Thursday, April 16
Video game sales slide 17% in March, NPD says(6:31 pm ET)
SAN FRANCISCO (MarketWatch) -- Sales of video game software in the U.S. slid 17% during the month of March compared to the same period last year, according to data from the NPD Group released Thursday afternoon. The results are likely to disappoint Wall Street analysts, who were expecting sales to remain largely flat with the previous year. Sales of game hardware fell 18%. The Nintendo Wii sold 601,000 units while the XBox 360 sold 330,000 units and the PlayStation 3 sold 218,000 units, according to the NPD report.
Google beats first-quarter profit estimates (4:07 pm ET)
SAN FRANCISCO (MarketWatch) - Google Inc. said Thursday its first-quarter net income rose to $1.4 billion, or $4.49 a share, from $1.3 billion, or $4.12 a share in the same period a year earlier. The Mountain View, Calif.-based Internet giant (GOOG: news, chart, profile) said net revenue for the period ended in March came in at $4.07 billion. Excluding special items, Google said earnings for the quarter were $5.16 a share. Analysts on average had expected Google to post earnings excluding special items of $4.93 a share, and $4.08 billion in net revenue, according to data from Thomson Reuters.
Gannett CEO: Automotive ad sales remain weak at TV stations(10:43 am ET)
CHICAGO (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) Chief Executive Craig Dubow said Thursday that television station advertising sales in the automotive category, down more than 40% in the first quarter, have "not shown much improvement" in the current period, and the company has little sense of what future sales will look like given the uncertainties surrounding General Motors (GM: news, chart, profile) , Ford (F: news, chart, profile) and Chrysler. During the same call with analysts, Chief Financial Officer Gracia Martore pointed out that she has heard "anecdotally" about local auto dealers ramping up online ad spending, as well as for print ads in certain newspapers.
Charges, sales declines drag down PPG(10:41 am ET)
CHICAGO (MarketWatch) -- PPG Industries Inc. said Thursday that it tumbled to a loss in the first quarter, hurt by restructuring charges and declining sales. PPG (PPG: news, chart, profile) lost $111 million, or 68 cents a share, on the period, a turn form a profit of $100 million, or 61 cents a share, in the same quarter a year ago. On an adjusted basis, it would have earned 19 cents a share. Sales came in at $2.8 billion, down 30%. The average estimate of analysts polled by FactSet Research had been for the company to earn 14 cents a share on sales of $3.13 billion.
Gannett CFO: Furloughs saved $20 million in first quarter(10:36 am ET)
CHICAGO (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) Chief Financial Officer Gracia Martore said Thursday that the largest U.S. newspaper publisher saved $20 million during the first quarter by asking some employees to take a week off without pay during the period. Speaking to analysts on a conference call, Martore said its furloughing plans in the second quarter could yield a similar result, but Gannett is currently negotiating with union employees and staffers who are working under contract to implement the next round of furloughs.
CORRECT: Gannett's quarterly profit tumbles 60%(10:14 am ET)
CHICAGO (MarketWatch) -- Gannett Co. (GCI: news, chart, profile) , the largest U.S. newspaper publisher, said Thursday that its first-quarter profit plummeted 60% due to ongoing weakness in classsified and other advertising at its newspapers and television stations, but the results surpassed diminished expectations among Wall Street observers. The McLean, Va.-based publisher of USA Today said its profit fell to $77.4 million, or 34 cents a share, in the quarter ended March 29, compared with net income of $191.8 million, or 84 cents a share, in the year-earlier quarter. Excluding a gain, Gannett would have earned 25 cents a share in the first quarter of 2009. First-quarter revenue at Gannett fell 18% to $1.4 billion, reflecting a 47% decline in classified advertising at its newspapers. Analysts polled by Thomson Reuters had expecting a profit of 24 cents a share on revenue of $1.44 billion. (Corrects month that first quarter ended.)
Drug stocks, broader market advance in early trading(9:43 am ET)
BOSTON (MarketWatch) -- Drug stocks advanced with the broader market early Thursday as Wall Street embraced a better-than-expected earnings report from banking heavyweight J.P. Morgan Chase. The Amex Pharmaceutical Index ($DRG: news, chart, profile) rose nominally to 238.88 while the Amex Biotechnology Index ($BTK: news, chart, profile) climbed 1% to 627.05. The Dow Jones Industrial Average gained about 30 points to rest at 8,061. Baxter International (BAX: news, chart, profile) was the mover of note amongst the large caps, with shares hopping 4% to $51.29 in the wake of a positive first-quarter earnings report.
Sherwin-Williams earnings per share down 50% in quarter(9:18 am ET)
NEW YORK (MarketWatch) -- The Sherwin-Williams Company (SHW: news, chart, profile) said Thursday that its first-quarter earnings were $37 million, or 32 cents a share, compared to $78 million, or 64 cents a share, in the same period a year ago. Sales were $1.55 billion, a decrease of 13% over last year's first quarter. Analysts polled by FactSet Research estimated, on average, earnings per share of 22 cents and sales of $1.61 billion. For the second quarter, the Cleveland, Ohio paint company expects earnings per share of $1.20 to $1.45 and for the full year of 2009 $3.00 to $4.00.
Illinois Tool sees 2nd-quarter operating net 25c-37c a share(8:27 am ET)
NEW YORK (MarketWatch) -- Illinois Tool Works Inc., (ITW: news, chart, profile) the Glenview, Ill., industrial manufacturer, estimated second-quarter profit from continuing operations at 25 cents to 37 cents a share as revenue rises 5% to 11%. A survey of analysts by FactSet Research produced a consensus estimate of 37 cents a share. The company "has limited visibility due to ongoing broad-based weakness in worldwide end markets," ITW said.
Illinois Tool swings to loss; adjusted profit above estimate(8:16 am ET)
NEW YORK (MarketWatch) -- Illinois Tool Works Inc., (ITW: news, chart, profile) the Glenview, Ill., industrial manufacturer, swung to a first-quarter loss from a year-earlier profit on 24% lower revenue. The loss was $39.4 million, or 8 cents a share, compared with net income of $303.6 million, or 57 cents, in the year-earlier period. For the latest period, ITW earned an adjusted 17 cents a share from continuing operations. Shares outstanding fell 5.6% to 500.2 million. A survey of analysts by FactSet Research produced a consensus estimate of 14 cents a share of earnings. The company had forecast profit from continuing operations at 8 cents to 16 cents a share. Revenue fell to $2.91 billion from $3.82 billion.
Amphenol earnings per share up 26% in quarter(8:14 am ET)
NEW YORK (MarketWatch) -- Amphenol Corp. (APH: news, chart, profile) said Thursday that first-quarter earnings were $74 million, or 43 cents a share, compared to $97 million, or 54 cents a share, in the same period a year ago. Sales fell to $660 million compared to $771 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 39 cents and sales of $653 million for the Wallingford, Conn. fiber-optic cable company. Amphenol sees second-quarter earnings per share of 41 cents to 43 cents.
Cypress Semiconductor's first-quarter loss widens(8:12 am ET)
WASHINGTON (MarketWatch) -- Cypress Semiconductor Inc. (CY: news, chart, profile) on Thursday posted a wider first-quarter loss, but it said sales improved toward the tail end and the chipmaker issued a rosier forecast for the current quarter. The San Jose, Calif.-based company reported a net loss of $90.7 million, or 67 cents a share, compared to a loss of $23.6 million, or 15 cents a share, in the 2008 first quarter. Revenue fell 17.3% to $139.3 million, adjusted for the separation of SunPower Corp., a developer of solar-energy products. Cypress spun off its large stake in SunPower late last year. Excluding one-time costs and other items, Cypress said it would have lost 22 cents a share, compared with adjusted income of a penny a share in the year-earlier period. Results exceeded Wall Street's expectations. Cypress was forecast to lose an adjusted 22 cents a share on sales of $123.8 million, according to the consensus of analysts surveyed by FactSet Research.
Jarden expects to meet or exceed analysts' full-year view(7:55 am ET)
NEW YORK (MarketWatch) -- Jarden Corp. (JAH: news, chart, profile) said Thursday that it expects revenue for the first quarter to come in at about $1.14 billion, compared to $1.22 billion in the year-ago period. The Rye, N.Y.-based consumer-products maker said it expects first-quarter adjusted earnings of 21 cents to 23 cents a share. "While our first-quarter results will not be final until we announce earnings later this month, based on the positive start to the year we believe that we will meet or exceed the analysts' consensus estimates for as adjusted EPS for 2009," said Martin Franklin, chairman and chief executive officer.
Sonoco earnings per share up 77% in quarter(7:52 am ET)
NEW YORK (MarketWatch) -- Sonoco (SON: news, chart, profile) said Thursday that its first-quarter earnings were $23 million, or 23 cents a share, compared to $13 million, or 13 cents a share, in the year-ago period. Adjusted earnings per share were 29 cents versus 54 cents a year ago, excluding restructuring and impairment charges. Sales fell to $801 million from $1.04 billion in last year's period. Analysts polled by FactSet Research estimated, on average, earnings per share of 30 cents and sales of $891 million. For the second quarter, the Hartville, S.C. packaging company sees earnings per share in the range of 34 cents to 38 cents and for the full year of 2009 a range of $1.55 to $1.75.
Fairchild Semiconductor swings to a first-quarter loss(7:49 am ET)
NEW YORK (MarketWatch) -- Fairchild Semiconductor International (FCS: news, chart, profile) said Thursday that it swung to a first-quarter loss of $51 million, or 41 cents a share, from a profit of $17 million, or 14 cents a share, in the year-ago period. Revenue declined to $223 million from $406 million. On an adjusted basis, it posted a first-quarter net loss of 32 cents a share, compared to net income of 19 cents a share in the first quarter of 2008. On average, analysts polled by FactSet Research were expecting a loss of 30 cents a share. The company said it expects second-quarter sales of $250 to $270 million.
Entergy estimates 1st-quarter profit at $1.19-share, off 24%(7:21 am ET)
NEW YORK (MarketWatch) -- Entergy Corp., (ETR: news, chart, profile) the New Orleans integrated provider of electric power, expects to report first-quarter earnings of about $1.19 a share, and earnings from operations of $1.28 a share, compared with $1.56 in the year-earlier period. The figures indicate declines of 24% in net income and 18% from operations. The company affirmed its targets for the year: earnings of $6.56 to $7.16 a share and earnings from operations of $6.70 to $7.30. A survey of analysts by FactSet Research produced consensus estimates of $1.48 for the quarter and $6.93 for the year. Should "the current economic climate and power prices on Entergy Nuclear's open position persist for the balance of the year, earnings could approach the lower end of the ranges," the company said in a statement on Thursday.
Baxter earnings per share rise 24% in quarter(7:19 am ET)
NEW YORK (MarketWatch) -- Baxter International Inc. (BAX: news, chart, profile) said Thursday that first-quarter earnings were $516 million, or 83 cents a share, compared to $429 million, or 67 cents a share, in the year-ago period. On an adjusted basis, Baxter earnings per share were 83 cents compared to 74 cents a year earlier. Baxter's sales totaled $2.8 billion, down 2%. Analysts polled by FactSet Research estimated, on average, earnings per share of 81 cents and sales of $2.86 billion. For the second quarter, the Deerfield, Ill. drug maker sees earnings per share of 93 cents to 95 cents and for the full year of 2009 a range of $3.72 to $3.78.
CORRECT: J.P. Morgan Chase first-quarter profit falls 10%(7:03 am ET)
LONDON (MarketWatch) -- J.P. Morgan Chase (JPM: news, chart, profile) on Thursday reported first-quarter net income of $2.14 billion, or 40 cents a share, compared to $2.37 billion, or 67 cents a share, in the same period the previous year. Analysts at Thomson Reuters had, on average, expected the firm to post a profit of 32 cents a share. The company said total net revenue was $25 billion, up from $16.9 billion a year ago. Provisions for credit losses rose to $8.6 billion from $4.4 billion the previous year. (Resends to correct total revenue and credit loss figures).
Titan Machinery generates 40% quarterly revenue growth(6:54 am ET)
WASHINGTON (MarketWatch) -- Titan Machinery Inc. (TITN: news, chart, profile) reported net income of $3.2 million, or 18 cents a share, in the fourth quarter ended Jan. 31, up from $270,000, or 2 cents, earned in the year-earlier period. Quarterly revenue generated by the Fargo, N.D.-based supplier of agricultural and construction equipment reached $189 million, up from the prior year's $135.2 million. Earnings-per-share data reflect Titan's December 2007 initial public offering as well as a follow-on offering made last May. Analysts, on average, had been looking for earnings of 21 cents a share, according to a consensus of four estimates compiled by FactSet Research. For fiscal 2010, Titan said it's aiming for earnings of 92 cents to $1.04 a share, with revenue pegged at $750 million to $790 million. The FactSet-derived average profit estimate for fiscal 2010 stands at $1.08 a share.
Polaris profit down 56%, group reaffirms guidance(6:13 am ET)
LONDON (MarketWatch) -- Off road vehicle manufacturer Polaris Industries Inc. (PII: news, chart, profile) said Thursday that its first-quarter net profit fell 56% to $8.5 million, or 26 cents a share, from $19.1 million, or 55 cents a share, a year earlier. Revenue for the quarter fell 19.7% to $312 million. Analysts polled by FactSet had on average been expecting earnings of 22 cents a share. The group said its result included a non-cash impairment charge of 18 cents a share on its investment in KTM. Polaris added that its gross profit margin increased by 1.8 percentage points. For 2009, Polaris confirmed its guidance for earnings of $2.50 to $3.00 a share and a 15% to 23% drop in sales for the year.
Nokia's first-quarter earnings in-line with forecasts(6:09 am ET)
LONDON (MarketWatch) -- Nokia Corp. (NOK: news, chart, profile) , the world's largest maker of mobile phones, on Thursday said first-quarter net profit fell 82% to 122 million euros, or 0.03 euro a share, from 1.22 billion euros, or 0.32 euro a share, earned in the year-earlier quarter. Excluding one-time items, adjusted profit came in at 0.10 euro a share. Sales fell 27% to 9.3 billion euros. The consensus forecast was for earnings of 0.10 euro a share on sales of 9.7 billion euros, according to SME Direkt. Nokia shipped 93.2 million new phones in the quarter, down 19% year on year and 18% sequentially. Its market share remained unchanged from the fourth quarter at 37%. Nokia said it expects mobile device volumes to be flat to up slightly in the second quarter and sees its market share rising. On the networks side of the business Nokia said it expects the telecoms-equipment market to decline 10% this year, worse than the 5% contraction initially forecast.
Spain's Banesto first-quarter net profit 210.9 million euros(4:05 am ET)
MADRID (MarketWatch) -- Reporting season for Spanish banks was kicked off by Banco Espagnol de Credito (Banesto) (BNSTY: news, chart, profile) on Thursday, which posted a 3.1% fall in first quarter net profit to 210 million euros ($277 million) against 217.6 million euros in the year ago period. Analysts polled by Dow Jones were expecting a profit of 174.4 million euros. Net interest income in the period rose 7.9% to 418.4 million euros, from 387.6 million euros a year ago. Non-performing loans rose to 1.97% in the quarter, versus 0.59% a year ago. The bank will also provide 20 million euros in provisions against further losses. Shares of Banesto were trading up over 3% in Madrid.
Aveva shares drop 11% on wary outlook(3:16 am ET)
LONDON (MarketWatch) -- Shares in Aveva Group (UK:AVV: news, chart, profile) fell around 11% in early London trading Thursday after the engineering software provider gave a downbeat outlook for fiscal 2010 and said it will cut jobs. The firm said results for the year ended March 31 2009 will be in line with market forecasts. But it added revenue from initial license fees in fiscal 2010 is likely to drop between 30% and 40%, accompanied by a marginal decline in rental fees and a smaller-than-expected increase in annual fees. The group said it will cut its workforce by around 10% and restructure its European businesses to combat the downturn. The restructuring will result in annual savings of around 5 million pounds, with one-off costs of 3.5 million pounds, which will be booked int he first half of fiscal 2010.
Dassault Systemes sees low-end EPS on revenue miss(2:37 am ET)
LONDON (MarketWatch) -- Dassault Systemes (FR:DSY: news, chart, profile) said first-quarter adjusted revenue rose 1% to about 310 million euros ($408 million), which it said was 6% below its target, while adjusted EPS is estimated at about 0.37 euros a share, against its range of 0.36 to 0.42 euros a share. Its operating margin is estimated at about 19%, compared to its guidance between 18% and 21%. The French 3D design software company blamed a weakening economic environment but said cost cuts allowed it to keep profit and margins in its targeted range. The company said it's targeting another 80 to 90 million euros in savings.
Bunzl revenue up 18%, helped by exchange rates(2:31 am ET)
LONDON (MarketWatch) -- Distribution and outsourcing firm Bunzl (UK:BNZL: news, chart, profile) said Thursday that revenue in the three months ended March 28 rose 18%, due to a positive impact from exchange rates as well as acquisitions and additional business gained from existing customers. Underlying revenue for the period was slightly down due to the global economic downturn, which has also put pressure on margins, the group said. It added it has recently raised a further $300 million from the U.S. private placement market, with maturities ranging from five to 10 years.
Experian revenue down 6% after exchange rate moves(2:25 am ET)
LONDON (MarketWatch) -- U.K. information services and credit checking firm Experian (UK:EXPN: news, chart, profile) said Thursday that its revenue declined 6% in the fiscal second-half due to adverse exchange rate moves. At constant exchange rates, revenue rose 5% in the six months to March 31, the company said. Experian said it will achieve its objectives of broadly maintaining margins and growing profit, adding that it has seen "some signs of stabilization" in the financial services sector, though the environment remains fragile. Revenue in the U.K. and Ireland fell 23%, but was up 5% at constant exchange rates. In North America, revenue edged up 1%.
SABMiller lager volumes slip 1%(2:19 am ET)
LONDON (MarketWatch) -- Brewer SABMiller (UK:SAB: news, chart, profile) said Thursday that lager volumes fell 1% in the fourth quarter on an organic basis. The firm said its financial performance has been impacted by significant unfavorable currency movements in the second half of the year, but that results remain in line with its expectations. The group said MillerCoors U.S. domestic sales to retailers rose 0.4% in the quarter to the end of March, and that net pricing growth remained strong. "Economic conditions deteriorated in the second half and consumer demand has fallen in most markets, particularly in the fourth quarter," SABMiller said.
Wednesday, April 15
PC sales slide in first quarter, IDC says(4:39 pm ET)
SAN FRANCISCO (MarketWatch) -- Sales of PCs fell 7.1% during the first quarter compared to the same period the previous year, according to a report Wednesday from IDC. The market research firm said the decline was better than the 8.2% drop it had previously predicted. Hewlett-Packard [:s hpq] was the market share leader globally, with 20.5% market share. In the U.S., H-P knocked former market share leader Dell (DELL: news, chart, profile) off the top spot. Apple (AAPL: news, chart, profile) maintained a share of about 7.6% of the U.S. market, the report found.
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