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Tuesday, Feb. 17
Woodside Petroleum profit jumps 73% in 2008(8:45 pm ET)
HONG KONG (MarketWatch) -- Australian energy producer (AU:WPL: news, chart, profile) (WOPEY: news, chart, profile) Wednesday reported a 73% jump in profit for 2008 as production of oil increased 15% during the year. Net income rose to A$1.79 billion ($1.16 billion) from A$1.03 billion, with revenue rising 56% to A$5.99 billion. Woodside shares fell 1.3% in Sydney.
Westpac cash earnings drop 2% as impairment charges surge(8:31 pm ET)
HONG KONG (MarketWatch) -- Australian lender Westpac Banking Group (AU:WBC: news, chart, profile) (WBK: news, chart, profile) Wednesday said its group cash earnings fell to about A$1.2 billion ($780 million) in the quarter ended Dec. 31, down 2% from the year-earlier period. Impairment charges surged to A$800 million during the quarter from A$144 million. Shares fell 2.6% in Sydney trading.
Jack in the Box quarterly profit slides(4:59 pm ET)
SAN FRANCISCO (MarketWatch) -- Jack in the Box Inc. (JACK: news, chart, profile) late Tuesday reported its first-quarter net income fell to $28.4 million, or 49 cents a share, from $36.3 million, or 59 cents a share, in the same quarter last year. Revenue was fractionally lower at $776.7 million, compared with $777 million a year earlier, the San Diego-based fast-food chain said. Analysts surveyed by Thomson Reuters had forecast earnings of 52 cents a share on revenue of $749 million. Same-store sales at Jack in the Box company restaurants increased 1.7% in the quarter. In 2009, the company expects adjusted earnings of $2 to $2.20 a share.
Agilent quarterly profit slides to 18 cents a share (4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Agilent Technologies Inc. (A: news, chart, profile) late Tuesday reported its first-quarter earnings shrank nearly in half to $64 million, or 18 cents a share, from $120 million, or 31 cents a share, in the same quarter last year. Excluding certain items, Agilent earned 20 cents a share, down 44% from a year ago. "We don't know where, or when, this recession will bottom. But, we will remain proactive in addressing the economic challenges we face, and we are committed to delivering performance consistent with Agilent's operating model," said Chief Executive Bill Sullivan in a statement. Revenue decreased to $1.17 billion from $1.39 billion a year earlier. Analysts surveyed by FactSet Research had forecast earnings of 28 cents a share and revenue of $1.27 billion.
Kraft Foods CEO talks private label(11:49 am ET)
SAN FRANCISCO (MarketWatch) -- Kraft Foods (KFT: news, chart, profile) Chief Executive Irene Rosenfeld said Tuesday the world's No. 2 food maker is not being hurt by consumers trading down to cheaper store-brand products. "Private label is taking more share from our competitors than us," Rosenfeld said at an investor conference in Boca Raton, Fla. Kraft said private label grew 1% in its categories last year. Kraft is currently shedding less-profitable products such as South Beach Living frozen meals and dealing with inventory reductions at food retailers. This will hurt volume growth in the first quarter, which is expected to be down as much as 5%, the company said. Overall, Kraft said volume will grow for the year. Kraft shares fell 2% to $24.74 in midday trading.
Transocean net off, firm takes $208 million goodwill charge(7:50 am ET)
NEW YORK (MarketWatch) -- Transocean Ltd. (RIG: news, chart, profile) said Tuesday that its fourth quarter net income fell to $800 million, or $2.50 a share from $1.06 billion, or $4.17 a share a year ago. Revenue rose to $3.27 billion, or from $2.08 billion last year. The latest quarter's results included $385 million, or $1.19 per share of various charges.
ConAgra reaffirms 2009 earnings view(7:44 am ET)
NEW YORK (MarketWatch) -- ConAgra Foods (CAG: news, chart, profile) said Tuesday it continues to expect full-year 2009 earnings per share of slightly more than $1.50, with greater earnings expected in the fourth quarter than in the third. Additionally, the company said it expects annual earnings-per-share growth of 8% to 10% over the long term.
Trina Solar sees higher revenue, cuts gross-margin view (7:33 am ET)
NEW YORK (MarketWatch) -- Trina Solar Ltd. (TSL: news, chart, profile) said Tuesday that it expects fourth-quarter net revenue to exceed its previous forecast range of $190 million to $210 million and full-year net revenue to meet its previous forecast range of $800 million to $850 million. The Changzhou, China-based producer of solar-power equipment also said it expects a non-cash inventory provision of $16 million to $18 million, citing the revaluation of its silicon inventory related to "notable market price declines" in the fourth quarter. As a result, the company lowered its outlook for fourth-quarter gross margin to a range of 9% to 10%, compared to its earlier forecast of 13% to 15%.
Medtronic adjusted earnings up 13% in quarter(7:28 am ET)
NEW YORK (MarketWatch) -- Medtronic Inc. (MDT: news, chart, profile) said Tuesday that its third-quarter earnings were $723 million, or 65 cents a share, compared to $77 million, or 7 cents, in the same period a year ago. Revenue rose 3% to $3.49 billion. On an adjusted basis, Medtronic earned 71 cents versus 63 cents a year ago. Analysts polled by FactSet Research estimated, on average, earnings per share of 70 cents and sales of $3.51 billion at the medical technology company.
Alliance One profit jumps after rise in selling prices(7:15 am ET)
LONDON (MarketWatch) -- Leaf tobacco merchant Alliance One International inc. (AOI: news, chart, profile) said Tuesday that its fiscal third-quarter net profit jumped to $59.5 million, or 67 cents a share, from $15.7 million, or 18 cents a share, a year earlier. Revenue for the quarter rose 23% to $690 million, mainly due to an increase in selling prices, with volumes sold remaining in line with expectations. The group said its financing partners are continuing to provide working capital, though the associated costs have begun to increase.
Dycom sees second-quarter results below previous guidance(6:36 am ET)
LONDON (MarketWatch) -- Dycom Industries Inc. (DY: news, chart, profile) warned Tuesday that second-quarter earnings will come in below the company's previous forecasts. The Palm Beach Gardens, Fla.-based specialty contracting company said it now expects to report an after-tax loss from continuing operations of around $800,000, or 2 cents a share, which includes a 2-cent after-tax gain tied to the buyback of senior subordinated notes. The figure doesn't include an impairment charge tied to the company's goodwill. The company had previously forecast earnings per share of 2 to 7 cents. Second-quarter revenue is expected to total around $245 million, below the range of $250 million to $270 million estimated by Dycom in November. The company plans to announce full second-quarter results on Feb. 24.
State Auto Financial swings to loss(6:12 am ET)
LONDON (MarketWatch) -- Insurance group State Auto Financial Corp. (STFC: news, chart, profile) said Tuesday that it swung to a fourth-quarter net loss of $600,000, or 2 cents a share, from a profit of $41.7 million, or $1.01 a share, a year earlier. Total revenue fell 1.8% as a rise in premiums written was more than offset by a loss on investments. The group said earnings from operations were 53 cents a share, compared to 99 cents a share in the final quarter of 2007. Analysts polled by FactSet were expecting earnings of 60 cents a share in the quarter.
Republic Airways profit falls, but tops forecast(5:57 am ET)
LONDON (MarketWatch) -- Republic Airways Holdings (RJET: news, chart, profile) said fourth-quarter net income was $19.0 million, or 56 cents per diluted share, compared to $24.3 million, or 65 cents per diluted share, for the same period last year. Revenue fell 4% to $339.3 million. Analysts polled by FactSet had forecast earnings of 43 cents a share.
Daimler annual profit down 65%, dividend slashed(4:27 am ET)
LONDON (MarketWatch) -- German car maker Daimler AG (DE:DAI: news, chart, profile) (DAI: news, chart, profile) said Tuesday that its net profit for 2008 dropped around 65% to 1.4 billion euros ($1.8 billion) as revenue declined 3.5% at 95.9 billion euros. Earnings before interest and taxes fell 69% to 2.73 billion euros mainly due to 3.2 billion euros of expenses related to its investment in Chrysler as well as lower earnings from Mercedes-Benz. Excluding restructuring and other one-off charges, Daimler said it achieved its goal for underlying EBIT of 6 billion euros. The group said it will cut its dividend payout to 0.60 euros a share from 2 euros a share for 2007 and added that there will be "substantial burdens" on its earnings in 2009 from the economic downturn. Global demand for automobiles could drop another 10% in 2009, leading to further significant falls in unit sales and lower revenue across all its vehicle divisions. Daimler said a more detailed statement on 2009 earnings will only be possible later in the year.
Iberdrola net profit falls 49% to 379.3 million euros(2:58 am ET)
MADRID (MarketWatch) -- Spanish utility and renewable energy operator Iberdrola SA (ES:IBE: news, chart, profile) reported a 49% fall in fourth quarter net income on Tuesday. For the fourth quarter, net income fell to 379.3 million euros ($478 million) from 740.6 million euros in the year-ago period. A survey of analysts polled by Dow Jones had forecast fourth quarter net income of 475 million euros. For 2008, net income rose 22% to 2.86 billion euros from 2.35 billion euros a year ago.
InterContinental profit down 43%, had tough start to 2009(2:38 am ET)
LONDON (MarketWatch) -- InterContinental Hotels Group (UK:IHG: news, chart, profile) (IHG: news, chart, profile) said Tuesday that its 2008 net profit fell 43% to $262 million, while revenue grew 4.7% to $1.85 billion. The hotel group said that, excluding $85 million of one-time costs in the year and $152 million of gains in the previous year, adjusted net profit rose 12% to $347 million. The results was broadly in line with expectations, but the group also said it had seen a sharp deterioration in fourth quarter trading, with global constant-currency revenue per available room down 6.5% in the quarter. In January RevPAR was down 12.2%, with sharp declines across all regions. The group said it will leave its final dividend unchanged at 29.2 cents a share.
Teva posts loss after R&D, other items; adjusted net up 11%(1:42 am ET)
TEL AVIV (MarketWatch) -- Teva Pharmaceutical Industries Ltd., (TEVA: news, chart, profile) the Jerusalem drugmaker, swung to a fourth-quarter net loss from a year-earlier profit on 11% higher sales. Adjusted net income rose 11%. And the company raised its quarterly dividend by a third. The loss was $688 million, or 88 cents a share, compared with net income of $570 million, or 69 cents, in the year-earlier quarter. Sales totaled $2.85 billion compared with $2.58 billion. On an adjusted basis, the company earned 76 cents a share against 69 cents a year earlier. A survey of analysts by FactSet Research produced a consensus estimate of 73 cents of profit for the quarter on $2.94 billion in sales. Sales of Copaxone, the company's flagship treatment for multiple sclerosis, rose 37% in the quarter to $595 million. Sales of Azilect for Parkinson's disease rose 50% to $51 million. The quarter's results reflect $992 million of in-process R&D for the late December acquisition of Barr Pharmaceuticals; impairment of financial assets, mainly auction-rate securities, of $272 million; impairment of intangible and other assets of $107 million; and other special items. Exchange-rate fluctuations cut sales by 5% and operating profit by $28 million. Total pharmaceutical sales in North America were $1.65 billion, up 15% from the year earlier, and accounting for 61% of total pharmaceutical sales. The company declared a dividend of 0.6 shekel (US$0.147) a share, up from 0.45 shekel in the previous quarter. The dividend is payable March 12 to holders of record Feb. 25.
Bank of East Asia profit plunges 99.1%; proposes bonus issue(1:25 am ET)
HONG KONG (MarketWatch) -- Bank of East Asia (HK:23: news, chart, profile) (BKEAY: news, chart, profile) Tuesday said its profit for 2008 slumped a more-than-expected 99.1% as the Hong Kong lender wrote down to zero its entire collateralized debt obligations of HK$3.5 billion ($449 million). Net income attributable to shareholders fell to HK$39 million ($5 million), or diluted earnings of HK$0.02 a share, from HK$4.14 billion in 2007. The bank's valuation losses on investment properties were HK$168 million, compared with a gain of HK$293 million. BEA said its directors will propose a bonus issue of one new share for every ten held by shareholders, to celebrate its 90th anniversary. The bank slashed its final dividend for 2008 to HK$0.02 per share from HK$1.18 a share in 2007. BEA shares jumped 3.6% in Hong Kong's morning trading session.
Monday, Feb. 16
ASX shares tumble on 8.2% fiscal first-half profit decline(7:55 pm ET)
HONG KONG (MarketWatch) -- Sydney stock exchange operator ASX (AU:ASX: news, chart, profile) Tuesday reported a decline in fiscal first-half profit as revenue from new listings and trading declined because of weak market conditions. Net income fell to A$171.9 million ($112 million), 8.2% lower than in the year-earlier period, while operating revenue dropped 9% to A$286.3 million. ASX shares tumbled 6.7% in Sydney trading.
Exxon Mobil: Replaced 103% of production in 2008(11:08 am ET)
LONDON (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) said it added 1.5 billion oil-equivalent barrels of reserves during 2008, replacing 103% of production, or 110% when excluding the impact of asset sales. "This strong performance reflects our strategic focus on resource capture, a disciplined approach to investment and excellence in project execution," Chairman and CEO Rex Tillerson said.
Illinois Tool Works reports 15% revenue drop(10:15 am ET)
LONDON (MarketWatch) -- Illinois Tool Works (ITW: news, chart, profile) on Monday said revenue dropped 15% in the three months ended Jan. 31, with a 16% fall in base revenue and a 6% currency hit partly offset by a 7% boost from acquisitions. The company sees fiscal first-quarter earnings from continuing operations between 26 cents and 42 cents a share, with revenue down 11% to 17%. Annual earnings from continuing operations are seen between $1.84 and $2.48 a share on revenue falling between 6% and 12%. Analysts polled by FactSet expected first-quarter earnings of 36 cents and 2009 earnings of $2.11.
TNT profit down 60%, will pay dividend in stock(2:32 am ET)
LONDON (MarketWatch) -- Dutch delivery company TNT (NL:TNT: news, chart, profile) said Monday that it's fourth-quarter net profit fell 60.1% to 59 million euros from 148 million euros a year earlier as volumes in its express delivery service were hit by the recession. Group revenue was down 2.4% at 2.93 billion euros, with earnings roughly in line with market expectations. The group said operating profit in the express business dropped 50%, while profit at its regular mail business rose 7.4%, helped by two extra days in the quarter. Excluding various restructuring and impairment charges, underlying profit for the quarter fell 17% to 207 million euros. TNT said it will pay its final dividend in shares, rather than cash, with a proforma pay-out ratio the same as for 2007. It didn't give an earnings forecast for 2009, but said revenues in the express arm are expected to fall and volumes in the mail business will show an increased rate of decline.