Lighting-fixture maker Genlyte Group Inc (GLYT.O: Quote, Profile , Research) reported a 5.7 percent rise in third-quarter profit, as sales growth in nonresidential markets and price increases helped offset a weak residential construction segment, sending shares up as much as 9 percent.
The company, which sells lighting and lighting accessory products, earned $40.1 million, or $1.38 a share, in the quarter, compared with $38 million, or $1.32 a share, a year ago. Net sales rose 2.1 percent to $418.8 million.
Analysts on average were expecting earnings of $1.33 a share, before items, on revenue of $427.6 million, according to Reuters Estimates.
Genlyte shares have plunged 32 percent from a year high of $87.9 in early June, as the downturn in the U.S. housing market stoked investor fears about the company's prospects in the residential construction segment.
Humana profit beats Street view but shares fall Humana Inc (HUM.N: Quote, Profile , Research) posted sharply higher quarterly profit on Monday, above Wall Street's average estimate, on strength in its Medicare health plans for the elderly and its plans for employers, and forecast 2008 earnings ahead of analysts' expectations.
The health insurer said it would add at least 200,000 members to its full-service Medicare Advantage plans in 2008, exceeding many analysts' projections.
But Humana shares, after rising nearly 8 percent and reaching an all-time high in opening trading, were off 3 percent in afternoon dealings.
David Heupel, a portfolio manager with Thrivent Investment Management, said investors continue to fret about possible legislative changes to Medicare, the U.S. government health program for the elderly, that would crimp reimbursements to insurers.
Humana is one of the largest Medicare providers, aggressively expanding its business as it takes advantage of a larger private-sector role.
Sohu.com Profit Rises 47%, Fueled by New Online Game (Update2)
Sohu.com Inc., China's third-biggest Internet portal, said third-quarter profit rose 47 percent after the introduction of an online role-playing game boosted sales.
Net income increased to $9.69 million, or 25 cents a share, from $6.6 million, or 17 cents, a year earlier, the Beijing-based company said today in a statement. Sales rose 46 percent to $51.5 million. The results, along with a forecast for this quarter, topped analysts' estimates, spurring the shares in extended trading.
Chief Executive Officer Charles Zhang introduced the ``Tian Long Ba Bu'' Web title in May to win a bigger share of China's online game market, where sales may rise to 9 billion yuan ($1.2 billion) in 2008 from 7.2 billion yuan this year, according to the government-backed Internet Society of China. Sohu's online advertising sales, its biggest business, surged after China's 162 million Web users lured more marketers online.
``Sohu did a wonderful job in developing this game,'' Tian Hou, an analyst with Pali Capital in New York, said before the release. ``If the game can continue to stimulate interest, it can be successful no matter how many other games are in the market.'' Hou recommends buying Sohu shares.
Analysts had projected $8.1 million in profit, the average of five estimates compiled by Bloomberg. They had estimated sales of $46.5 million.
Company Forecast
Fourth-quarter profit, excluding costs such as stock-based compensation, will be 33 cents to 35 cents a share on sales of as much as $55.5 million, Sohu said. Analysts had estimated 29 cents in profit and $48.9 million in revenue.
Sohu shares climbed 6.7 percent to $57.13 in U.S. after- hours trading. The stock rose $3.61, or 7.2 percent, to $53.53 at 4 p.m. New York time in Nasdaq Stock Market trading before the earnings announcement.
Third-quarter online advertising sales gained 32 percent to $31.5 million, the company said. Non-advertising revenue, made up mostly of online-game revenue and sales of ring tones and games to mobile-phone users, rose 74 percent to $20 million.
Product development spending climbed 45 percent to $6.88 million in the third quarter, Sohu said. Sales and marketing expenses increased 88 percent to $13.6 million.
Simon Property 3rd-qtr FFO rises 13 pct Simon Property Group Inc (SPG.N: Quote, Profile , Research) said on Monday that quarterly funds from operations rose 13 percent, as rents and occupancy at its malls and outlet centers increased.
The company issued an optimistic forecast for the rest of the year but said it is watching for a slowdown of the U.S. economy and consumer jitters.
Simon reported third-quarter FFO of $418.7 million, or $1.46 per share, compared with $369.5 million, or $1.30 per share, a year earlier. FFO is a measure of real estate investment trust performance that factors out depreciation.
The result beat analysts' average expectations of FFO of $1.42 a share, according to Reuters Estimates.
Simon, based in Indianapolis, also said it sees 2007 FFO at least at the high end of its previously raised forecast of $5.83 per share to $5.88 per share. Analysts, on average, have expected $5.86 per share, according to Reuters Estimates.
Verizon Profit Declines Verizon Communications Inc. reported continued higher sales of its FiOS TV service, and its wireless arm maintained the pace of its growth amid competition from Apple Inc.'s iPhone in the quarter.
Third-quarter profit fell 34% from a year earlier, when $377 million in earnings from discontinued operations helped results.
Market Data 
Markets 
AI
