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Friday, Feb. 13
CORRECT: Energy stocks rise as broad market falls(9:42 am ET)
NEW YORK (MarketWatch) -- The energy sector rose despite losses in the broad market on Friday. The Amex Oil Index (XOI: news, chart, profile) rose 0.5% to 937. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.8% to 391. (Corrects direction of broad market.)
CORRECT: Wyndham swings to large loss on goodwill charge(8:35 am ET)
NEW YORK (MarketWatch) -- Wyndham Worldwide Corp. (WYN: news, chart, profile) said Friday its fourth-quarter loss totaled $1.36 billion, or $7.63 a share, swinging from a profit of $104 million, or 58 cents a share, in the same quarter a year before. The results included a non-cash charge of $1.3 billion to reduce the value of its goodwill related to the vacation ownership business. Excluding various one-time charges, the hospitality and travel company earned a profit of 47 cents a share. Analysts had expected earnings on average of 38 cents a share, according to a FactSet Research survey. Revenue for the quarter was $911 million compared to $1.03 billion in the year-ago period. Wyndham said it expects 2009 adjusted profit of $1.61 to $1.85 a share. (Corrects revenue figures.)
PepsiCo net income falls, hitting target(7:15 am ET)
NEW YORK (MarketWatch) -- PepsiCo (PEP: news, chart, profile) said Friday fourth-quarter net income fell to $716 million, or 46 cents a share, from $1.26 bilion, or 77 cents a share in the year-ago period. Adjusted net income in the latest period was 88 cents a share. Revenue rose about 3% to $12.73 billion. The Purchase, N.Y. maker of snacks and drinks was expected to earn 88 cents a share on revenue of $12.82 billion, according to a survey of Wall Street analysts by FactSet Research. Looking ahead, PepsiCo expects 2009 core earnings-per-share growth in the mid-to high-single-digits on a constant currency basis. The company anticipates foreign exchange, at current spot rates, would adversely impact constant-currency core EPS by 8%.
Cognizant Technology fourth-quarter profit rises 17%(6:20 am ET)
LONDON (MarketWatch) -- Cognizant Technology Solutions Corp. (CTSH: news, chart, profile) on Friday said fourth-quarter net income rose to $112.3 million, or 38 cents a share, in the fourth quarter, up from $96.3 million, or 32 cents a share, in the same period of the previous year. The figures include a a charge of 3 cents a share for non-operating foreign exchange losses tied largely to the weakness of the British pound, the Teaneck, N.J.-based company said. The consensus forecast was for fourth-quarter net income of 38 cents a share, according to a FactSet Research survey of analysts. Fourth-quarter revenue rose to $753 million, up from $600 million in the final quarter of 2007. The company said it expected first-quarter earnings of 37 to 38 cents a share, and full-year 2009 earnings of at least $1.54 a share.
Nabor Industries sees $400 million charge(6:19 am ET)
LONDON (MarketWatch) -- Nabors Industries (NBR: news, chart, profile) said it's going to take $1.14 a share of non-cash charges, or $400 million before tax, from oil and gas ceiling test adjustments and goodwill impairments. It's expecting fourth-quarter results excluding the charge of be between 80 cents and 82 cents a share, which it called a "solid operationg performance across all business units." Analysts polled by FactSet were looking for the Hamilton, Bermuda driller to earn 83 cents a share.
Air Canada swings to hefty loss, to reduce capacity(6:15 am ET)
LONDON (MarketWatch) -- Air Canada (CA:AC.A: news, chart, profile) said it swung to a fourth-quarter loss of 727 million Canadian dollars ($586 million), with revenue falling 15% to C$2.5 billion. It earned C$35 million in the year-earlier quarter. The airline took C$527 million on foreign exchange losses. Air Canada says it had C$1 billion in cash and cash equivalents as of Dec. 31 and has assets that could support up to $1 billion in additional financing. For 2009, it expects capacity to decline by 2.5% to 3.5%.
Nordic American Tanker profit climbs on 'sound' market(6:07 am ET)
LONDON (MarketWatch) -- Nordic American Tanker (NAT: news, chart, profile) said its fourth-quarter net income rose to $17.2 million, or 50 cents a share, from $1.68 million, or 6 cents a share, with revenue up to $40.5 million from $26.9 million, with the firm citing the stronger spot Suezmax tanker market. The quarter included a 5 cents a share hit on unplanned technical work on two vessels. It's going to pay an 87 cents a share dividend. It added the sound Suezmax tanker spot market has to date continued into the first quarter 2009. Analysts polled by FactSet had forecast earnings of 51 cents a share.
Thursday, Feb. 12
DBS Bank fourth-quarter net income down 40% to $195 million(9:07 pm ET)
HONG KONG (MarketWatch) -- Singapore-based DBS Group Holdings (DBSDY: news, chart, profile) , the largest bank in Southeast Asia, reported Friday net income fell 40% to S$295 million ($195 million), or S$0.91 a share, from S$491 million, or S$1.37 a share, a year earlier. Analysts polled by Dow Jones Newswires were expecting net profit of S$326 million. The bank reported one-time losses, which included charges on its investment in Thai bank TMB Bank PCL, were S$88 million, up from S$67 million a year earlier. Total income was down 4% to S$1.475 billion. The bank cut its workforce by 900 employees, or about 6%, late last year.
Embarq fourth-quarter profit rises to $1.34 a share(4:13 pm ET)
SAN FRANCISCO (MarketWatch) -- Embarq Corp. (EQ: news, chart, profile) late Thursday reported its fourth-quarter net income rose marginally to $191 million from $190 million in the same quarter last year. On a per-share basis, the company earned $1.34 a share, up from $1.23 a share a year ago. Revenue decreased to $1.48 billion from $1.58 billion in the year earlier period, the telecom technology company said. Analysts surveyed by FactSet Research had forecast earnings of $1.27 a share on revenue of $1.5 billion.
McAfee profit rises on 19% revenue gain(4:11 pm ET)
SAN FRANCISCO (MarketWatch) - Security software maker McAfee Inc. on Thursday said net income for its fourth-quarter rose to $45.4 million, or 29 cents a share, from $12.2 million, or 7 cents a share in the same period a year earlier. Revenue rose 19% to $424 million, McAfee (MFE: news, chart, profile) said. Excluding special items, McAfee said earnings for the period ended in December were 53 cents a share. Analysts had estimated McAfee would post earnings excluding special items of 53 cents a share, and $419 million in revenue, according to FactSet Research.
Real Networks reports $240.5 million loss(4:10 pm ET)
SAN FRANCISCO (MarketWatch) -- RealNetworks Inc. (RNWK: news, chart, profile) on Thursday reported a fiscal fourth-quarter loss of $240.5 million, or $1.78 a share, compared with a profit of $2.7 million, or 2 cents a share, during the same period a year ago. Revenue slipped by 3% to $152.6 million from last-year's sales of $156.9 million. Real's sales were within the reduced revenue range the company gave on Feb. 3. The company also said it took $240.7 million in charges during the quarter related to goodwill, project costs and other one-time items. Real said that for its first quarter it expects sales to decline from the $147.6 million the company reported in the same period a year ago, but didn't give exact forecasts.
Ecolab earnings per share fall 27% in quarter (9:42 am ET)
NEW YORK (MarketWatch) -- Ecolab Inc. (ECL: news, chart, profile) said Thursday its fourth-quarter profit totaled $80 million, or 33 cents a share, from $113 million, or 45 cents a share, in the same quarter a year before. Revenue for the quarter was $1.48 billion compared to $1.44 billion in the year-ago period. Analysts had expected earnings, on average, of 44 cents a share and sales of $1.51 billion, according to a FactSet Research survey. Ecolab continues to see 2009 earnings per share of $1.95 to $2.05.
Energy stocks fall with broad market (9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks fell with the broad market in early action on Thursday. The Amex Oil Index (XOI: news, chart, profile) dropped 2.3% to 908. The Amex Natural Gas Index (XNG: news, chart, profile) fell 2.5% to 377, ahead of weekly inventory data. The Dow Jones Industrial Average ($DJ: news, chart, profile) subtracted nearly 150 points.
Viacom execs: DVD sales under pressure(9:22 am ET)
CHICAGO (MarketWatch) -- Viacom Inc. (VIA.B: news, chart, profile) (VIA: news, chart, profile) senior executives said Thursday that the company has seen the same slowdown in DVD sales that plagued the rest of the industry in the fourth quarter. "It is worth noting that we did see a strong performance from blockbuster hits such as 'Iron Man' and 'Indiana Jones [and The Kingdom Of the Crystal Skull]'," said Chief Executive Philippe Dauman during a conference call. "In the fourth quarter we saw the conversion rate of box office revenue into DVD purchases decline on all but the most popular titles," said Chief Financial Officer Tom Dooley. Because DVD sales are better for franchise titles, Paramount Pictures will bear this in mind when it decides what features it will produce, Dauman added.
Viacom CEO: MTV ratings improving(9:06 am ET)
CHICAGO (MarketWatch) -- Viacom Inc. (VIA.B: news, chart, profile) (VIA: news, chart, profile) Chief Executive Philippe Dauman said Thursday that ratings are beginning to improve at MTV, a cable channel that has had difficulty holding the attention of its young audience. Speaking on a conference call, Dauman said ratings in the current quarter are down 12%, compared with a decline of 21% in the fourth quarter. Another problem channel, VH1, is also seeing improvement. Ratings were down 8% in the fourth quarter -- which is better by a double-digit percentage than the network's third-quarter ratings.
CORRECT: Strayer profit rises amid enrollment gains(9:05 am ET)
NEW YORK (MarketWatch) -- Strayer Education Inc. (STRA: news, chart, profile) said Thursday its fourth-quarter profit rose to $24.0 million, or $1.71 a share, from $19.5 million, or $1.34 a share, in the same quarter a year before. Analysts had expected earnings on average of $1.70 a share, according to a FactSet Research survey. Revenue for the quarter was $114.3 million compared to $89.1 million in the year-ago period. The Arlington, Va.-based educational services company said that based on strong enrollment growth announced for the 2009 winter term and planned investments in opening new campuses, it estimates first-quarter profit to be in the range of $1.96 to $1.98 a share. (Corrects earning figures and comparisons.)
Viacom CEO: No recovery on horizon(8:59 am ET)
CHICAGO (MarketWatch) -- Viacom Inc. (VIA.B: news, chart, profile) (VIA: news, chart, profile) Chief Executive Philippe Dauman told analysts Thursday that the company doesn't see "macroeconomic improvement on the horizon just yet." Speaking on a conference call, Dauman said visibility into advertising sales trends is "still very limited." Advertisers' commitments made last year to buy ads for this year's first quarter are holding firm, and an increasing number of advertisers are exercising options to buy commercial time for the second quarter, Dauman added. However, he cautioned: "It is clear that while as cable network owners we are in a more favorable media segment than most, advertising [comparisons]are likely to get worse before they get better."
Redstone: Close to deal with National Amusements' creditors(8:37 am ET)
CHICAGO (MarketWatch) -- Viacom Inc. (VIA.B: news, chart, profile) (VIA: news, chart, profile) Chairman Sumner Redstone said Thursday that a new agreement with National Amusements' creditors is close at hand, but declined further comment. Speaking during a conference call with analysts, he also reiterated that his National Amusements holding company will not have to sell any addiitonal shares of Viacom or CBS Corp. (CBS: news, chart, profile) stock.
BorgWarner swings to fourth-quarter loss(8:18 am ET)
NEW YORK (MarketWatch) -- BorgWarner Inc. (BWA: news, chart, profile) said Thursday that it swung to a fourth-quarter loss of $81.4 million, or 70 cents a share, compared with net income of $71.2 million, or 60 cents a share, in the year-earlier period. Excluding items, the company's per-share earnings would have been breakeven. On average, analysts surveyed by FactSet Research expected a loss of 7 cents a share. Revenue at the Auburn Hills, Mich., producer of parts for vehicle powertrains declined to $931.5 million from $1.37 billion. The company said it has limited visibility for now, but expects positive earnings and positive cash flow from operations for 2009.
Progress Energy net income rises 4%(8:19 am ET)
NEW YORK (MarketWatch) -- Progress Energy (PGN: news, chart, profile) said Thursday its fourth-quarter earnings rose by about 4% to $107 million, or 41 cents a share, from $103 million, or 40 cents a share in the year-ago period. The Raleigh, N.C. operator of public utility companies in the Carolinas and Florida said operating earnings rose to 47 cents a share from 40 cents a share. Revenue fell slightly to $2.16 billion from $2.2 billion. Wall Street analysts expected earnings of 45 cents a share on revenue of $2.39 billion, according to a survey by FactSet Research. Progress Energy continues to expect 2009 profit of $2.95-$3.15 a share, compared to the analyst target of $3.03 a share.
Coca-Cola earnings per share fall 17% in quarter(8:16 am ET)
NEW YORK (MarketWatch) -- The Coca-Cola Co. (KO: news, chart, profile) said Thursday that its fourth-quarter profit slipped to $995 million, or 43 cents a share, from $1.21 billion, or 52 cents a share, in the same quarter a year before. Excluding one-time items, earnings per share were 64 cents, a 10% rise. Revenue for the quarter was $7.13 billion, compared to $7.33 billion in the year-ago period. Analysts had expected earnings, on average, of 61 cents a share and sales of $7.50 billion, according to a FactSet Research survey.
CORRECT:Och-Ziff records $112 million loss, says assets drop(7:59 am ET)
LONDON (MarketWatch) -- Hedge-fund manager Och-Ziff Capital Management (OZM: news, chart, profile) said it narrowed its fourth-quarter loss of $112.2 million, or $1.49 a share, from $774 million, or $11.15 a share in the year-earlier quarter. The company blamed the loss on its reorganization in connection with its initial public offering. It said its adjusted earnings were 8 cents a share. Revenue fell to $146 million from $770 million. Analysts polled by FactSet were looking for earnings of 2 cents a share. Assets under management of $22.1 billion as of Jan. 1, 2009, reflected $5.7 billion in performance-related depreciation and $5.4 billion in net outflows during 2008. It added it's going to pay a 5 cents a share dividend. (Fixes misspelling of company name.)
Scana's earnings slip in fourth quarter(7:49 am ET)
NEW YORK (MarketWatch) -- Scana Corp. (SCG: news, chart, profile) said Thursday its fourth-quarter profit fell to $86 million, or 73 cents a share, from $88 million, or 75 cents a share, in the same quarter a year before. Total operating revenue for the recent quarter rose to $1.30 billion from $1.17 billion in the year-ago period. On average, analysts polled by FactSet Research had predicted earnings of 67 cents a share. The Columbia, S.C., utility said it expects 2009 earnings of $2.65 to $2.95 a share, though it plans to tighten that guidance range later this year.
Pioneer plans 10,000 job cuts, closing TV business(7:48 am ET)
NEW YORK (MarketWatch) -- Pioneer Corp. (PNCOF: news, chart, profile) said Thursday it is closing its television-making operations and plans to slash 10,000 jobs from its global workforce, as the economic slowdown batters the consumer electronics industry. The announcement came as the Japanese electronics firm posted a fiscal third-quarter 26.15 billion yen ($291 million) loss, down from a 1.69 billion profit in the year-earlier quarter. Pioneer said it now expects a record-large net loss of 130 billion yen in the fiscal year ending March 31, which compares to its previous forecast for a 78 billion yen loss.
Waste Management Inc. profit slips (7:45 am ET)
NEW YORK (MarketWatch) -- Waste Management Inc. (WMI: news, chart, profile) said its fourth quarter profit slipped to $218 million, or 44 cents a share, from $309 million or 61 cents a share a year ago. Operating revenue slipped to $3.11 billion from $3.36 billion a year ago.
Teradata earnings per share 4.7% higher in quarter (7:46 am ET)
NEW YORK (MarketWatch) -- Terradata Corp. (TDC: news, chart, profile) said Thursday its fourth-quarter profit totaled $79 million, or 45 cents a share, compared to $79 million, or 43 cents a share, in the same quarter a year before. Revenue was $493 million compared to $466 million. Analysts had expected earnings, on average, of 37 cents a share and sales of $465 million, according to a FactSet Research survey. The data storage and and consulting company said that due to global economic uncertainty the company said it will not supply guidance for 2009.
LabCorp reports slight profit fall(7:36 am ET)
NEW YORK (MarketWatch) -- Laboratory Corporation of America Holdings (LH: news, chart, profile) said Thursday that its fourth-quarter profit fell to $120.3 million, or $1.08 a share, from $121.9 million, or 98 cents a share in the year-ago period. Adjusted earnings per share were $1.10, up from $1.04 in the fourth quarter of 2007. Analysts had expected, on average, adjusted earnings of $1.09 a share, according to FactSet Research. Revenues for the quarter were $1.1 billion, an 11.3% increase over the year-ago period. LabCorp said that for 2009 it expects revenue growth of 2% to 4% and earnings per share of between $4.75 to $4.95.
NRG Energy net income nearly triples(7:26 am ET)
NEW YORK (MarketWatch) -- NRG Energy (NRG: news, chart, profile) said Thursday its fourth-quarter net income rose to $259 million, or 98 cents a share, from $90 million, or 35 cents a share in the year-ago period. The Princeton, N.J. utility firm's operating income rose to 98 cents a share from 34 cents a share. Revenue rose to $1.66 bililon from $1.38 billion. Wall Street analysts expected earnings of 42 cents a share on revenue of $1.17 billion, according to a survey by FactSet Research. Driving the increase in fourth quarter income was an after tax benefit of $200 million in unrealized mark-to-market gains as a result of falling commodity prices, while fourth quarter 2007 results included an after tax charge of $22 million in unrealized mark-to-market losses, the company said. NRG Energy continues to expect 2009 cash flow from operations of $1.5 billion and $2.2 billion of adjusted earnings before interest, taxes, depreciation and amortization.
Viacom net income falls 69%(7:11 am ET)
NEW YORK (MarketWatch) -- Viacom Inc. (VIAB: news, chart, profile) said fourth-quarter net income fell to $173 million, or 28 cents a share, from $560 million, or 86 cents a share in the year-ago period. Adjusted earnings at the New York-based media giant fell to 76 cents a share from 84 cents a share. Revenue fell slightly to $4.24 billion frmo $4.25 billion. Wall Street analysts expected earnings of 80 cents a share on revenue of $4.25 billion, according to a survey by FactSet Research. Sumner M. Redstone, Executive Chairman of Viacom, said, "There is no doubt that global economic conditions are difficult right now. Having worked through turbulent times before, I know that it is in such times that companies with strong, resilient assets distinguish themselves. With enduring brands and a proven leadership team, Viacom is well prepared to manage through this environment and thrive over the long term."
Marriott swings to net loss, underlying profit down 49%(6:49 am ET)
LONDON (MarketWatch) -- Hotel group Marriott International Inc. (MAR: news, chart, profile) said Thursday that it swung to a fourth-quarter net loss of $10 million, or 3 cents a share, from a profit of $176 million, or 46 cents a share, a year earlier. Total revenue for the quarter fell 7.5% to $3.78 billion. The group said its loss was due to 35 cents-a-share of restructuring and other charges and that adjusted profit from continuing operations was down 49% at $121 million, or 34 cents a share. Analysts had been expecting earnings of 40 cents a share. Revenue per available room was down 8.4% from a year earlier on a comparable basis, with the international declined slightly outpacing the drop in the U.S. For the first quarter of 2009, the company is expecting earnings of 13 cents to 15 cents a share, with comparable company-operated REVPAR expected to fall 17% in North America. For 2009 as a whole it said it can't forecast results with any certainty, but earnings could be in a range of 86 cents to $1.04 a share.