Wednesday, Oct. 24
Smurfit-Stone Containers swings to a loss (7:56 pm ET)
SAN FRANCISCO (MarketWatch) -- Paper packaging company Smurfit-Stone Container Corp. (SSCC: news, chart, profile) reported late Wednesday a third-quarter loss of $96 million, or 38 cents a share, stemming from the sale of its Brewton, Al., mill. That compares with year-ago results of $21 million, or 8 cents a share for the three months ended Sept. 30. Excluding one-time items, income for the quarter was $28 million, or 11 cents a share, compared with $15 million, or 12 cents a share, a year ago. Revenue rose 2.2% to $1.89 billion from $1.84 billion. Analysts polled by Thomson Financial expected the company to earn 10 cents a share on $1.92 billion in revenue. The company predicted higher product prices but lower earnings in the fourth quarter "due to seasonal and timing factors." Smurfit-Stone shares fell 0.8% to close at $13.20 ahead of the report.
Aaron Rents quarterly net income falls(5:16 pm ET)
SAN FRANCISCO (MarketWatch)-- Aaron Rents Inc. said Wednesday that third-quarter net income fell 8.4% to $15.9 million, or 29 cents a share, from $17.4 million, or 32 cents a share, a year earlier on construction delays for store openings and higher operating costs. The Atlanta-based company, which rents and sells furniture and appliances, said revenue increased 13% to $359.4 million from $317.7 million a year ago. Analysts polled by Thomson Financial predicted on average third-quarter profit of 29 cents a share and revenue of $357.9 million. Aaron Rents expects fourth-quarter profit of 30 cents to 34 cents a share, and revenue to exceed $375 million. Analysts predict fourth-quarter net income of 33 cents a share and revenue of $378.3 million. For 2007, the company predicts revenue will fall slightly below $1.5 billion and net income will range from $1.48 to $1.52 a share.
Murphy Oil earnings fall 11% on weaker refining margins(5:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Murphy Oil Corp. (MUR: news, chart, profile) reported late Wednesday third-quarter net income fell to $199.5 million, or $1.04 a share, from $224.1 million, or $1.18, a year ago. Revenue for the three months ended Sept. 30 rose 15% to $4.78 billion from $4.15 billion. Analysts polled by Thomson Financial had predicted the El Dorado, Ark.-based company would hand in earnings of 97 cents a share. Murphy Oil shares closed 1.8% higher at $77.05 ahead of the report.
LSI swings to loss on special charges(5:14 pm ET)
SAN FRANCISCO (MarketWatch) - LSI Corp. reported a net loss of $141 million on revenue of $727 million for the quarter ended Sept. 30., compared to a net income of $44 million on revenue of $493 million in the same quarter last year. The results included a charge of $185 million for special items, including restructuring costs related to the sale of its mobility business and stock-based compensation expenses. On a non-GAAP basis, the technology company reported a net income of $44 million or earnings per share of 6 cents, compared to profit of $65 million or 16 cents per share in the same period last year. Analysts had expected the company to report earnings per share of 4 cents on revenue of $693 million, according to Thomson Financial.
Hercules profit rises 24% on higher overseas sales(4:45 pm ET)
SAN FRANCISCO (MarketWatch) -- Hercules, Inc. (HPC: news, chart, profile) said late Wednesday net income in the third quarter rose to $42.4 million, or 37 cents a share, from $34.2 million, 31 cents a share in the year-ago quarter. Sales at the specialty chemicals and materials maker increased 6% to $544.2 million, helped by higher volumes, a modest gain in pricing, and double-digit growth in Latin America and Asia Pacific. Analysts polled by Thomson Financial had forecast profit of 41 cents on sales of $551 million. Shares in the Wilmington, Del. company's stock were unchanged at $20.27 ahead of the report.
Monster swings to a profit for third quarter(4:28 pm ET)
SAN FRANCISCO (MarketWatch) -- Monster Worldwide Inc. (MNST: news, chart, profile) swung to a profit for the third quarter amid an 18% gain in revenue. The provider of online employment search services reported net income of $33.3 million, or 25 cents a share, compared to a loss of $83.8 million, or 64 cents a share, for the same period last year. The results include charges totaling 10 cents a share related to the company's stock-option investigation and a past security breach into the company's databases. Revenue grew to $337.1 million. Analysts were expecting earnings of 33 cents a share on revenue of $336.6 million, according to Thomson Financial.
Amgen earnings drop on stock options; beats forecasts(4:20 pm ET)
LOS ANGELES (MarketWatch) -- Biotechnology giant Amgen Inc. (AMGN: news, chart, profile) said Wednesday that third-quarter net income was $201 million, or 18 cents a share, down from the $1.1 billion, or 94 cents a share reported a year ago. Reporting after the close, the Thousand Oaks, Calif.-based company said revenue was unchanged at $3.6 billion for the quarter. Excluding stock-option expenses, adjusted earnings per share were $1.08 vs. last year's $1.04. Analysts polled by Thomson Financial had expected the company to report earnings of $1.03 a share on sales of $3.57 billion. Amgen affirmed its forecast of $4.13 to $4.23 in adjusted 2007 earnings. The Thomson forecast is for $4.21. Shares ended trading Wednesday up 43 cents to $58.13.
Symantec posts lower second-quarter profit (4:17 pm ET)
SAN FRANCISCO (MarketWatch) - Symantec Corp. said Wednesday its fiscal second-quarter profit slid lower compared to the same period a year earlier. Security software maker Symantec (SYMC: news, chart, profile) said net income for the period ended in September fell to $50.4 million, or 6 cents a share, compared to $126.2 million, or 13 cents a share in the period last year. Meanwhile revenue rose to $1.42 billion from $1.26 billion. Excluding certain items, Symantec said earnings for the period were 29 cents a share. Analysts polled by Thomson Financial had been estimating Symantec would report earnings of 26 cents a share, on $1.39 billion in revenue for the quarter.
VMware earnings more than triple to $65 million(4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- VMware Inc. (VMW: news, chart, profile) on Wednesday reported a third-quarter profit of $65 million, or 18 cents a share, on revenue of $358 million. During the same period a year ago, which was before VMware became a public company, the virtualization technology developer earned $19.2 million, or 6 cents a share, on $189 million in sales. Excluding charges and one-time expenses, VMware would have earned $85 million, or 23 cents a share. VMware topped the estimates of analysts surveyed by Thomson Financial, who forecast a profit of 17 cents a share on $334 million in revenue.
Anheuser-Busch profit and sales rise, backs year view(2:38 pm ET)
NEW YORK (MarketWatch) - Anheuser-Busch Cos. (BUD: news, chart, profile) on Wednesday said third-quarter net income rose to $707 million, or 95 cents a share, from $638 million, or 82 cents a share, in the year-ago period. Gross sales rose to $5.24 billion from $4.88 billion. Net sales climbed to $4.62 billion from $4.28 billion. Analysts, on average, expected it to earn 93 cents a share on revenue of $4.51 billion, according to Thomson Financial. The beer company said it still expects the 2007 earnings per share increase to exceed its long term growth target of 7% to 10%.
Tesoro economist says crude oil prices should be in $60s(2:00 pm ET)
NEW YORK (MarketWatch) -- Tesoro Corp. (TSO: news, chart, profile) Chief Economist Lynn Westfall said record oil futures prices are out of whack with the physical market for oil as hedge funds and other speculators drive up the price of crude. "Tesoro buys oil every day and we have no problem buying crude," Westfall said in an interview with MarketWatch. "There's a lot of crude." Gasoline prices haven't kept up with recent oil price spikes partly because it's traditionally a time of lower demand after the end of the summer driving season, he said. Currently, the average price for a gallon of regular unleaded gas of $2.80 reflects a crude price of about $80 a barrel, he said. At $90 a barrel, a gallon of gas would run about $3.05 a gallon. Based purely on supply and demand, Westfall said oil should be priced in the $60s.
Deutsche Bank analyst cuts price target on Merrill by 25%(1:40 pm ET)
SAN FRANCISCO (MarketWatch) -- Deutsche Bank analyst Mike Mayo cut his price target on Merrill Lynch (MER: news, chart, profile) by 25% after the New York-based investment bank's third-quarter results were hit by almost $8 billion in write-downs on mostly collateralized debt obligations (CDOs) and subprime mortgage exposures. Mayo lowered his price target on Merrill shares to $80 from $107, while keeping his buy rating. Merrill is failing to make the most of a "unique franchise," mainly because of poor risk control in its U.S. fixed-income business, the analyst wrote in a note to clients. It's still not clear how much of Merrill's remaining CDO exposure has been written down and the bank's chief executive and chief financial officer didn't provide enough data, Mayo added. Merrill shares fell 6.9% to $62.49 during afternoon trading on Wednesday.
Energy stocks mixed on earnings, upcoming inventory data (9:53 am ET)
NEW YORK (MarketWatch) -- Energy stocks were mixed in early action Wednesday ahead of an expected rise in fuel inventories and earnings reports from ConocoPhillips, Occidental Petroleum and National Oilwell Varco. The Amex Oil Index (XOI: news, chart, profile) fell 0.1%. The Amex Natural Gas Index (XNG: news, chart, profile) rose fractionally. Meanwhile, crude prices fell 29 cents to $84.98 a barrel as analysts look toward a 300,000 increase in crude oil stockpiles and a 1.1 million barrel rise in gasoline supplies. ConocoPhillips (COP: news, chart, profile) fell 99 cents to $82.23 after it posted lower third-quarter profit, as expected. National Oilwell Varco (NOV: news, chart, profile) advanced $2.03 to $76.80 after doubling its third-quarter profit. Occidental Petroleum (OXY: news, chart, profile) rose 14 cents to $66.89 as it booked a 13% increase in earnings. PetroChina (PTR: news, chart, profile) fell 2% to $251.42 after it set a price range for its initial public offering in Shanghai. The oil giant will raise up to $8.91 billion in the deal.
Wrigley third-quarter income up on sales gains(9:25 am ET)
NEW YORK (MarketWatch) -- Wm. Wrigley Jr. Co.'s (WWY: news, chart, profile) third-quarter net income rose 11% to $164.5 million, or 59 cents a share, from $148 million, or 53 cents, a year earlier. The Chicago chewing-gum maker Wednesday said sales increased 13% to $1.33 billion from $1.18 billion a year ago, reflecting the positive impact of price/mix and currency as well as worldwide shipment growth of 2%. On average, analysts polled by Thomson Financial expected earnings of 60 cents a share on revenue of $1.31 billion. In premarket activity, the company's shares were trading at $66.85, flat with Tuesday's close.
Temple-Inland third-quarter income falls(9:08 am ET)
NEW YORK (MarketWatch) -- Temple-Inland Inc.'s (TIN: news, chart, profile) third-quarter net income fell 62% to $36 million, or 33 cents a share, from $95 million, or 86 cents a share, a year earlier. Results from the latest quarter include an after-tax charge of 6 cents a share related to its transformation and a charge of 8 cents a share from the disposition of its chemical business. Excluding items, earnings were 47 cents a share. The Austin, Texas, company, which operates corrugated packaging, forest products, real estate and financial services segments, said revenue fell 7.8% to $1.3 billion from $1.41 billion. On average, analysts surveyed by Thomson Financial expected earnings of 44 cents a share on revenue of $1.31 billion. Temple-Inland is on track to close its transformation into three public companies by the end of 2007. The company said it will use the majority of the proceeds from the transformation plan for a special dividend, currently estimated to be about $10.25.
Affiliated Managers third-quarter income rises(8:58 am ET)
NEW YORK (MarketWatch) -- Affiliated Managers Group Inc.'s (AMG: news, chart, profile) third-quarter net income rose to $42.6 million, or $1.07 a share, from $33.1 million, or 87 cents, in the year-earlier period. Per-share cash earnings rose to $1.56 from $1.34. The Boston asset management company's revenue rose to $345.6 million from $280.4 million. Separately, Affiliated Managers disclosed a definitive agreement to acquire a majority interest in equity manager Cooke & Bieler. Financial terms of the deal weren't disclosed.
Kennametal first-quarter income rises(8:57 am ET)
NEW YORK (MarketWatch) -- Kennametal Inc.'s (KMT: news, chart, profile) fiscal first-quarter net income rose 15% to $34.9 million, or 88 cents a share, from $30.4 million, or 78 cents a share, a year earlier. Results for the latest quarter included a noncash charge of 17 cents a share for the impact of a German tax-reform bill. Excluding the special charge, earnings for the period were $1.05 a share. The Latrobe, Pa., metal-cutting tools company said sales for the period ended Sept. 30 rose 13% to $615.1 million from $542.8 million a year ago. On average, analysts polled by Thomson Financial expected earnings of $1 a share and revenue of $600 million. Kennametal increased its forecast for fiscal 2008 adjusted earnings to between $5.60 and $5.70 a share from $5.30 to $5.50 a share, on stronger international sales. For the second quarter, the company expects earnings in the range of $1.10 to $1.15 a share. Kennametal also said it has approved a 2-for-1 stock split and a 14% dividend increase. Additional shares issued as a result of the stock dividend will be distributed Dec. 18. to shareholders of record Dec. 4. Separately, the approved pre-split 14% dividend increase brings the company's quarterly cash dividend to 24 cents a share. The dividend is payable Nov. 19 to shareholders of record Nov. 7.
Lennox International posts 72% profit rise, eyes low-end EPS(8:44 am ET)
LONDON (MarketWatch) -- Lennox International (LII: news, chart, profile) said third-quarter net income rose 72% to $61.2 million, or 88 cents a share, while sales were up 1% to $1.03 billion. On an adjusted basis, earnings rose to 94 cents a share, which the heating, air conditioning and refrigeration firm attributed to tight operational discipline. Analysts polled by Thomson Financial expected earnings of 87 cents a share. But it said the weak residential market will likely lead annual earnings to be at the low end of its $2.40 to $2.50 a share range. Analysts had forecast annual earnings of $2.47 a share.
Commercial Metals Company ups quarterly dividend to 12c(8:39 am ET)
NEW YORK (MarketWatch) -- Commercial Metals Company (CMC: news, chart, profile) on Wednesday said it'll increase its quarterly dividend to 12 cents a share from 9 cents a share. The dividend is expected to be declared in December and paid in January.
Tribune posts third-quarter results(8:31 am ET)
NEW YORK (MarketWatch) -- Tribune Co.'s (TRB: news, chart, profile) third-quarter net income fell 7% to $152.8 million, or $1.22 a share, from $164.3 million, or 65 cents a share, a year earlier. Results from the latest quarter included a severance charge of 2 cents a share, a loss of 39 cents a share from marking-to-market the derivative component of the company's PHONES and Time Warner investment and a gain of 72 cents a share from an income tax cost adjustment. Earnings from continuing operations were 69 cents a share. The Chicago media company said operating revenue fell 4.1% to $1.28 billion from $1.33 billion. On average, analysts polled by Thomson Financial expected earnings of 26 cents a share on revenue of $1.26 billion. Tribune expects its going-private transaction to close in the fourth quarter.
Stanley Works reports third-quarter earnings(8:29 am ET)
NEW YORK (MarketWatch) -- Stanley Works' (SWK: news, chart, profile) third-quarter net income rose less than 1% to $91.4 million, or $1.09 a share, from $90.5 million, or $1.09 a share, a year earlier. The New Britain, Conn., hand tools and hardware company said revenue for the period grew 12% to $1.13 billion from $1.01 billion a year ago. On average, analysts polled by Thomson Financial expected earnings of $1.10 a share and revenue of $1.1 billion. The company also reaffirmed its previous 2007 full-year earnings guidance of $4.00 to $4.05 a share and its fourth quarter earnings guidance of $1.10 to $1.15 a share. Stanley Works said it acquired OSI Security Devices Inc., a supplier of stand-alone electro-mechanical locks in Chula Vista, Calif., and Automated Entrance Products Inc., a Burnsville, Minn., supplier of power-operated doors. Combined revenues from the acquisitions are about $10 million and no significant impact on 2007 earnings is expected.
Freeport-McMoRan Copper & Gold profit doubles(8:28 am ET)
TEL AVIV (MarketWatch) -- Freeport-McMoRan Copper & Gold Inc., (FCX: news, chart, profile) the Phoenix metals producer, reported that third-quarter net income doubled as revenue tripled. Earnings reached $775 million, or $1.87 a share, from $351 million, or $1.67, in the year-earlier period. Earnings from continuing operations were $1.85 -- reflecting 67 cents of charges -- against $1.67, which reflected a 16-cent loss on debt reduction. Shares outstanding more than doubled to 447 million from 221 million. Revenue reached $5.07 billion from $1.64 billion. A survey of analysts by Thomson Financial produced a consensus estimate of $2.26 a share of profit.
CME Group posts higher third-quarter income(8:26 am ET)
NEW YORK (MarketWatch) -- CME Group Inc. (CME: news, chart, profile) , the holding company for the Chicago Mercantile Exchange, reported its third-quarter profit rose to $201.6 million, or $3.87 a share, from $103.8 million, or $2.95 a share, a year earlier. The world's largest derivatives exchange, which merged with the Chicago Board of Trade in July, said pro forma earnings for the latest quarter were $4.31 a share, up from $2.56 a share a year ago. Third-quarter 2007 pro-forma results exclude merger-related costs consisting of restructuring charges, integration and legal costs, acceleration of depreciation related to CBOT data centers, and include CBOT operating results for the full third quarter. The pro-forma results for 2006 reflect the operating results of both CME and CBOT as if they were combined. Revenue for the quarter climbed to $565.2 million from $274.7 million. Analysts polled by Thomson Financial were expecting, on average, earnings of $4.10 a share for the quarter on revenue of $552 million. Third-quarter volume averaged a record 12.7 million contracts per day, up 49%, assuming combined CME/CBOT volumes for the entire quarter. Total quarterly volume exceeded 798 million contracts, of which 77% traded electronically.
National Oilwell Varco net income doubles(8:11 am ET)
NEW YORK (MarketWatch) -- National Oilwell Varco Inc. (NOV: news, chart, profile) on Wednesday said third-quarter net income doubled to $366 million, or $1.02 a share from $176.6 million, or 50 cents a share in the year-ago period. The Houston-based oil services firm said revenue climbed to 45% to $2.58 billion. Analysts surveyed by Thomson Financial expected the company to earn 94 cents a share on revenue of $2.47 billion, on average. Backlog for capital equipment orders for the company's Rig Technology unit increased to $8 billion, from $7.2 billion in the previous quarter. New orders during the quarter were a record $1.9 billion. "The company's backlog for capital equipment continued to increase as a result of strong demand for its drilling equipment, particularly for international offshore rigs," the company said.
CORRECT: Nasdaq profit rises, boosted by gains(8:04 am ET)
NEW YORK (MarketWatch) - Nasdaq Stock Market Inc. (NDAQ: news, chart, profile) on Wednesday said third-quarter net income rose to $365 million, or $2.41 a share from $30.2 million, or 22 cents a share, in the year-ago period. Included in third quarter results are pre-tax gains related to Nasdaq's sale of its share capital of the London Stock Exchange Group and items related to gains on foreign currency option contracts. Excluding items, it earned 42 cents a share. Analysts, on average, expected it to earn 39 cents a share, according to Thomson Financial. For the year, Nasdaq is forecasting net income in the range of $501 million to $507 million, net exchange revenue in the range of $800 million to $810 million, and total operating expenses in the range of $435 million to $445 million. (Corrects year-ago comparison)
Carlisle Cos. 3rd-quarter net higher; year outlook trimmed(7:59 am ET)
TEL AVIV (MarketWatch) -- Carlisle Cos., (CSL: news, chart, profile) the Charlotte, N.C., manufacturer serving markets including automotive, construction materials, food-service and more, reported third-quarter earnings more than doubled on 21% higher sales. The company also trimmed its adjusted-earnings outlook for the year. Earnings reached $82.5 million, or $1.31 a share, from $40.2 million, or 65 cents, in the year-earlier period. Earnings from continuing operations were $1.31 versus 72 cents. The profit includes a gain of 47 cents on the sale of an interest in a roofing company and a charge of 4 cents for a plant closure. Sales reached $778.1 million from $645.3 million. Sales grew 12% excluding acquisitions. "While we are experiencing healthy market demand in some of our businesses, we have seen softness in our on-highway braking products, small construction trailers and insulation materials used in residential construction," Chairman, President and Chief Executive David A. Roberts said in a statement. "In addition, we continue to face competitive pricing pressures in our construction-materials business." For the year, Carlisle now sees adjusted earnings from continuing operations of $2.80 to $2.85 a share. The previous estimate was $2.95 to $3.05.
Harsco reports higher third-quarter income(7:54 am ET)
NEW YORK (MarketWatch) -- Harsco Corp. (HSC: news, chart, profile) on Wednesday posted third-quarter net income of $77.3 million, or 91 cents a share, from $55.8 million, or 66 cents, a year earlier. Earnings from continuing operations for the quarter were 83 cents a share. A Thomson Financial survey of analysts, on average, projected earnings of 80 cents a share for the quarter. The Pennsylvania industrial services company's quarterly sales climbed to $927 million from $773 million. The company also raised its forecast for earnings from continuing operations to a range of $2.93 to $2.97 a share, from the prior range of $2.90 to $2.95.
ChoicePoint swings to quarterly profit(7:48 am ET)
NEW YORK (MarketWatch) -- ChoicePoint Inc. (CPS: news, chart, profile) on Wednesday said it swung to a third-quarter profit of $1.2 million, or 2 cents a share, compared with a loss of $72.2 million, or 86 cents a share, in the year-ago period. Excluding special charges, ChoicePoint said earnings per share from continuing operations was 44 cents, compared with last year's loss of 42 cents a share. For the three months ended Sept. 30, the company said revenue rose to $270.8 million from $261.5 million.
Allegheny Technologies Q3 net up 21%(7:49 am ET)
NEW YORK (MarketWatch) -- Allegheny Technologies (ATI: news, chart, profile) on Wednesday said third-quarter net income rose 21% to $193.9 million, or $1.88 a share, from $160.2 million, or $1.56 a share in the year-ago period. Revenue rose to $1.34 billion from $1.29 billion. Analysts expected earnings of $1.86 a share and revenue of $1.38 billion, on average, according to a survey by Thomson Financial. "Our third quarter 2007 results had two divergent story lines," the company said. "Strong demand trends continued in our High Performance Metals segment and for our high-value flat-rolled products. On the other hand, shipments of our standard stainless products were extraordinarily weak."
Talbots slashes forecast, cites weak sales and consumer woes(7:44 am ET)
NEW YORK (MarketWatch) - Talbots Inc. (TLB: news, chart, profile) on Wednesday revised its forecast for the fall season, citing weaker than expected sales, mainly for the Talbots brand, as well as a "conservative consumer spending mindset." For the third quarter, the Hingham, Mass.-based company expects a loss in the range of 20 cents to 25 cents a share, including 7 cents a share of one-time expense related to executive compensation and professional consulting fees. This range assumes total company third quarter same-store sales in the negative high single digit range, with the Talbots brand down high single digits, and the J. Jill brand down mid single digits. For the fourth quarter, Talbots currently anticipates a loss per share in the range of 5 cents to 10 cents, including 9 cents a share of one-time expenses. This range assumes total company fourth quarter same-store sales in the negative mid-single digit range, with Talbots down mid-single digits, and J. Jill flat to slightly up. Based on the current forecast, at the end of the third quarter the company will be out of compliance with its acquisition loan financial covenants.
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