Tuesday, April 21
Norfolk Southern profit falls on declining freight volume(5:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Norfolk Southern Corp. (NSC: news, chart, profile) reported late Tuesday first-quarter net income fell to $177 million, or 47 cents a share, from $291 million, or 76 cents, a year ago. Revenue for the railroad fell 22% to $1.94 billion from $2.5 billion, with coal hauling, general merchandise and container traffic all posting declines. Analysts polled by FactSet Research had, on average, expected the Norfolk, Va.-based company to earn 59 cents a share on $2.06 billion in revenue. Norfolk Southern shares rose 4.8% ahead of the report to close at $37.37.
Altera posts 48% decline in first-quarter profit (4:49 pm ET)
LOS ANGELES (MarketWatch) -- Altera Corp. (ALTR: news, chart, profile) said late Tuesday that its first-quarter net earnings were $44 million, or 15 cents a share, compared with $83.9 million, or 27 cents a share, in the year-ago period. Revenue at the programmable chip maker fell to $264.6 million from $336.1 million last year. The after-tax impact from a pretax restructuring charge and a tax expense on the most recent results was 2 cents a share. Analysts surveyed by FactSet Research estimated quarterly earnings of 16 cents a share on revenue of $258.5 million.
Nabors Industries net income falls 41% (4:36 pm ET)
SAN FRANCISCO (MarketWatch) -- Oil driller Nabors Industries Ltd. (NBR: news, chart, profile) posted late Tuesday first-quarter net income of $125 million, or 44 cents a share, down from $212 million, or 74 cents a share, a year ago. Adjusted to exclude writedowns and one-time items, the Hamilton, Bermuda-based company had earnings from ongoing operations of $184.4 million, or 65 cents a share. Revenue for the three months ended March 31 fell to $1.14 billion from $1.32 billion a year ago. Analysts polled by FactSet Research had forecast the company would earn 59 cents a share on $1.25 billion in revenue. Shares of Nabors rose 8.8% to close at $14.59 ahead of the report. The stock is down 61% over the past 12 months.
Molex swings to third-quarter loss(4:33 pm ET)
SAN FRANCISCO (MarketWatch) -- Molex Inc. (MOLX: news, chart, profile) (MOLXA: news, chart, profile) said late Tuesday that it swung to fiscal third-quarter loss of $58.6 million, or 34 cents a share, from a profit of $50.3 million, or 28 cents a share, in the year-ago period. The results include one-time charges of 20 cents a share in the latest quarter. Revenue fell to $505.5 million from $822.9 million last year. Analysts surveyed by FactSet Research estimated a quarterly loss of 5 cents a share on revenue of $527.5 million. The company expects fourth-quarter revenue of $525 million to $575 million, compared with the $537 million forecast by Wall Street.
Yahoo profit tumbles 78%, results meet expectations(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Yahoo Inc. (YHOO: news, chart, profile) said Tuesday its first-quarter net income fell to $117.6 million, or 8 cents a share, from $536.8 million, or 37 cents a share in the same period a year earlier. Net revenue fell to $1.2 billion for the period ended in March, the Sunnyvale, Calif.-based Internet company said. Analysts on average had estimated Yahoo would post first-quarter earnings of 8 cents a share, on $1.2 billion in net revenue, according to data from Thomson Reuters.
Capital One reports net loss of $111.9M(4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Capital One Financial Corp. (COF: news, chart, profile) Tuesday afternoon reported a net loss of $111.9 million, or 45 cents a share, for the first quarter. A year ago, the financial services company posted a profit of $548.5 million, or $1.47 a share. Capital One also said 2009 managed charge-off dollars -- a measure of losses in its main credit card business -- will be higher than the $8.6 billion it had previously forecast. Capital One said in the first quarter it added $124.1 million to allowance for loan losses in anticipation of higher expected charge-offs this year. Capital One shares fell 6.5% during after-hours action.
C.H. Robinson profit mostly flat with year-ago results(4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- C.H. Robinson Worldwide (CHRW: news, chart, profile) on Tuesday reported a first-quarter profit of $85.4 million, or 50 cents a share, down fractionally from $86.3 million, or 50 cents a share, a year earlier. Sales dropped 15% to $1.69 billion as the economic recession slammed demand in the broader transportation market. Analysts polled by FactSet Research were looking for the trucking company to post a profit, on average, of 49 cents a share with sales of $1.94 billion.
Ameriprise reports quarterly net income of $129 million(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Ameriprise Financial (AMP: news, chart, profile) said late Tuesday that first-quarter net income came in at $129 million, down 32% from a year earlier when the financial advisory firm made $191 million. Earnings per common share were 58 cents in the latest period vs. 82 cents a year ago. Core operating earnings, which exclude realized net investment gains and losses along with other charges, came in at $134 million, or 60 cents a share, Ameriprise said. The company was expected to make 39 cents a share, according to analysts surveyed by Thomson Reuters.
SanDisk swings to net loss in first quarter(4:10 pm ET)
SAN FRANCISCO (MarketWatch) - SanDisk Corp. said Tuesday afternoon that it swung to a net loss for the first quarter, though the results came in better than Wall Street's estimates. For the period ended March 31, SanDisk (SNDK: news, chart, profile) reported a net loss of $208 million, or 92 cents a share, compared to earnings of $10.96 million, or 5 cents a share, for the same period the previous year. On a non-GAAP basis, the company said it would have lost $108 million, or 48 cents a share, for the recent period. Revenue fell 22% to $659.5 million. Analysts were expecting a loss of 76 cents a share on revenue of $537.7 million, according to consensus forecasts from Thomson Reuters.
N.Y. Times CEO: Company exploring online pay models(11:26 am ET)
CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) Chief Executive Janet Robinson said Tuesday that the company is exploring ways to generate more money online, including the possiblity of charging for digital content. "What we have learned is that the advertising model we have used at NYtimes.com has generated more revenue than the vast majority of other organizations, including some that are much larger than our site," she told analysts during a conference call. "That said, we want to determine if there are other opportunities for those to create additional online revenue streams. Our goal is to add substantial new revenue from our users without materially affecting the growth of our industry-leading online display advertising business." New York Times has previously tried pay models online, most recently in 2005 when it charged for digital access to its columnists on a tier called TimesSelect.
N.Y. Times CEO: Discussions with Boston Globe unions ongoing(11:17 am ET)
CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) Chief Executive Janet Robinson confirmed Tuesday that the company's Boston Globe newspaper is "engaged in serious discussions" with its unions. She declined further comment on the negotiations. The Globe, hurt over several years by signficant revenue declines, is working to "restructure its cost base," Robinson told analysts during a conference call.
Drug stocks mixed; Merck tumbles on weak quarterly report(9:48 am ET)
BOSTON (MarketWatch) -- Drug stocks were mixed early Tuesday while shares of Merck & Co. (MRK: news, chart, profile) tumbled after it issued a weaker-than-expected quarterly earnings report. The Amex Pharmaceutical Index ($DRG: news, chart, profile) , of which Merck is a component, slid 0.8% to 234.08 as the Amex Biotechnology Index ($BTK: news, chart, profile) inched up marginally to 619.61. The Dow Jones Industrial Average was largely flat at 7,836 after several of its components issued disappointing first-quarter earnings results.
NVR's quarterly net falls 59%(9:12 am ET)
BOSTON (MarketWatch) -- Home builder NVR Inc. (NVR: news, chart, profile) on Tuesday said its first-quarter net income dropped to $18 million, or $3.02 a share, from $43.5 million, or $7.42 a share, in the same period the previous year. Home-building revenue fell to $548.3 million from $869.9 million, the company said. New orders slipped 11% to 2,426 units in the latest quarter. The consensus analyst estimate for net income was $2.31 a share, while the revenue forecast was $518.6 million, according to Thomson Reuters.
AK Steel reports loss of 67 cents a share(8:52 am ET)
NEW YORK (MarketWatch) -- AK Steel (AKS: news, chart, profile) said Tuesday that it lost $73 million, or 67 cents a share, in the first quarter. In the same period a year ago AK Steel earned $101 million, or 90 cents a share. Sales fell to $922 million from $1.8 billion a year earlier. For the second quarter the West Chester, Ohio-based specialty steel maker expects to cut its loss to $50 million on lower operating and materials costs. Analysts polled by FactSet Research estimated, on average, a loss per share of 75 cents and sales of $917 million.
BlackRock profit down 65%(8:44 am ET)
NEW YORK (MarketWatch) -- Asset manager BlackRock Inc. (BLK: news, chart, profile) said Tuesday that its first quarter net income was $84 million, or 62 cents a share, down 65% from net income of $241 million, or $1.77 cents a share, in the year-ago period. Analysts surveyed by FactSet Research estimated, on average, adjusted earnings of 87 cents a share. BlackRock said adjusted earnings were 81 cents a share. Revenue for the quarter was $987 million, down from $1.3 billion in the year-ago period. Analysts polled by Thomson Reuters had, on average, expected the firm to earn 81 cents a share in the quarter. (Updated to include Thomson estimates.)
New York Times posts wider quarterly loss(8:38 am ET)
CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) on Tuesday reported a first-quarter loss of $74.5 million, or 52 cents a share. Results included a charge of 11 cents a share on severance costs, and a 7-cent loss on leases at City & Suburban, the company's retail and newsstand subsidiary that closed on Jan. 4. In the year-earlier period, it reported a loss of $335,000, equivalent to breakeven on a per-share basis, also on items. Excluding special items, the company would have lost 34 cents a share in the latest three months. First-quarter revenue fell 19% to $609 million.
Huntington, Zions, Northern Trust fall after earnings(8:36 am ET)
BOSTON (MarketWatch) -- A trio of banks that reported disappointing quarterly results saw their shares dive in premarket action Tuesday. Huntington Bancshares Inc. (HBAN: news, chart, profile) , Zions Bancorp (ZION: news, chart, profile) and Northern Trust Corp. (NTRS: news, chart, profile) were all down more than 15% ahead of the opening bell following the release of their quarterly earnings. The Financial Select Sector SPDR Fund (XLF: news, chart, profile) was down more than 3% in premarket trading -- the financial-sector exchange-traded fund lost 11% on Monday.
Forest Labs profit dives on massive charge for DOJ probe(8:33 am ET)
BOSTON (MarketWatch) -- Forest Laboratories (FRX: news, chart, profile) early Tuesday reported markedly lower fiscal fourth quarter 2009 earnings, due largely to a massive charge. The drugmaker reported net income of $93 million, or 31 cents a share, compared with $173 million, or 55 cents a share, for the same quarter last year. Excluding various items, Forest would have had adjusted earnings of 76 cents a share versus 90 cents. This year's quarter included a 45 cents a share charge related to the anticipated settlement of a Justice Department probe into the company's marketing practises. Last year's quarter contained a charge of 35 cents a share for a licensing payment. Revenue for the quarter slipped to $966 million, from $991 million. According to an analyst surveyed by FactSet, Forest was pegged at earning 75 cents a share, on revenue of $989.8 million. Forest said it sees fiscal 2010 adjusted earnings coming in between $3.45 and $3.55 a share.
Tenet Healthcare swings to a gain(8:25 am ET)
NEW YORK (MarketWatch) -- Tenet Healthcare Corp. (THC: news, chart, profile) on Tuesday said first-quarter net income rose to $178 million, or 37 cents a share, compared to a loss of $31 million, or 6 cents a share in the year-ago period. The latest period included a one-time gain of $134 million from early extinguishment of debt. The company said it expects year-end 2009 results to range from a loss of $55 million to net income of $75 million, with operating revenue of $9 billion to $9.2 billion. For the latest period, analysts expected breakeven results from Tenet Healthcare, according to a survey by FactSet Research. Analysts forecast 2009 revenue of $9.08 billion for the company.
M&T Bancorp profit falls 68%(8:17 am ET)
NEW YORK (MarketWatch) -- M&T Bank Corp. (MTB: news, chart, profile) said on Tuesday that its first quarter profit fell 68%, to $64.2 million, or 49 cents a share, compared to $202.2 million, or $1.82 a share a year ago. The provision for credit losses was $158 million in the first quarter of 2009, compared with $60 million a year ago, M&T said. Net charge-offs of loans during the recent quarter were $100 million, compared to $46 million a year ago.
LaBranche cuts losses, but lags analysts' views(8:15 am ET)
NEW YORK (MarketWatch) -- LaBranche & Co. on Tuesday reported a first quarter net loss of $29.7 million, or 51 cents a share, an uptick on the loss of $40.2 million, or 65 cents a share, in the same period one year ago. Analysts surveyed by FactSet Research had expected, on average, a loss of 5 cents a share. Market-maker LaBranche said that on a pro-forma basis it had a first quarter net loss of $11.9 million, or 20 cents a share. The latest results include $29.7 million of pre-tax unrealized losses on LaBranche's shares of NYSE Euronext Inc. (NYX: news, chart, profile) stock. Pre-tax unrealized losses on the stock in the year-ago period were $79.2 million.
CORRECT: Western Union earnings per share rise 19%(8:02 am ET)
NEW YORK (MarketWatch) -- Western Union Co. said Tuesday that first-quarter earnings were $224 million, or 32 cents a share, compared to $207 million, or 27 cents a share, in the same period a year ago. Revenue was $1.20 billion compared to $1.27 billion a year earlier. Analysts polled by FactSet Research estimated, on average, earnings per share of 27 cents and sales of $1.18 billion. Western Union sees 2009 GAAP earnings per share in the range of $1.18 to $1.28. (Corrects revenue figures)
Northern Trust's results hit by falling stock values(7:54 am ET)
BOSTON (MarketWatch) -- Northern Trust Corp. (NTRS: news, chart, profile) on Tuesday reported first-quarter net income of $161.8 million, or 61 cents a share, compared with $385.2 million, or $1.71 a share, in the year-ago quarter. The Chicago-based financial-services firm said operating earnings in the year-earlier period, which excluded a gain connected to the initial public offering of Visa, were $231.7 million, or $1.03 a share. "Current quarter results were adversely impacted by dramatically lower equity markets," said Chief Executive Frederic Waddell in Northern Trust's earnings release. Wall Street analysts polled by Thomson Reuters had expected Northern Trust to deliver net income of 96 cents a share.
Caterpillar swings to loss, cuts sales outlook(7:50 am ET)
LONDON (MarketWatch) -- Construction and mining equipment firm Caterpillar Inc. (CAT: news, chart, profile) said Tuesday that its swung to a first-quarter net loss of $112 million, or 19 cents a share, from a profit of $922 million, or $1.45 a share, a year earlier, as it also cut its sales outlook. Total sales for the first quarter fell 22% to $9.22 billion and results were also hit by $558 million of charges linked to its workforce reduction. Excluding that charge, earnings for the quarter would have been 39 cents a share. Analysts polled by FactSet had, on average, forecast earnings of a penny a share on revenue of $8.33 billion. Caterpillar also cut its revenue outlook, saying it expects 2009 sales in a range of plus or minus 10% around a midpoint of $35 billion. At that midpoint, earnings would be around $1.25 a share, excluding redundancy costs of around 75 cents.
CORRECT:Jefferies swings to a profit in the first quarter(7:51 am ET)
NEW YORK (MarketWatch) -- Jefferies Group Inc. (JEF: news, chart, profile) said on Tuesday that its first quarter results swung to a profit of $38.3 million from a loss last year of $74.4 million. After preferred dividends, the company said its earnings per share in the quarter were 19 cents a share, versus a loss of 45 cents a share a year ago. First quarter net revenue rose to $347 million from $222 million a year ago. Analysts polled by Thomson Reuters had expected the company to to lose 8 cents share in the the first quarter. (Corrects revenue data and analyst estimates.)
Coca-Cola profit falls 10%, hitting Wall Street target(7:48 am ET)
NEW YORK (MarketWatch) -- Coca-Cola Co. (KO: news, chart, profile) said Tuesday is first-quarter profit fell 10% to $1.35 billion, or 58 cents a share, from $1.5 billion, or 64 cents a share in the year-ago period. Adjusted net income in the latest period totaled 65 cents a share. Operating revenue for the three months ended April 3 fell 3% to $7.17 billion from $7.38 billion in the year-ago period. Wall Street analysts expected earnings of 65 cents a share on revenue of $7.5 billion, according to a survey by FactSet Research. The beverage giant said it's on track to deliver $500 million in annualized savings from productivity initiatives by year-end 2011. "I am confident that, armed with strong brands and solid business fundamentals, our experienced management team will continue delivering against our long-term targets," CEO Muhtar Kent said.
TD Ameritrade's quarterly net slips 29%(7:41 am ET)
BOSTON (MarketWatch) -- TD Ameritrade Holding Corp. (AMTD: news, chart, profile) on Tuesday said its fiscal second-quarter net income fell to $132 million, or 23 cents a share, from $186.7 million, or 31 cents a share, in the year-earlier period. The online broker said net revenue dropped to $525.5 million from $622.9 million. Analysts polled by Thomson Reuters had forecast quarterly earnings of 23 cents a share on revenue of $512.3 million, on average.
Lexmark profit nearly halved; printer to close plant(7:38 am ET)
WASHINGTON (MarketWatch) -- Lexmark International Inc. (LXK: news, chart, profile) on Tuesday said first-quarter sales and profits fell sharply as businesses and consumers cut back on purchases of printers and ink, prompting the company to announce it will close a plant in Mexico to save money. Lexington, Ky.-based Lexmark reported a profit of $59.2 million, or 75 cents a share, down from $101.7 million, or $1.07 a share, in the year-ago quarter. Revenue dropped 20% to $944 million. Excluding one-time restructuring costs, Lexmark said it would have earned 89 cents a share, compared with adjusted income of $1.16 a share a year earlier. Results easily exceeded the company's own estimate of 65 cents to 75 cents a share. Analysts polled by FactSet Research were expecting Lexmark to earn, on average, an adjusted 59 cents a share.
CORRECT: DuPont's first-quarter net profit drops 59%(7:34 am ET)
WASHINGTON (MarketWatch) -- E.I. du Pont de Nemours & Co. (DD: news, chart, profile) reported first-quarter net income of $489 million, or 54 cents a share, down from $1.2 billion, or $1.31 a share, earned in the same period during 2008. Total sales for the quarter also fell, dropping to $7.27 billion from the prior year's $8.77 billion, primarly as a result of lower volumes. The results, the Wilmington, Del.-based chemicals giant said, reflect "severe decline in global industrial demand" seen during the first three months of the year, particularly in construction, auto production and consumer spending. The consensus of 12 analysts surveyed by FactSet Research had been for DuPont to earn 53 cents a share for the quarter. (Updates to include the correct figure for DuPont's net earnings in the first quarter of 2008.)
Pentair 1st-quarter net off 61% on 24% lower sales(7:31 am ET)
NEW YORK (MarketWatch) -- Pentair Inc., (PNR: news, chart, profile) the Minneapolis provider of water-treatment products and services and thermal-management products for the electronics industry, reported first-quarter net income fell 61% on 24% lower sales. Earnings were $17.3 million, or 18 cents a share, against $44.3 million, or 45 cents, in the year-earlier period. Earnings from continuing operations were 18 cents compared with 53 cents. The latest figures reflect a charge of 2 cents a share for job cuts. Sales fell to $633.8 million from $830.1 million. A survey of analysts by FactSet Research produced consensus estimates of 22 cents of profit on $693.9 million of sales. Pentair expects to earn 32 cents to 42 cents a share, or an adjusted 35 cents to 45 cents, in the second quarter. At the midpoint of the adjusted range, that's down 43% from a year earlier, the company said. FactSet's survey is looking for 48 cents. For the year, the company revised its outlook to $1.40 a share. That's off 46% from 2008 net, or off 36% against 2008 adjusted net. FactSet's survey estimated $1.65.
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