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Monday, Feb. 2
Anadarko Petroleum profit jumps three-fold(5:07 pm ET)
SAN FRANCISCO (MarketWatch) -- Anadarko Petroleum Corp. (APC: news, chart, profile) reported late Monday fourth-quarter net income rose to $824 million, or $1.79 a share, from $264 million, or 56 cents, a year ago. One-time items, including gains on derivatives and divestitures, added $750 million, or $1.63 per share, to the bottom line after tax. Revenue rose to $3.81 billion from $3.06 billion. Analysts polled by FactSet Research, whose estimates typically exclude one-time items, predicted earnings of 37 cents a share on $2.59 billion in revenue. Shares of the Houston-based oil and gas producer fell 1.8% to close at $36.09 ahead of the report. The stock is down 40% over the past 12 months.
PartnerRe quarterly net income falls 47%(4:58 pm ET)
SAN FRANCISCO (MarketWatch) -- PartnerRe Ltd. (PRE: news, chart, profile) said late Monday that fourth-quarter net income came in at $95.3 million, or $1.53 a share, down 47% from a year earlier when the reinsurer made $180.6 million, or $3.04 a share. Net income includes net after-tax realized and unrealized gains on investments of $37.6 million, or 67 cents a share, during the latest quarter, the company added. Operating earnings, which exclude net after-tax realized and unrealized investment gains and losses, came in at $53.9 million, or 95 cents a share. "Our performance at the January 1, 2009 renewals confirmed an environment of increasing demand for reinsurance and adequate pricing, and we expect the environment to show gradual improvement through the remainder of the year," Chief Executive Patrick Thiele said in a statement.
Aflac quarterly net falls 48%(4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- Aflac Inc. (AFL: news, chart, profile) said late Monday that fourth-quarter net income came in at $197 million, or 42 cents a share, down 48% from a year earlier when the insurer made $382 million, or 78 cents a share. The result included realized investment losses of $262 million, or 56 cents a share, in the latest quarter. Roughly $117 million of these losses came from Aflac's investment in three troubled Icelandic banks, which was previously announced. The company also realized $125 million of after-tax losses related to the impairment of investments in collateralized debt obligations.
Plum Creek profit dips; cautious on 2009(4:28 pm ET)
SAN FRANCISCO (MarketWatch) -- Plum Creek Timber (PCL: news, chart, profile) on Monday reported a fourth-quarter profit of $95 million, or 57 cents a share, down from $118 million, or 68 cents a share, a year ago. Most recent results included gains from debt retirement while the year-go numbers included the sale of about $70 million worth of timberland. Revenue came in at $461 million, down from $504 million a year earlier. Looking ahead, the lumber company said it expects to post a first-quarter profit of 94 cents to 99 cents a share, warning it does not expect meaningful near-term improvement in the economy or in its land and timber markets.
Tech stocks start week in the red(9:46 am ET)
SAN FRANCISCO (MarketWatch) -- Technology stocks fought for direction in early trading Monday, with small gains coming from Apple Inc. (AAPL: news, chart, profile) , Microsoft Corp. (MSFT: news, chart, profile) and Cisco Systems Inc. (CSCO: news, chart, profile) . However, the overall sector was in the red, with Applied Materials Inc. (AMAT: news, chart, profile) among the decliners. The chip-equipment maker's stock shed 5 cents a share to fall to $9.34 after the company said it expects to report a first-quarter loss of 9 cents to 11 cents a share. The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 5 points to 1,471.
Energy stocks move into the red (9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks continued their move into the red early Monday after losses in the previous session. The Amex Oil Index (XOI: news, chart, profile) dropped 2% to 917. The Amex Natural Gas Index (XNG: news, chart, profile) fell 2.1% to 367. Crude oil prices retreated $1.60 to $40.08 on persisent economic woes.
Piper Jaffray swings to loss (8:43 am ET)
NEW YORK (MarketWatch) -- Piper Jaffray (PJC: news, chart, profile) said on Monday that it swung to a loss in the fourth quarter of $153 million, or $9.76 a share, from a profit of $6.5 million, or 41 cents a share a year ago. The latest results included $9.33 a share in charges, mostly for write-down at its capital-markets business as part of Piper Jaffray's 1998 acquisition by U.S. Bancorp. Revenue was to $59.4 million, a 60% drop from a year ago. Analysts polled by Thomson Reuters expected a loss of 72 cents on revenue of $88 million.
Applied Materials warns of first-quarter loss(8:42 am ET)
CHICAGO (MarketWatch) -- Semiconductor-equipment manufacturer Applied Materials Inc. (AMAT: news, chart, profile) said Monday it expects to take a loss of 9 to 11 cents a share in its first quarter on restructuring costs, the inability of certain customers to pay for their orders, and a decline in demand for chip and display products. The Santa Clara, Calif.-based company had said in November that it expected to turn in a profit of breakeven to 4 cents a share. The restructuring charge totals about $133 million; "Doubtful" accounts receivable will trigger a provision of $48 million; and an inventory logjam will pile up charges of $20 million. Sales in the quarter ended Jan. 25 are expected to drop 35% to $1.33 billion. Analysts polled by FactSet Research were anticipating a first-quarter profit of 2 cents a share on sales of $1.4 billion.
Sysco posts lower second-quarter profit(8:15 am ET)
NEW YORK (MarketWatch) -- Sysco Corp. (SYY: news, chart, profile) said Monday that its fiscal second-quarter earnings fell to $237.7 million, or 40 cents a share, from $264.1 million, or 43 cents a share, in the year-earlier period. Sales for the 13 weeks ended Dec. 27 declined to $9.15 billion from $9.24 billion. On average, analysts polled by FactSet Research expected the food-distribution company to report earnings of 38 cents a share.
Rockwell Automation lowers 2009 view as earnings fall(7:42 am ET)
NEW YORK (MarketWatch) -- Rockwell Automation Inc. (ROK: news, chart, profile) said Monday that first-quarter earnings were $118 million, or 83 cents a share, compared to $157 million, or $1.04, in the same period a year ago. Sales were $1.19 billion compared to $1.33 billion. Income from continuing operations was 81 cents a share. Analysts polled by FactSet Research estimated, on average, earnings per share of 83 cents and sales of $1.26 billion. For fiscal 2009 Rockwell lowered earnings guidance downward to a range of $1.55 to $2.25 per share.
Enterprise Products fourth-quarter net rises to $228.1 mln.(6:45 am ET)
LONDON (MarketWatch) -- Enterprise Products Partners Ltd. (EPD: news, chart, profile) on Monday said fourth-quarter profit rose to $228.1 million, or 44 cents per unit, from $161.9 million, or 30 cents per unit, in the same period the previous year. A FactSet Research survey of analysts had produced a consensus forecast of 43 cents per unit. The Houston-based pipeline operator and energy-services provider said revenues fell to $3.58 billion in the quarter from $5.30 billion in fourth-quarter 2007, due largely to lower commodity prices. The company said revenues and certain operating costs and expenses can fluctuate significantly based on the level of natural gas and NGL prices without necessarily affecting operating income and gross operating margin.
Mattel 4th-quarter net off 46%, sales down 11%(6:30 am ET)
TEL AVIV (MarketWatch) -- Mattel Inc., (MAT: news, chart, profile) the El Segundo, California, toymaker, reported that fourth-quarter earnings fell 46% on 11% lower sales. Net income fell to $176.4 million, or 49 cents a share, from $328.5 million, or 89 cents, in the year-earlier quarter. The year-earlier profit reflected a tax benefit of 13 cents a share. Sales declined to $1.94 billion from $2.19 billion. A survey of analysts by FactSet Research produced consensus estimates of 71 cents of profit on $2.19 billion of sales. Foreign-currency translations knocked five percentage points off sales, Mattel reported. At the Mattel Girls & Boys Brands unit, sales were down 17% to $1.12 billion. Worldwide gross sales for the Barbie brand were down 21%. "Our business wasn't immune from the deteriorating economic environment of 2008," Chairman and Chief Executive at Robert A. Eckert said in a statement.
Humana profit down 28% on claims, lower income(6:15 am ET)
LONDON (MarketWatch) -- Humana (HUM: news, chart, profile) , the Louisville health insurer, said fourth-quarter net income fell 28% to $174.1 million, or $1.03 a share, on higher prescription drug claim expenses and lower investment income, including four cents a share in writedowns. Revenue rose 18% to $7.49 billion. It still sees fiscal 2009 earnings climbing to $5.90 to $6.10 a share from $3.83 in fiscal 2008. Analysts polled by FactSet had expected fourth-quarter earnings of $1.07 a share and 2009 earnings of $5.91 a share.
Corn Products earnings flat, sees tough 2009(6:00 am ET)
LONDON (MarketWatch) -- Corn refiner and ingredients supplier Corn Products International Inc. (CPO: news, chart, profile) said Monday that its fourth-quarter net profit rose 1% to $46.4 million from $46.1 million. Earnings per shares were steady at 61 cents and sales rose 1% at $900 million as a more favorable sales mix was largely offset by exchange rate moves and lower volumes. The group said its result included a charge of 9 cents a share linked to the reimbursement of expenses over its terminated merger with Bunge (BG: news, chart, profile) . Analysts polled by FactSet had been expecting earnings of 64 cents a share in the quarter. Corn Products also said it expects earnings for 2009 to be in the range of $2.10 to $2.60 per share and that cash flow from operations should reach $450 million to $550 million. The analyst consensus forecast for 2009 is $3.26 a share, according to FactSet. Corn Products said the forecast is due to an expected increase in net corn costs, foreign exchange moves and uncertainty over volume and pricing strength.
Itochu net income falls 56% in quarter(4:30 am ET)
HONG KONG (MarketWatch) -- Japanese trading company Itochu Corp. (JP:8001: news, chart, profile) said Monday net income for the October-to-December quarter fell to 23.55 billion yen ($265 million) compared to 53.86 billion yen a year earlier. The company lowered its profit outlook for the fiscal year ending in March to 180 billion yen from its earlier estimate of 240 billion yen. The company booked a special loss of 37.1 billion yen related to its investment in the Entrada oil and gas field in the Gulf of Mexico. Itochu said it is still examining whether it should sell its interest in the field or leave it dormant. Itochu, which suspended the project in December, said its expenditures are unrecoverable.
Mitsubishi Electric swings to loss in quarter, cuts outlook(3:51 am ET)
HONG KONG (MarketWatch) -- Mitsubishi Electric Corp. (JP:6503: news, chart, profile) said Monday it suffered a net loss in the October-to-December quarter of 28.39 billion yen ($318.1 million), compared to a profit of 42.34 billion yen a year earlier, owing mostly to losses in stock holdings, and cut is profit outlook for the fiscal year ending March 31 to less than a tenth of its earlier forecast. Mitsubishi said revenue for the period was 808 billion yen compared to 912 billion yen a year earlier. It said losses related to equities at affiliated companies climbed to 31.2 billion yen, compared to a 3.98 billion yen profit a year earlier. For the fiscal year ending March 31 the company forecast a net profit of 10 billion yen, compared to its earlier estimate of 120 billion yen.
Ryanair records 102 million euro loss(2:15 am ET)
LONDON (MarketWatch) -- Ryanair Holdings (RYAAY: news, chart, profile) (UK:RYA: news, chart, profile) , the Irish airline, said it swung to a fiscal third-quarter loss of 102 million euros. But it said its fourth-quarter loss won't be as bad as initially expected, due to lower oil and other operating costs. For the year, excluding items, it may break even to earn as much as 80 million euros.
Sunday, Feb. 1
Daihatsu slashes forecast; 9-month profit declines(11:41 pm ET)
HONG KONG (MarketWatch) -- Japan's Daihatsu Motor Co. (JP:7262: news, chart, profile) has slashed its profit forecast for the year ending March 31 by 34% in the wake of worsening conditions for the automobile industry and the global economy. The company, a unit of automobile giant Toyota Motor Corp. (TM: news, chart, profile) (JP:7203: news, chart, profile) , now expects full-year group net income of 21 billion yen ($234 million) compared with its previous estimate of 32 billion yen. Sales are forecast at 1.63 trillion yen versus its earlier projection of 1.78 trillion yen. Daihatsu said its net income for the nine months ended Dec. 31 dropped to 18.34 billion yen from 20.54 billion yen in the same period a year earlier. Daihatsu shares fell 4% in Tokyo afternoon trading.
Friday, Jan. 30
Gannett CFO: Board to re-examine dividend in February(11:00 am ET)
CHICAGO (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) Chief Financial Officer Gracia Martore said Friday that the company's board will again examine its quarterly dividend when it meets next month to determine whether it should be reduced or suspended as the global economic meltdown drags on. "Every company right now is very focused on conserving cash," Martore told analysts during a conference call. Another newspaper publisher, Media General (MEG: news, chart, profile) , announced on Thursday that it would suspend its dividend, and New York Times Co. (NYT: news, chart, profile) recently made a drastic cut to its quarterly payout. Gannett last considered the issue during a board meeting in October, Martore said.
Gannett CEO: Visibility very limited on ad outlook (10:53 am ET)
CHICAGO (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) Chief Executive Craig Dubow said Friday that the outlook for advertising sales in the first quarter at the company's newspapers is difficult to determine at this time. "We're not seeing checkbooks coming open, but we understand there is opportunity in the pipeline," Dubow told analysts during a conference call. Addressing the issue of automotive advertising, which suffered a severe downturn in 2008, Dubow said Gannett is "not seeing anything that suggests any near-term upside" in the category.
Big Amazon gains give early lift to tech sector(9:40 am ET)
SAN FRANCISCO (MarketWatch) -- A surprise increase in fourth-quarter earnings by Amazon.com Inc. (AMZN: news, chart, profile) lifted the tech sector in early trading Friday as the online retailer's shares surged more than 15%. Late Wednesday, Amazon reported earnings of $225 million, or 52 cents a share, compared with $207 million, or 48 cents a share, for the same period the previous year. Analysts had been looking for earnings of 40 cents a share, according to consensus estimates from FactSet Research. With Amazon in the lead, the tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) rose 15 points to 1,523.
Exxon Mobil, Chevron lift energy stocks (9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose Friday as bellwethers Exxon Mobil (XOM: news, chart, profile) and Chevron (CVX: news, chart, profile) posted better-than-expected fourth-quarter profits. The Amex Oil Index (XOI: news, chart, profile) rose 1.4% to 964. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.8% to 392. Exxon Mobil rose 1.7% to $78.22. Chevron rose 2.3% to $72.21. Both stocks are components of the Dow Jones Industrial Average ($DJ: news, chart, profile) , which rose about 30 points.
Chevron net income edges up after one-time gains(9:28 am ET)
NEW YORK (MarketWatch) -- Chevron Corp. (CVX: news, chart, profile) on Friday said fourth-quarter net income edged up to $4.90 billion, or $2.44 a share, from $4.88 billion, or $2.32 a share in the year-ago period. The latest period included a $600 million gain on an asset exchange transaction as well as a $478 million boost from currency exchange. Analysts surveyed by FactSet Research expected Chevron to earn $1.82 a share. Revenue fell to $43 billion from $60 billion. Exploration and production profit dropped to $3.15 billion from $4.84 billion. Refining and marketing profit rose to $2.1 billion from $204 million. "Fourth-quarter earnings for our downstream business improved as the lower cost of crude-oil feedstocks used in the refining process helped boost margins on the sale of gasoline and other refined products," said Chairman and CEO Dave O'Reilly. "Lower quarterly profits for our upstream operations reflected a sharp decline in crude-oil prices from a year ago."
Paccar's fourth-quarter earnings tumble(8:47 am ET)
NEW YORK (MarketWatch) -- Paccar Inc. (PCAR: news, chart, profile) said Friday that fourth-quarter earnings fell to $113 million, or 31 cents a share, from $261 million, or 71 cents a share, in the same period a year ago. On average, analysts polled by FactSet Research expected the Bellevue, Wash.-based truck maker to report earnings of 38 cents a share.
Gannett to take charge of $4.5B-$5.2B in fourth quarter(8:47 am ET)
CHICAGO (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) , the largest U.S. newspaper publisher, said Friday that it will take fourth-quarter non-cash charges of as much as $5.2 billion, after taxes, related to a reduction in the value of its assets as a result of the worldwide financial meltdown. On a preliminary basis, Gannett says its profit fell 36% to $158 million, or 69 cents a share, in the quarter ended Dec. 28, compared to year-earlier net income of $245.3 million, or $1.06 a share. Preliminary results in the latest three months include $24.4 million in severance and facility consolidation costs. Gannett expects to take after-tax non-cash charges of $4.5 billion to $5.2 billion once it completes a test to determine how much its assets have declined in value due to recessions in the U.S. and the U.K. Revenue slid 8.5% to $1.74 billion. Analysts polled by FactSet Research were expecting revenue of $1.8 billion. Gannett said publishing revenue fell 19% to $1.4 billion, reflecting among other factors a 37% plunge in classified advertising sales.
Wilmington Trust posts deficit as loan-loss provisions soar(8:23 am ET)
NEW YORK (MarketWatch) - Wilmington Trust (WL: news, chart, profile) on Friday said it swung to a loss in the fourth quarter as the value of its investments fell at the same time it more than tripled loan loss provision in the period. The company said it lost $68.5 million, or $1.02 a share, compared to a profit of 44 million, or 66 cents a share. The company said loan-loss provisions rose to $67.5 million in the quarter from $19.6 million last year.
American Axle & Manufacturing's loss widens(8:23 am ET)
BOSTON (MarketWatch) -- American Axle & Manufacturing Holdings Inc. (AXL: news, chart, profile) on Friday said its fourth-quarter net loss widened to $112.1 million, or $2.17 a share, from $26.8 million, or 52 cents a share, in the year-earlier quarter. AAM said the latest quarter's results included a tax expense provision of $69.5 million. Net sales dropped to $503 million from $755.2 million.
Arch Coal profit down 23% vs. year-earlier gain(8:21 am ET)
CHICAGO (MarketWatch) -- Arch Coal Inc. (ACI: news, chart, profile) said Friday that its fourth-quarter profit fell 23% compared with a year-earlier quarter that included a gain related to deferred tax assets. Net income was $62.3 million, or 44 cents a share, compared with a profit of $81.4 million, or 56 cents, in the fourth quarter of 2007. Revenue rose to $729.9 million from $644.4 million. Analysts surveyed by FactSet Research were expecting a profit of 40 cents a share.
Simon Property FFO up 6.5% in quarter(8:22 am ET)
NEW YORK (MarketWatch) -- Simon Property Group Inc. (SPG: news, chart, profile) said Friday that its funds from operations in the fourth quarter were $541 million, or $1.86 a share, compared to $508 million, or $1.76 a share, in the same period a year ago. Results in the most recent quarter include a 7-cents-a-share charge. Revenue was $1.03 billion compared to $1.04 billion. Analysts polled by FactSet Research estimated, on average, revenue of $1.03 billion. The company sees 2009 FFO in a range of $6.40 to $6.60 a share.
Exxon Mobil profit falls 33% on lower oil prices(8:13 am ET)
NEW YORK (MarketWatch) -- Exxon Mobil Corp. (XOM: news, chart, profile) on Friday said fourth-quarter net income fell 33% to $7.82 billion, or $1.55 a share from $11.66 billion, or $2.13 a share in the year-ago period. Analysts surveyed by FactSet Research forecast earnings of $1.52 a share. The world's largest corporation and component of the Dow Jones Industrial Average ($DJ: news, chart, profile) said lower oil prices impacted its profit by about $3.2 billion. Capital and exploration spending rose 11% to $6.8 billion. Oil equivalent production fell 3%. Excluding the impacts of lower entitlement volumes, OPEC quota effects and divestments, production fell 1%.