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Friday, Nov. 28
G. Willi-Food 3rd-quarter net down 79%, sales up 33%(7:51 am ET)
TEL AVIV (MarketWatch) -- G. Willi-Food International Ltd., (WILC: news, chart, profile) the Yavne, Israel, kosher-food producer, reported third-quarter net income fell 79% on 33% higher sales. Net income fell to 642,000 shekels, or 0.01 shekel a share, from 3.1 million shekels, or 0.27, in the year-earlier period. Earnings attributable to shareholders fell 97% to 88,000 shekels from 2.8 million. Sales reached 79.1 million shekels from 59.7 million. The company also cut its estimate of sales for the year to more than 320 million shekels from more than 330 million. Due to the dollar strengthening against the shekel, the figures translate to $80 million versus the previous $100 million.
STMicro cuts revenue view; demand eases, orders pushed out(2:29 am ET)
TEL AVIV (MarketWatch) -- STMicroelectronics, (STM: news, chart, profile) the Geneva chipmaker, cut its fourth-quarter-revenue forecast, citing slower billing, reduced demand, and order push-outs. In a statement on Friday, the company said it now sees revenue of $2.2 billion to $2.35 billion. On Oct. 28, it estimated fourth-period revenue at flat with to down 8% from the third-quarter's figure of $2.7 billion. The new estimate is 12.8% to 18.4% down from the third-quarter figure. Because of unused capacity, the company sees gross-profit margin at 38%, plus or minus 1 percentage point. In October, the company said gross margin would improve to 38.8% -- plus or minus a point. The Q3 figure was 37.2%. The situation "reflects the well-known weaknesses in the industry, across most geographies and market segments, and, in particular, in wireless, automotive, and computer peripherals," STMicro said. The company said that in reaction, it's further reducing manufacturing and cutting sourcing from third-party suppliers. And it's concentrating on controlling costs.