Earning Plays

[3xBuBu]

Monday, July 27

Crane posts 53% lower profit, cuts outlook(6:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Crane Co. (CR: news, chart, profile) , a maker of highly-engineered industrial components, reported late Monday second-quarter net income fell to $27.8 million, or 47 cents a share, from $59 million, or 97 cents, a year ago. The latest results were hit by one-time, after-tax charges totaling $1.4 million, or 2 cents a share, stemming primarily from restructuring costs. Revenue for the three months ended June 30 fell 21% to $545.5 million from $693.5 million. Analysts surveyed by FactSet Research predicted Crane would earn 48 cents a share on $579 million in sales. "Our sales and earnings declined from our record second quarter 2008 results and were lower than we expected just three months ago," Crane President and CEO Eric Fast said. The company cut its full-year 2009 per-share earnings forecast to $2.01 from $2.31, citing "difficult" market conditions, especially in merchandising systems and its fluid handling business. Shares of the Stamford, Conn.-based company fell 22 cents to close at $23.57 ahead of the report.

Fidelity National second-quarter profit rises(5:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Fidelity National Financial (FNF: news, chart, profile) said late Monday that its second-quarter net earnings attributable to common shareholders rose to $91.9 million, or 40 cents a share, from $6.9 million, or 3 cents a share, in the year-ago period. Revenue rose to $1.57 billion from $1.17 billion last year. Analysts surveyed by FactSet Research estimated earnings of 40 cents a share on revenue of $1.61 billion. (Corrects second-quarter earnings and revenue figures.)

Manitowoc swings to $18.1M loss (5:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Equipment maker Manitowoc Company Inc. (MTW: news, chart, profile) late Monday reported a second-quarter net loss of $18.1 million, or 14 cents a share, hurt by the sale of its Enodis ice business and restructuring charges. A year ago, the company reported a porfit of $133.9 million, or $1.01 a share. Sales fell 13.1% to $1 billion. Manitowoc makes cranes for the construction industry and commercial foodservice equipment. The company said orders for cranes are still weak in most of parts around the world. It said new orders are exceeding cancellations. Manitowoc said it is focused on reducing debt. Its stock is down 24% so far this year. Shares closed at $6.57 before the earnings report.

Meritage Homes second-quarter loss rises(5:01 pm ET)
SAN FRANCISCO (MarketWatch) -- Meritage Homes Corp. (MTH: news, chart, profile) said late Monday that its second-quarter loss increased to $73.6 million, or $2.37 a share, from $23.5 million, or 79 cents a share, in the year-ago period. Excluding one-time items, the real estate company would have reported a loss of $5 million for the latest quarter. Meritage did not provide a per share figure for the adjusted results. Revenue decreased to $221.5 million from $375.3 million last year. Analysts surveyed by FactSet Research estimated a quarterly loss of 72 cents a share on revenue of $206.7 million.

Plum Creek earnings boosted by timberland sale(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- Plum Creek Timber Co. (PCL: news, chart, profile) reported late Monday second-quarter net income of $32 million, or 19 cents a share, compared with $31 million, or 18 cents a share, a year ago. The results benefited from the sale of 59,000 acres of timberland in Wisconsin, which added $23 million, or 14 cents a share, to the bottom line. Overall revenue for the three months ended June 30 fell to $272 million from $376 million a year earlier. Analysts polled by FactSet Research had predicted the Seattle-based lumber company would post revenue of $228 million for the quarter. The company said it expects to earn between 5 and 10 cents a share in the third quarter. Plum Creek shares rose nearly 3% ahead of the report to close at $33.17. The stock is off 28% over the past 12 months.

Amgen reports higher second-quarter profit(4:19 pm ET)
BOSTON (MarketWatch) -- Amgen Inc. (AMGN: news, chart, profile) late Monday reported higher second-quarter earnings, due in part to a variety of charges and gains taken in both the 2008 and 2009 quarters. The biotech group reported net income of $1.27 billion, or $1.25 a share, compared with $906 million, or 84 cents a share, for the same period last year. Excluding various items, Amgen would have posted adjusted earnings of $1.29 versus $1.14 a share. Revenue slipped 1% to $3.71 billion. A poll of analysts by FactSet pegged the company at earning $1.13 a share, on revenue of $3.59 billion. Amgen added it now sees 2009 adjusted earnings per share of $4.80 to $4.95, up from its previous outlook of $4.55 to $4.75. Revenue is seen as coming in at the upper end of its current range of $14.4 billion to $1.48 billion. Amgen and GlaxoSmithKline PLC (GSK: news, chart, profile) added they have agreed to co-market Amgen's new bone drug denosumab, which industry watchers believe could eventually be a major revenue driver for Amgen.

Torchmark quarterly profit slides(4:19 pm ET)
SAN FRANCISCO (MarketWatch) -- Torchmark Corp. (TMK: news, chart, profile) late Monday reported its second-quarter net income fell to $114.1 million, or $1.38 a share, from $133.7 million, or $1.47 a share, a year earlier. Operating income, which excludes net realized investment gains and losses and non-recurring items, rose to $126.2 million, or $1.53 a share, from $130.6 million, or $1.44 a share, in the same quarter last year. Analysts surveyed by FactSet Research had projected earnings of $1.50 a share. For the year ending Dec. 31, 2009, Thorchmark projected net operating income of $5.93 to $6.08 a share.

Masco profit drops amid construction slump(4:10 pm ET)
SAN FRANCISCO (MarketWatch) -- Masco Corp. (MAS: news, chart, profile) on Monday reported a second-quarter profit of $55 million, or 15 cents a share, down from $82 million, or 23 cents a share, a year ago. Sales slipped to $2.04 billion from $2.64 billion a year earlier amid a continued slump in new-home construction as well as another decline in consumer spending for home improvement products. Analysts polled by FactSet Research had expected a profit, on average, of 1 cent a share with sales of $2.01 billion.

Energy shares open mixed (9:35 am ET)
NEW YORK (MarketWatch) -- Energy shares opened mixed Monday as oil prices rose and the broad market fell. The NYSE Arca Oil Index (XOI: news, chart, profile) rose fractionally to 971. The NYSE Arca Natural Gas Index (XNG: news, chart, profile) dipped 0.2% 450. The Philadelphia Oil Service Index ($OSX: news, chart, profile) fell 0.2%. Crude futures rose 54 cents to $68.59.

Corning's second-quarter profit declines(8:08 am ET)
NEW YORK (MarketWatch) -- Corning Inc. (GLW: news, chart, profile) said Monday that its second-quarter net income tumbled to $611 million, or 39 cents a share, from $3.21 billion, or $2.01 a share, in the year-ago period. Excluding one-time items, the specialty glass and ceramics company said it would have earned 39 cents a share in the recent quarter. Analysts polled by FactSet Research were expecting earnings of 30 cents a share, on average. Corning said sales in the recent quarter fell to $1.4 billion from $1.69 billion. "As we enter the second half of the year, we are seeing signs that the impact of the global recession on our businesses may be moderating," said James Flaws, vice chairman and chief financial officer. "That said, questions pertaining to the pace of economic recovery remain. While we do not currently believe another corporate-wide downsizing will be necessary, we are looking at specific business unit restructuring needs." Shares of Corning ended Friday at $17. (Corrects latest-quarter sales.)

Invesco profit falls 54%(7:47 am ET)
NEW YORK (MarketWatch) -- Asset manager Invesco Ltd. (IVZ: news, chart, profile) said Monday that its second-quarter profit fell 54%, to $75.7 million, or 18 cents a share, from $162.8 million, or 41 cents a share, in the year-ago period. Total operating revenues were $625.1 million, a 33% fall from the second quarter of 2008. Analysts surveyed by FactSet Research had expected, on average, a profit of 16 cents a share on total revenues of $547.8 million. Assets under management at the Atlanta-based firm were $388.7 billion, down from $461.3 billion at the end of the second quarter of 2008, but up from the $348.2 billion at the end of the first quarter this year.

Lorillard earnings leap to $1.71 a share(7:44 am ET)
NEW YORK (MarketWatch) -- Lorillard Inc. (LO: news, chart, profile) said Monday that second-quarter earnings were $286 million, or $1.71 a share, compared to $217 million, or $1.25 a share, in the same period last year. Sales surged to $1.52 billion compared to $1.07 billion, including a significant increase in federal excise taxes. Analysts polled by FactSet Research estimated, on average, earnings per share of $1.43 and sales of $976 million. In addition, the Greensboro, N.C.-based tobacco company said it will repurchase up to $750 million of its common stock.

Verizon second-quarter earnings decline 7.2%(7:39 am ET)
WASHINGTON (MarketWatch) -- Verizon Communications Inc. (VZ: news, chart, profile) on Monday said second-quarter profit fell 7.2% on onetime costs and further weakness in its traditional wireline business. Net income totaled $3.16 billion, or 52 cents a share, down from $3.40 billion, or 66 cents a share, a year earlier. Revenue jumped 11.3% to $26.9 billion, fueled by the acquisition of Arkansas-based Alltel. Adjusted sales rose a lesser 1.9%. Omitting onetime items, Verizon would have earned 63 cents a share. The company was expected to earn 62 cents a share on revenue of $26.9 billion, according to the consensus of analysts compiled by FactSet Research. As reported Friday, Verizon gained a net 1.1 million wireless customers. It also added 300,000 customers for its fiber-TV service.

Warburg leads $75 million funding for Suniva(7:21 am ET)
NEW YORK (MarketWatch) -- Solar panel maker Sunivia Inc. said Monday it closed a $75 million venture financing round led by private equity giant Warburg Pincus. The Norcross, Ga. company had raised two earlier rounds of financing. Apex Venture Partners and returning investors New Enterprise Associates, HIG Ventures and Advanced Equities took part in the latest round. "Suniva is well positioned, delivering the leading combination of high efficiency and low-cost manufacturing," said Chansoo Joung, a managing director at Warburg Pincus. Suniva plans to complete its second manufacturing line in its Norcross plant this summer.

Tellabs profit more than halved (7:16 am ET)
NE WYORK (MarketWatch) Tellabs Inc. (TLAB: news, chart, profile) said on Monday that its second quarter net income fell to $15.7 million, or 4 cents a share from $39 million, or 10 cents a share a year ago. Total revenue at the company fell to $385.4 million, from $432.5 million last year.

Honeywell net income falls 38%(7:10 am ET)
NEW YORK (MarketWatch) -- Honeywell International Inc. (HON: news, chart, profile) said Monday second-quarter net income fell to $450 million or 60 cents a share, from $723 million, or 96 cents a share in the year-ago period. Sales fell to $7.57 billion from $9.67 billion. Wall Street analysts expected second-quarter earnings of 60 cents a share and revenue of $7.7 billion, according to a survey by FactSet Research. Honeywell expects 2009 earnings of $2.85 a share, compared to the analyst target of $2.82 a share. "Economic conditions, however, remain challenging and we are not planning for any recovery in 2009," the Morris Township, N.J.-based company said.

Cal-Maine profit declines 72%(6:41 am ET)
LONDON (MarketWatch) -- Egg producer Cal-Maine Foods Inc. (CALM: news, chart, profile) said Monday that its fiscal fourth-quarter net profit fell 72% to $10.3 million, or 43 cents a share, from $36.6 million, or $1.54 a share, a year earlier. The group said net sales for the quarter were down 9.3% at $213.6 million. Cal-Maine said the results reflect lower egg prices than a year earlier, with feed costs also declining, but still high by historical standards.

Enterprise profit down 29%(6:29 am ET)
LONDON (MarketWatch) -- Energy services group Enterprise Products Partners (EPD: news, chart, profile) said Monday that its second-quarter net profit fell 29% to $186.6 million, or 32 cents a unit, from $263.3 million, or 52 cents a unit, a year earlier. Revenue for the period declined 45% to $3.51 billion. The group said the result included charges of 11 cents per unit related to the forfeiture of an investment, lost business from hurricanes and costs related to its pending merger. Analysts polled by FactSet had been expecting earnings of 42 cents per unit. "Volumes handled by our integrated midstream energy system were at record or near record levels," said CEO Michael Creel.

Radio Shack profit rises to $48.8 million(6:22 am ET)
LONDON (MarketWatch) -- Electronics retailer Radio Shack (RSH: news, chart, profile) on Monday said second-quarter net income rose to $48.8 million, or 39 cents a share, compared to $41.4 million, or 32 cents a share, in the same period last year. The year-ago figures included a one-time, headquarters lease-related charge of $4.3 million that was partly offset by a favorable state sales tax settlement. Analysts surveyed by FactSet Research had produced a consensus forecast of 29 cents a share. Fort Worth, Texas-based Radio Shack said net sales and operating revenues fell 2.9% from the same period last year to $965.7 million. The company said consolidated selling, general and administrative expenses fell to $335.7 million from $375.4 million in the same period last year.

Aetna cuts earnings outlook as net drops 28%(6:08 am ET)
LONDON (MarketWatch) -- Health insurer Aetna (AET: news, chart, profile) cut its earnings outlook for 2009 on higher-than-projected medical costs, as its second-quarter net income dropped 28% to $346.6 million, or 77 cents a share. Revenue rose 10% to $8.66 billion, while its operating earnings dropped 28% to 68 cents a share, on higher commercial medical costs and unfavorable reserve developments. It cut its 2009 operating earnings view to a range of $2.75 to $2.90 a share, from a previous estimate of $3.55 to $3.70. Analysts polled by FactSet had forecast quarterly earnings of 78 cents and annual earnings of $3.55.

SSAB reports loss on weak demand, price pressure(2:55 am ET)
LONDON (MarketWatch) -- Sweden's SSAB (SE:SSABA: news, chart, profile) said it swung to a 636 million Swedish krona ($85 million) loss in the second quarter, after earning 2.03 billion krona in the year-earlier period. Sales fell 56% to 6.58 billion krona. Analysts polled by Dow Jones Newswires had expected a 838 million krona loss on revenue of 7.36 billion krona. The steelmaker said the quarter has been characterized by weak demand and continued pressure on prices, and it expects third quarter market conditions to be similar to the second quarter.

TNT second-quarter profit falls 60.5%(2:48 am ET)
MADRID (MarketWatch) -- Dutch international express mail service TNT (NL:TNT: news, chart, profile) on Monday said profit attributable to shareholders fell 60.5% in the second quarter to 81 million euros ($115 million} against 205 million euros a year ago. Operating income for the group fell 45% to 178 million euros, and analysts surveyed by Reuters were expecting operating income of 184 million euros. Revenue for the group fell 10% to 2.53 billion euros. The company said a recessionary environment persisted in the second quarter, but still said it would pay an interim dividend in 2008 of 0.18 euros per share, in either cash or stock. CEO Peter Bakker said the company has cut costs to cope with a tough environment. He said these conditions will persist in the second half of this year, as "early signs pointing towards improvements in the general economic climate in the second half of this year are still too uncertain to indicate a positive trend development."

Aberdeen assets under management up 34%(2:43 am ET)
LONDON (MarketWatch) -- Aberdeen Asset Management (UK:ADN: news, chart, profile) said Monday that its assets under management rose to 129.2 billion pounds ($212.4 billion) at the end of June from 96.3 billion pounds at the end of March. The increase was due to a 35.3 billion pound boost from corporate acquisitions, which was partly offset by a 9.2 billion pounds negative impact from exchange rate fluctuations. The group said new business wins in the quarter totalled 3.4 billion pounds, but were outweighed by the withdrawal by customers of 5.6 billion pounds of assets. Market appreciation and investment performance contributed 9 billion pounds.

Julius Baer adjusted 1st-half share net off 36%(2:26 am ET)
TEL AVIV (MarketWatch) -- Julius Baer Holding, (JBHGY: news, chart, profile) (CH:BAER: news, chart, profile) the Zürich money manager, reported that first-half adjusted net income fell 36% to 1.56 Swiss francs ($1.46) a share. Adjusted consolidated net fell 37% to 324 million Swiss francs; consolidated profit before tax fell 40% to 391 million Swiss francs. Operating profit fell 24% to 1.22 billion Swiss francs, "primarily as a result of 25% lower average assets under management" compared with a year earlier, the firm said in a statement on Monday. Assets under management rose 9% from year-end 2008, to 299 billion Swiss francs. Operating expense on a consolidated basis declined 12%. Julius Baer's plan to separate its private-banking and asset-management businesses "is on track to be completed by the end of the third quarter," subject to regulatory clearances, the firm said.

National Grid trading in line with expectation(2:23 am ET)
LONDON (MarketWatch) -- National Grid (UK:NG: news, chart, profile) , the U.K. electricity grid operator, said Monday that it continues to trade in line with the group's expectations and expects to deliver a "substantial improvement" in profitability in its electricity distribution and generation arm. The group said its 3.4 billion pound ($5.6 billion) investment program remains on target. It's raised the majority of the 2.5 billion pounds of funding needed for the year, with around another 400 million pounds of funding required in the current fiscal year.
Sunday, July 26

Citi says $20 billion exchanged in equity swap(9:28 pm ET)
LOS ANGELES (MarketWatch) -- Citigroup Inc. (C: news, chart, profile) said Sunday that about $20.3 billion in convertible and non-convertible preferred and trust preferred securities had been tendered for exchange for common stock. The bank's exchange offer expired 5 p.m. Friday. As a result of this and other pending exchanges, Citi said its tangible common equity will rise by $60 billion, while its Tier 1 capital will increase by $64 billion to a ratio of about 9%, based on the bank's June 30 results. "The successful completion of the exchange offers marks a significant milestone for Citi," Chief Executive Vikram Pandit said in a statement.
Friday, July 24

Financials off lows but still in the red(1:55 pm ET)
NEW YORK (MarketWatch) -- Financial stocks remained in negative territory Friday with shares of Federated Investors Inc. (FII: news, chart, profile) leading the way down after it reported an 8% decline in second-quarter net income. Although off its lows, the sector's benchmark exchange-traded fund, Financial Select Sector SPDR Fund (XLF: news, chart, profile) , was down 0.2% to 12.47 at last check. Shares of Federated Investors, a Pittsburgh-based investment manager, fell 6.6% to $24.45 a share in midday trade.

Financials off on credit card makers' woes(9:43 am ET)
NEW YORK (MarketWatch) -- A day after topping new 30-day plus highs, financial stocks retreated Friday morning as investors grew wary heading into the weekend after American Express Co. (AXP: news, chart, profile) and Capital One Financial Corp. (COF: news, chart, profile) reported big declines in quarterly profit. The sector's benchmark exchange-traded fund, Financial Select Sector SPDR Fund (XLF: news, chart, profile) , was down 0.5% to 12.43. Shares of the two credit card makers were down 2.1% and 3.3%, respectively. On a bullish note, shares of CIT Group Inc. (CIT: news, chart, profile) surged nearly 25% after the company said late Thursday that if its tender offer for notes due in August is successfully completed, then it does not intend to file for bankruptcy.

Microsoft, Amazon lead broad tech losses(9:37 am ET)
SAN FRANCISCO (MarketWatch) -- Nearly every major technology stock was in the red in early trading Friday as a disappointing earnings report from Microsoft Corp. (MSFT: news, chart, profile) led to a sectorwide slump. Microsoft shares fell $1.87, or more than 7%, to $23.74 after the software giant reported declines in its fourth-quarter earnings and sales late Thursday. Also in the red were Amazon.com Inc. (AMZN: news, chart, profile) after it reported mixed quarterly results. The tech-heavy Nasdaq Composite Index ($COMPQ: news, chart, profile) fell 25 points to 1,948.

Exelon net income falls 12%(8:41 am ET)
NEW YORK (MarketWatch) -- Exelon Corp. (EXC: news, chart, profile) said Friday second-quarter net income fell to $657 million, or 99 cents a share, from $748 million, or $1.13 a share in the year-ago period. The Chicago-based power producer's adjusted income dipped to $1.03 a share from $1.13 a share. Wall Street analysts expected Exelon to earn $1 a share, according to a survey by FactSet Research. Exelon expects adjusted third-quarter earnings of 90 cents to $1 a share, below the Wall Street target of $1.09 a share.