Earning Plays

[3xBuBu]

Tuesday, Dec. 9
Pall profit jumps 19% (5:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Pall Corp. (PLL: news, chart, profile) reported late Tuesday fiscal first-quarter 2009 net income rose to $43.1 million, or 36 cents a share, from $36.1 million, or 29 cents a share, a year ago. Excluding restructuring and other one-time charges, earnings in the latest quarter totaled 40 cents a share compared with 36 cents a year ago. Revenue for the three months ended Oct. 31 rose 3% to $578 million. Analysts polled by FactSet Reserch had predicted the East Hills, N.Y.-based industrial machinery maker would earn 37 cents a share on $578 million in revenue. Pall shares fell 2.6% to close at $27.29 ahead of the report.
SAIC third-quarter net income rises to 30 cents a share (4:17 pm ET)
SAN FRANCISCO (MarketWatch) -- SAIC Inc. (SAI: news, chart, profile) late Tuesday reported its third-quarter net income rose to $120 million, or 30 cents a share, from $105 million, or 25 cents a share, a year earlier. Income from continuing operations were 29 cents a share, compared with 27 cents a share in the same quarter last year. Revenue increased to $2.63 billion from $2.36 billion in the year-ago period, the government services contractor said. Analysts surveyed by FactSet Research had forecast the company to earn 30 cents a share on revenue of $2.57 billion.
Electronic Arts sees 2009 revenue, earnings below forecast(4:09 pm ET)
SAN FRANCISCO (MarketWatch) -- Electronic Arts (ERTS: news, chart, profile) said late Tuesday it expects fiscal 2009 net revenue and earnings per share to be below the guidance previously announced in October due to lower than expected sales in North America and Europe. "The company is continuing to pursue cost saving initiatives including a reduction of its product portfolio for fiscal year 2010 with additional associated headcount reductions and facility consolidations," Electronic Arts said in a statement. It does not plan to provide an updated financial guidance before early February 2009.
U.S. average gasoline prices dip below $1.70 a gallon(12:28 pm ET)
NEW YORK (MarketWatch) -- The U.S. average gasoline price fell 2 cents to just below $1.70 a gallon on Tuesday, according to the AAA Daily Fuel Gauge Report. A month ago, gasoline sold for $2.26 a gallon. A year ago, it sold for $3.00 a gallon.
Discoveries boost Exco, Petrohawk as energy sector dips(9:34 am ET)
NEW YORK (MarketWatch) -- Exco Resources (XCO: news, chart, profile) rose 6% to $6.77 a share and PetroHawk Energy (HK: news, chart, profile) advanced 7% to $14.54 despite weakness among energy stocks on Tuesday after the two companies announced successful wells in the Haynesville Shale region of northern Louisiana and eastern Texas. Meanwhile, the Amex Natural Gas Index (XNG: news, chart, profile) fell 2% to 350 and the Amex Oil Index (XOI: news, chart, profile) dropped 1% to 903 after big run-ups in the previous session.
Novellus warns it will miss projections, plans job cuts(9:26 am ET)
NEW YORK (MarketWatch) -- Novellus Systems Inc. (NVLS: news, chart, profile) said Tuesday that it expects to report a fourth-quarter loss of at least 15 cents a share before items, with revenue, bookings and shipments also expected to come in below the guidance ranges provided during the company's Nov. 20 midquarter update. On average, analysts polled by FactSet Research were expecting a loss of 4 cents a share in the period. Citing recent weakness at Korean memory customers as well as "extremely limited" visibility, the company said it expects an incremental reduction of at least 10% in bookings, shipments and revenue for the fourth quarter. Novellus also said it will cut its global workfoce by about 10%. "In addition to headcount reductions, my salary will be reduced by 50% and I will not participate in the bonus program nor will I receive stock or option grants for 2009," said Richard Hill, chairman and chief executive officer.
Corning says it plans to reduce capital spending, expenses(9:25 am ET)
SAN FRANCISCO (MarketWatch) -- Corning Inc. (GLW: news, chart, profile) said Tuesday that it plans to reduce capital spending next year as nearly all of its businesses have been "negatively impacted" by the global recession. In a statement, the company said it is contemplating "permanent manufacturing capacity consolidation, reducing operating expenses to be flat or lower than 2008, and workforce reductions." Details will be given in the company's next earnings call in January. Corning said it expects to reduce 2009 capital spending to $1.1 billion, of which about $450 million relates to construction completed in 2008. The statement comes ahead of a planned presentation by the company at an investment conference on Tuesday.
Nucor expects to be `marginally' profitable in 4th quarter(9:05 am ET)
TEL AVIV (MarketWatch) -- Nucor Corp., (NUE: news, chart, profile) the Charlotte, N.C., steelmaker, estimated it would be "marginally" profitable in the fourth quarter as end users order less steel and reduce their inventories. Total steel shipments for the quarter should drop some 40% from the third quarter, and Nucor should use on average only a bit more than half its capacity in the fourth period, Nucor said in a statement on Tuesday. Because its plants are consuming higher-cost scrap and pig-iron inventories at a slower rate, it expects a small last-in-first-out inventory charge. It had been expecting a large LIFO credit. Scrap pricing has fallen in the course of the economic crisis, and those lower scrap prices should benefit the first quarter, the company said. Helping Nucor weather the economic storm: The balance sheet and cash flow are "strong," its production processes are flexible, and its product line is diverse, President and Chief Executive Dan DiMicco said.
Toro breaks even, will fall short of Q1 view(8:45 am ET)
NEW YORK (MarketWatch) -- The Toro Co. (TTC: news, chart, profile) said Tuesday it broke even in its fiscal fourth quarter, compared to net income of $6.5 million, or 16 cents a share in the year-ago period. The company's results in the latest period were reduced by a pre-tax charge of $4.7 million, or 8 cents a share on an after-tax basis, to account for workforce adjustments. Sales rose to $341.2 million from $332.5 million. Wall Street analysts expected earnings of 7 cents a share and revenue of $321 million, according to surveys by FactSet Research. The Bloomington, Minn. maker of lawn mowers and other equipment expects first-quarter earnings of 15-25 cents a share, below the Wall Street target of 39 cents a share.
Vail Resorts loss widens in first quarter(8:19 am ET)
NEw YORK (MarketWatch) -- Vail Resorts Inc. (MTN: news, chart, profile) said Tuesday that it lost $35 million, or 93 cents a share in the first quarter, compared to a loss of $25 million, or 63 cents a share, in the same period a year ago. Revenue grew to $153 million compared to $98 million in last year's period. Analysts polled by FactSet Research estimated, on average, a loss of 83 cents and sales of $153 million." We have just begun our 2008/2009 ski season and still have limited near-term visibility; therefore, we believe that it is too early to formally adjust our fiscal 2009 guidance," said Chief Executive Rob Katz.
Jarden gives revenue forecast for fourth quarter, 2009(7:46 am ET)
NEW YORK (MarketWatch) -- Jarden Corp. (JAH: news, chart, profile) said Tuesday that it expects to report fourth-quarter revenue of about $1.3 billion and 2009 revenue of more than $5 billion. The Rye, N.Y.-based consumer-products company said it will not provide guidance below the revenue line, but believes that the recent improvement in raw-material commodity costs will benefit margins in the second half of 2009. On average, analysts surveyed by FactSet Research are looking for Jarden to post revenue of $1.46 billion in the fourth quarter and $5.36 billion in 2009.
AutoZone earnings per share up 10.1% in quarter(7:20 am ET)
NEW YORK (MarketWatch) -- AutoZone Inc. (AZO: news, chart, profile) said Tuesday that first-quarter earnings were $131 million, or $2.23 a share, compared to $133 million, or $2.02, in the same period a year ago. Sales were $1.48 billion, compared to $1.46 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of $2.20 and sales of $1.49 billion. Sales for stores open at least one year, decreased 1.5% for the quarter.
Methode Electronics profit down 69% after charge(6:17 am ET)
LONDON (MarketWatch) -- Methode Electronics Inc. (MEI: news, chart, profile) said Tuesday that its fiscal second-quarter net profit fell 69% to $2.7 million, or 7 cents a share, from $8.8 million, or 24 cents a share, a year earlier. Revenue for the quarter dipped 9% to $121.3 million. The company, which designs and makes electro-mechanical devices, said sales were hurt by the weaker auto market in North America, while earnings were also impacted by $6.3 million of restructuring charges in the latest quarter.
Monday, Dec. 8
CORRECT: Broadcom cuts view, citing recent 'cancellations'(7:34 pm ET)
SAN FRANCISCO (MarketWatch) -- Chip maker Broadcom Corp. said late Monday that it's lowering guidance for its current fourth quarter, citing "significant pushouts and cancellations" by customers. Broadcom (BRCM: news, chart, profile) said that it now expects between $1.05 billion and $1.1 billion in revenue for the quarter including the acquisition of Advanced Micro Devices Inc.'s (AMD: news, chart, profile) digital-TV business, compared with prior guidance of between $1.17 billion and $1.24 billion excluding the acquisition. In addition, Broadcom said it now expects its gross margin to be down between 105 and 130 basis points sequentially, compared with a prior forecast of gross margin falling between 50 and 75 basis points. (Corrects revenue figures).
Pep Boys third-quarter net loss narrows(6:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Pep Boys-Manny, Moe & Jack (PBY: news, chart, profile) late Monday reported its third-quarter net loss narrowed to $7.3 million, or 14 cents a share, from a loss of $28 million, or 54 cents a share, in the same quarter last year. Net loss a year ago included a $50-million in pre-tax costs for an inventory write down, asset impairment and increased legal reserves, the company said. Revenue fell to $464.2 million from $528.8 million.
Danaher cuts fourth-quarter adjusted earnings outlook (4:56 pm ET)
SAN FRANCISCO (MarketWatch) -- Danaher Corp. (DHR: news, chart, profile) late Monday cut its fourth-quarter adjusted earnings outlook to $1.03 to $1.10 a share from its previous forecast of $1.17 to $1.25 a share. For 2008, the company expects adjusted earnings of $4.15 to $4.22 a share. "Global economic conditions have continued to deteriorate over the last several weeks impacting many of our customers as well as a number of our businesses. In addition, the strengthening of the dollar against other global currencies has created additional headwinds that will negatively impact our financial results," Chief Executive H. Lawrence Culp said in a statement.
FedEx cuts full-year profit outlook(4:42 pm ET)
SAN FRANCISCO (MarketWatch) -- FedEx Corp. (FDX: news, chart, profile) late Monday cut its full-year profit outlook to $3.50 to $4.75 a share as demand for its package-delivery services has weakened in the global economic slowdown. FedEx, of Memphis, Tenn., had expected to earn between $4.75 to $5.25 a share for its fiscal year that ends in May. On the upside, FedEx said it will make $1.58 a share for the quarter that ended Nov. 30, better than the $1.54 analysts had targeted, according to a FactSet Research survey.