Replies to post #804 on Earning Plays

[3xBuBu]

Monday, April 20
Boston Scientific swings to first-quarter loss(6:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Boston Scientific Corp. (BSX: news, chart, profile) said late Monday it swung to a first-quarter loss of $13 million, or a penny a share, compared to earnings of $322 million, or 21 cents a share in the same period a year earlier. Net sales fell to $2.01 billion from $2.05 billion, Boston Scientific said. The medical device maker said that excluding special items, earnings for the period ended March 31 were 19 cents a share. Analysts on average had estimated Boston Scientific would post earnings excluding special items of 18 cents a share, on $2.02 billion in net revenue, according to Thomson Reuters data.
IBM sees slight earnings drop for first quarter(4:38 pm ET)
SAN FRANCISCO (MarketWatch) -- IBM Corp. (IBM: news, chart, profile) saw its earnings fall slightly in the first quarter as cost controls did not fully offset a decline in revenue. For the period ended March 31, IBM reported net income of $2.3 billion, or $1.71 a share, compared to net income of $2.32 billion, or $1.67 a share, for the same period the previous year. Revenue fell 11% to $21.7 billion. Excluding the effects of foreign currency, revenue was down 4% for the quarter. Analysts were expecting earnings of $1.67 per share on revenue of $22.5 billion, according to consensus estimates from FactSet Research.
Zions reports quarterly net loss of $806 million(4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Zions Bancorporation (ZION: news, chart, profile) reported a first-quarter net loss of $806 million late Monday. The net loss per common share was $7.29. That compares to a net profit of $105 million and a net profit per common share of 97 cents a year earlier. The latest result included impairment and valuation losses on securities of $1.35 a share and noncash charges from goodwill impairment of $5.55 a share, the bank said. Excluding those items, Zions said its first-quarter loss from core banking operations was 39 cents a share. Salt Lake City-based Zions was expected to report a first-quarter loss of $1.75 a share, according to analysts surveyed by Thomson Reuters. Zions shares fell 10% to $11.60 during after-hours trading on Monday.
B. of A. books gain on sale of CCB shares(7:47 am ET)
BOSTON (MarketWatch) -- Bank of America Corp. (BAC: news, chart, profile) on Monday said its first-quarter equity investment income included a $1.9 billion pretax gain on the sale of China Construction Bank shares. The bank still owns a roughly 17% stake in CCB. Shares of B. of A. were down about 7% in premarket trading Monday after the banking giant reported quarterly net income of $4.2 billion.
B. of A. says credit still deteriorating(7:41 am ET)
BOSTON (MarketWatch) -- Bank of America Corp. (BAC: news, chart, profile) Chief Executive Ken Lewis on Monday said the company continues to face "extremely difficult challenges primarily from deteriorating credit quality driven by weakness in the economy and growing unemployment." B. of A. before the opening bell said it earned $4.2 billion in the first quarter. "Credit quality deteriorated further across all lines of business as housing prices continued to fall and the economic environment weakened," the company said. "Declining home values, reduced spending by consumers and businesses and continued turmoil in the financial markets negatively impacted the commercial portfolio," it added.
Weatherford earnings per share down 40% in quarter(7:24 am ET)
NEW YORK (MarketWatch) -- Weatherford International Ltd. (WFT: news, chart, profile) said Monday that its first-quarter earnings were $165 million, or 23 cents a share, compared to 38 cents a share, in the same period a year ago. Excluding items Weatherford earnings per share from continuing operations were 27 cents. Sales were $2.27 billion compared to $2.20 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 32 cents and sales of $2.27 billion for the Switzerland-based oil driller.
Bank of America net income tops $4 billion (7:13 am ET)
NEW YORK (MarketWatch) -- Bank of America (BAC: news, chart, profile) on Monday said it earned $4.25 billion, or 44 cents a share in the first quarter ended March 31. The resuls include the acquisitions of Merrill Lynch and Countrywide. Analysts expected earnings of 5 cents a share, according to a survey by FactSet Research. In the year-ago period, Bank of America earned 23 cents a share. The Charlotte, N.C. financial services giant posted record revenue of $36 billion for the quarter. Merrill Lynch contributed more than $3 billion to its net income. Bank of America's tangible common equity ratio improved to 3.13%. The company extended $183 billion in credit in the first quarter and added $6.4 billion to its loan loss reserves.
Lilly 1st-quarter net up 23% on 5% higher revenue(6:43 am ET)
NEW YORK (MarketWatch) -- Eli Lilly & Co., (LLY: news, chart, profile) the Indianapolis health-care giant, reported first-quarter net income rose 23% on 3.9% higher sales and 5% higher revenue. Earnings reached $1.31 billion, or $1.20 a share, from $1.06 billion, or 97 cents, in the year-earlier period. Adjusted earnings were $1.20 a share against 88 cents. Net product sales rose to $4.89 billion from $4.71 billion. Total revenue, reflecting revenue from collaborations and other sources, was $5.05 billion versus $4.81 billion. A survey of analysts by FactSet Research produced consensus estimates of 99 cents of profit on $5.06 billion of revenue. Volume gains were "solid" and gross-profit margin was helped by a stronger U.S. dollar, Chairman and Chief Executive John C. Lechleiter said in a statement.
Hasbro profit drops 47% on currency impact, toy sales(6:36 am ET)
LONDON (MarketWatch) -- Toymaker Hasbro (HAS: news, chart, profile) said its first-quarter profit dropped to $19.7 million, or 14 cents a share, from $37.5 million, or 25 cents a share, as revenue dropped to $621.3 million from $704.2 million, hurt by the negative impact of foreign currency swings as well as a 6% sales drop in local currencies. Analysts polled by FactSet had forecast earnings of 14 cents a share. "Based on the strength of our product line, we believe the two most recent quarters will prove to have been the most challenging for Hasbro in this economic cycle," said David Hargreaves, chief operating officer and chief financial officer.
PepsiCo earnings-per-share rise, but revenue slips(12:49 am ET)
LOS ANGELES (MarketWatch) -- PepsiCo Inc. (PEP: news, chart, profile) said late Sunday its first-quarter profit totaled $1.14 billion, or 72 cents a share, compared to $1.15 billion, or 70 cents a share, in the same quarter a year before. Analysts had expected earnings on average of 67 cents a share, according to a FactSet Research survey. In its earnings statement, released earlier than expected, Pepsi said revenue for the quarter was $8.26 billion compared to $8.33 billion in the year-ago period. The company also reaffirmed its forecast for revenue and core earnings-per-share to grow in the "mid- to high-single-digit" range, assuming constant currency rates.
Friday, April 17
Drug stocks mixed; Biogen slides on on earnings report (9:45 am ET)
BOSTON (MarketWatch) -- Drug stocks were mixed in early action as the broader market traded largely flat in the wake of better-than-expected earnings reports from Citigroup and General Electric. The Amex Pharmaceutical Index ($DRG: news, chart, profile) was up marginally at 240.22 while the Amex Biotechnology Index ($BTK: news, chart, profile) slipped 0.6% to 629.61. The Dow Jones Industrial Average (DJII: news, chart, profile) was almost flat at 8,134. Shares of Biogen Idec (BIIB: news, chart, profile) were off 3% at $50.18. Late Thursday, Biogen reported weaker-than-expected first-quarter sales.

[3xBuBu]

Tuesday, April 21
Norfolk Southern profit falls on declining freight volume(5:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Norfolk Southern Corp. (NSC: news, chart, profile) reported late Tuesday first-quarter net income fell to $177 million, or 47 cents a share, from $291 million, or 76 cents, a year ago. Revenue for the railroad fell 22% to $1.94 billion from $2.5 billion, with coal hauling, general merchandise and container traffic all posting declines. Analysts polled by FactSet Research had, on average, expected the Norfolk, Va.-based company to earn 59 cents a share on $2.06 billion in revenue. Norfolk Southern shares rose 4.8% ahead of the report to close at $37.37.
Altera posts 48% decline in first-quarter profit (4:49 pm ET)
LOS ANGELES (MarketWatch) -- Altera Corp. (ALTR: news, chart, profile) said late Tuesday that its first-quarter net earnings were $44 million, or 15 cents a share, compared with $83.9 million, or 27 cents a share, in the year-ago period. Revenue at the programmable chip maker fell to $264.6 million from $336.1 million last year. The after-tax impact from a pretax restructuring charge and a tax expense on the most recent results was 2 cents a share. Analysts surveyed by FactSet Research estimated quarterly earnings of 16 cents a share on revenue of $258.5 million.
Nabors Industries net income falls 41% (4:36 pm ET)
SAN FRANCISCO (MarketWatch) -- Oil driller Nabors Industries Ltd. (NBR: news, chart, profile) posted late Tuesday first-quarter net income of $125 million, or 44 cents a share, down from $212 million, or 74 cents a share, a year ago. Adjusted to exclude writedowns and one-time items, the Hamilton, Bermuda-based company had earnings from ongoing operations of $184.4 million, or 65 cents a share. Revenue for the three months ended March 31 fell to $1.14 billion from $1.32 billion a year ago. Analysts polled by FactSet Research had forecast the company would earn 59 cents a share on $1.25 billion in revenue. Shares of Nabors rose 8.8% to close at $14.59 ahead of the report. The stock is down 61% over the past 12 months.
Molex swings to third-quarter loss(4:33 pm ET)
SAN FRANCISCO (MarketWatch) -- Molex Inc. (MOLX: news, chart, profile) (MOLXA: news, chart, profile) said late Tuesday that it swung to fiscal third-quarter loss of $58.6 million, or 34 cents a share, from a profit of $50.3 million, or 28 cents a share, in the year-ago period. The results include one-time charges of 20 cents a share in the latest quarter. Revenue fell to $505.5 million from $822.9 million last year. Analysts surveyed by FactSet Research estimated a quarterly loss of 5 cents a share on revenue of $527.5 million. The company expects fourth-quarter revenue of $525 million to $575 million, compared with the $537 million forecast by Wall Street.
Yahoo profit tumbles 78%, results meet expectations(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Yahoo Inc. (YHOO: news, chart, profile) said Tuesday its first-quarter net income fell to $117.6 million, or 8 cents a share, from $536.8 million, or 37 cents a share in the same period a year earlier. Net revenue fell to $1.2 billion for the period ended in March, the Sunnyvale, Calif.-based Internet company said. Analysts on average had estimated Yahoo would post first-quarter earnings of 8 cents a share, on $1.2 billion in net revenue, according to data from Thomson Reuters.
Capital One reports net loss of $111.9M(4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Capital One Financial Corp. (COF: news, chart, profile) Tuesday afternoon reported a net loss of $111.9 million, or 45 cents a share, for the first quarter. A year ago, the financial services company posted a profit of $548.5 million, or $1.47 a share. Capital One also said 2009 managed charge-off dollars -- a measure of losses in its main credit card business -- will be higher than the $8.6 billion it had previously forecast. Capital One said in the first quarter it added $124.1 million to allowance for loan losses in anticipation of higher expected charge-offs this year. Capital One shares fell 6.5% during after-hours action.
C.H. Robinson profit mostly flat with year-ago results(4:21 pm ET)
SAN FRANCISCO (MarketWatch) -- C.H. Robinson Worldwide (CHRW: news, chart, profile) on Tuesday reported a first-quarter profit of $85.4 million, or 50 cents a share, down fractionally from $86.3 million, or 50 cents a share, a year earlier. Sales dropped 15% to $1.69 billion as the economic recession slammed demand in the broader transportation market. Analysts polled by FactSet Research were looking for the trucking company to post a profit, on average, of 49 cents a share with sales of $1.94 billion.
Ameriprise reports quarterly net income of $129 million(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Ameriprise Financial (AMP: news, chart, profile) said late Tuesday that first-quarter net income came in at $129 million, down 32% from a year earlier when the financial advisory firm made $191 million. Earnings per common share were 58 cents in the latest period vs. 82 cents a year ago. Core operating earnings, which exclude realized net investment gains and losses along with other charges, came in at $134 million, or 60 cents a share, Ameriprise said. The company was expected to make 39 cents a share, according to analysts surveyed by Thomson Reuters.
SanDisk swings to net loss in first quarter(4:10 pm ET)
SAN FRANCISCO (MarketWatch) - SanDisk Corp. said Tuesday afternoon that it swung to a net loss for the first quarter, though the results came in better than Wall Street's estimates. For the period ended March 31, SanDisk (SNDK: news, chart, profile) reported a net loss of $208 million, or 92 cents a share, compared to earnings of $10.96 million, or 5 cents a share, for the same period the previous year. On a non-GAAP basis, the company said it would have lost $108 million, or 48 cents a share, for the recent period. Revenue fell 22% to $659.5 million. Analysts were expecting a loss of 76 cents a share on revenue of $537.7 million, according to consensus forecasts from Thomson Reuters.
N.Y. Times CEO: Company exploring online pay models(11:26 am ET)
CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) Chief Executive Janet Robinson said Tuesday that the company is exploring ways to generate more money online, including the possiblity of charging for digital content. "What we have learned is that the advertising model we have used at NYtimes.com has generated more revenue than the vast majority of other organizations, including some that are much larger than our site," she told analysts during a conference call. "That said, we want to determine if there are other opportunities for those to create additional online revenue streams. Our goal is to add substantial new revenue from our users without materially affecting the growth of our industry-leading online display advertising business." New York Times has previously tried pay models online, most recently in 2005 when it charged for digital access to its columnists on a tier called TimesSelect.
N.Y. Times CEO: Discussions with Boston Globe unions ongoing(11:17 am ET)
CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) Chief Executive Janet Robinson confirmed Tuesday that the company's Boston Globe newspaper is "engaged in serious discussions" with its unions. She declined further comment on the negotiations. The Globe, hurt over several years by signficant revenue declines, is working to "restructure its cost base," Robinson told analysts during a conference call.
Drug stocks mixed; Merck tumbles on weak quarterly report(9:48 am ET)
BOSTON (MarketWatch) -- Drug stocks were mixed early Tuesday while shares of Merck & Co. (MRK: news, chart, profile) tumbled after it issued a weaker-than-expected quarterly earnings report. The Amex Pharmaceutical Index ($DRG: news, chart, profile) , of which Merck is a component, slid 0.8% to 234.08 as the Amex Biotechnology Index ($BTK: news, chart, profile) inched up marginally to 619.61. The Dow Jones Industrial Average was largely flat at 7,836 after several of its components issued disappointing first-quarter earnings results.
NVR's quarterly net falls 59%(9:12 am ET)
BOSTON (MarketWatch) -- Home builder NVR Inc. (NVR: news, chart, profile) on Tuesday said its first-quarter net income dropped to $18 million, or $3.02 a share, from $43.5 million, or $7.42 a share, in the same period the previous year. Home-building revenue fell to $548.3 million from $869.9 million, the company said. New orders slipped 11% to 2,426 units in the latest quarter. The consensus analyst estimate for net income was $2.31 a share, while the revenue forecast was $518.6 million, according to Thomson Reuters.
AK Steel reports loss of 67 cents a share(8:52 am ET)
NEW YORK (MarketWatch) -- AK Steel (AKS: news, chart, profile) said Tuesday that it lost $73 million, or 67 cents a share, in the first quarter. In the same period a year ago AK Steel earned $101 million, or 90 cents a share. Sales fell to $922 million from $1.8 billion a year earlier. For the second quarter the West Chester, Ohio-based specialty steel maker expects to cut its loss to $50 million on lower operating and materials costs. Analysts polled by FactSet Research estimated, on average, a loss per share of 75 cents and sales of $917 million.
BlackRock profit down 65%(8:44 am ET)
NEW YORK (MarketWatch) -- Asset manager BlackRock Inc. (BLK: news, chart, profile) said Tuesday that its first quarter net income was $84 million, or 62 cents a share, down 65% from net income of $241 million, or $1.77 cents a share, in the year-ago period. Analysts surveyed by FactSet Research estimated, on average, adjusted earnings of 87 cents a share. BlackRock said adjusted earnings were 81 cents a share. Revenue for the quarter was $987 million, down from $1.3 billion in the year-ago period. Analysts polled by Thomson Reuters had, on average, expected the firm to earn 81 cents a share in the quarter. (Updated to include Thomson estimates.)
New York Times posts wider quarterly loss(8:38 am ET)
CHICAGO (MarketWatch) -- New York Times Co. (NYT: news, chart, profile) on Tuesday reported a first-quarter loss of $74.5 million, or 52 cents a share. Results included a charge of 11 cents a share on severance costs, and a 7-cent loss on leases at City & Suburban, the company's retail and newsstand subsidiary that closed on Jan. 4. In the year-earlier period, it reported a loss of $335,000, equivalent to breakeven on a per-share basis, also on items. Excluding special items, the company would have lost 34 cents a share in the latest three months. First-quarter revenue fell 19% to $609 million.
Huntington, Zions, Northern Trust fall after earnings(8:36 am ET)
BOSTON (MarketWatch) -- A trio of banks that reported disappointing quarterly results saw their shares dive in premarket action Tuesday. Huntington Bancshares Inc. (HBAN: news, chart, profile) , Zions Bancorp (ZION: news, chart, profile) and Northern Trust Corp. (NTRS: news, chart, profile) were all down more than 15% ahead of the opening bell following the release of their quarterly earnings. The Financial Select Sector SPDR Fund (XLF: news, chart, profile) was down more than 3% in premarket trading -- the financial-sector exchange-traded fund lost 11% on Monday.
Forest Labs profit dives on massive charge for DOJ probe(8:33 am ET)
BOSTON (MarketWatch) -- Forest Laboratories (FRX: news, chart, profile) early Tuesday reported markedly lower fiscal fourth quarter 2009 earnings, due largely to a massive charge. The drugmaker reported net income of $93 million, or 31 cents a share, compared with $173 million, or 55 cents a share, for the same quarter last year. Excluding various items, Forest would have had adjusted earnings of 76 cents a share versus 90 cents. This year's quarter included a 45 cents a share charge related to the anticipated settlement of a Justice Department probe into the company's marketing practises. Last year's quarter contained a charge of 35 cents a share for a licensing payment. Revenue for the quarter slipped to $966 million, from $991 million. According to an analyst surveyed by FactSet, Forest was pegged at earning 75 cents a share, on revenue of $989.8 million. Forest said it sees fiscal 2010 adjusted earnings coming in between $3.45 and $3.55 a share.
Tenet Healthcare swings to a gain(8:25 am ET)
NEW YORK (MarketWatch) -- Tenet Healthcare Corp. (THC: news, chart, profile) on Tuesday said first-quarter net income rose to $178 million, or 37 cents a share, compared to a loss of $31 million, or 6 cents a share in the year-ago period. The latest period included a one-time gain of $134 million from early extinguishment of debt. The company said it expects year-end 2009 results to range from a loss of $55 million to net income of $75 million, with operating revenue of $9 billion to $9.2 billion. For the latest period, analysts expected breakeven results from Tenet Healthcare, according to a survey by FactSet Research. Analysts forecast 2009 revenue of $9.08 billion for the company.
M&T Bancorp profit falls 68%(8:17 am ET)
NEW YORK (MarketWatch) -- M&T Bank Corp. (MTB: news, chart, profile) said on Tuesday that its first quarter profit fell 68%, to $64.2 million, or 49 cents a share, compared to $202.2 million, or $1.82 a share a year ago. The provision for credit losses was $158 million in the first quarter of 2009, compared with $60 million a year ago, M&T said. Net charge-offs of loans during the recent quarter were $100 million, compared to $46 million a year ago.
LaBranche cuts losses, but lags analysts' views(8:15 am ET)
NEW YORK (MarketWatch) -- LaBranche & Co. on Tuesday reported a first quarter net loss of $29.7 million, or 51 cents a share, an uptick on the loss of $40.2 million, or 65 cents a share, in the same period one year ago. Analysts surveyed by FactSet Research had expected, on average, a loss of 5 cents a share. Market-maker LaBranche said that on a pro-forma basis it had a first quarter net loss of $11.9 million, or 20 cents a share. The latest results include $29.7 million of pre-tax unrealized losses on LaBranche's shares of NYSE Euronext Inc. (NYX: news, chart, profile) stock. Pre-tax unrealized losses on the stock in the year-ago period were $79.2 million.
CORRECT: Western Union earnings per share rise 19%(8:02 am ET)
NEW YORK (MarketWatch) -- Western Union Co. said Tuesday that first-quarter earnings were $224 million, or 32 cents a share, compared to $207 million, or 27 cents a share, in the same period a year ago. Revenue was $1.20 billion compared to $1.27 billion a year earlier. Analysts polled by FactSet Research estimated, on average, earnings per share of 27 cents and sales of $1.18 billion. Western Union sees 2009 GAAP earnings per share in the range of $1.18 to $1.28. (Corrects revenue figures)
Northern Trust's results hit by falling stock values(7:54 am ET)
BOSTON (MarketWatch) -- Northern Trust Corp. (NTRS: news, chart, profile) on Tuesday reported first-quarter net income of $161.8 million, or 61 cents a share, compared with $385.2 million, or $1.71 a share, in the year-ago quarter. The Chicago-based financial-services firm said operating earnings in the year-earlier period, which excluded a gain connected to the initial public offering of Visa, were $231.7 million, or $1.03 a share. "Current quarter results were adversely impacted by dramatically lower equity markets," said Chief Executive Frederic Waddell in Northern Trust's earnings release. Wall Street analysts polled by Thomson Reuters had expected Northern Trust to deliver net income of 96 cents a share.
Caterpillar swings to loss, cuts sales outlook(7:50 am ET)
LONDON (MarketWatch) -- Construction and mining equipment firm Caterpillar Inc. (CAT: news, chart, profile) said Tuesday that its swung to a first-quarter net loss of $112 million, or 19 cents a share, from a profit of $922 million, or $1.45 a share, a year earlier, as it also cut its sales outlook. Total sales for the first quarter fell 22% to $9.22 billion and results were also hit by $558 million of charges linked to its workforce reduction. Excluding that charge, earnings for the quarter would have been 39 cents a share. Analysts polled by FactSet had, on average, forecast earnings of a penny a share on revenue of $8.33 billion. Caterpillar also cut its revenue outlook, saying it expects 2009 sales in a range of plus or minus 10% around a midpoint of $35 billion. At that midpoint, earnings would be around $1.25 a share, excluding redundancy costs of around 75 cents.
CORRECT:Jefferies swings to a profit in the first quarter(7:51 am ET)
NEW YORK (MarketWatch) -- Jefferies Group Inc. (JEF: news, chart, profile) said on Tuesday that its first quarter results swung to a profit of $38.3 million from a loss last year of $74.4 million. After preferred dividends, the company said its earnings per share in the quarter were 19 cents a share, versus a loss of 45 cents a share a year ago. First quarter net revenue rose to $347 million from $222 million a year ago. Analysts polled by Thomson Reuters had expected the company to to lose 8 cents share in the the first quarter. (Corrects revenue data and analyst estimates.)
Coca-Cola profit falls 10%, hitting Wall Street target(7:48 am ET)
NEW YORK (MarketWatch) -- Coca-Cola Co. (KO: news, chart, profile) said Tuesday is first-quarter profit fell 10% to $1.35 billion, or 58 cents a share, from $1.5 billion, or 64 cents a share in the year-ago period. Adjusted net income in the latest period totaled 65 cents a share. Operating revenue for the three months ended April 3 fell 3% to $7.17 billion from $7.38 billion in the year-ago period. Wall Street analysts expected earnings of 65 cents a share on revenue of $7.5 billion, according to a survey by FactSet Research. The beverage giant said it's on track to deliver $500 million in annualized savings from productivity initiatives by year-end 2011. "I am confident that, armed with strong brands and solid business fundamentals, our experienced management team will continue delivering against our long-term targets," CEO Muhtar Kent said.
TD Ameritrade's quarterly net slips 29%(7:41 am ET)
BOSTON (MarketWatch) -- TD Ameritrade Holding Corp. (AMTD: news, chart, profile) on Tuesday said its fiscal second-quarter net income fell to $132 million, or 23 cents a share, from $186.7 million, or 31 cents a share, in the year-earlier period. The online broker said net revenue dropped to $525.5 million from $622.9 million. Analysts polled by Thomson Reuters had forecast quarterly earnings of 23 cents a share on revenue of $512.3 million, on average.
Lexmark profit nearly halved; printer to close plant(7:38 am ET)
WASHINGTON (MarketWatch) -- Lexmark International Inc. (LXK: news, chart, profile) on Tuesday said first-quarter sales and profits fell sharply as businesses and consumers cut back on purchases of printers and ink, prompting the company to announce it will close a plant in Mexico to save money. Lexington, Ky.-based Lexmark reported a profit of $59.2 million, or 75 cents a share, down from $101.7 million, or $1.07 a share, in the year-ago quarter. Revenue dropped 20% to $944 million. Excluding one-time restructuring costs, Lexmark said it would have earned 89 cents a share, compared with adjusted income of $1.16 a share a year earlier. Results easily exceeded the company's own estimate of 65 cents to 75 cents a share. Analysts polled by FactSet Research were expecting Lexmark to earn, on average, an adjusted 59 cents a share.
CORRECT: DuPont's first-quarter net profit drops 59%(7:34 am ET)
WASHINGTON (MarketWatch) -- E.I. du Pont de Nemours & Co. (DD: news, chart, profile) reported first-quarter net income of $489 million, or 54 cents a share, down from $1.2 billion, or $1.31 a share, earned in the same period during 2008. Total sales for the quarter also fell, dropping to $7.27 billion from the prior year's $8.77 billion, primarly as a result of lower volumes. The results, the Wilmington, Del.-based chemicals giant said, reflect "severe decline in global industrial demand" seen during the first three months of the year, particularly in construction, auto production and consumer spending. The consensus of 12 analysts surveyed by FactSet Research had been for DuPont to earn 53 cents a share for the quarter. (Updates to include the correct figure for DuPont's net earnings in the first quarter of 2008.)
Pentair 1st-quarter net off 61% on 24% lower sales(7:31 am ET)
NEW YORK (MarketWatch) -- Pentair Inc., (PNR: news, chart, profile) the Minneapolis provider of water-treatment products and services and thermal-management products for the electronics industry, reported first-quarter net income fell 61% on 24% lower sales. Earnings were $17.3 million, or 18 cents a share, against $44.3 million, or 45 cents, in the year-earlier period. Earnings from continuing operations were 18 cents compared with 53 cents. The latest figures reflect a charge of 2 cents a share for job cuts. Sales fell to $633.8 million from $830.1 million. A survey of analysts by FactSet Research produced consensus estimates of 22 cents of profit on $693.9 million of sales. Pentair expects to earn 32 cents to 42 cents a share, or an adjusted 35 cents to 45 cents, in the second quarter. At the midpoint of the adjusted range, that's down 43% from a year earlier, the company said. FactSet's survey is looking for 48 cents. For the year, the company revised its outlook to $1.40 a share. That's off 46% from 2008 net, or off 36% against 2008 adjusted net. FactSet's survey estimated $1.65.

[3xBuBu]

Wednesday, April 22
Alcon first-quarter profit, sales increase(7:39 pm ET)
SAN FRANCISCO (MarketWatch) -- Alcon Inc. (ACL: news, chart, profile) said Wednesday its first-quarter net earnings rose to $452 million, or $1.51 a share, compared to $429.4 million, or $1.43 a share in the same period a year earlier. The Huenenberg, Switzerland-based pharmaceutical and surgical equipment company said that, excluding the impact of foreign-exchange fluctuations, global sales rose 4.8% to $1.5 billion. Excluding special items, Alcon said earnings were $1.55 a share. Alcon shares were flat in late trading.
Noble Corp. boosts profit nearly 8% (6:24 pm ET)
SAN FRANCISCO (MarketWatch) - Offshore oil drilling contractor Noble Corp. (NE: news, chart, profile) reported late Wednesday first-quarter net income rose to $414 million, or $1.58 a share, from $384 million, or $1.42 a share, a year ago. Revenue rose to $896 million from $861 million. Analysts polled by FactSet Research had predicted the Sugar Land, Texas-based company would earn $1.47 a share on $903 million in revenue. Noble shares closed ahead of the report with a 1.6% gain at $27.03. The stock is down nearly 54% over the past 12 months.
Pactiv profit jumps; shares rally late(6:01 pm ET)
SAN FRANCISCO (MarketWatch) -- Pactiv Corp. (PTV: news, chart, profile) , maker of Hefty trash bags and plastic cookware utensils, reported late Wednesday first-quarter net income of $91 million, or 69 cents a share, up from $34 million, or 26 cents a share a year earlier. Sales fell 5% to $766 million due to lower volume and pricing. Analysts surveyed by FactSet Research predicted the Forest Lake, Il.-based company would earn 46 cents a share on $724 million in sales. Pactiv also raised its outlook for the year, helping the stock to jump 17% in extended trades. Pactiv shares closed ahead of the report with a 2.3% gain to $17.14.
Apple earnings grow in second fiscal quarter(4:34 pm ET)
SAN FRANCISCO (MarketWatch) - Apple Inc. reported a surprise gain in net income for its second fiscal quarter as sales for the period came in better than expected. For the quarter ended March 31, Apple (AAPL: news, chart, profile) reported net income of $1.2 billion, or $1.33 per share, compared to earnings of $1 billion, or $1.16 a share, for the same period the previous year. Sales grew 9% to $8.17 billion for the quarter. Analysts were expecting Apple to report earnings of $1.09 per share on revenue of $8 billion, according to consensus estimates from FactSet Research.
Leggett & Platt profit falls nearly 80% (4:29 pm ET)
SAN FRANCISCO (MarketWatch) -- Engineered parts manufacturer Leggett & Platt Inc. (LEG: news, chart, profile) reported late Wednesday first-quarter net income fell to $8.9 million, or 6 cents a share, from $43.4 million, or 25 cents a share, a year ago. Revenue for the three months ended March 31 fell 28% to $718.1 million from $998.3 million. Analysts polled by FactSet Research had forecast the Carthage, Mo.-based company would earn 8 cents a share on $809 million in revenue. The company forecast full-year earnings of 60 cents to 90 cents a share. Leggett & Platt shares closed ahead of the report with a 2.5% gain at $15.12. The stock is down 6.8% over the past 12 months.
Tough climate for chipmakers hits Xilinx profit(4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- Xilinx Inc. (XLNX: news, chart, profile) late Wednesday reported a fourth-quarter profit of $70.5 million, or 26 cents a share, down from $96.5 million, or 34 cents a share, a year earlier. Excluding one-time items, profit would have come in at 20 cents a share. Sales slipped 17% to $395 million. Analysts polled by FactSet Research were looking for a profit, on average, of 18 cents a share with sales of $385 million. "Current economic conditions remain challenging for the semiconductor industry and Xilinx is no exception," CEO Moshe Gavrielov said in a statement.
EBay beats estimates with first-quarter profit (4:22 pm ET)
SAN FRANCISCO (MarketWatch) - EBay Inc. (EBAY: news, chart, profile) said Wednesday its first-quarter net income fell to $357 million, or 28 cents a share, from $460 million, or 34 cents a share in the same period a year earlier. The San Jose-based Internet auctioneer said revenue for the period ended in March fell to $2.02 billion from $2.19 billion. Excluding special items, eBay said earnings for the quarter were 39 cents a share. Analysts on average had estimated eBay would post earnings excluding special items of 33 cents a share, on $1.94 billion in revenue, according to data from Thomson Reuters.
Yum profit down 14%; sales slip at Pizza Hut, KFC(4:18 pm ET)
SAN FRANCISCO (MarketWatch) -- Yum Brands (YUM: news, chart, profile) late Wednesday reported first-quarter profit fell 14% as sales declined at its U.S.-based Pizza Hut and KFC restaurants. Yum posted net income of $219 million, or 46 cents a share, compared with net income of $256 million, or 50 cents a share, a year ago. Revenue slipped to $2.4 billion from $2.4 billion. Worldwide same-store sales growth rose 1%, helped by expansion into China. U.S. same-store sales fell 2%. Yum forecast its full year earnings of $2.10, or 10% growth, excluding special items. Yum shares closed Wednesday at $32.09.
Torchmark quarterly net income falls 35%(4:11 pm ET)
SAN FRANCISCO (MarketWatch) -- Torchmark Corp. (TMK: news, chart, profile) said late Wednesday that first-quarter net income came in at $76.7 million, or 91 cents a share, down 35% from a year earlier when the life insurer made $118.2 million, or $1.29 a share. Operating income, which excludes net realized investment gains and losses and non-recurring items, was $125.3 million, or $1.49 a share, in the latest period, the company reported. Analysts polled by Thomson Reuters were expecting profit of $1.48 a share.
JC Penney raises first-quarter outlook(1:08 pm ET)
NEW YORK (MarketWatch) - JC Penney (JCP: news, chart, profile) raised its first-quarter per-share earnings estimate Wednesday to flat to slightly positive. It did not offer more specific numbers. Earlier this month the company predicted it would post a loss 5 to 10 cents a share for the quarter. Company executives, speaking at an annual meeting with analysts, said the upward revision reflected better sales than previously expected. The company is scheduled to report first-quarter results in May.
CORRECT: Genzyme's profit rises in first quarter (9:09 am ET)
NEW YORK (MarketWatch) -- Genzyme Corp. (GENZ: news, chart, profile) said Wednesday that its first-quarter net income rose to $195.5 million, or 70 cents a share, from $145.3 million, or 52 cents a share, in the year-ago period. On an adjusted basis, quarterly profit was $1.04 a share. On average, analysts polled by FactSet Research expected earnings of $1 a share. Revenue at the biotechnology company rose to $1.15 billion from $1.10 billion. For 2009, Genzyme said it expects adjusted earnings of $4.58 a share on revenue of $5.15 billion to $5.35 billion. (Corrects quarter in headline.)
Morgan Stanley slashes dividend 81%, to 5 cents (8:37 am ET)
NEW YORK (MarketWatch) -- Morgan Stanley (MS: news, chart, profile) said on Wednesday that it cut its quarterly dividend 81%, to 5 cents a share. The company said the move will save it $1 billion a year.
Northrop Grumman earnings per share up 54%(8:31 am ET)
NEW YORK (MarketWatch) -- Northrop Grumman Corp. (NOC: news, chart, profile) said Wednesday that first-quarter earnings were $389 million, or $1.17 a share, compared to $264 million, or 76 cents a share, in the year-ago period. Sales increased 8% to $8.3 billion. Earnings in the first quarter of 2008 were reduced by a pre-tax charge of $326 million, or 61 cents a share, in the company's shipbuilding sector. Pension-adjusted earnings per share from continuing operations were $1.32 a share in the first quarter of 2009. Analysts polled by FactSet Research estimated, on average, earnings per share of $1.08 and sales of $8 billion. The Los Angeles-based defense contractor raised its 2009 earnings-per-share forecast for continuing operations to a range of $4.65-$4.90 from $4.50-$4.75.
Wells Fargo net tops $3 billion in first quarter(8:23 am ET)
BOSTON (MarketWatch) -- Wells Fargo & Co. (WFC: news, chart, profile) on Wednesday said its first-quarter net income rose to $3.05 billion, or 56 cents a share, from $2 billion, or 60 cents a share, in the year-earlier period. Wells Fargo, which said its merger with Wachovia is on track, reported record quarterly revenue of $21.02 billion, up from $10.56 billion in the first quarter of 2008. In the latest quarter, Wachovia contributed $8.72 of total revenue. Also, Wells Fargo said the latest quarter's earnings included a credit reserve build of $1.3 billion, or 19 cents a share. Wells Fargo had preannounced some first-quarter results earlier this month.
McDonald's net up 3.5%, same-store sales up 4.3%(8:16 am ET)
NEW YORK (MarketWatch) -- McDonald's Corp., (MCD: news, chart, profile) the Oak Brook, Ill., fast-food giant, reported that first-quarter earnings rose 3.5% on 9.6% lower revenue. Comparable-store sales worldwide rose 4.3%. Net income reached $979.5 million, or 87 cents a share, from $946.1 million, or 81 cents, in the year-earlier period. The latest figures reflect a 4-cent-a-share gain on the sale of the company's minority interest in Redbox Automated Retail and a loss of 8 cents from foreign-currency translations. Revenue fell to $5.08 billion from $5.61 billion. A survey of analysts by FactSet Research produced consensus estimates of 82 cents of profit on $5.23 billion of sales. Global comparable sales increased 4.7% in the U.S., 3.2% in Europe and 5.5% in Asia-Pacific, Middle East and Africa. Sales in China were weaker, MCD reported. April comparable sales are "trending at least as strong or better than first-quarter sales in every area of the world," Chief Executive Officer Jim Skinner said in a statement. McDonald's said it continues to gain market share as customers are attracted by tiered-pricing menus, seasonal food events and longer store hours.
Morgan Stanley swings to first quarter loss (8:16 am ET)
NEW YORK (MarketWatch) -- Morgan Stanley (MS: news, chart, profile) said on Wednesday that its first quarter results swung to a net loss to common shareholders of $190 million, or 57 cents a share, compared to a profit of $1.41 billion, or $1.26 a share in the first three months of last year. Consolidated net revenue fell to $3.04 billion in the latest quarter, from $7.92 billion a year ago. Analysts polled by Thomson Reuters had, on average, expected the company to lose 8 cents a share in the quarter.
Ryder earnings per share fall 88%(8:05 am ET)
NEW YORK (MarketWatch) -- Ryder System Inc. (R: news, chart, profile) said Wednesday that first-quarter earnings were $7 million, or 12 cents a share, compared to 56 million, or 96 cents a share, in the same period a year ago. Sales fell to $1.2 billion from $1.5 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 24 cents and sales of $1.2 billion for the Miami-based transportation and truck-rental company.
Freeport-McMoran net income falls 96%(8:03 am ET)
NEW YORK (MarketWatch) -- Freeport-McMoRan Copper & Gold Inc. (FCX: news, chart, profile) said Wednesday first-quarter net income fell sharply to $43 million, or 11 cents a share, from $1.1 billion, or $2.64 a share in the year-ago period. The mining giant said revenue dropped by 54% to $2.6 billion as copper prices fell to $1.76 a pound from $3.78 a pound. Analysts expected earnings of 16 cents a share on revenue of $2.58 billion, according to a survey by FactSet Research. The Phoenix-based company said sales from mines rose to one billion pounds of copper from 911 million pounds of copper. "Our first-quarter results reflect successful execution of our revised operating plans to reduce costs and capital spending," the company said. "We are very pleased with our team's response to challenging and volatile market conditions."
Allegheny Tech's first-quarter net income slumps(7:56 am ET)
NEW YORK (MarketWatch) -- Allegheny Technologies Inc. (ATI: news, chart, profile) said Wednesday that its first-quarter net income fell to $5.9 million, or 6 cents a share, from $142 million, or $1.40 a share, in the year-ago period. Revenue for the three months ended March 31 fell to $831.6 million from $1.34 billion in the year-ago period. Looking ahead, the maker of steel products said it expects second-quarter earnings "to be modestly better than the first quarter 2009."
AT&T profit dips 9%; activates 1.6 million iPhones(7:53 am ET)
WASHINGTON (MarketWatch) - AT&T Inc. on Wednesday said first-quarter profit dropped 9%, but the company added 1.2 million net wireless customers, with an even larger 1.6 million iPhones activated in the first three months of the year. AT&T also gained a net 284,000 customers for its video U-Verse service to lift its total to 1.3 million. In the first quarter, AT&T's net income fell to $3.13 billion, or 53 cents a share, from $3.46 billion, or 57 cents a share, in the year-earlier period. The latest quarter included pension and other onetime costs equaling 5 cents a share. Revenue dipped 0.6% to $30.6 billion, slightly below expectations. Mobile sales, however, climbed 9.8% to $11.7 billion, mostly offsetting a decline in the company's traditional phone business. AT&T (T: news, chart, profile) was forecast to earn an adjusted 50 cents a share on revenue of $31.12 billion, according to the average projection of analysts surveyed by FactSet Research.
St. Jude Medical net up 14%, revenue up 12%(7:52 am ET)
NEW YORK (MarketWatch) -- St. Jude Medical Inc., (STJ: news, chart, profile) the St. Paul, Minn., medical-technology company, reported that first-quarter net income rose 14% on 12% higher revenue. Earnings reached $201.3 million, or 58 cents a share, from $176.6 million, or 50 cents, in the year-earlier period. The year-earlier adjusted profit was 52 cents a share. Revenue reached $1.13 billion from $1.01 billion. Adjusted for foreign-exchange impact, revenue rose 17% in the quarter. A survey of analysts by FactSet Research produced a consensus estimate of 58 cents of profit. St. Jude expects to earn 62 cents to 64 cents a share in the second quarter and $2.48 to $2.54 in 2009. FactSet's survey is looking for 64 cents and $2.51 respectively.
Kimberly-Clark net income falls 9.5% (7:51 am ET)
NEW YORK (MarketWatch) -- Kimberly-Clark Corp. (KMB: news, chart, profile) said Wednesday first-quarter net income fell 9.5% to $431 million, or 98 cents a share, from $476 million, or $1.04 a share in the year-ago period. Revenue fell 6.6% to $4.49 billion. Analysts expected net income of 97 cents a share on revenue of $4.49 billion, according to a survey by FactSet Research. The Dallas-based paper products giant reiterated its 2009 earnings target of $4 to $4.20 a share, compared to the Wall Street target of $4.16 a share.
Boeing earnings per share down 47%(7:47 am ET)
NEW YORK (MarketWatch) -- Boeing Co. (BA: news, chart, profile) said Wednesday that first-quarter earnings were $610 million, or 86 cents a share, compared to $1.2 billion, or $1.62 a share, in the same period a year ago. Revenue rose 3% to $16.5 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 93 cents and sales of $16.6 billion. For the full-year of 2009, Boeing lowered its forecast to $4.70 to $5.00 due to lower price expectaions. "The expanded global economic downturn is presenting unprecedented challenges in our commercial airplane markets," said Boeing Chief Executive Officer Jim McNerney.
T. Rowe profit per share down 65.5%(7:44 am ET)
NEW YORK (MarketWatch) -- Asset manager T. Rowe Price Group (TROW: news, chart, profile) said Wednesday that its first quarter profit was $48.2 million, or 19 cents a share, compared to profit of $151.5 million, or 55 cents a share, in the year-ago period. Analysts surveyed by FactSet Research had expected, on average, adjusted profit of 21 cents a share. T. Rowe said that excluding charges, profit per share would have been 27 cents. The Baltimore firm reported revenue for the latest quarter of $384.5 million, down from net revenues of $559.1 million in the first quarter of 2008. T. Rowe said in response to falling assets under management and revenues it decided on Tuesday to cut its staff by 288, or 5.5% of its workforce.
Pepsi Bottling lifts '09 profit view(7:21 am ET)
NEW YORK (MarketWatch) -- Pepsi Bottling Group Inc., (PBG: news, chart, profile) Somers, N.Y., the No. 1 producer and distributor of PepsiCo (PEP: news, chart, profile) beverages, raised its 2009 earnings estimate. It now forecasts profit of $2.20 to $2.30 a share, including 18 cents a share of negative foreign-currency impact. A survey of analysts by FactSet Research produced a consensus estimate of $2.18 a share for the year. In February, Pepsi Bottling had estimated 2009 earnings at $2.15 to $2.25 a share. On a currency-neutral basis, both revenue and operating profit should grow in the low-single-digits percent, PBG said on Wednesday. On Sunday, PepsiCo, the Purchase, N.Y., soft-drinks giant, bid to buy out the shares of both Pepsi Bottling and its No. 2 bottler, PepsiAmericas. (PAS: news, chart, profile)
Ingersoll-Rand swings to loss, cuts dividend(7:18 am ET)
LONDON (MarketWatch) -- Diversified industrial manufacturer Ingersoll-Rand Co. (IR: news, chart, profile) said Wednesday that it swung to a first-quarter net loss of $26.7 million, or 8 cents a share, from a profit of $181.6 million, or 66 cents a share, a year earlier as it also cuts its dividend payout. The group said revenue for the quarter rose 36% to $2.93 billion due to the inclusion of $1.4 billion of revenue from the acquisition of Trane. On a pro forma basis, revenue fell 24%. It added that, excluding discontinued operations and an $11 million restructuring charge, it would have lost 4 cents a share. Analysts polled by FactSet had been expecting a loss of 14 cents a share. Earnings for 2009 from continuing operations are expected to be in the range of $1.40 to $1.90 a share. Ingersoll-Rand said it will cut its quarterly common dividend to 7 cents a share from 18 cents a share, effective from the September 2009 payment.
Altria income falls 76%, adjusted net beats mark (7:17 am ET)
NEW YORK (MarketWatch) -- Tobacco giant Altria Group Inc. (MO: news, chart, profile) said Wedesday first-quarter net income fell to $589 million, or 28 cents a share, from $2.45 billion, or $1.16 a share in the year-ago period. Earnings from continuing operations fell to 28 cents a share from 29 cents a share in the year-ago period. Adjusted net income rose to 39 cents a share from 37 cents a share. Altria beat the Wall Street target of 38 cents a share in a survey of analysts by FactSet Research. Revenue at the Richmond, Va. cigarette maker rose to $4.52 billion from $4.41 billion after its acquisition of UST Inc. Altria forecast 2009 earnings from continuing operations of $1.47 a share to $1.52 a share, compared to the analyst target of $1.73 a share. Altria said its first-quarter results were impacted by higher interest expense versus the prior-year period, charges related to the acquisition of UST Inc. and lower SABMiller plc equity earnings.
CORRECT: GlaxoSmithKline profit drops(7:18 am ET)
LONDON (MarketWatch) -- GlaxoSmithKline (GSK: news, chart, profile) (UK:GSK: news, chart, profile) said its first-quarter profit fell to 1.13 billion pounds, or 22.2 pence a share, from 1.31 billion pounds, or 24.2 pence. Sales rose 19% to 6.77 billion pounds, helped by growth outside the U.S. and a year-earlier restructuring. Sales at constant exchange rates fell 5%. Glaxo noted that the decline in higher-margin U.S. sales dented profit margins. It's upping its dividend by 8% to 14 pence. The stock drifted 1.4% lower in London action following the report. (Fixes headline and first-quarter profit figures.)
Snap-on earnings per share fall 38%(7:17 am ET)
NEW YORK (MarketWatch) -- Snap-on Inc. (SNA: news, chart, profile) said Wednesday that first-quarter earnings were $35 million, or 60 cents a share, compared to $57 million, or 97 cents a share, in the same period a year ago. Sales were $573 million in the quarter down 20.6% from 2008 levels and down 13.1% excluding foreign currency translation. Analysts polled by FactSet Research estimated, on average, earnings per share of 66 cents and sales of $648 million for the Kenosha, Wisc.-based tool maker.
Pepsi Bottling quarterly net up 87%, sales off(7:12 am ET)
NEW YORK (MarketWatch) -- Pepsi Bottling Group Inc., (PBG: news, chart, profile) Somers, N.Y., the No. 1 producer and distributor of PepsiCo (PEP: news, chart, profile) beverages, reported that first-quarter earnings rose 87% on 5.4% lower revenue and raised its full-year earnings estimate. Net income reached $58 million from $31 million in the year-earlier period. Profit attributable to common-share holders more than doubled to $57 million, or 27 cents a share, from $28 million, or 12 cents, in the year-earlier period. Adjusted profit in the latest period was 10 cents a share, reflecting a positive tax-audit settlement of 18 cents a share and a restructuring charge of 1 cent. Shares outstanding fell 6.6% to 214 million. Revenue fell to $2.51 billion from $2.65 billion. A survey of analysts by FactSet Research produced consensus estimates of 5 cents of profit on $2.56 billion of sales.

[3xBuBu]

Thursday, April 23
Netflix CEO: Streaming-only rental not in works(6:34 pm ET)
CHICAGO (MarketWatch) -- Netflix Inc. (NFLX: news, chart, profile) Chief Executive Reed Hastings told analysts the company has no current plans to offer stream-only rental subscriptions, contrary to some concerns. Hastings said on a conference call that the online DVD rental pioneer has considered the idea "from time to time," but for now, "the combination of DVD rental and streaming is what our customers are interested in."
Netflix CEO: Kiosks will be main competition (6:27 pm ET)
CHICAGO (MarketWatch) -- Netflix Inc. (NFLX: news, chart, profile) Chief Executive Reed Hastings said Thursday that the online DVD rental pioneer expects $1 kiosks to be its main competitor by the end of 2009, surpassing video stores. A growing number of customers who cancel their Netflix subscriptions cite kiosks as a reason why they dropped the service, Hastings explained. Commenting during a conference call with analysts, Hastings said Netflix is not overly concerned about the kiosks, despite their increasing ubiquity, because the kiosks focus on new release DVDs, which only account for about a third of Netflix's rentals. "Our differentiators continue to be our vast selection, over 100,000 titles, the convenience of mail and streaming," he said.
Eastman Chemical profit clipped by tough economy (5:46 pm ET)
SAN FRANCISCO (MarketWatch) -- Eastman Chemical Co. (EMN: news, chart, profile) reported late Thursday first-quarter net income fell to $2 million, or 3 cents a share, from $133 million, or $1.68 a share, a year ago. Excluding one-time items, earnings per share from continuing operations fell to 25 cents a share from $1.48 a year earlier. Revenue for the three months ended March 31 fell 35% to $1.13 billion as a global economic downturn cut into demand for chemicals and specialty coatings. The latest results also include $26 million in restucturing charges. Analysts polled by FactSet Research had expected the company to post earnings of 16 cents a share on $1.34 billion in revenue. Shares of the Kingsport, Tenn.-based company gained 26 cents to close at $33.11 ahead of the report.
KLA-Tencor swings to quarterly loss; rev falls 49%(5:25 pm ET)
LOS ANGELES (MarketWatch) -- KLA-Tencor Corp. (KLAC: news, chart, profile) on Thursday evening swung to a fiscal third-quarter net loss to $82.8 million, or 49 cents a share. Last year, the chip-equipment maker earned $111 million, or 61 cents a share. Its loss on an adjusted basis was $58.3 million, or 34 cents a share, for the most recent period. Revenue dropped 48.6% to $310 million from $602 million. Analysts polled by Thomson Reuters had projected a loss of 26 cents a share on $300 million in revenue.
Federated Investors Q1 net earns $35.1 million(5:00 pm ET)
LOS ANGELES (MarketWatch) -- Federated Investors Inc. (FII: news, chart, profile) late Thursday said first-quarter net income attributed to Federated was $35.1 million, or 34 cents a share, down from $55.8 million, or 54 cents a share, in the year-ago period. Total revenue at the investment management firm rose to $310.6 million from $305.7 million last year. Total managed assets were $409.2 billion, up 21% from the same period a year ago. Average managed assets were $411.7 billion, up 28% from quarter ended in March 2008.
CORRECT: Burlington Northern profit dips(4:42 pm ET)
SAN FRANCISCO (MarketWatch) - Burlington Northern Santa Fe Corp. (BNI: news, chart, profile) reported late Thursday first-quarter net income fell to $293 million, or 86 cents a share, from $455 million, or $1.30 a share, a year ago. The latest results included one-time losses of 27 cents a share stemming from an unfavorable coal-rate case and interest rate hedges. Revenue for the three months ended March 31 fell 20% to $3.42 billion from $4.26 billion a year earlier as a steep economic downturn bit into freight volumes. Analysts polled by FactSet Research had expected the Fort Worth, Texas-based railroad to earn $1 a share on $3.72 billion in revenue. Burlington Northern shares rose 2.1% ahead of the report to close at $67.85. (Updated to correct earnings per share figure.)
Interactive Brokers profit drops 54%(4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Interactive Brokers Group (IBKR: news, chart, profile) on Thursday reported a first-quarter profit of $155.1 million, or 30 cents a share, down from $340.6 million, or 66 cents a share, a year ago. Revenue for the electronic market maker and broker fell to $296 million from $528 million in the year-earlier period. Analysts polled by FactSet Research were looking for a profit, on average, of 47 cents a share on sales of $414 million. "Our strict risk controls have not completely immunized us from the secondary effects of the financial crises as our results have been largely impacted by competitive pressures on spreads," CEO Thomas Peterffy said. "Exchange listed options are one of the few life rafts still afloat and more and more traders are trying to hold onto it."
AmEx reports 56% drop in quarterly net income(4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- American Express (AXP: news, chart, profile) said late Thursday that first-quarter net income came in at $437 million, down 56% from a year earlier when the credit card company made $991 million. Net income attributable to common shareholders was 31 cents a share, versus 85 cents a year earlier. Income from continuing operations was $443 million, or 32 cents a share. American Express was expected to make 12 cents a share, according to the average estimate of 19 analysts in a Thomson Reuters survey. "While we did see some recent improvement in early delinquency rates, overall credit indicators reflected rising unemployment levels and the broad-scale weakness in the economy," AmEx Chief Executive Kenneth Chenault said. U.S. lending write-off rates on a managed basis could level off during the fourth quarter, but will rise in the second and third quarter, he added, while noting the company is still very cautious about the economic outlook. More cost cuts are planned for the second quarter, he said. AmEx intends to repay the government's investment of preferred shares and warrants, "if permitted by our supervisors and if supported by the results of the stress assessment," he added. AmEx shares rose 5% in after-hours action.
Amgen reports lower profit, cuts sales view(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Amgen Inc. (AMGN: news, chart, profile) , the world's largest biotech company, reported late Thursday its quarterly profit fell 7% from a year-ago and cut its full-year sales outlook. Amgen posted first-quarter net income of $1 billion, or 98 cents a share, compared to net income of $1.1 billion, or $1.01 a share, a year ago. Amgen said its adjusted per-share profit was $1.08. Revenue fell 8% to $3.3. For 2009, Amgen pegged revenue between $14.4 billion and $14.8 billion, down from its previous forecast of $14.8 billion to $15.2 billion. It kept its adjusted profit forecast of $4.55 to $4.75 a share. Ahead of the earnings report, Amgen shares closed up 4% at $46.82. The stock is down 19% so far this year.
Microsoft earnings slip in third quarter(4:22 pm ET)
SAN FRANCISCO (MarketWatch) - Microsoft Corp. said Thursday that earnings fell 32% for their third fiscal quarter. The software giant (MSFT: news, chart, profile) reported net income of $2.98 billion, or 33 cents a share, compared to net income of $4.39 billion, or 47 cents a share, for the same period the previous year. Revenue slipped 6% to $13.65 billion. Analysts were expecting earnings of 39 cents a share on revenue of $14.1 billion, according to consensus forecasts from FactSet Research.
Netflix profit rises 68%, ups year-end forecasts(4:17 pm ET)
CHICAGO (MarketWatch) -- Online DVD rental pioneer Netflix Inc. (NFLX: news, chart, profile) said Thursday that its first-quarter profit rose 68% as the company surpassed the 10 million subscriber mark and cut costs during the period, topping the average estimate of Wall Street analysts. The company also lifted its revenue and subscriber estimates for 2009. Netflix said it earned $22.4 million, or 37 cents a share, compared with a profit of $13.3 million, or 21 cents a share, in the same quarter a year ago. Excluding stock-based compensation, Netflix said it would have earned 40 cents a share in the latest three months. Revenue rose 21% to $394 million. Analysts surveyed by FactSet Research were expecting a profit of 33 cents a share, excluding stock-based compensation, on $391.1 million in revenue. Netflix paid $25.79 to acquire each subscriber, down from $29.48 a year earlier, the company reported. In the second quarter, Netflix still expects revenue of $403 million to $409 million, with a total of 10.4 million to 10.6 million subscribers by June 30. For the year, it raised its revenue outlook to a range of $1.63 billion to $1.67 billion from its previous forecast of $1.58 billion to $1.635 billion. The company now anticipates that it will end 2009 with 11.2 million to 11.8 million customers, up from the earlier estimate of 10.6 million to 11.3 million subscribers.
Chubb reports quarterly net income of $341 mln (4:10 pm ET)
SAN FRANCISCO (MarketWatch) -- Chubb Corp. (CB: news, chart, profile) said late Thursday that first-quarter net income came in at $341 million, or 95 cents a share, down 49% from a year earlier when the property and casualty insurer made $664 million, or $1.77 a share. Operating earnings, which exclude after-tax realized investment gains and losses, were $514 million, or $1.43 a share, Chubb reported. Chubb was expected to make $1.38 a share, according to the average estimate of 20 analysts in a Thomson Reuters poll. Net written premiums for the first quarter decreased 7% to $2.7 billion. Excluding the effect of currency fluctuation, premiums were down 2%. Chubb's combined ratio was 88.1% in the first quarter, compared to 83.9% in the same period of 2008.
Amazon earnings jump in first quarter(4:07 pm ET)
SAN FRANCISCO (MarketWatch) - Amazon.com Inc. said Thursday that earnings rose 24% for the first quarter on strong sales growth. For the first quarter, Amazon (AMZN: news, chart, profile) reported net income of $177 million, or 41 cents a share, compared to net income of $143 million, or 34 cents a share, for the same period the previous year. Revenue grew 18% to $4.89 billion. Analysts were expecting earnings of 31 cents a share on revenue of $4.75 billion, according to consensus forecasts from FactSet Research.
Asset managers see mixed stock moves after results(12:58 pm ET)
NEW YORK (MarketWatch) -- Three asset managers that announced their results before Thursday's trading saw different moves in their stocks during the day. Shares of Invesco Ltd. (IVZ: news, chart, profile) and AllianceBernstein (AB: news, chart, profile) were down about 8% and 15% respectively by midday, while Janus Capital Group's (JNS: news, chart, profile) stock was up roughly 6%. Profit plunged at all three firms, but while Janus reported quarterly net outflows of $900 million and said the situation had stabilized, AllianceBernstein saw net outflows of $20 billion. Invesco saw net inflows of $9.3 billion, but fees earned from investment management fell 41%.
CORRECT: Exelon net up 23% on 3.5% higher revenue(11:27 am ET)
NEW YORK (MarketWatch) -- Exelon Corp., (EXC: news, chart, profile) the Chicago power provider, reported first-quarter earnings rose 23% on 3.5% higher revenue. Earnings were $712 million, or $1.08 a share, compared with $581 million, or 88 cents, in the year-earlier quarter. Adjusted profit was $1.20 versus 93 cents. Revenue reached $647 million from $625 million. A survey of analysts by FactSet Research produced a consensus estimate of $1.11 of profit. (Corrects to show earnings rose.)
Supervalu shares surge 16% on earnings report(10:02 am ET)
SAN FRANCISCO (MarketWatch) -- Supervalu Inc. (SVU: news, chart, profile) shares surged 16% early Thursday after the supermarket chain reported stronger financial results than analysts expected. Supervalu reported a net loss of $201 million, or 95 cents a share, compared to a year-earlier profit of $156 million, or 73 cents a share. But excluding non-cash charges, Supervalu said it earned 87 cents a share, compared to the 79 cents a share analysts had forecast, according to FactSet Research. Supervalu posted sales of $10.8 billion. The grocer, which owns regional chains Albertsons, Jewel-Osco and Sav-A-Lot, said it remains in compliance with all debt covenants. Investors have been concerned about Supervalu's heavy debt load. Supervalu shares rose to $16.97 in recent trades.
Energy stocks rise out of the gate(9:36 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose in early action on Thursday as investors eyed earnings updates from ConocoPhillips (COP: news, chart, profile) , Occidental Petroleum (OXY: news, chart, profile) , National Oilwell Varco (NOV: news, chart, profile) and others. The Amex Oil Index (XOI: news, chart, profile) rose 1.7%. The Amex Natural Gas Index (XNG: news, chart, profile) advanced 0.9%. ConocoPhillips rose 3% to $39.19. Occidental Petroleum (OXY: news, chart, profile) rose 6 cents to $64.81. Diamond Offshore (DO: news, chart, profile) rose 3.3% to $74.37. National Oilwell Varco (NOV: news, chart, profile) fell 3.6% to $31.79.
China Life Insurance first-quarter net up 55%(9:25 am ET)
HONG KONG (MarketWatch) -- China Life Insurance Co. (LFC: news, chart, profile) (HK:2628: news, chart, profile) , the nation's largest life insurer with a roughly 40% market share, reported Thursday first-quarter net income climbed 55% from the year-earlier quarter, as a rebound on the Shanghai stock market bolstered investment revenue. Net income totaled 5.39 billion yuan ($789 million), compared to 3.47 billion yuan a year earlier, the company said in a statement to the Hong Kong Stock Exchange Thursday. China Life said it recorded a gain of 841 million yuan on its financial assets in the quarter, compared to a 5.5 billion yuan loss a year earlier.
McClatchy's loss exceeds Wall Street estimate(9:22 am ET)
NEW YORK (MarketWatch) -- The McClatchy Co. (MNI: news, chart, profile) said Thursday it swung to a first-quarter loss of $37.7 million, or 45 cents a share, from a loss of $993,000, or 1 cent a share in the year-ago period. Adjusted loss in the latest period totaled 28 cents a share. Revenue at the Sacramento, Calif. company dropped 25% to $366 million. Analysts expected a loss of 3 cents a share, according to a survey by FactSet Research.
Nucor posts loss, sees deeper loss in next quarter(9:20 am ET)
NEW YORK (MarketWatch) -- Nucor Corp. (NUE: news, chart, profile) said it swung to a first-quarter loss of $189.6 million, or 60 cents a share, from a profit of $409.8 million, or $1.41 a share in the year-ago period. Sales fell 47% to $2.65 billion. Analsyts expected Nucor to lose 56 cents a share, according to a survey by FactSet Research. The Charlotte, N.C. company's steel mill utilization rate decreased to approximately 45% in the first quarter from 92% in last year's first quarter. While the company declared cash of $1.9 billion, it expects to post a second-quarter loss greater than the first quarter. "We will update our guidance midway between the first and second quarter earnings releases," the company said.
Ensco net off 19% on 9.6% lower revenue(9:18 am ET)
NEW YORK (MarketWatch) -- Ensco International Inc., (ESV: news, chart, profile) the Dallas oil-services provider, reported first-quarter net income fell 19% on 9.6% lower revenue. Net income was $222.1 million against $273.7 million in the year-earlier period. Profit attributable to Ensco was $220.7 million, or $1.56 a share, compared with $272 million, or $1.88. Revenue fell to $514.1 million from $568.5 million. A survey of analysts by FactSet Research produced a consensus estimate of $1.52 a share of profit on sales of $516.8 million.
Ball earnings per share down 14%(8:55 am ET)
NEW YORK (MarketWatch) -- Ball Corp. (BLL: news, chart, profile) said Thursday that first-quarter earnings were $70 million, or 73 cents a share, compared to $84 million, or 85 cents a share, in the same period a year ago. Sales were $1.6 billion compared to $1.7 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 76 cents and sales of $1.7 billion. "On a comparable basis, our diluted earnings per share were 77 cents in the quarter, down slightly from our record first quarter results of 80 cents in 2008," said Chief Executive David Hoover.
Marshall & Ilsley swings to quarterly loss(8:38 am ET)
BOSTON (MarketWatch) -- Marshall & Ilsley Corp. (MI: news, chart, profile) on Thursday said it swung to a first-quarter net loss of $116.9 million, or 44 cents a share, compared with net income of $146.2 million, or 56 cents a share, in the same quarter the previous year. The Milwaukee-based bank said the latest quarter's results included a tax benefit of 19 cents a share and dividends paid to the Treasury Department of 9 cents a share. The company also booked a loan loss provision of $478 million, while net charge-offs in the first quarter totaled $328 million.
Cooper Industries net income drops by 35%(8:21 am ET)
NEW YORK (MarketWatch) -- Cooper Industries Inc. (CBE: news, chart, profile) said first-quarter net income fell to $100 million, or 59 cents a share, from $153.4 million, or 86 cents a share in the year-ago period. Adjusted net income totaled 47 cents a share. Revenue fell 19% to $1.26 billion from $1.55 billion. Analysts expected net income of 47 cents a share on revenue of $1.32 billion, acording to a survey by FactSet Research. The company cut 600 jobs during the quarter. "While we are seeing some signs of stabilization in our markets, we expect to continue to focus on rightsizing our businesses for current market conditions," the company said.
Union Pacific net off 18%, revenue down 20%(8:16 am ET)
NEW YORK (MarketWatch) -- Union Pacific Corp., (UNP: news, chart, profile) the Omaha railroad giant, reported first-quarter net income fell 18% to $362 million, or 72 cents a share, from $443 million, or 85 cents, in the year-earlier period. Revenue fell 20% to $3.42 billion from $4.27 billion. A survey of analysts by FactSet Research produced consensus estimates of 68 cents of profit on revenue of $3.52 billion.
Janus profit falls 93%(8:17 am ET)
NEW YORK (MarketWatch) -- Janus Capital Group (JNS: news, chart, profile) reported Thursday a 93% fall in first quarter profit, to $2.7 million, or 2 cents a share, from $37.4 million, or 23 cents a share, in the year-ago period. Continuing operations generated profit of 2 cents compared to 24 cents. Analysts surveyed by FactSet Research had expected, on average, a profit of 7 cents a share. The Denver-based asset manager said the results exclude expected goodwill and intangible asset impairment charges of $900 million to $1 billion, or $5.74 to $6.37 per share. Assets under management fell 10% during the quarter, to $110.9 billion. Assets are down 41% since the end of the first quarter of 2008.
National Oilwell Varco net income rises 19%(8:14 am ET)
NEW YORK (MarketWatch) -- National Oilwell Varco (NOV: news, chart, profile) said Thursday first-quarter net income rose to $470 million, or $1.13 a share, from $398 million, or $1.11 a share in the year-ago period. Revenue at the oil service giant rose to $2.2 billion from $1.6 billion, reflecting extra business from its acquisition of Grant Prideco. National Oilwell was expected to earn $1.07 a share, according to a survey by FactSet Research. New capital equipment orders totaled $240 million, net of orders removed from backlog of $32 million. "Our solid backlog for drilling equipment enabled our company to generate strong earnings in the first quarter, despite a sharp downturn in drilling activity," the company said.
UPS revenue falls 14%, warns on Q2 profit(8:01 am ET)
NEW YORK (MarketWatch) -- United Parcel Service Inc. (UPS: news, chart, profile) said Thursday that first-quarter net income fell 56% to $401 million, or 40 cents a share from $906 million, or 87 cents a share in the year-ago period. Adjusted net income for the latest period totaled 52 cents a share. The Atlanta-based delivery giant said revenue dipped 13.7% to $10.9 billion. Analysts expected net income of 55 cents a share and revenue of $11.5 billion, according to a survey of analysts by FactSet. The company expects second-quarter earnings of 45 to 55 cent a share, compared to the latest estimate of 65 cents a share.
Goodrich net beats view; '09 net outlook sharpened(7:56 am ET)
NEW YORK (MarketWatch) -- Goodrich Corp., (GR: news, chart, profile) the Charlotte, N.C., supplier of systems and services for application in aerospace, defense and homeland security, reported first-quarter net income of $173.8 million against $162.4 million in the year-earlier period. Net attributable to Goodrich was $169.8 million, or $1.35 a share, against $157.9 million, or $1.23, in the year-earlier period. Sales fell to $1.7 billion from $1.75 billion. A survey of analysts by FactSet Research produced consensus estimates of $1.08 of profit on $1.69 billion. The company lowered the top end of the range of its earnings estimate for the full year. Goodrich now expects to earn $4.50 to $4.75 a share, compared with its previous estimate of $4.50 to $4.90. It cut its sales estimate for 2009 to $6.9 billion; it had estimated a range of $7.1 billion to $7.2 billion. FactSet's survey is looking for profit of $4.65 a share on sales of $7.11 billion.
International Game Tech net income falls by half(7:55 am ET)
NEW YORK (MarketWatch) -- International Game Technology (IGT: news, chart, profile) said second-quarter net income fell by nearly half to $38.3 million or 13 cents a share, from $68.4 million or 22 cents a share in the year-ago period. The Reno, Nevada company was expected to earn 22 cents a share, according to a survey of Wall Street analysts by FactSet Research.

[3xBuBu]

Friday, April 24
CORRECT: Ford posts loss; cash at $21 billion(10:55 am ET)
NEW YORK (MarketWatch) -- Ford Motor Co. (F: news, chart, profile) said Friday it lost $1.8 billion, or 75 cents a share in its first quarter, compared to net income of $477 million, or 20 cents a share in the year-ago period. The auto maker's after-tax loss amounted to 60 cents a share in the latest period. Revenue of $24.8 billion, down from $39.2 billion. Analysts expected a loss of $1.19 a share on revenue of $21.8 billion, according to a survey by FactSet Research. Ford finished the first quarter with $21.3 billion in automotive gross cash and reiterated that it does not expect to seek a bridge loan from the U.S. government. Meanwhile, Ford Motor Credit lost $13 million in the first quarter, compared to net income of $24 million a year earlier. On a pre-tax basis, Ford Motor Credit reported a loss of $36 million in the first quarter, compared with earnings of $32 million in the previous year. (Corrects cash figure in headline.)
Energy sector up on broad market, Schlumberger(9:40 am ET)
NEW YORK (MarketWatch) -- Energy stocks rose with the broad market on Friday as Wall Street sifted through better-than-expected earnings from Schlumberger (SLB: news, chart, profile) , the largest oil service provider by market cap. Schlumberger shares rose 7% to $49.92. Schlumberger CEO Andrew Gould said the company doesn't see any possible upturn to the oil service business until 2010. Schlumberger said it's wrapping up a round of 5,000 layoffs and reiterated plans to cut another 5,000 jobs by the end of the year. Analysts at Tudor Pickering Holt noted that Schlumberger's "clean" earnings of 78 cents a share beat the lowered Wall Street forecast of 74 cents a share and that the company's international performance as relatively strong. In the broad energy sector, the Amex Oil Index (XOI: news, chart, profile) rose 2% to 880. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.6% to 383.
American Express shares rise 7.3% in pre-open(8:52 am ET)
NEW YORK (MarketWatch) -- Shares of Dow Jones Industrial Average component American Express (AXP: news, chart, profile) rose 7.3%, to $22.50, in pre-open trading Friday after the company reported better-than-expected first quarter results. Late Thursday, the company reported a 56% drop in quarterly net income as the credit card giant set aside more money to cover loan losses. But, net income attributable to common shareholders was 31 cents a share, well ahead of a 12 cents a share estimate in a Thomson Reuters survey.
Arch Coal earnings per share fall 63%(8:18 am ET)
NEW YORK (MarketWatch) -- Arch Coal Inc. (ACI: news, chart, profile) said Friday that its first-quarter earnings were $31 million, or 21 cents a share, compared to $81 million, or 56 cents a share, in the same period a year ago. Revenue was $681 million compared to $699 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 29 cents and sales of $735 million.
Jefferies cuts SunPower target on earnings miss(8:14 am ET)
NEW YORK (MarketWatch) -- Jefferies & Co. on Friday cut its price target on SunPower Corp. (SPWRA: news, chart, profile) to $34 a share from $40 a share after the solar chip maker's worse-than-expected results. Facing a sharp drop in demand, SunPower lost 6 cents a share in its first quarter, with adjusted net income of 5 cents a share. SunPower fell short of Jefferies' profit target of 20 cents a share. Analyst Paul Clegg summed up the quarter as "weak." During the quarter, SunPower signaled its business was slowing down, but the company's actual revenue decline of 22% to $214 million "disappointed even further," Jefferies noted. Shares of SunPower fell 7% to $24 in pre-market trades on Friday.
Wilmington Trust profit falls(8:10 am ET)
NEW YORK (MarketWatch) -- Wilmington Trust (WL: news, chart, profile) said on Friday that it earned $21.8 million, or 26 cents a share in the first quarter, compared to a profit of $41.4 million, or 61 cents a share a year ago. Analysts polled by Thomson Reuters had, on average, expected the company to earn 5 cents a share.
India's Ranbaxy posts deeper than expected Q1 loss(8:02 am ET)
HONG KONG (MarketWatch) -- India's Ranbaxy Laboratories (RBXLF: news, chart, profile) on Friday reported a deeper-than-expected loss of 7.78 billion rupees ($155 million) in the first quarter on a sharp fall in exports of its generic drugs and hefty foreign exchange losses. The company posted a net income of 1.03 billion rupees in the year-earlier period. Analysts surveyed by FactSet Reserch estimated a loss of 585 million rupees. Sales declined 19% to 8.06 billion rupees, with exports slumping to 4.41 billion rupees from 6.48 billion rupees. The company suffered a loss of 1.24 billion rupees on its foreign currency loans.
Stanley Works to earn $2 to $2.50 a share in 2009(7:46 am ET)
NEW YORK (MarketWatch) -- Stanley Works, (SWK: news, chart, profile) the New Britain, Conn., toolmaker, expects to earn $2 to $2.50 a share in 2009. "Unit volume shipments in 2009 will be down 13% to 15% versus 2008," cutting $2.40 to $2.90 a share from net income, the company said. The company's forecasts assume that foreign-exchange translations will knock 50 cents off profit and 4% off revenue, "most of which will be realized by mid-year," SWK said. And the additional $100 million of cost cuts Stanley Works announced on Friday should save 28 cents a share in 2009. The benefit in 2009 from the company's 2008 cost-cut program is seen at $1.75 a share, Stanley Works said.
Stanley Works net off 43%(7:40 am ET)
NEW YORK (MarketWatch) -- Stanley Works, (SWK: news, chart, profile) the New Britain, Conn., toolmaker, reported that first-quarter earnings fell 43% on 15% lower sales and said it began another $100 million of cost cuts. Earnings were $37.7 million, or 47 cents a share, compared with $66.5 million, or 83 cents, in the year-earlier period. Sales fell to $913 million from $1.07 billion. A survey of analysts by FactSet Research produced consensus estimates of 36 cents of profit on $970.9 million of revenue. Gross-profit margin widened 1.7 percentage points to 39.6%, SWK said. The cost-cutting program should save the company $45 million in 2009, Stanley Works said. The company plans to reinvest a third of the 2009 savings to develop its brands and fund growth in its security business. (Updates to complete company description.)
Report: Chrysler close to Chapt. 11 filing (7:25 am ET)
NEW YORK (MarketWatch) -- Ailing car maker Chrysler is close to filing for protection from creditors as soon as next week under Chapter 11 of U.S. Bankruptcy laws, The Wall Street Journal reported Friday. The move will come whether or not it reaches a buyout deal with Fiat SpA, the newspaper reported, citing people familiar with the companies. Fiat, meanwhile, is eying Chrysler and GM's (GM: news, chart, profile) Opel unit to grow its global sales.
Xerox swings to profit as revenue falls 18%(7:23 am ET)
NEW YORK (MarketWatch) -- Xerox Corp., (XRX: news, chart, profile) the Norwalk, Conn., office-equipment and technology producer, swung to a first-quarter profit from a year-earlier loss on 18% lower revenue. Net income was $49 million against a loss of $235 million in the year-earlier period. Earnings attributable to Xerox were $42 million, or 5 cents a share, against a loss of $244 million, or 27 cents. Revenue fell to $3.55 billion from $4.34 billion. A survey of analysts by FactSet Research produced a consensus estimate of 4 cents a share of profit for the quarter. Xerox expects to earn 10 cents to 12 cents a share for the second quarter and 50 cents to 55 cents for all of 2009. FactSet's survey is looking for 13 cents and 56 cents respectively.
AEP profit drops 37% as group sticks to guidance(7:10 am ET)
LONDON (MarketWatch) -- American Electric Power Co. (AEP: news, chart, profile) said Friday that its first-quarter net profit fell 37% to $360 million, or 89 cents a share, from $573 million, or $1.43 a share, a year earlier. Revenue for the quarter was unchanged at $3.5 billion and profit from ongoing operations was down 12%. Analysts polled by FactSet had been expecting earnings of 85 cents a share on revenue of $3.77 billion. AEP also reaffirmed its guidance for 2009 ongoing earnings of between $2.75 and $3.05 a share. The group said that residential sales remained strong and it will continue to benefit from positive rate decisions at several operating companies, however these positives were not enough to offset declining industrial load and off-system sales margins and volumes.
ITT profit climbs 7% as group cuts outlook(6:53 am ET)
LONDON (MarketWatch) -- ITT Corp. (ITT: news, chart, profile) on Friday said its first-quarter net profit rose 7% to $184.1 million, or $1.01 a share, from $171.9 million, or 93 cents a share, as it also cut its earnings forecast for the year. The engineering and manufacturing group said revenue fell 9% to $2.56 billion and adjusted earnings excluding a tax benefit were 72 cents. Analysts polled by FactSet had been expecting earnings of 58 cents a share. For 2009, however, the group said it no longer expects any improvement in the industrial, commercial and automotive markets. It cut its earnings forecast for the year to a range of $3.20 to $3.60 a share, including an expected additional 10 cents a share in restructuring and acquisition expenses. ITT had previously forecast 2009 earnings of $3.60 to $4.00 a share.
Candover says it has received deal approaches(6:30 am ET)
LONDON (MarketWatch) -- Private equity group Candover Investments (UK:CDI: news, chart, profile) said Friday that as part of its strategic review it has received indicative proposals covering a range of options, including offers for the company. The group said its advisers have begun discussions with a number of interested parties, but that the value to shareholders from any of the proposals remains highly uncertain.
India Maruti Q4 profit unexpectedly tumbles 18%(5:39 am ET)
HONG KONG (MarketWatch) -- India's Maruti Suzuki on Friday reported an unexpected 18% drop in fiscal fourth-quarter profit as a steep increase in raw material costs more than offset a decline in taxes and depreciation. Net income for the January-March period dropped to 2.43 billion rupees ($48 million) from 2.98 billion rupees. The profit reported was way below the 3.70 billion rupee estimate by analysts in a FactSet Research survey. Maruti shares gave up early gains and were recently down 0.6% in late Mumbai trading.
ENI profit down 43% after prices, demand fall(2:52 am ET)
LONDON (MarketWatch) -- Italian oil and gas firm ENI (IT:ENI: news, chart, profile) (E: news, chart, profile) said Friday that its first quarter net profit fell 43% to 1.9 billion euros ($2.5 billion) as net sales from operations declined 16% to 23.74 billion euros. ENI said the result was due to both falling oil prices and lower European demand for natural gas as well as a higher tax rate. Adjusted net profit fell 42% to 1.76 billion euros, but was ahead of the consensus forecast of 1.58 billion euros, according to a Dow Jones Newswires poll. The group had been targeting 3% growth in production in 2009, but said it was now guiding "for a partial downward revision of its growth rate compared to its initial plans," due to lower demand and the rescheduling of certain projects. Production in the first quarter fell 1% to 1.78 million barrels of oil equivalent per day.
SEB profit drops 45% as bad debt charges soar(2:35 am ET)
LONDON (MarketWatch) -- Skandinaviska Enskilda Banken (SE:SEBA: news, chart, profile) said Friday that its first-quarter net profit fell 45% to 1.03 billion Swedish kronor ($124 million) as the bank added that it will apply to participate in the Swedish government's funding guarantee program. The group said provisions for credit losses jumped to 2.39 billion kronor from 364 million kronor and added that it took a 594 million kronor impairment charge for all the goodwill of its business in Ukraine. The bank said impaired loans rose particularly sharply in the Baltic countries, which account for around 13% of its lending and around 1.7 billion kronor of its provisions for credit losses. It also added that the former expansion plans for Ukraine have been put on complete hold.
Nomura posts 60% tumble in fiscal 2009 revenue(2:14 am ET)
TOKYO (MarketWatch) -- Nomura Holdings reported a bigger-than-expected loss for the fiscal year, along with a 60% drop in net revenue. Nomura (JP:8604: news, chart, profile) (NMR: news, chart, profile) , Japan's largest brokerage, posted a net loss of 709.4 billion yen ($7.3 billion) for the fiscal year ended March 2009, compared with a loss of 67.8 billion yen in the year-earlier period. On average, the market was looking for a net loss of 611.6 billion yen for the year, according to data provided by FactSet Research. Net revenue fell to 312.6 billion yen, from 787.3 billion yen a year ago.
JFE Holdings' fiscal year profit drops 25.8%(12:26 am ET)
TOKYO (MarketWatch) -- JFE Holdings reported a net profit of 194.2 billion yen ($2 billion) for the fiscal year 2009, down from the 261.9 billion yen reported a year earlier. The Japanese steelmaker (JP:5411: news, chart, profile) (JFEEF: news, chart, profile) posted revenue of 3.91 trillion yen, higher than the 3.54 trillion reported a year earlier.
Thursday, April 23
Samsung's profit drops but beats estimates(9:28 pm ET)
TOKYO (MarketWatch) -- Samsung Electronics (KR:005930: news, chart, profile) (SSNG.Y: news, chart, profile) reported Friday a first-quarter net profit of 619.2 billion won ($462.6 million), down from 2.188 trillion won a year earlier but up from a loss of 22.2 billion won in the previous quarter. The results beat market expectations for a profit of 149 billion won, according to analysts polled by Dow Jones. The memory chip maker's sales climbed 8.5% to 18.57 trillion won for the first quarter. Shares of Samsung Electronics fell 2.4% Friday morning in Seoul.
Korea's Hynix posts wider loss as DRAM prices drop(8:47 pm ET)
SAN FRANCISCO (MarketWatch) -- Hynix Semiconductor Inc. (HXSCF: news, chart, profile) said Thursday its first-quarter net loss totaled 1.18 trillion won ($883 million), compared to a net loss of 675.6 billion won in the same period a year earlier, according to Dow Jones Newswires. Hynix said its average selling price of dynamic random access memory chips fell 7% in the quarter compared to the prior period, while its NAND flash memory chip prices rose 10% in the same period. Hynix posted an operating loss margin of 39% for the quarter, narrowing from 53% in the prior period.
Netflix CEO: Streaming-only rental not in works(6:34 pm ET)
CHICAGO (MarketWatch) -- Netflix Inc. (NFLX: news, chart, profile) Chief Executive Reed Hastings told analysts the company has no current plans to offer stream-only rental subscriptions, contrary to some concerns. Hastings said on a conference call that the online DVD rental pioneer has considered the idea "from time to time," but for now, "the combination of DVD rental and streaming is what our customers are interested in."
Netflix CEO: Kiosks will be main competition (6:27 pm ET)
CHICAGO (MarketWatch) -- Netflix Inc. (NFLX: news, chart, profile) Chief Executive Reed Hastings said Thursday that the online DVD rental pioneer expects $1 kiosks to be its main competitor by the end of 2009, surpassing video stores. A growing number of customers who cancel their Netflix subscriptions cite kiosks as a reason why they dropped the service, Hastings explained. Commenting during a conference call with analysts, Hastings said Netflix is not overly concerned about the kiosks, despite their increasing ubiquity, because the kiosks focus on new release DVDs, which only account for about a third of Netflix's rentals. "Our differentiators continue to be our vast selection, over 100,000 titles, the convenience of mail and streaming," he said.
Eastman Chemical profit clipped by tough economy (5:46 pm ET)
SAN FRANCISCO (MarketWatch) -- Eastman Chemical Co. (EMN: news, chart, profile) reported late Thursday first-quarter net income fell to $2 million, or 3 cents a share, from $133 million, or $1.68 a share, a year ago. Excluding one-time items, earnings per share from continuing operations fell to 25 cents a share from $1.48 a year earlier. Revenue for the three months ended March 31 fell 35% to $1.13 billion as a global economic downturn cut into demand for chemicals and specialty coatings. The latest results also include $26 million in restucturing charges. Analysts polled by FactSet Research had expected the company to post earnings of 16 cents a share on $1.34 billion in revenue. Shares of the Kingsport, Tenn.-based company gained 26 cents to close at $33.11 ahead of the report.
KLA-Tencor swings to quarterly loss; rev falls 49%(5:25 pm ET)
LOS ANGELES (MarketWatch) -- KLA-Tencor Corp. (KLAC: news, chart, profile) on Thursday evening swung to a fiscal third-quarter net loss to $82.8 million, or 49 cents a share. Last year, the chip-equipment maker earned $111 million, or 61 cents a share. Its loss on an adjusted basis was $58.3 million, or 34 cents a share, for the most recent period. Revenue dropped 48.6% to $310 million from $602 million. Analysts polled by Thomson Reuters had projected a loss of 26 cents a share on $300 million in revenue.
Federated Investors Q1 net earns $35.1 million(5:00 pm ET)
LOS ANGELES (MarketWatch) -- Federated Investors Inc. (FII: news, chart, profile) late Thursday said first-quarter net income attributed to Federated was $35.1 million, or 34 cents a share, down from $55.8 million, or 54 cents a share, in the year-ago period. Total revenue at the investment management firm rose to $310.6 million from $305.7 million last year. Total managed assets were $409.2 billion, up 21% from the same period a year ago. Average managed assets were $411.7 billion, up 28% from quarter ended in March 2008.
CORRECT: Burlington Northern profit dips(4:42 pm ET)
SAN FRANCISCO (MarketWatch) - Burlington Northern Santa Fe Corp. (BNI: news, chart, profile) reported late Thursday first-quarter net income fell to $293 million, or 86 cents a share, from $455 million, or $1.30 a share, a year ago. The latest results included one-time losses of 27 cents a share stemming from an unfavorable coal-rate case and interest rate hedges. Revenue for the three months ended March 31 fell 20% to $3.42 billion from $4.26 billion a year earlier as a steep economic downturn bit into freight volumes. Analysts polled by FactSet Research had expected the Fort Worth, Texas-based railroad to earn $1 a share on $3.72 billion in revenue. Burlington Northern shares rose 2.1% ahead of the report to close at $67.85. (Updated to correct earnings per share figure.)
Interactive Brokers profit drops 54%(4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Interactive Brokers Group (IBKR: news, chart, profile) on Thursday reported a first-quarter profit of $155.1 million, or 30 cents a share, down from $340.6 million, or 66 cents a share, a year ago. Revenue for the electronic market maker and broker fell to $296 million from $528 million in the year-earlier period. Analysts polled by FactSet Research were looking for a profit, on average, of 47 cents a share on sales of $414 million. "Our strict risk controls have not completely immunized us from the secondary effects of the financial crises as our results have been largely impacted by competitive pressures on spreads," CEO Thomas Peterffy said. "Exchange listed options are one of the few life rafts still afloat and more and more traders are trying to hold onto it."
AmEx reports 56% drop in quarterly net income(4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- American Express (AXP: news, chart, profile) said late Thursday that first-quarter net income came in at $437 million, down 56% from a year earlier when the credit card company made $991 million. Net income attributable to common shareholders was 31 cents a share, versus 85 cents a year earlier. Income from continuing operations was $443 million, or 32 cents a share. American Express was expected to make 12 cents a share, according to the average estimate of 19 analysts in a Thomson Reuters survey. "While we did see some recent improvement in early delinquency rates, overall credit indicators reflected rising unemployment levels and the broad-scale weakness in the economy," AmEx Chief Executive Kenneth Chenault said. U.S. lending write-off rates on a managed basis could level off during the fourth quarter, but will rise in the second and third quarter, he added, while noting the company is still very cautious about the economic outlook. More cost cuts are planned for the second quarter, he said. AmEx intends to repay the government's investment of preferred shares and warrants, "if permitted by our supervisors and if supported by the results of the stress assessment," he added. AmEx shares rose 5% in after-hours action.
Amgen reports lower profit, cuts sales view(4:24 pm ET)
SAN FRANCISCO (MarketWatch) -- Amgen Inc. (AMGN: news, chart, profile) , the world's largest biotech company, reported late Thursday its quarterly profit fell 7% from a year-ago and cut its full-year sales outlook. Amgen posted first-quarter net income of $1 billion, or 98 cents a share, compared to net income of $1.1 billion, or $1.01 a share, a year ago. Amgen said its adjusted per-share profit was $1.08. Revenue fell 8% to $3.3. For 2009, Amgen pegged revenue between $14.4 billion and $14.8 billion, down from its previous forecast of $14.8 billion to $15.2 billion. It kept its adjusted profit forecast of $4.55 to $4.75 a share. Ahead of the earnings report, Amgen shares closed up 4% at $46.82. The stock is down 19% so far this year.