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Wednesday, Oct. 15
Steel Dynamics nearly doubles profit (6:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Steel Dynamics, Inc. (STLD: news, chart, profile) posted late Wednesday third-quarter net income of $193 million, or 98 cents a share, up from $100.6 million, or 53 cents, a year ago. Revenue for the three months ended Sept. 30 more than doubled to $2.56 billion from $1.16 billion a year ago. Analysts polled by FactSet had predicted the Fort Wayne, Ind.-based steelmaker would post earnings of $1.10 a share on $2.6 billion in revenue. Shares of the Steel Dynamics fell 18% to close at $7.33 ahead of the report. The stock is down 68% over the past 12 months.
UnitedHealth moves up release date for earnings(4:45 pm ET)
LOS ANGELES (MarketWatch) -- UnitedHealth Group (UNH: news, chart, profile) said late Wednesday that it would move up the date for its third-quarter earnings release by five days, from Oct. 21 to Thursday, Oct. 16. In a press release, UnitedHealth gave no reason for advancing its earnings report, saying only that Chief Executive Stephen J. Hemsley would discuss the results after their unveiling before the market opens. Amid a sharply down market, UnitedHealth shares ended trading Wednesday off 5.7% to $21.67.
Xilinx posts second-quarter profit decline(4:29 pm ET)
SAN FRANCISCO (MarketWatch) - Xilinx Inc. said Wednesday its fiscal second-quarter net income fell to $81.8 million, or 29 cents a share, from $89.7 million, or 30 cents a share in the same period a year earlier. That included special charges of $31.5 million, or the equivalent of 9 cents a share, Xilinx said. The San Jose, Calif.-based chipmaker (XLNX: news, chart, profile) said revenue for the period ended in September rose to $483.5 million, from $444.9 million. Analysts on average estimated Xilinx would post earnings of 36 cents a share for the quarter, on $482.4 million in revenue, according to FactSet Research.
EBay swings to profit following Skype charges(4:23 pm ET)
SAN FRANCISCO (MarketWatch) - EBay Inc. swung to a profit in the third quarter compared to the same period last year, when the online auction giant took a large write-off on its acquisition of Skype. On Wednesday afternoon, eBay (EBAY: news, chart, profile) reported net income of $492.2 million, or 38 cents a share, compared to a loss of $935.6 million, or 69 cents a share, for the same period last year. Excluding charges related to stock options and other items, the company said it would have earned $592 million, or 46 cents a share, for the recent period. Revenue grew 12% to $2.12 billion. Analysts were expecting revenue of $2.14 billion and earnings excluding certain charges of 41 cents a share, according to consensus forecasts from FactSet Research.
Kinder Morgan Energy lifts profit, dividend (4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Kinder Morgan Energy Partners L.P. reported late Wednesday third-quarter net earnings of $329.8 million, or 48 cents a share, up from $213.8 million, or 24 cents, a year ago. Revenue for the three months ended Sept. 30 rose to $3.23 billion from $2.23 billion. Analysts polled by FactSet had predicted the Houston-based energy pipeline limited partnership would earn 58 cents a share on $3.4 billion in sales. The company increased its quarterly cash distribution per common share to $1.02 from 99 cents in the previous quarter and 88 cents a year ago. Kinder Morgan Energy shares fell $2.63, or 5.3%, ahead of the report to close at $47.12. The stock is down 9.4% over the past 12 months.
Chesapeake Energy leads losses in Amex Natural Gas Index(11:24 am ET)
NEW YORK (MarketWatch) -- Chesapeake Energy (CHK: news, chart, profile) led losses among components of the Amex Natural Gas Index (XNG: news, chart, profile) , with its shares down 19% to $17.57, still above its 52-week low of $11.99 on Oct. 10. Late Tuesday, the natural gas company said it expects fourth-quarter production of 197-201 billion cubc feet (Bcf). It also cut its 2009 production estimate to 893-913 Bcf, down from prior estimates of 943-963 Bcf. The company also expects 2010 natural gas production of 1,032-1,072 Bcf, down from prior estimates of 1,122-1,162 Bcf. Chesapeake expects total cash inflows of about $7.8 to $9 billion in 2009, down from its prior forecast for about $9.9 billion to $11.5 billion.
Marshall & Ilsley's third-quarter profit falls(8:57 am ET)
NEW YORK (MarketWatch) -- Marshall & Ilsley Corp. (MI: news, chart, profile) said Wednesday that it earned $83.1 million, or 32 cents a share, in the third quarter, compared to a profit of $219.9 million, or 83 cents a share, in the year-ago period. Analysts polled by FactSet Research had, on average, expected the firm to report earnings of 23 cents a share. The Milwaukee, Wis.-based company said the housing market's ongoing deterioration has continued to put stress on its construction and development portfolio.
Wells Fargo's net income falls 25%(8:15 am ET)
BOSTON (MarketWatch) -- Wells Fargo & Co. (WFC: news, chart, profile) , which is in an agreement to buy Wachovia Corp. (WB: news, chart, profile) , on Wednesday said its third-quarter net income fell 25% from the year-ago period to $1.64 billion. The San Francisco-based company said quarterly profit dropped to 49 cents a share from 64 cents a share. Total revenue rose 5% to $10.38 billion, Wells Fargo said. The bank raised its credit reserves by an additional $500 million, bringing the allowance for credit losses to $8 billion. Wells Fargo said it plans to complete its merger with Wachovia by year-end.
Hudson City Bancorp's third-quarter profit jumps(8:15 am ET)
NEW YORK (MarketWatch) -- Hudson City Bancorp (HCBK: news, chart, profile) said Wednesday that its third-quarter profit rose to $121.9 million, or 25 cents a share, from $74.4 million, or 15 cents a share, in the year-ago period. Analysts, on average, expected the company to earn 24 cents a share, according to FactSet Research. The company also said it is raising it quarterly dividend to 13 cents a share.
Trina Solar to meet or beat 2008 revenue estimate(8:09 am ET)
NEW YORK (MarketWatch) -- Trina Solar (TSL: news, chart, profile) said Wednesday it expects to meet or beat its 2008 revenue estimate of $850 million to $900 million. Operating profit margin in the third quarter is expected to be 15% to $17%, in line with company projections.
CORRECT: J.P. Morgan Chase net falls 85%(7:45 am ET)
NEW YORK (MarketWatch) -- J.P. Morgan Chase (JPM: news, chart, profile) said Wednesday its third-quarter net income for the three months ended Sept. 30 fell 85% to $527 million, or 11 cents a share from $3.4 billion, or 97 cents a share in the year-ago period. Revenue fell to $14.74 billion from $18.4 billion. The latest period include a charge of $1.2 billion to conform loan loss reserves and an extraordinary gain of $581 million related to the acquisition of Washington Mutual's banking operations, which closed on Sept. 25. Wall Street analysts expected a loss of 8 cents a share and revenue of $16.52 billion, according to a survey by FactSet Research. (Corrects earnings per share figure for year-ago net income.)
St. Jude Medical net income up 21%(7:42 am ET)
NEW YORK (MarketWatch) -- St. Jude Medical (STJ: news, chart, profile) on Wednesday said third-quarter net income rose 21% to $193 million, or 55 cents a share, from $160 million, or 46 cents a share in the year-ago period. Adjusted earnings in the latest period were 57 cents a share. Revenue rose 17% to $1.08 billion from $927 million. Analysts expected earnings of 57 cents a share and revenue of $1.08 billion, according to a survey by FactSet Research.
Coca-Cola posts higher third-quarter profit(7:16 am ET)
NEW YORK (MarketWatch) -- Coca-Cola Co. (KO: news, chart, profile) said Wednesday that its third-quarter net profit rose 14% to $1.89 billion, or 81 cents a share, from $1.65 billion, or 71 cents a share, in the year-earlier period. Net operating revenue for the quarter rose 9% to $8.39 billion. The beverage giant said that, adjusting for special items, earnings would have been 83 cents a share. Analysts polled by FactSet had been expecting earnings of 78 cents a share on revenue of $8.6 billion. The company said unit case volume increased 5% in the quarter, led by 7% growth in international markets, while North American volume fell 2%. It also said it's on track to deliver $400 million to $500 million in annualized savings from productivity initiatives by the end of 2011.
AmeriGas sees net $154 mln in '08, up to $170 mln in '09(7:11 am ET)
TEL AVIV (MarketWatch) -- AmeriGas Partners LP, (APU: news, chart, profile) the Valley Forge, Pa., retail marketer of propane, expects to report earnings of $154 million for fiscal 2008 ended Sept. 30. The partnership, held 44% by UGI Corp., (UGI: news, chart, profile) estimated earnings for fiscal 2009 in the range of $160 million to $170 million. AmeriGas issued the figures as part of a presentation to be delivered to investors and analysts at a meeting in New York on Wednesday.
UGI Corp. sees profit of $2.10 to $2.20 a shr in fiscal 2009(6:53 am ET)
WASHINGTON (MarketWatch) -- UGI Corp. (UGI: news, chart, profile) pegged projected earnings in the year ended Sept. 30 at about $2.00 a share. In addition, the company expects to generate earnings in a range of $2.10 to $2.20 a share in the fiscal year ending Sept. 30, 2009. The consensus profit estimates for fiscal 2008 and fiscal 2009 among three analysts as compiled by FactSet Research stand at $1.99 and $2.11 a share, respectively. Valley Forge, Pa.-based UGI's forecast for fiscal 2009 assumes normal winter weather patterns prevail, said Lon Greenberg, chairman and chief executive. UGI is a holding company with subsidiaries doing business in propane marketing, utility and energy marketing.
State Street's third-quarter earnings, sales rose(6:19 am ET)
LONDON (MarketWatch) -- State Street Corp. (STT: news, chart, profile) said third-quarter net income rose 33% to $477 million, or $1.09 a share, from $358 million, or 91 cents a share, earned in the year-earlier quarter. Excluding one-time items, earnings rose to $1.24 a share from $1.15 a share. Sales climbed 24% to $2.77 billion. Consensus forecasts were for earnings of $1.23 a share, according to a survey of analysts conducted by FactSet Research. The company said that due to "unprecedented market illiquidity" in the third quarter mark-to-market losses on its investments stood at $3.3 billion and asset-backed commercial paper losses at $2.1 billion. The company added it may take a pre-tax charge of $400 million to $450 million in the fourth quarter but said it still expects operating earnings growth at the high end of its 10% to 15% range for the year. State Street will also issue $2 billion of senior preferred shares to the U.S. Treasury along with warrants to purchase common stock with a total market price equal to about $300 million at the time of issuance.
Lufkin Industries profit climbs, ups 2008 view(6:16 am ET)
LONDON (MarketWatch) -- Lufkin Industries (LUFK: news, chart, profile) said third-quarter net income rose to $24.8 million, or $1.65 a share, from $19.1 million, or $1.26 a share. Sales rose 42% to $195 million, led by growth in its oilfield unit. Excluding a penny of one-time items, and the company's earnings came in ahead of FactSet-compiled estimates of $1.58 a share. It raised its 2008 earnings from continuing operations view to a range of $5.65 to $5.85 a share, up from $5.50 to $5.70.
Larsen & Toubro Q2 disappoints, shares drag on Sensex(3:36 am ET)
HONG KONG (MarketWatch) -- Shares of Larsen & Toubro tumbled nearly 10% in Mumbai trading Wednesday after the Indian engineering major reported a lower-than-expected 33% increase in fiscal second-quarter net income, dragging down the 30-stock Sensex. Larsen said its net income rose to 4.60 billion rupees ($94.3 million), or 15.74 rupees a share, in the July-September period, from 3.48 billion rupees in the same quarter a year earlier. Quarterly sales grew 40% to 76.82 billion rupees. Analysts polled by Factset Research expected a net income of 5.1 billion rupees on sales of 84.42 billion rupees. Larsen shares tumbled 9.7% in afternoon trading, dragging down the Sensex 4.2% to 10,998.80.
Autonomy profit more than doubles(2:58 am ET)
LONDON (MarketWatch) -- Infrastructure software firm Autonomy (UK:AU: news, chart, profile) said Wednesday that its third-quarter net profit more than doubled to $33.4 million, or 15 cents a share, from $12.2 million, or 6 cents a share, a year earlier. Revenue for the quarter rose 41% to $127.1 million. The group said adjusted earnings excluding one-time gains and losses were 17 cents a share for the quarter. The group said demand was driven by regulatory pressure on companies as the economic crisis has worsened. It added it's comfortable with the outlook for the rest of the year and sees a number of opportunities for 2009.
Renault group's September sales rose 1%(2:54 am ET)
TEL AVIV (MarketWatch) -- Renault's (RNSDY: news, chart, profile) (FR:013190: news, chart, profile) September sales rose 1% to 195,647 vehicles worldwide, the company said on Wednesday. The figure reflects sales at the group's three brands: Renault, which fell 2.6%, Dacia, which leaped 53%, and Renault Samsung, which fell 12.5%. In Europe, Renault group's market share widened by 0.4 percentage point to 8%, the company said. "Sales were resilient at 119,597 units (down 5%) in a market that fell 8.6% in September," a company statement said. Outside Europe, the group's sales rose 12% in the month.
KBC faces loss of more than $1.2 billion after write downs(2:40 am ET)
LONDON (MarketWatch) -- Belgian banking group KBC (BE:000356573: news, chart, profile) said Wednesday it will post a third-quarter net loss of between 880 million euros ($1.2 billion) and 930 million euros after taking a write-down of 1.6 billion euros on its portfolio of collateralized debt obligations. The group said Moody's Investor Service on Tuesday downgraded the credit ratings of a number of CDOs based on loss assumptions that are "far more stringent than any others before them." KBC said it has decided to apply this new ratings hypothesis to its entire CDO portfolio. The bank said its action would largely prevent its future results from being affected by future ratings downgrades. KBC added it continues to have a strong capital base and after the write-downs will still have a Tier 1 ratio for banking activities well above 8.5%.
BAE says trading meeting expectation, books gain from sales(2:29 am ET)
LONDON (MarketWatch) -- U.K. aerospace and defense group BAE Systems (UK:BA: news, chart, profile) said Wednesday that trading since the start of July has been in line with its expectations at the time of its half-year results. The group said it booked a gain of 132 million pounds ($230 million) on the completion of its BVT surface shipbuilding transaction and a further gain of 56 million pounds from the sale of its interest in Flagship Training Ltd. BAE said its earnings before interest, taxes, depreciation and amortization are benefiting from the recent strengthening of the dollar, but added the exchange rate move is having an adverse impact on its net cash/debt.