Earning Plays

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Wednesday, Sept. 3
Navistar reports third-quarter earnings, raises outlook(5:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Navistar International Corp. (NAV: news, chart, profile) said late Wednesday it booked third-quarter earnings of $272 million, or $3.68 a share. The company, which recently brought its financial statements up to date, did not provide figures from the previous third-quarter. Navistar said it raised its earnings outlook for the year to a range of $6.35 to $7.45 a share. Analysts surveyed by FactSet Research expect 2008 net income of $4.43 a share.
Hovnanian reports another quarterly loss(4:54 pm ET)
SAN FRANCISCO (MarketWatch) -- Hovnanian Enterprises (HOV: news, chart, profile) said late Wednesday that after-tax losses available to common stockholders were $202.5 million, or $2.67 per common share, in the three months ended July 31. That compares to a net loss of $80.5 million, or $1.27 per common share, in the third quarter of fiscal 2007, the homebuilder reported. The company generated cash flow of $192.2 million in its latest fiscal quarter and forecast positive cash flow for the rest of the year. Hovnanian's homebuilding business will likely have roughly $800 million in cash by the end of October, the company said. "As we continue to compete against record foreclosures, higher than normal levels of resale listings and poor consumer confidence, the housing market remains challenging," Ara Hovnanian, chief executive of the company, said in a statement.
H&R Block first-quarter loss narrows to 41 cents a share (4:27 pm ET)
SAN FRANCISCO (MarketWatch) -- H&R Block Inc. (HRB: news, chart, profile) late Wednesday reported its first-quarter net loss narrowed to $132.7 million, or 41 cents a share, from a net loss of $302.6 million, or 93 cents a share, a year earlier. Improved results from its tax services business were offset by a loss in the consumer financial services segment, due to an about $20.4 million increase in loss reserves and asset write-downs at H&R Block Bank, said the tax services company. On an adjusted basis, the company's net loss was 40 cents a share. Revenue slid to $339.6 million from $381.2 million a year earlier. Analysts surveyed by FactSet Research had forecast the company to report a loss of 35 cents a share on revenue of $381.2 million. The company also affirmed its 2009 earnings outlook of $1.60 to $1.70 a share. Analysts are projecting earnings of $1.66 a share on average.
Guess profit up 44% as sales climb(4:20 pm ET)
SAN FRANCISCO (MarketWatch) -- Clothing and apparel maker Guess? Inc. (GES: news, chart, profile) late Wednesday reported its second-quarter profit rose almost 44% to $53.8 million, or 57 cents a share, up from net income of $37.5 million, or 40 cents a share, a year earlier. Revenue rose 33% to $515.2 million. Same store sales -- or sales at stores open at least one year -- rose 8.8% from last year's same period. Guess pegged its 2008 earnings between $2.47 and $2.53 a share. Five Wall Street analysts are looking for Guess to earn $2.48 a share, according to FactSet Research.
American Eagle same-store sales fall 5% in August(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- American Eagle Outfitters (AEO: news, chart, profile) said late Wednesday that sales at stores open at least one year declined 5% in August, compared to a 9% increase during the same period a year earlier. The company maintained its third quarter earnings guidance of 31 cents a share to 36 cents a share. That compares to 45 cents a share in the same quarter last year.
Jos A Bank second-quarter profit rises to 48 cents a share (2:28 pm ET)
SAN FRANCISCO (MarketWatch) -- Jos A Bank Clothiers Inc. (JOSB: news, chart, profile) on Wednesday reported its second-quarter net income rose to $8.9 million, or 48 cents a share, from $8.2 million, or 44 cents a share, a year earlier. Revenue climbed to $152.7 million from $134.3 million, the retailer of men's clothing said. Analysts polled by FactSet Research had forecast the company to earn 45 cents a share.
Corning cuts third-quarter forecast(9:26 am ET)
NEW YORK (MarketWatch) -- Corning Inc. (GLW: news, chart, profile) said Wednesday that it is reducing its third-quarter forecast, blaming lower-than-expected shipments of LCD glass. The company expects to post a third-quarter profit, before special items, of 43 to 45 cents a share on sales of $1.58 billion to $1.62 billion. Its previous guidance called for earnings before items of 48 to 51 cents a share and sales of $1.65 billion to $1.72 billion. Wendell P. Weeks, Corning's chairman and chief executive officer, will provide the revisions at the Citi Investment Research Technology Conference in New York on Wednesday. Wall Street has been projecting that Corning would earn 44 cents a share on revenue of $1.77 billion, according to FactSet Research.
Kraft Foods sees 2008 profit of at least $1.88 a share(8:42 am ET)
NEW YORK (MarketWatch) -- Kraft Foods Inc. (KFT: news, chart, profile) on Wednesday said it expects 2008 earnings of at least $1.88 a share, excluding items. Wall Street analysts expect earnings of $1.90 a share, on average, according to a survey by FactSet Research. Looking ahead, the Northfield, Ill.-based packaged foods giant expects 2009 earnings of at least $2 per share, compared to the Wall Street target of $2.05 a share.
J.C. Penney August same-store sales down 4.9% (8:15 am ET)
NEW YORK (MarketWatch) - J.C. Penney Co. (JCP: news, chart, profile) on Wednesday said comparable store sales fell 4.9% in August, falling within the Plano, Texas retailer's estimated range. Total company sales dipped 3.2% to $1.5 billion. Earlier, J.C. Penney said it expected sales to decrease mid-single digits in August. Looking ahead, the department store operator expects a same-store sales decline in the mid- to high-single digit range for the five weeks ended Oct. 4.
Signet profit falls 37%, sees tough short-term environment(7:58 am ET)
LONDON (MarketWatch) -- Jewelry retailer Signet Group (UK:SIG: news, chart, profile) (SIG: news, chart, profile) said Wednesday that its first-half net profit fell 37% to $43.8 million, or 2.6 cents a share, from $69.2 million, or 4 cents a share, a year earlier. Sales for the period fell around 1% to $1.59 billion. The group said comparable sales fell 3.4% as it also left its interim dividend unchanged at 0.96 cents a share. "In the short term, the consumer environment in both the U.S. and the U.K. remains very challenging. As always, the results for the year will be significantly influenced by the group's performance during the important Christmas period," said CEO Terry Burman.
United Natural Foods earnings inch lower(7:54 am ET)
NEW YORK (MarketWatch) -- United Natural Foods (UNFI: news, chart, profile) said Wednesday that fourth-quarter earnings fell to $12.8 million, or 30 cents a share, compared to $13.1 million, or 31 cents, in the same period a year ago. Sales rose 29% to $911.9 million. Analysts polled by FactSet Research, on average, estimated earnings per share of 30 cents on sales of $914.4 million. For 2009 United Natural sees earnings-per-share growth of 15% to 22% and sales growth of 10% to 20%.
Dr Pepper Snapple affirms earnings estimate for year(7:21 am ET)
TEL AVIV (MarketWatch) -- Dr Pepper Snapple Group, (DPS: news, chart, profile) the Plano, Texas, beverage producer, said that at a Lehman Brothers conference in Boston, it would affirm its earnings estimates for 2008. It expects to earn at least $1.65 a share, or an adjusted $1.94, for the year. Analysts surveyed by FactSet Research are looking for $1.95 a share.
Joy Global profit up on tax credits; ups annual view(7:10 am ET)
LONDON (MarketWatch) -- Mining equipment firm Joy Global (JOYG: news, chart, profile) said fiscal third quarter to Aug. 1 net income rose to $133 million, or $1.03 a share, from $73 million, or 66 cents a share, helped by 22 cents a share of tax credits. Sales also rose, up 45% to $904 million. It still sees revenue for the year to be between $3.3 and $3.4 billion and now expects earnings per fully diluted share to increase from the previous range of $3.15 to $3.30 to the new range from $3.37 to $3.52. Analyst polled by FactSet Research expected earnings of 87 cents a share for the quarter and $3.32 for the year.
Staples profit drops 16%, holds annual earnings view(6:35 am ET)
LONDON (MarketWatch) -- Staples (SPLS: news, chart, profile) said second-quarter to Aug. 2 net income fell 16% to $150 million, or 21 cents a share, with sales up 18% to $5.1 billion. Excluding the July acquisition of Corporate Express, Staples would have reported sales growth of 3% to $4.4 billion. It still expects low single-digit earnings growth for the year. As a result of the Corporate Express acquisition, the company anticipates total annual synergies to build, over a three year period, to a range of $200 million to $300 million. Analysts polled by FactSet expected earnings of 22 cents a share for the quarter and 3% growth for the year.
Elbit Systems unit, Innovative Solutions settle litigation(4:03 am ET)
TEL AVIV (MarketWatch) -- Elbit Systems Ltd., (ESLT: news, chart, profile) the Haifa, Israel, defense contractor, said its Kollsman subsidiary and Innovative Solutions & Support Inc. (ISSC: news, chart, profile) settled their litigation. Kollsman will pay IS&S $17 million to settle all claims between the two, which they'd filed in U.S. District Court for the Western District of Tennessee, Elbit said in a Wednesday statement. Neither side admitted any wrongdoing in the case, Elbit said, adding that the two companies now may look for collaboration opportunities. Innovative Solutions is the Exton, Pa., producer of flight-information computers, electronic displays, and flight-information-monitoring systems. Elbit's second-quarter results included a $10 million after-tax write-off stemming from court rulings in the case. As a result of the settlement, the third-quarter results will reflect an after-tax gain of $2 million to $4 million, Elbit said.
Costco August same-store sales rose 9%, total up 12%(3:22 am ET)
TEL AVIV (MarketWatch) -- Costco Wholesale Corp., (COST: news, chart, profile) the Issaquah, Wash., warehouse retailer, reported that for August, comparable-store sales rose 9%, and total sales rose 12% to $5.41 billion from $4.84 billion in the year-earlier period. Same-store sales, which reflect outlets open at least a year to eliminate the effects of new and closed stores, rose 9% in the U.S. and 6% internationally, Costco said in a statement on Wednesday. Excluding the effect of gasoline-price inflation -- gas at Costco cost 40% more this past August than it did in August 2007 -- U.S. same-store sales rose 6%. In addition, currency fluctuations hit international sales. On a local-currency basis, August overseas same-store sales rose 8%. For the fourth quarter ended Aug. 31, Costco reported sales of $22.6 billion, up 12% from $20.09 billion in the year-earlier quarter. A survey of analysts by FactSet Research produced a consensus estimate of $22.91 billion of sales for the quarter.
Punch Taverns expects to meet consensus, scraps dividend(2:31 am ET)
LONDON (MarketWatch) -- U.K. pub operator Punch Taverns (UK:PUB: news, chart, profile) said Wednesday that it expects to report fiscal year earnings before exceptional items in line with market expectations, though it added it won't pay a final dividend. The group said comparable sales from its core managed estate were down 3.3% over the year to Aug. 23 and were down 3.4% at its leased pubs. Punch has provided increased support for its licensees through rent concessions and drinks discounts. The company said that in the current market it believes it is prudent to retain cash and strengthen its balance sheet, rather than return it to shareholders. It also noted it has received clearance to convert to a real estate investment trust structure, but is still weighing the benefits of this against the likely restructuring costs.
Tuesday, Sept. 2
Donaldson fourth-quarter profit rises to 60 cents a share(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- Donaldson Co. (DCI: news, chart, profile) said late Tuesday that its fourth-quarter net income rose to $48.6 million, or 60 cents a share, from $43.4 million, or 53 cents a share, a year ago. Revenue rose to $607.4 million from $524.7 million in the year-ago period. Analysts surveyed by FactSet Research estimated net income of 61 cents on revenue of $603.8 million. The company forecast 2009 net income of $2.30 to $2.40 a share. Analysts expect $2.44 a share.