 28, the company (JDSU: news, chart, profile) reported a net loss of $29.8 million, or 13 cents a share, compared to a net loss of $17.9 million, or 8 cents a share, for the same period last year. On a non-GAAP basis, the company said it would have earned $15.5 million, or 7 cents per share. Revenue grew to $390.3 million from $350.7 million last year. Analysts were expecting earnings of 10 cents a share on revenue of $395.8 million, according to consensus estimates from Thomson Reuters.
Synopsys third-quarter net income more than doubles (4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Synopsys Inc. (SNPS: news, chart, profile) late Wednesday reported its third-quarter net income more than doubled to $57.7 million, or 39 cents a share, from $24.9 million, or 17 cents a share, a year ago. Excluding items such as employee share-based compensation expense and amortization of intangible assets, earnings were 44 cents a share. Revenue increased to $344.1 million from $304.1 million in the year-earlier period, said the Mountain View, Calif.-based design automation software company. Analysts surveyed by FactSet Research had forecast the company to earn 34 cents a share on revenue of $339.6 million. In the fourth quarter, the company projected revenue of $348 million to $356 million and earnings of 23 cents to 29 cents a share. On an adjusted basis, the company is expected to earn 36 cents to 39 cents a share. In fiscal 2008, the company expects revenue of $1.33 billion to $1.34 billion and earnings of $1.20 to $1.26 a share and adjusted earnings of $1.65 to $1.68 a share. Analysts expect the company to earn 34 cents a share on revenue of $353.6 million in the fourth quarter and $1.46 a share on revenue of $1.33 billion in 2008.
Salesforce.com posts sharp quarterly profit increase(4:15 pm ET)
SAN FRANCISCO (MarketWatch) - Salesforce.com Inc. said Wednesday its fiscal second-quarter profit rose sharply, as revenue grew 49%. San Francisco-based Salesforce.com (CRM: news, chart, profile) , which sells subscriptions to business software hosted on the Internet, said net income for the period ended in July rose to $10 million, or 8 cents a share, from $3.74 million, or 3 cents a share in the same period a year earlier. Meanwhile revenue rose to $263.1 million. Analysts on average had estimated Salesforce.com would post earnings of 9 cents a share, and $260.8 million in revenue, according to FactSet Research.
Hewlett-Packard leads tech sector gains(9:36 am ET)
SAN FRANCISCO (MarketWatch) -- Hewlett-Packard Co. (HPQ: news, chart, profile) led the tech sector north in early trading Wednesday, as the tech giant's shares rose $1.52, or 3.5%, to $45.21. H-P benefited from a strong third-quarter report and fouth-quarter outlook that it gave late Tuesday. Other tech stocks on the rise included Apple Inc. (AAPL: news, chart, profile) , IBM Corp. (IBM: news, chart, profile) , Microsoft Corp. (MSFT: news, chart, profile) and Dell Inc. (DELL: news, chart, profile) . The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 9.4 points to 2,393.
BJ's Wholesale net virtually flat, ups annual outlook(7:13 am ET)
LONDON (MarketWatch) -- BJ's Wholesale Club (BJ: news, chart, profile) said second-quarter to Aug. 2 net income was about flat at $36.5 million, or 61 cents a share, compared to $36.3 million, or 55 cents a share. The quarter included 3 cents a share of favorable state income tax audit settlements. Sales climbed 18% to $2.65 billion, with comparable club sales up 15.5%. BJ's upped its annual earnings view to a range of $2.10 to $2.20, up from $2.04 to $2.14, and its board authorized an additional $200 million for share repurchases. Analysts polled by FactSet expected quarterly earnings of 57 cents a share and annual earnings of $2.14 a share.
American Woodmark profit down 97%(6:39 am ET)
LONDON (MarketWatch) -- Kitchen cabinet maker American Woodmark Corp. (AMWD: news, chart, profile) said Wednesday that its fiscal first-quarter net profit fell 97% to $156,000, or a penny a share, from $5.1 million, or 34 cents a share, a year earlier. Net sales in the quarter declined 16% to $139.2 million. The group said its margins were also hit by rising fuel prices and raw materials costs.
Blue Square-Israel profit jumps 80%(6:22 am ET)
LONDON (MarketWatch) -- Blue Square-Israel Ltd. (BSI: news, chart, profile) said Wednesday that its second-quarter net profit rose 80% to 37.2 million shekels ($11.1 million) from 20.7 million shekels a year earlier, as revenue rose 14.1% to 1.92 billion shekels. The group said growth in revenue reflected the timing of the Passover buying season, which was entirely in the second quarter this year, as well as the addition of new selling space and consolidation of acquired businesses. Supermarket same-store sales rose 8.2% in the quarter, reflecting rising prices. The group declared a cash dividend of 3.46 shekels a share.
Suntech profit rises 58%, raises revenue guidance(6:01 am ET)
LONDON (MarketWatch) -- Solar energy company Suntech Power Holdings (STP: news, chart, profile) said Wednesday that its second-quarter net profit rose 58% to $65.2 million, or 38 cents a share, from $41.3 million, or 25 cents a share, a year earlier. Revenue for the quarter grew 51% to $480.2 million. Excluding one-off items, adjusted profit for the quarter was 41 cents a share. Analysts polled by FactSet had expected earnings of 33 cents a share. The group raised its revenue guidance for 2008 to a range of $2.05 billion to $2.15 billion, from a range of $1.9 billion to $2.1 billion.
Tower Semiconductor loss narrows, restructures debt(5:16 am ET)
LONDON (MarketWatch) -- Specialty foundry Tower Semiconductor (TSEM: news, chart, profile) said Wednesday that its second-quarter net loss narrowed slightly to $31.3 million, or 25 cents a share, from $34.1 million, or 28 cents a share, a year earlier. Total revenue for the quarter rose 1.8% to $58.1 million, which was slightly above the mid-point of the company's guidance. The group also said it's signed a memorandum of understanding with its lender banks and with Israel Corp. to restructure the company's debt. Under the terms of the arrangement, $250 million of the company's debt will be converted into equity capital notes. The move will both reduce its debt and increase its shareholders' equity by roughly $250 million.
Tsingtao Brewery 1H net profit up 42%, shares rise 7.6%(5:11 am ET)
HONG KONG (MarketWatch) -- Tsingtao Brewery Co. (HK:168: news, chart, profile) (TSGTY: news, chart, profile) said Wednesday first-half net profit climbed 42% from the year-earlier period, as higher sales and increased product prices more than offset higher raw material costs. Tsingtao, the nation's second-largest brewer by sales, said net profit totaled 381.1 million yuan ($55.6 million) up from 268.7 million yuan in the year-earlier period. Revenue rose 16% to 7.79 billion yuan. Following its practice from a year earlier, the brewer did not declare a first-half dividend. Tsingtao's Hong Kong-listed shares climbed 7.6% in Wednesday. The brewer released its results ahead of the market open.
Telekom Austria profit drops 26%(2:31 am ET)
VIENNA (MarketWatch) -- Austrian telecommunications provider Telekom Austria AG (TKAGY: news, chart, profile) said Wednesday its second-quarter net profit fell 26% due to migrating fixed-line minutes, pressured mobile telephony margins on the home market, start-up costs in Serbia and Macedonia and added debt expenses. Net profit for the three months ended June 30 was EUR96.3 million, down from EUR130.6 million a year earlier, and significantly lower than the EUR111 million average estimate of 11 analysts polled by Dow Jones. The company said its sales rose 5.6%, helped by the inclusion of its Belarussian acquisition MDC, to EUR1.28 billion, up from EUR1.21 billion, in line with analysts' estimates. Earnings before interest, taxation, depreciation and amortization, or Ebitda, rose 0.6%, to EUR469.1 million, from EUR466.1 million, which was also lower than analysts' estimates of EUR481 million. The company also reiterated its full-year 2008 earnings guidance of sales to grow by 5%, and Ebitda by 3%, while net profit is expected to decline by 12%.
Tuesday, Aug. 19
Brambles' fiscal year net profit falls 50% to $648.7 million(11:14 pm ET)
HONG KONG (MarketWatch) -- Brambles Ltd. (AU:BXB: news, chart, profile) (BMBLF: news, chart, profile) , a global logistics group and a supplier of pallets used to help transport warehouse goods, said Wednesday net profit for the year ended June 30 fell 50% to $648.7 million from $1.29 billion, owing in part to lower one-off gains from the sale of a waste management business. Operating profit totaled $1.05 billion, up 12% from $932.8 million in the preceding year. The company said growth in its CHEP unit in the U.S. will be "subdued" owing to costs associated with restructuring of its business with Wal-Mart Stores. The company added that its CHEP Asia-Pacific unit will be impacted by costs associated with investments in China and India.
James Hardie Industries' quarterly net profit falls 96%(10:33 pm ET)
HONG KONG (MarketWatch) -- James Hardie Industries NV (AU:JHX: news, chart, profile) (JHX: news, chart, profile) , the largest producer and seller of home siding in the U.S., announced Wednesday profit in the April-to-June quarter fell 96% from a year earlier, as slumping housing starts in the U.S. weighed on performance. Net profit totaled $1.4 million, down from $39.1 million in the year-earlier period. Sales for the quarter declined 14% to $365 million, from $424.4 million a year earlier. Excluding contributions to a special fund to compensate victims of its asbestos products, net profit for the quarter fell 39% to $41.6 million, down from $68.6 million. The firm established the asbestos compensation fund in 2005.
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.