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Tuesday, Oct. 28
STMicroelectronics swings to quarterly loss(6:35 pm ET)
SAN FRANCISCO (MarketWatch) -- STMicroelectronics NV on Tuesday said it swung to a third-quarter loss of $289 million, or 32 cents a share, from a profit of $187 million, or 20 cents a share in the same period a year earlier. The Geneva-based semiconductor company said net revenue in the period ended in September rose to $2.7 billion from $2.57 billion. STMicroelectronics (STM: news, chart, profile) cited "restructuring, impairment and non-recurring purchase accounting effects" as contributing to its results. The company said in a statement that its net revenue was boosted by sales in computer and telecom markets, but negatively impacted by sales in the automotive market, "reflecting the significant downturn in the automotive industry as a whole."
Ace quarterly net falls 92%; Greenberg sees rates firming (4:55 pm ET)
SAN FRANCISCO (MarketWatch) -- Ace Ltd. (ACE: news, chart, profile) said late Tuesday that third-quarter net income came in at $54 million, or 16 cents a share, down 92% from a year earlier when the property and casualty insurer made $656 million, or $1.95 a share. Operating income, which excludes net realized investment gains and losses, was $1.51 a share, Ace added. That was in line with the average estimate of 15 analysts in a FactSet survey. Ace Chief Executive Evan Greenberg said insurance rates will begin to firm after a period of soft prices in recent years. "Given both the rapid destruction and increased cost of capital, combined with the damage inflicted on a number of companies in our industry, the soft market for P&C insurance is essentially over, and rates will begin to firm," he said in a statement.
Centex's quarterly loss narrows(4:41 pm ET)
BOSTON (MarketWatch) -- Centex Corp. (CTX: news, chart, profile) after Tuesday's closing bell reported a fiscal second-quarter loss of $172 million, or $1.38 a share, compared with a net loss of $643.8 million, or $5.26 a share, in the year-ago period. Sales orders decreased 54% to 2,728 units, the residential builder said. "The home-building industry continues to grapple with unprecedented economic conditions," said Centex Chief Executive Tim Eller in a statement.
Lincoln National quarterly net falls 55%(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- Lincoln National (LNC: news, chart, profile) said late Tuesday that third-quarter net income came in at $148 million, or 58 cents a share, down 55% from a year earlier when the annuity provider made $330 million, or $1.21 a share. Operating earnings, which exclude one-time items such as net realized investment gains and losses, were $316 million, or $1.23 a share, the company reported. Lincoln National was expected to make $1.25 a share, according to the average estimate of 16 analysts in a FactSet survey. Total gross realized losses on investments were $406 million in the latest quarter, which included losses of $211 million related to financial institutions and $80 million related to residential mortgage-backed securities, Lincoln explained. The company said it isn't updating its full-year guidance because of "volatile market conditions."
CACI first-quarter net income rises to 69 cents a share(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- CACI International Inc. (CAI: news, chart, profile) late Tuesday reported its fiscal first-quarter net income rose to $21 million, or 69 cents a share, from $18.3 million, or 60 cents a share, in the year-earlier quarter. Revenue increased to $654.8 million from $553.6 million in the same period a year ago, the information technology company said. Analysts surveyed by FactSet Research had forecast the company to earn 68 cents a share on revenue of $629.6 million. The company also reaffirmed earnings of $2.90 to $3.10 a share and revenue in the range of $2.55 billion to $2.65 billion in fiscal 2009. Wall Street expects CACI to report earnings of $3.09 a share on revenue of $2.63 billion.
DreamWorks profit declines on 'Shrek' comparison(4:23 pm ET)
CHICAGO (MarketWatch) -- DreamWorks Animation Inc. (DWA: news, chart, profile) said its third-quarter profit fell 20% compared with a year-ago quarter that included significant box-office proceeds from the animated sequel "Shrek The Third." The company said it earned $37.4 million, or 41 cents a share, compared with a year-earlier figure of $47 million, or 47 cents a share. Excluding a tax-related gain, DreamWorks Animation would have earned 38 cents a share in the latest three months. The company said fourth-quarter results would be driven by the home entertainment debut of "Kung Fu Panda."
Fiserv third-quarter net income falls to 48 cents a share (4:16 pm ET)
SAN FRANCISCO (MarketWatch) -- Fiserv Inc. (FISV: news, chart, profile) late Tuesday reported its third-quarter net income fell to $78 million, or 48 cents a share, from $121 million, or 73 cents a share, in the third quarter of 2007. The most recent quarter results included a 15 cents a share after-tax loss from the sale of the majority interest in Fiserv Insurance due to tax expense associated with the sale. Adjusted earnings from continuing operations were 81 cents a share. Revenue rose to $1.08 billion from $924 million in the same period a year earlier, the technology system provider said. Analysts surveyed by FactSet Research had forecast the company to earn 83 cents a share on revenue of $1.08 billion. Fiserv expects adjusted earnings of $3.28 to $3.32 a share in 2008. Analysts are projecting full-year earnings of $3.33 a share.
McKesson earnings climb during second quarter(4:10 pm ET)
LOS ANGELES (MarketWatch) - McKesson Corp. (MCK: news, chart, profile) said Tuesday that second-quarter net income was $327 million, or $1.17 a share, for the period ended in September, compared with $247 million, or 83 cents a share, for the same period a year ago. Reporting after the close, the San Francisco-based drug distribution giant said sales were $26.57 billion vs. last year's $24.45 billion. Analysts polled by FactSet Research had expected the company to earn $1 a share during the quarter. McKesson shares ended trading Tuesday up 8.2% to $39.90 amid a strong market rally.
Lufthansa warns on operating profit(12:21 pm ET)
LONDON (MarketWatch) -- German airline Lufthansa (DE:823212: news, chart, profile) warned an economic slowdown and the uncertainty around the financial market crisis has led it to downgrade annual earnings expectations, as it now sees 2008 operating profit around 1.1 billion euros ($1.38 billion). Analysts polled by Thomson Reuters had expected an operating profit of 1.29 billion euros. Nine-month operating profit dropped 9.3% to 984 million euros, nine-month net dropped to 551 million euros from 1.6 billion euros and revenue rose 13.6% to 18.6 billion euros. Lufthansa shares dropped 9.6% in Frankfurt.
Vishay swings to loss on charges, slim revenue growth(9:17 am ET)
NEW YORK (MarketWatch) -- Vishay Intertechnology Inc. (VSH: news, chart, profile) said Tuesday it swung to a loss in the third quarter and posted slim growth in sales of its seminconductors, citing hefty charges to its balance sheet stemming from the company's failed takeover attempt of International Rectifier Corp. (IRF: news, chart, profile) . Sales edged up to $739.1 million, compared to $729.6 million for the fiscal quarter that ended Sept. 27. Malvern, Pa.-based Vishay said it lost $312.8 million, or $1.68 a share, vs. a profit of $35.1 million, or 20 cents a share, in the year-ago period. It recorded a $357 million charge for impairment of goodwill, and a $4 million charge stemming from the International Rectifier tender offer.
Temple-Inland quarterly profit plummets to 3 cents a share(8:46 am ET)
NEW YORK (MarketWatch) -- Temple-Inland Inc. (TIN: news, chart, profile) said Tuesday its third-quarter profit totaled $3 million, or 3 cents a share, from $36 million, or 33 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 5 cents a share, according to a FactSet Research survey. However, revenue for the quarter rose to $976 million compared to $963 million in the year-ago period. The Austin, Tex., company said that during the quarter, it reduced its headcount, incurring $1 million in severance charges.
U.S. Steel earnings propelled by higher prices(8:29 am ET)
NEW YORK (MarketWatch) -- U.S. Steel Corp. (X: news, chart, profile) posted a higher quarterly profit on Tuesday as revenue leaped 68%, surpassing most expectations and reflecting its ability to pass higher prices on to its customers. The company also cautioned, without giving specific estimates, that fourth-quarter earnings will fall as demand softens. U.S. Steel said it earned $919 million, or $7.79 a share, in the third quarter vs. $269 million, or $2.67 a share, in the year-ago period. Sales surged to $7.3 billion vs. $4.3 billion. Analysts expected the company to earn $6.90 a share on revenue of $6.96 billion, according to an average calculated by FactSet Research Systems.
Royal Caribbean profit rises to $1.92 a share(8:20 am ET)
NEW YORK (MarketWatch) -- Royal Caribbean Cruises Ltd. (RCL: news, chart, profile) said Tuesday its third-quarter profit totaled $412 million, or $1.92 a share, up from $395 million, or $1.84 a share, in the same quarter a year before. Analysts had expected earnings on average of $1.65 a share, according to a FactSet Research survey. Revenue for the quarter was $2.06 billion compared to $1.95 billion in the year-ago period. The company said it sees profit at 5 cents to 10 cents a share in fourth quarter, and $2.73 to $2.78 for the full year. It said it had $1.4 billion in cash, cash equivalents and undrawn credit as of Sept. 30.
Convergys swings to third-quarter loss(8:20 am ET)
NEW YORK (MarketWatch) -- Convergys Corp. (CVG: news, chart, profile) said Tuesday that it swung to a third-quarter loss of $140 million, or $1.15 a share, compared to a profit of $41.8 million, or 30 cents a share, in the year-ago period. Excluding the write-down of deferred charges, earnings would have been 29 cents a share. On average, analysts polled by FactSet Research expected earnings of 25 cents a share. Revenue was $676.2 million, compared with $703.7 million in the same period last year. Convergys expects fourth-quarter earnings of about 20 cents a share on revenue of $725 million to $745 million.
Bemis quarterly profit edges up to 44 cents a share(8:11 am ET)
NEW YORK (MarketWatch) -- Bemis Co. (BMS: news, chart, profile) said Tuesday its third-quarter profit totaled $44.3 million, or 44 cents a share, up from $41.0 million, or 40 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 42 cents a share, according to a FactSet Research survey. Sales for the quarter were $984 million, compared to $906 million in the year-ago period. The packaging and materials company said it expects its fourth-quarter profit to come in at 40 cents to 44 cents a share.
Check Point Software net up 4.3%, revenue up 8.5%(7:56 am ET)
TEL AVIV (MarketWatch) -- Check Point Software Technologies Ltd., (CHKP: news, chart, profile) the Tel Aviv producer of Internet-security solutions, reported third-quarter net income rose 4.3% on 8.5% higher revenue. Earnings reached $80.1 million, or 37 cents a share, from $76.7 million, or 34 cents, in the year-earlier period. The latest adjusted earnings were 44 cents a share against 41 cents. Revenue rose to $199.7 million from $184 million. A survey of analysts by FactSet Research produced a consensus estimate of 42 cents of profit for the quarter.
Occidental earnings per share up 76% in quarter(7:50 am ET)
NEW YORK (MarketWatch) -- Occidental Petroleum Corp. (OXY: news, chart, profile) said Tuesday that third-quarter earnings rose to $2.27 billion, or $2.78 a share, compared to $1.32 billion, or $1.58 a share, in the year-ago period. Net sales were $7.06 billion compared to $4.84 billion a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of $2.78 and sales of $6.93 billion. Dr. Ray R. Irani, chairman and chief executive officer, said, "Our production grew by 3% for the third quarter and 5.5% for the first nine months compared to last year."
Ashland swings to loss in quarter(7:27 am ET)
NEW YORK (MarketWatch) -- Ashland Inc. (ASH: news, chart, profile) said Tuesday that it lost $10 million, or 15 cents a share in the fourth quarter. In the same period a year ago, Ashland earned $32 million, or 51 cents a share. The loss from continuing operations was $1 million, or 1 cent a share. Sales were $2.22 billion compared to $2.09 billion. In the same period a year ago Ashland's earnings from continuing operations was $32 million, or 51 cents a a share. The fourth quarter of 2008 included a loss from discontinued operations of $9 million, or 14 cents a share, which primarily consisted of various adjustments to asbestos-related insurance receivables. Analysts polled by FactSet Research estimated, on average, sales of $2.15 billion.
Interpublic swings to a third-quarter profit(7:28 am ET)
NEW YORK (MarketWatch) -- Interpublic Group (IPG: news, chart, profile) on Tuesday reported third-quarter net income of $45.7 million and net income applicable to common stockholders of $38.7 million, compared to the year-earlier net loss of $21.9 million and a net loss applicable to common stockholders of $28.8 million. On a per-share basis, the company swung to a third-quarter profit of 8 cents versus a 6-cent loss in the year-ago quarter. Revenue at the advertising and marketing services conglomerate rose to $1.74 billion from $1.56 billion. On average, analysts polled by FactSet estimated third-quarter earnings of 6 cents a share.
McGraw-Hill Q3 profit $1.23 a share vs $1.34 year(7:24 am ET)
NEW YORK (MarketWatch) -- McGraw-Hill Cos. (MHP: news, chart, profile) said Tuesday its third-quarter profit totaled $390 million, or $1.23 a share, down from $452 million, or $1.34 a share, in the same quarter a year before. Analysts had expected earnings on average of $1.24 a share, according to a FactSet Research survey, which compares to adjusted earnings of $1.28 a share reported Tuesday. Revenue for the quarter was $2.05 billion compared to $2.19 billion in the year-ago period. McGraw-Hill said they are now forecasting earnings per share of $2.63 to $2.65 in 2008, with profit of 40 cents to 42 cents a share in the fourth quarter.
Rogers Communications profit jumps 74%(7:21 am ET)
LONDON (MarketWatch) -- Rogers Communications Inc. (RCI: news, chart, profile) said Tuesday that its third-quarter net profit rose 74% to C$465 million, or C$0.73 a share, from C$268 million, or C$0.42 a share, a year earlier. Revenue for the period was up 14% at C$2.98 billion. The group launched Apple Inc.'s (AAPL: news, chart, profile) iPhone 3G in Canada in July and said it activated around 255,000 of the devices during the quarter, with around a third of those representing new wireless customers for the group. It added the initial sales volumes of the iPhone 3G drove significantly higher acquisition and retention costs in the wireless unit during the quarter. The group also lowered the top end of its 2008 forecast for adjusted operating profit, citing the high volumes of iPhone 3G units. It's now forecasting a range of C$4 billion to C$4.1 billion, compared to its previous forecast of C$4 billion to C$4.2 billion.
Masco profit shrinks to 9 cents a share from 56 cents(7:16 am ET)
NEW YORK (MarketWatch) -- Masco Corp. (MAS: news, chart, profile) said Tuesday its third-quarter profit dropped sharply to $33 million, or 9 cents a share, from $205 million, or 56 cents a share, in the same quarter a year before. Revenue for the quarter was $2.53 billion compared to $3.01 billion in the year-ago period. Masco said it estimates its full-year 2008 sales will decline by a percentage in the mid-teens compared to 2007, a narrowing of its previous forecast that for a percentage sales decline of low-double digits to mid-teens. "The unprecedented changes in the global economic and financial market environment make forecasting future business conditions extremely difficult," it said. The Taylor, Mich., maker of home improvement and building products said 2008 full-year earnings are now projected at 25 cents to 30 cents a share.
Entergy posts rise in third-quarter profit(7:15 am ET)
NEW YORK (MarketWatch) -- Entergy Corp. (ETR: news, chart, profile) said Tuesday that third-quarter net income rose to $470 million, or $2.41 a share, from $461 million, or $2.30 a share, in the year-ago period. Operational earnings rose to $2.50 a share from $2.30 a share. Analysts surveyed by FactSet Research forecast earnings of $2.53 a share, on average. Operating revenue rose to $3.96 billion from $3.29 billion. The New Orleans power-plant owner and electric utility giant also reaffirmed its 2008 earnings forecast of $6.50 to $6.90 a share, compared to the Wall Street target of $6.71 a share.
Teleflex swings to profit, sees earnings at top of range(6:44 am ET)
LONDON (MarketWatch) -- Teleflex Inc. (TFX: news, chart, profile) said Tuesday that it swung to a third-quarter net profit of $42.3 million, or $1.06 a share, from a loss of $57 million, or $1.45 a share, a year earlier. Teleflex, which manufactures products for the medical, aerospace and commercial markets, said revenue for the quarter grew 30% to $595.9 million, driven by acquisitions and favorable currency moves. Excluding one-off charges, earnings from continuing operations for the quarter were $1.11 a share. Analysts polled by FactSet had expected earnings of 98 cents a share. CEO Jeffrey Black said the firm is on target to achieve the top end of its previously-stated 2008 target for adjusted earnings of $3.90 to $4.00 a share.
Amedisys third-quarter net income rises to $23.5 million(6:38 am ET)
LONDON (MarketWatch) -- Nursing services company Amedisys Inc. (AMED: news, chart, profile) on Tuesday said third-quarter net income rose to $23.5 million, or 87 cents a share, compared to $20.2 million, or 77 cents a share, in the third quarter of 2007. Consensus expectations were for profit of 82 cents a share, according to a survey of analysts by FactSet Research. Amedisys said net service revenue rose to $321.6 million in the quarter, compared to $180.9 million in third-quarter 2007. The Baton Rouge, La.-based firm said it expects to see net service revenue of $1.15 billion to $1.175 billion in 2008, excluding the effects of any future acquisitions. Earnings per share are expected to total between $3.20 to $3.25, including any integration costs and excluding the effect of any future acquisitions.
Teppco 3rd-quarter net fell 1.3%, revenue rose 64%(6:33 am ET)
TEL AVIV (MarketWatch) -- Teppco Partners LP, (TPP: news, chart, profile) the Houston energy-storage and -transmission partnership, reported third-quarter net income fell 1.3% on 64% higher revenue. Profit fell to $47 million, or 40 cents a unit, from $47.6 million, or 44 cents, in the year-earlier period. Units outstanding rose 8.2% to 97.3 million. Revenue reached $4.03 billion from $2.46 billion. Earnings were hurt as the partnership lost $3.7 million of revenue due to the impact of Hurricanes Gustav and Ike.
Centene profit rises 15%, tops forecasts(6:29 am ET)
LONDON (MarketWatch) -- Healthcare firm Centene Corp. (CNC: news, chart, profile) said Tuesday that its third-quarter net profit rose 15% to $18.2 million, or 41 cents a share, from $15.9 million, or 36 cents a share, a year earlier. Revenue for the period grew 20% to $897.1 million. Excluding investment losses, earnings for the period were 48 cents a share. Analysts polled by FactSet had been expecting earnings of 45 cents a share. The group said the increase in revenue was primarily driven by membership growth, especially related to a new foster care contract in Texas.
Health Management Associates profit drops 79%(6:18 am ET)
LONDON (MarketWtach) -- Health Management Associates (HMA: news, chart, profile) said its third-quarter net income slumped 79% to $6.4 million, or 2 cents a share, while revenue rose 3% to $1.08 billion. The company said it would have earned 7 cents a share from continuing operations excluding refinancing costs. It still sees annual earnings from continuing operations between 41 cents and 47 cents a share on revenue between $4.4 billion and $4.6 billion. Analysts polled by FactSet estimated third-quarter earnings of 8 cents a share and annual earnings of 43 cents a share.
Whirlpool to cut 5,000 jobs, cuts 2008 earnings view(6:11 am ET)
LONDON (MarketWatch) -- Whirlpool (WHR: news, chart, profile) announced it was cutting 5,000 jobs as it closes a plant in Jackson, Tenn., cuts 500 salaried jobs in North America, and cuts 1,900 international jobs that are mostly in Europe. The actions are expected to produce savings of approximately $275 million a year. For the third quarter, Whirlpool's profit fell 7% to $163 million, or $2.15 a share, while sales edged 1.2% higher to $4.9 billion. For the year, Whirlpool increased its estimate of restructuring charges to $170 million from $100 million and lowered its earnings from continuing operations view to a range of $5.75 to $6 a share from a previous estimate between $7 and $7.50 a share. Its cash flow estimate was slashed to a range of $0 from $50 million, down from $500 million to $550 million, and Whirlpool halted its stock buyback plan. Analysts polled by FactSet expected earnings of $1.70 a share for the third quarter and $6.71 for the year.
Panasonic Corp. says quarterly net income fell 16% (5:33 am ET)
HONG KONG (MarketWatch) -- Panasonic Corp. (PC: news, chart, profile) [jp:6752] said Tuesday its net income for the three months ended Sept. 30 fell 16%, citing rapid declines in prices for digital products, slumping demand in Japan and overseas and high raw materials and energy prices. Panasonic, which changed its name from Matsushita Electric Industrial Co. earlier this month, said its won't revise its full-year profit forecast at this time because of volatility of exchange rates and stock prices, but noted it may review its outlook with a view to a downgrade when it releases third-quarter financial results. The electronics maker said net income fell to 55.5 billion yen ($586 million) from 65.8 billion yen a year earlier. Net sales for the period were down 4% to 2.19 trillion yen from 2.29 trillion yen a year earlier.