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Friday, May 8
Berkshire reports quarterly net loss of $1.53 bln(5:14 pm ET)
SAN FRANCISCO (MarketWatch) -- Berkshire Hathaway (BRKA: news, chart, profile) (BRKB: news, chart, profile) reported a first-quarter net loss of $1.534 billion, or $990 per class A equivalent share, late Friday. That compares to net income of $940 million, or $607 per class A equivalent share, in the same period a year earlier. The net results are attributable to Berkshire shareholders. The latest result includes investment and derivatives losses of $2,090 per class A equivalent share. Operating earnings, which exclude investment and derivatives gains and losses, came in at $1,100 per class A equivalent share, Berkshire said.
Fannie Mae's quarterly loss widens(9:02 am ET)
BOSTON (MarketWatch) -- Fannie Mae (FNM: news, chart, profile) on Friday reported a first-quarter loss of $23.2 billion, or $4.09 a share, compared with a loss of $2.2 billion, or $2.57 a share, in the year-earlier period. The mortgage-finance giant, which has been placed in government conservatorship, said its quarterly loss was driven by $20.9 billion in credit-related expenses, securities impairments of $5.7 billion and fair value losses of $1.5 billion. Fannie said its results were hurt by "persistent deterioration in housing, mortgage, financial and credit markets."
Edison International net income falls 16%(8:48 am ET)
NEW YORK (MarketWatch) -- Edison International (EIX: news, chart, profile) said Friday first-quarter net income fell to $250 million, or 76 cents a share, from $299 million, or 91 cents a share in the year-ago period. The power generator's core earnings dropped to 79 cents a share from 92 cents a share in the same quarter last year. The Rosemead, Calif. company cited lower earnings at its Edison Mission Group (EMG), which owns a portfolio of wind energy. Analysts expected earnings of 70 cents a share, according to a survey by FactSet Research.
Mirant swings to adjusted profit(7:57 am ET)
NEW YORK (MarketWatch) -- Mirant Corp. (MIR: news, chart, profile) said Friday that first-quarter earnings from continuing operations were $380 million, or $2.62 a share. In the same period a year ago Mirant's continuing operations loss was $152 million, or 70 cents a share. Analysts polled by FactSet Research estimated, on average, earnings per share of 55 cents.
El Paso posts loss on $1.3 billion non-cash charge(7:46 am ET)
NEW YORK (MarketWatch) -- El Paso Corp. (EP: news, chart, profile) said Friday it lost $978 million, or $1.41 a share in the first quarter, which included $1.3 billion in full-cost ceiling test charges. In the year-ago period, the Houston oil and gas producer earned $200 million, or 29 cents a share. El Paso's adjusted earnings rose to 47 cents a share from 33 cents a share. "The improvement is due to realized gains on oil and natural gas hedges and continued pipeline growth," the company said. Wall Street analysts expected El Paso to earn 27 cents a share, according to a survey by FactSet Research. Revenue for the quarter rose to $1.48 billion from $1.27 billion.
Windstream net income falls 29%(7:18 am ET)
NEW YORK (MarketWatch) -- Windstream Corp. (WIN: news, chart, profile) said Friday first-quarter net income fell 29% to $88 million, or 20 cents a share, from $123.7 million, or 27 cents a share in the year-ago period. Revenue dropped 6% to $755 million. Excluding one-time items, the Little Rock, Akr. tech firm earned 24 cents a share. Windstream was expected to earn 23 cents a share on revenue of $775 million, according to a survey of analysts by FactSet Research. With tax benefits from the federal stimulus package, Windstream now expects to generate between $705 million and $775 million in free cash flow during 2009, an increase of $20 million from its earlier view.
Huntsman swings to loss(6:59 am ET)
LONDON (MarketWatch) -- Chemicals producer Huntsman Corp. (HUN: news, chart, profile) said Friday that it swung to a net loss of $290 million, or $1.24 a share, from a profit of $7 million, or 3 cents a share, a year earlier. Revenue for the quarter fell by a third to $1.69 billion, reflecting decreased demand across all the group's businesses. The adjusted loss for the quarter was $1.17 a share, which also included tax expenses of 62 cents a share due to the establishment of a tax valuation allowance in the U.K. CEO Peter Huntsman said the firm is ahead of target and schedule to eliminate in excess of $150 million from its cost structure.
AES Corp.'s quarterly net profit off more than 6%(6:48 am ET)
WASHINGTON (MarketWatch) -- AES Corp. (AES: news, chart, profile) reported first-quarter net income of $218 million, or 33 cents a share, down from $233 million, or 34 cents, earned in first three months of 2008. The Arlington, Va.-based power generator and distributor generated quarterly revenue of $3.38 billion, down from the prior year's $4.08 billion. The consensus of three analysts surveyed by FactSet Research had been for AES to earn 26 cents a share. AES called its first-quarter performance "solid" and affirmed its 2009 profit forecast. The company sees full-year earnings from continuing operations in a range of $1.03 to $1.13 a share and has pegged adjusted earnings at 97 cents to $1.07 a share. The FactSet-derived consensus for 2009 profit stands at 99 cents a share.
MDC loss narrows to $40.9 million(6:28 am ET)
LONDON (MarketWatch) -- House builder MDC Holdings Inc. (MDC: news, chart, profile) said Friday that its first-quarter net loss narrowed to $40.9 million, or 88 cents a share, from $72.8 million, or $1.58 a share, a year earlier. Revenue for the period fell 56% to $175.9 million. Analysts polled by FactSet had expected a loss of 83 cents a share on sales of $137.2 million. MDC said the results included charges of $14.6 million for asset impairments and a $15.3 million increase in its deferred tax valuation allowance. "While declining home prices and historically low interest rates have improved affordability across our markets, we have yet to see a meaningful recovery in sales activity," said CEO Larry Mizel.
Beazer Homes loss narrows to $115 million(6:19 am ET)
LONDON (MarketWatch) -- House builder Beazer Homes USA Inc. (BZH: news, chart, profile) said Friday that its fiscal second-quarter net loss narrowed to $114.9 million, or $2.97 a share, from $229.9 million, or $5.96 a share, a year earlier. The loss included $60.1 million of pretax charges related to inventory impairments and the abandonment of land option contracts. Revenue for the quarter ended March 31 fell 54% to $188.3 million. Analysts polled by FactSet had been expecting a loss of $1.80 a share in the latest quarter on revenue of $212.2 million. Home closings were down 39% at 814 and new orders fell 36% to 1,129. The cancellation rate, however, improved to around 30%, from 46% in the first quarter of this fiscal year and 34% a year earlier.
Calpine back to profit after year-earlier losses(6:13 am ET)
LONDON (MarketWatch) -- Calpine Corp. (CPN: news, chart, profile) said it swung to a $32 million, or 7 cents a share, profit, after losing $214 million in the year-earlier quarter. The year-ago quarter was impacted by the costs of restructuring and emerging from bankruptcy. The company also cited benefits from hedging as well as from the sale of surplus emission allowances in the west, which offset weaker demand and spark spreads in Texas. Revenue fell to $1.68 billion from $1.95 billion. Analysts polled by FactSet had forecast a loss of 10 cents a share. It's sticking to its 2009 adjusted EBITDA guidance of $1.6 billion to $1.7 billion and its 2009 adjusted free cash flow guidance of $400 to $500 million.
Commerzbank reports $1.15 billion loss(2:55 am ET)
LONDON (MarketWatch) -- Germany's Commerzbank (DE:CBK: news, chart, profile) said Friday that it swung to a net loss of 861 million euros ($1.15 billion) in the first quarter of 2009, from a profit of 280 million euros a year earlier. Net interest income rose 66% to 1.69 billion euros, while provisions for possible loans losses in the quarter were 844 million euros, up from 175 million euros a year earlier. CEO Martin Blessing said the bank may be able to begin repaying the German government's investment in 2011 and expects to achieve its medium-term goal of a 12% return on equity by 2012.
Repsol net profit falls 57.4% to 516 million euros(2:52 am ET)
MADRID (MarketWatch) -- Spanish oil and gas company Repsol (REP: news, chart, profile) (ES:REP: news, chart, profile) on Friday reported a first quarter net profit of 516 million euros ($692 million), a 57.4% fall against a profit of 1.21 billion euros in the same period a year ago. The company's first-quarter replacement net profit was 421 million euros, a 48% fall against the same period a yaer ago. Analysts surveyed by Dow Jones Newswires were expecting replacement cost profit of 336.5 million euros. First-quarter replacement cost operating profit was 746 million euros, a 48% fall on the same period a year ago. Repsol said first quarter results were affected mostly by the fall in the price of crude, accounting impact of inventory losses and weaker performance in its chemical business.
RBS swings to $1.3 bln loss as impairments rise(2:33 am ET)
LONDON (MarketWatch) -- Royal Bank of Scotland (UK:RBS: news, chart, profile) (RBS: news, chart, profile) said Friday that it swung to a net loss of 857 million pounds ($1.29 billion) in the first quarter of 2009, from a profit of 245 million pounds a year earlier, after taking impairment losses and write-downs of 4.93 billion pounds. The bank said total income for the quarter rose 26% to 9.7 billion pounds. The results exclude those parts of ABN Amro that are attributable to the Dutch State and Banco Santander. CEO Stephen Hester said the results reflect buoyant revenue within its global banking and markets division, balanced against the negative impact of lower interest rates and the economic recession on its net interest margin.
Bridgestone swings to 34.9 billion yen Q1 loss(2:30 am ET)
LOS ANGELES (MarketWatch) -- Bridgestone Corp. (BRDCF: news, chart, profile) (BRDC.Y: news, chart, profile) (JP:5108: news, chart, profile) said Friday it swung to a first-quarter loss of 34.88 billion yen ($351 million) from a year-earlier profit of 29.42 billion yen. The Japanese tire maker's revenue for the period was 568 billion yen, down from the year-ago quarter's 798 billion yen. Bridgestone said for the first half of 2009, it expects a total loss of 62 billion yen, or 79.05 yen a share, based on Japanese accounting standards.
Toyota posts wider-than-expected annual net loss(2:10 am ET)
TOKYO (MarketWatch) -- Toyota Motor Corp. (JP:7203: news, chart, profile) (TM: news, chart, profile) suffered a wider-than-expected net loss for the fiscal year, following a 21.9% drop in revenue. The automaker posted a net loss of 437 billion yen ($4.4 billion) for the fiscal year ended March 31, on net revenue of 20.53 trillion yen. A year ago, it recorded a profit of 1.72 trillion yen and net revenue of 26.29 trillion yen. On average, analysts had expected the company to suffer a loss of 350 billion yen, according to data from FactSet Research. In February, Toyota had projected its annual loss at 350 billion yen and net revenue of 21 trillion yen.
Seiko Holdings posts annual loss as sales fall 19%(1:40 am ET)
TOKYO (MarketWatch) - Seiko Holdings Corp. (JP:8050: news, chart, profile) [s:skckf] reported on Friday a wider loss for the fiscal year than the company expected as sales dropped 18.7% from a year ago. The watch maker posted a net loss of 5.8 billion yen ($58.4 million) for the fiscal year which ended March 31. A year earlier, it saw a profit of 3.2 billion yen. In February, it forecast it would see a net loss of 5.5 billion yen for the fiscal year, along with sales of 175.0 billion yen for the period. Net sales were at 174.0 billion yen, compared to 214.0 billion yen a year ago.
Mitsubishi Corp. posts 21% annual net profit fall(12:09 am ET)
TOKYO (MarketWatch) - Mitsubishi Corp. (JP:8058: news, chart, profile) posted on Friday a 21.4% decline in its net income for the 2009 fiscal year, missing market expectations. The company, which refers to itself as Japan's largest general trading firm, saw net income of 369.9 billion yen ($3.7 billion). On average, analysts expected a net profit of 408.5 billion yen, according to data from FactSet Resarch. A year ago, it posted net income of 470.9 billion yen. In January, the company cut its forecast for net income in the fiscal year 2009 to 420 billion yen, down from an earlier forecast of 520 billion yen.
Thursday, May 7
Singapore's DBS takes 28% profit hit(11:28 pm ET)
LOS ANGELES (MarketWatch) -- DBS Group Holdings Ltd. (SG:D05: news, chart, profile) (DBSD.Y: news, chart, profile) said Friday its first-quarter net profit fell 28% to 433 million Singapore dollars ($294 million), according to media accounts of the earnings. The result was down from 603 million Singapore dollars in the year-earlier period but above 347 million Singapore dollars projected in a Dow Jones Newswire poll of analysts. Net interest income for Singapore's biggest bank rose 2% to 1.08 billion Singapore dollars from 1.06 billion Singapore dollars a year earlier, but loss allowances more than tripled to 414 million Singapore dollars from 140 million Singapore dollars. Shares of the bank were down 0.7% in midday trade at 11.92 Singapore dollars.
Fuji Heavy Industries annual results swing to loss(10:14 pm ET)
TOKYO (MarketWatch) -- Fuji Heavy Industries (JP:7270: news, chart, profile) said Friday its fiscal year results swung to a loss, as revenue slipped 7.6%. The company, which makes transportation- and aerospace-related products as well as Subaru automobiles, reported a net loss of 69.9 billion yen ($704.6 million) for the fiscal year ended March 31. A year ago, it saw a profit of 18.5 billion yen. In April, Fuji Heavy Industries widened its projected annual loss to 70 billion yen, up from a loss of 23 billion yen forecasted in March, because of tax-related expenses. The company said sales reached 1.45 trillion yen, down from 1.57 trillion yen in the year-ago period.
B. of A. to sell 1.25 billion common shares(6:47 pm ET)
SAN FRANCISCO (MarketWatch) -- Bank of America (BAC: news, chart, profile) Chief Financial Officer Joe Price said late Thursday that the company will sell 1.25 billion new common shares as the lender tries to raise capital to meet requirements from the government's stress test. Price said the stock will be sold through an "ATM program," in which securities are sold through "normal stock trading," he explained. "We would access the market over time, with the goal of optimizing pricing and timing and price execution," Price added. Bank of America also plans on generating roughly $10 billion in gains from sales of businesses including First Republic, Columbia Management and a through a joint venture. "That leaves us with approximately $7 billion or so, which we think can be satisfied by our actual financial performance over the next six months," Price said. The government said earlier on Thursday that Bank of America needs to raise $33.9 billion in new capital.
CBS CEO: CBS to benefit from NBC's Leno move(4:53 pm ET)
CHICAGO (MarketWatch) -- CBS Corp. (CBS: news, chart, profile) Chief Executive Les Moonves said Thursday that the network will benefit from a series of positive trends when it sells commercial time for the upcoming season, including NBC's (GE: news, chart, profile) (FR:012777: news, chart, profile) decision to showcase comedian Jay Leno at 10 p.m. five nights a week in the fall. CBS's ratings are up strongly among key audiences, Moonves said on a conference call, and advertising dollars and rates will follow that growth. "In addition, we think we can increase the shift of dollars, to CBS, because of NBC's decision to exit scripted programming at 10:00. Even if total volume is down at the upfront, we're confident that we will take share and maintain or increase our revenue," Moonves told analysts during a conference call.
Pepco Holdings earnings fall by half (4:53 pm ET)
SAN FRANCISCO (MarketWatch) -- Power and gas provider Pepco Holdings Inc. (POM: news, chart, profile) reported late Thursday first-quarter earnings fell to $45 million, or 21 cents a share, from $99 million, or 49 cents a share, a year ago. Lower earnings from its Connectiv Energy power generating unit and higher operating and maintenance costs were blamed for the decline. Excluding one-time items, the company earned $37 million, or 17 cents a share, in the first quarter. Revenue for the three months ended March 31 fell to $2.52 billion from $2.64 billion. Analysts surveyed by FactSet Research had predicted the Washington D.C.-based utility company would earn 31 cents a share on $2.46 billion in revenue. Pepco shares closed with a 31-cent gain at $13.03 ahead of the report. The stock is down 47% from where it was trading a year ago.
AIG reports $1.98 a share loss in first quarter(4:49 pm ET)
SAN FRANCISCO (MarketWatch) -- American International Group (AIG: news, chart, profile) late Thursday reported a first-quarter net loss of $4.35 billion, or $1.98 a share, narrowing from a net loss of $7.81 billion, or $3.09 a share, in the same quarter last year. The insurer blamed several billions in restructuring and market disruption-related charges and accounting charges related to taxes for its quarterly loss. The results also included $2.63 billion of net realized capital losses. On an adjusted basis, AIG reported a loss of $1.6 billion compared with a loss of $3.56 billion a year earlier.
CORRECT: CBS swings to loss on ad weakness(4:47 pm ET)
CHICAGO (MarketWatch) -- CBS Corp. (CBS: news, chart, profile) said Thursday that it swung to a first-quarter loss on plunging advertising revenues at its television stations, radio stations and outdoor displays. CBS said it lost $55.3 million, or 8 cents a share, in the latest quarter. It posted a profit of $244 million, or 36 cents a share, in the same quarter a year ago, including a one-time benefit from the company's international self-distribution of its "CSI" drama franchise. Revenue fell 13% to $3.16 billion. Analysts polled by Thomson Reuters were expecting revenue of $3.26 billion. (Removes reference to DVD sales.)
VeriSign swings to profit in first quarter(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- VeriSign Inc. (VRSN: news, chart, profile) late Thursday reported a first-quarter net income of $65 million, or 34 cents a share, compared with a net loss of $8.1 million, or 4 cents a share in the same quarter last year. Excluding items, the company would have earned 32 cents a share. Revenue increased to $255 million from $235.3 million a year ago, said the Internet infrastructure services company. Analysts surveyed by FactSet Research had forecast earnings of 29 cents a share on revenue of $248.6 million.
Activision earnings beat targets for first quarter(4:08 pm ET)
SAN FRANCISCO (MarketWatch) - Activision Blizzard Inc. beat Wall Street's earnings targets for the first quarter on strong sales of its video game franchises. For the quarter ended March 31, the company (ATVI: news, chart, profile) reported net income of $189 million, or 14 cents a share. Revenue came in at $981 million. Comparisons to last year's first quarter are not available, as the company had yet to consummate its reverse merger with Vivendi's video game unit. Excluding revenue deferred from online-enabled games, the company said it earned 8 cents a share on revenue of $724 million. Analysts were expecting earnings of 5 cents a share on revenue of $598.5 million for the period, according to consensus estimates from FactSet Research.
Teradata profit rises (10:23 am ET)
NEW YORK (MarketWatch) -- Teradata Corp (TDC: news, chart, profile) said Thursday that its first quarter net income was $45 million, or 26 cents a share, compared to $42 million, or 23 cents a share a year ago. Total revenue for the period dipped to $367 million from $375 million last year. The company also said its board has authorized a $300 million increase to its general open market share repurchase program. (Corrects company name and latest quarter revenue figure.)
Telecom Italia's quarterly profit slips 5%(10:08 am ET)
LONDON (MarketWatch) -- Telecom Italia (IT:TI: news, chart, profile) on Thursday said first-quarter net income fell 5% to 463 million euros ($615 million) from 485 million euros earned in the year-earlier period. Sales fell 7% to 6.8 billion euros. The group confirmed its outlook for 2009.
Drug stocks mixed as broader market moves higher(9:54 am ET)
BOSTON (MarketWatch) -- Drug stocks were mixed in trading early Thursday as the broader market gained ahead of the scheduled release of "stress test" results for many of the nation's leading financial institutions. The Dow Jones Pharmaceutical Index ($DRG: news, chart, profile) was down nominally at 241.98 while the Amex Biotechnology Index ($BTK: news, chart, profile) climbed 0.9% to 623.57. The Dow Jones Industrial Average (DJII: news, chart, profile) was up about 60 points at 8,573. Perrigo Co. (PRGO: news, chart, profile) was the a notable mover amongst the mid-cap biopharmaceutical companies, with shares jumping 4% to $46.23. Earlier Thursday, Perrigo raised its fiscal 2009 forecast for income from continuing operations to $1.80 to $1.90 as share, up from $1.75 to $1.90 a share. The company also reported improved fiscal third-quarter earnings.