Replies to post #810 on Earning Plays

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Monday, April 27
Denso sees bigger-than-expected loss on sales drop(10:32 pm ET)
TOKYO (MarketWatch) - Denso Corp. reported a bigger-than-expected loss for the fiscal year ended in March 2009, as the drop in global car production prompted sales to sink by more than 20%. The automotive technology supplier (JP:6902: news, chart, profile) (DNZO.Y: news, chart, profile) saw a net loss of 84.1 billion yen ($856 million) and net sales of 3.14 trillion yen. A year ago, it posted a net income of 244.4 billion yen and sales of 4.0 trillion yen. On average, analysts expected a net loss of 62.8 billion yen, according to data provided by FactSet Research. Ahead of the news, shares of Denso were up 2.2% by the end of Tokyo's morning session.
Elpida shares drop nearly 7% on loss expectations(9:58 pm ET)
TOKYO (MarketWatch) -- Shares of Elpida Memory Inc. (JP:6665: news, chart, profile) dropped almost 7% late Tuesday morning in Tokyo. The DRAM chip maker said late Monday that it expects to report a fiscal-year loss of 180 billion yen ($1.9 billion) and sales of 330 billion yen. That compares with the previous fiscal year loss of 23.5 billion yen and sales of 405.5 billion yen.
Albemarle post sharp profit decline(8:10 pm ET)
SAN FRANCISCO (MarketWatch) -- Albemarle Corp. (ALB: news, chart, profile) said Monday its first-quarter earnings were $25.4 million, or 28 cents a share, compared to earnings of $63.3 million, or 67 cents a share, in the same period a year earlier. The Baton Rouge, La.-based chemical company said net sales in the period ended in March fell to $486.6 million from $668.2 million. The company cited "the continued steep downturn in consumer end-market demand" as the reason for the drop in profit.
National Australia Bank says cash earnings slip (6:38 pm ET)
SAN FRANCISCO (MarketWatch) -- National Australia Bank Ltd. (NABZY: news, chart, profile) said Monday its cash earnings fell 9.4% to 2 billion Australian dollars ($1.4 billion) in the half-year ended in March. NAB said the fall was largely due to "increased charges for bad and doubtful debts and higher funding costs." Statutory profit fell slightly to 2.7 billion Australian dollars, NAB said, while group revenue rose 11.5% to 8.5 billion Australian dollars, due mainly to increased market share.
Southwestern Energy swings to loss (5:59 pm ET)
SAN FRANCISCO (MarketWatch) - Southwestern Energy Co. (SWN: news, chart, profile) reported late Monday a first-quarter loss of $432.8 million, or $1.26 a share. It earned $109 million, or 31 cents a share, a year ago. The loss included a $907-million non-cash impairment to reflect the steep drop in natural gas prices. Excluding one-time items, Southwestern had an operating profit of $125.5 million, or 31 cents a share, matching earnings predicted by analysts surveyed by FactSet Research. Revenue for the three months ended March 31 rose to $540.8 million from $524.1 million, helped by a 64% jump in natural gas output. Southwestern Energy shares fell 2.8% to close at $33.47 ahead of the report.
Meritage Homes posts narrower loss (5:33 pm ET)
SAN FRANCISCO (MarketWatch) -- Meritage Homes Corp. (MTH: news, chart, profile) , facing one of the weakest home building markets in decades, reported late Monday a first-quarter loss of $18.4 million, or 60 cents a share. The company lost $45.3 million, or $1.72 a share, in the year-ago quarter. For the three months ended March 31, the Scottsdale, Ariz.-based home builder said revenue fell 38% to $231.1 million from $373.4 million a year ago. Analysts polled by FactSet Research had predicted the company would post a first-quarter loss of $1.34 a share on sales of $212 million. Meritage shares closed ahead of the report with a 14-cent loss at $17.42. The stock is off 16% over the past 12 months.
U.S. Steel swings to loss, slashes dividend(5:02 pm ET)
SAN FRANCISCO (MarketWatch) -- United States Steel Corp. (X: news, chart, profile) late Monday said it swung to a net loss for the first quarter and slashed its dividend by 83%. Pittsburgh-based U.S. Steel reported a net loss of $439 million, or $3.78 a share. A year ago, it reported net income of $235 million, or $1.98 a share. Sales fell $2.75 billion from $5.2 billion. Analysts had expected U.s. Steel to lose a $1.44 a share, according to FactSet Research. U.S. Steel said it pay a dividend of 5 cents share on June 10 to shareholders of record May 13. The steel maker used to pay a dividend of 30 cents. U.S. Steel shares closed at $27.71 ahead of the report.
Masco swings to $81M loss, forecast cut(4:42 pm ET)
SAN FRANCISCO (MarketWatch) -- Masco Corp. (MAS: news, chart, profile) Monday afternoon said it swung to a first-quarter loss from a year ago and cut its forecast amid a further decline for home improvement and building materials. Masco posted a net loss of $81 million, or 23 cents a share, hurt by charges to close facilities and cut jobs. It earned $2 million a year ago. Revenue fell to $1.8 billion from $2.5 billion. Looking ahead, Taylor, Mich.-based Masco projected its 2009 loss at 15 cents to 30 cents a share. It forecast sales to decline by 20% to 25% from last year. Ahead of the report, Masco shares closed at $9.75, down more than 3%. The stock has fallen 12% in value so far this year.
Real estate sales boost Plum Creek Timber profit (4:23 pm ET)
SAN FRANCISCO (MarketWatch) -- Plum Creek Timber Co. (PCL: news, chart, profile) reported late Monday first-quarter earnings rose to $157 million, or 95 cents a share, from $38 million, or 22 cents a share, a year ago. The biggest gains were seen in the company's real estate business, where sales jumped to $268 million from $52 million. Timber and manufacturing sales fell from a year ago. Overall revenue for the three months ended March 31 rose to $470 million from $363 million. Analysts polled by FactSet Research had predicted the Seattle-based lumber company would post revenue of $507 million for the quarter. Plum Creek shares fell 4% ahead of the report to close at $34.90. The stock is off 18% over the past 12 months.
Omnicom profit drops but beats estimates(8:08 am ET)
NEW YORK (MarketWatch) -- Omnicom Group (OMC: news, chart, profile) said Monday that its first-quarter profit fell 21% to $164.5 million, or 53 cents a share, from $208.7 million, or 64 cents a share, in the year-ago period. Analysts surveyed by FactSet Research had expected, on average, profit of 44 cents a share. The marketing and communications company said worldwide revenue in the first quarter fell 14% to $2.7 billion from $3.2 billion in the first quarter of 2008.
CORRECT: Qualcomm swings to loss, takes charge(8:02 am ET)
NEW YORK (MarketWatch) -- Qualcomm Inc. (QCOM: news, chart, profile) lost $289 million, or 18 cents a share, compared to year-ago net income of $766 million, or 47 cents a share, in its fiscal second quarter. The San Diego company took a $748 million charge to settle patent litigation with Broadcom Corp. (BRCM: news, chart, profile) . Qualcomm lost 3 cents a share in the latest quarter on an adjusted basis. Revenue fell to $2.46 billion from $2.61 billion. Qualcomm said it expects third-quarter revenue of $2.4 billion to $2.6 billion. Global demand for 3G-enabled products and services remains strong despite the current economic environment, the company said. (Updated to remove incorrect figure in headline.)
Timken profit falls sharply, firm halves dividend (7:48 am ET)
NEW YORK (MarketWatch) -- Timken Co. (TKR: news, chart, profile) said on Monday that its first quarter profit fell to $900,000, or a penny a share, from $84.5 million, or 88 cents a share a year ago. Revenue in the quarter fell a third, to $960.40 million, from $1.43 billion a year ago, the company said. "Lower first-quarter earnings reflect decreased demand across most of the company's market sectors and the timing impact of the company's material surcharge recovery mechanism. Partially offsetting these items were favorable pricing, mix, and lower selling, general, and administrative costs," the company said. The company also cut its quarterly dividend in half, to 9 cents a share. Analysts polled by Thomson Reuters had expected the firm to lose 2 cents a share on revenue of $1.08 billion in the quarter. Timken also said it expects its full-year 2009 financial results to come in between a loss of 15 cents a share and a profit of 15 cents a share.
Verizon profit climbs 5.3%(7:32 am ET)
WASHINGTON (MarketWatch) -- Verizon Communications Inc. (VZ: news, chart, profile) on Monday said first-quarter profit rose 5.3% as the No. 1 U.S. mobile-phone company added a strong 1.3 million net wireless customers. Net income increased to $3.21 billion, or 58 cents a share, from $3.05 billion, or 57 cents a share, a year earlier. Revenue jumped 11.6% to $26.6 billion, though sales excluding Verizon's recent acquisition of Alltel rose a lesser 3.3%. Adjusted for onetime items, Verizon said it would have earned 63 cents a share, compared to 61 cents a year earlier. Verizon was expected to earn an adjusted 59 cents a share, according to the consensus of analysts surveyed by FactSet Research. The New York-based company also said it gained 299,000 fiber-TV customers. Shares of Verizon, which closed Friday at $31, X were flat in premarket trades.
Apollo Group names Cappelli co-CEO(7:11 am ET)
NEW YORK (MarketWatch) -- Apollo Group Inc. (APOL: news, chart, profile) on Monday named Gregory W. Cappelli,41, co-CEO with Charles B. Edelstein. The Phoenix-based education firm said the position is effective immediately.
Check Point Software profit rises 3.4%(7:07 am ET)
LONDON (MarketWatch) -- Check Point Software Technologies (CHKP: news, chart, profile) said Monday that its first-quarter net profit rose 3.4% to $80.9 million, or 38 cents a share, from $78.3 million, or 36 cents a share, as revenue grew 1.8% to $195 million. The Internet security software firm said adjusted earnings for the quarter were 45 cents a share. Analysts polled by FactSet had been expecting adjusted earnings of 42 cents a share. The group said its results were helped by operational efficiencies and favorable trends in foreign exchange rates.
CORRECT: General Steel expects $7 mln. net income(6:37 am ET)
LONDON (MarketWatch) -- General Steel (GSI: news, chart, profile) on Monday said it expects first quarter net income to rise to $7 million, or 19 cents a share, compared to $2.2 million, or 6 cents a share, in the same period last year. The Chinese steel producer said it expects adjusted net income of $2.9 million, or 8 cents a share, compared to a net loss of $500,000, or 1 cent a share. A FactSet Research survey of two analysts produced a consensus forecast for a loss of 5 cents a share. The company said it expects revenues to rise by around 9.7% from a year ago to around $320 million. General Steel said first-quarter financial results would be released at a "subsequent date." (Re-sends to correct date of release for financial results).
Enterprise Products' quarterly profit down 13%(6:32 am ET)
LONDON (MarketWatch) -- Oil-services company Enterprises Products Partners (EDP: news, chart, profile) said first-quarter net profit fell 13% to $225 million, or 41 cents a share, from $260 million, or 51 cents a share, earned in the year-earlier quarter. The results included a hit of around $21 million because of the continuing effects from hurricanes Gustav and Ike. The consensus forecast was for earnings of 35 cents a share, according to a poll of analysts conducted by Factset Research. Revenue fell 40% to $3.4 billion, primarily because of lower commodity prices.
Whirlpool profit drops as sales fall 23%(6:11 am ET)
LONDON (MarketWatch) -- Whirlpool (WHR: news, chart, profile) said its first-quarter profit fell 28% to $68 million, or 91 cents a share, as sales dropped 23% to $3.6 billion. Unfavorable foreign currency fluctuations and lower unit volume were partly offset by cost reduction and productivity initiatives, favorable price/mix and an income tax benefit. Whirlpool stuck to its guidance of annual earnings between $3 and $4 a share, and lowered its U.S. and Europe industry shipment view. Analysts polled by FactSet had forecast a loss of 16 cents a share for the quarter and earnings of $2.98 for the year.
ICBC first-quarter profit up 6% to $5.2 billion(5:26 am ET)
HONG KONG (MarketWatch) -- Industrial & Commercial Bank of China Ltd. (HK:1398: news, chart, profile) said Monday its first-quarter net income was 35.15 billion yuan ($5.17 billion), or 0.11 yuan per share, compared to 33.11 billion yuan, or 0.10 yuan per share in the year-earlier period. On a percentage basis, net income was up 6%, the bank said in a statement Monday to the Hong Kong Stock Exchange. Expectations were for net income of 33.70 billion yuan in the quarter, according to a poll by Dow Jones Newswires. The bank, the world's largest by market value, said it had recorded an impairment loss of $129 million on debt securities issued by Freddie Mac and Fannie Mac during the quarter.
Smith Int'l 1st-quarter net off 41%, revenue up(5:25 am ET)
TEL AVIV (MarketWatch) -- Smith International Inc., (SII: news, chart, profile) the Houston energy-services provider, reported that first-quarter net income fell 41%, net attributable to the parent fell 45%, and revenue rose 1.7%. Net fell to $144.2 million from $246.1 million in the year-earlier quarter. Net attributable to Smith fell to $96.9 million, or 44 cents a share, from $175 million, or 87 cents, a year earlier. Excluding the charge for severance, earnings from continuing operations were 52 cents a share. Shares outstanding rose 8.7% to 219.6 million. Revenue reached $2.41 billion from $2.37 billion. A survey of analysts by FactSet Research produced a consensus estimate of 63 cents of profit on $2.59 billion of revenue.
Scania profit drops 93% as orders tumble(3:39 am ET)
LONDON (MarketWatch) -- Swedish truck maker Scania (SE:SCVA: news, chart, profile) (SE:SCVB: news, chart, profile) said Monday that its first-quarter net profit fell 93% to 179 million Swedish kronor ($21.8 million) from 2.51 billion kronor as order bookings tumbled 70% to 6,061 units. The group said sales fell 28% to 15.86 billion kronor and deliveries in the quarter were down 41% to 11,304 unit. Analysts had, on average, been expecting a net profit of 201 million kronor, according to a Dow Jones Newswires survey. "At present, Scania foresees no change in the demand for vehicles in the coming quarters," the group said in a statement. The group said most of the 2,000 workers with fixed-term temporary contracts have now left and the workforce at its production units has been cut to around 10,000. It's also postponed various investments and reduced working hours to mainly daytime shifts in order to save money.
B/E Aerospace net off 22%, revenue up 11%(3:14 am ET)
TEL AVIV (MarketWatch) -- B/E Aerospace Inc., (BEAV: news, chart, profile) the Wellington, Fla., producer of aircraft-cabin interior products and distributor of aerospace fasteners and consumables, reported that first-quarter profit fell 22% on 11% higher revenue. Net income fell to $37.9 million, or 38 cents a share, from $48.5 million, or 53 cents, in the year-earlier period. In the latest period, adjusted earnings -- excluding the costs related to the HCS acquisition -- were 41 cents a share. Revenue reached $523.7 million from $473.2 million. A survey of analysts by FactSet Research produced a consensus estimate of 39 cents of profit on $500.5 million of sales. For 2009, B/E expects to earn $1.50 a share, excluding 10 cents of HCS-related costs. Revenue, adjusted to reflect the HCS business for all of 2008, should fall 23% for the year, to $1.9 billion, B/E said. FactSet's survey was looking for $1.78 of profit on $2.18 billion of revenue.
SocGen denies report of massive loss(2:47 am ET)
LONDON (MarketWatch) -- French bank Societe Generale (FR:GLE: news, chart, profile) on Monday denied a report in the Liberation newspaper that its alternative investment business had lost between 5 billion euros ($6.6 billion) and 10 billion euros from investments in risky assets. In a statement the bank said the article confused losses with assets transfers at the division.
Aviva's quarterly sales up 5% on currency boost(2:27 am ET)
LONDON (MarketWatch) -- British life and pensions insurer Aviva Plc (UK:AV: news, chart, profile) on Monday said first-quarter sales rose 5% to 10.3 billion pounds ($15 billion). Life and pensions sales, meanwhile, gained 11% to 9.6 billion pounds. They slipped 2% on a local currency basis. Group margin is in line with full year 2008, the company said. At the end of March the company's capital surplus was 2.5 billion pounds after the payment of the 2008 final dividend. The company said the economic outlook remains uncertain for 2009.
Saturday, April 25
ICICI reports 35% drop in quarterly profit(12:44 pm ET)
SAN FRANCISCO (MarketWatch) -- ICICI Bank Ltd. on Saturday reported fourth-quarter profit fell 35% from the year-earlier period, hurt by bad loans and a slowdown in lending. India's largest private bank by assets reported net income of 7.44 billion rupees ($149 million) in the three months ended March 31 compared with 11.5 billion rupees in the same quarter a year ago. It's only the second time in the past six years that the bank has posted a fall in profit, reports said.

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Tuesday, April 28
ANZ Bank first-half cash profit misses expectation(6:24 pm ET)
LOS ANGELES (MarketWatch) -- Australia and New Zealand Banking Group (ANZB.Y: news, chart, profile) (AU:ANZ: news, chart, profile) said Wednesday its cash profit for the six months ended March 31 dropped to 954 million Australian dollars ($673 million) from 1.67 billion Australian dollars at the same time last year, hurt by a rise in non-performing loans. A Dow Jones Newswires survey had put analysts' average expectations for cash profit at 1.19 billion Australian dollars. Bad loans for the period more than doubled to 1.37 billion Australian dollars.
Textron posts sharply lower profit, trims outlook (4:37 pm ET)
SAN FRANCISCO (MarketWatch) -- Aerospace company Textron Inc. (TXT: news, chart, profile) reported late Tuesday first-quarter net income fell to $86 million, or 35 cents a share, from $231 million, or 91 cents a share, a year ago. Revenue for the three months ended April 4 fell to $2.53 billion from $3.31 billion. The results nevertheless came in better than the 1-cent per-share loss analysts surveyed by FactSet Research had forecast, though sales were less than the $2.79 billion they expected. The company lowered its 2009 earnings outlook to a range of 45 cents to 75 cents a share, citing lower expected demand for Cessna aircraft and higher losses at its financial unit. Textron shares fell 1.7% ahead of the report to close at $11.20.
VF profit down 32%, outlook cut(4:25 pm ET)
SAN FRANCISCO (MarketWatch) -- VF Corp. (VF: news, chart, profile) , maker of Wrangler jeans and North Face apparel, late Tuesday reported its net income fell 32% from a year ago due to higher pension costs and a stronger U.S. dollar. VF also lowered its full-year profit forecast. VF posted first-quarter net income of $100.9 million, or 91 cents a share, down from $149 million, or $1.33 a share. Revenue fell 7% to $1.7 billion. Looking ahead, VF said it will earn between $4.70 and $5 a share in 2009. It also will pay a dividend of 59 cents a share June 19. VF said its brands Wrangler, Lee, Vans and North Face, representing 60% of its total sales, are continuing to "gain or hold share in most markets." VF shares closed at $67.28 ahead of the report.
E-Trade loss grows (4:17 pm ET)
NEW YORK (MarketWatch) -- Online financial services firm E-trade Financial (ETFC: news, chart, profile) said on Tuesday that its first quarter loss soared to $232.7 million, or 41 cents a share, from a loss of $91.2 million, or 20 cents a share a year ago. Total net revenue slipped to $497.3 million from $529.1 million a year ago. Analysts polled by Thomson Reuters had expected the company to lose 40 cents a share in the first quarter.
DreamWorks Animation profit more than doubles(4:11 pm ET)
CHICAGO (MarketWatch) -- DreamWorks Animation SKG (DWA: news, chart, profile) said Tuesday its first quarter profit more than doubled on the strong overseas theatrical and domestic DVD performance of "Madagascar: Escape 2 Africa." The maker of animated films said it earned $62.3 million, or 71 cents a share in the latest three months, compared with a profit of $26.1 million, or 28 cents a share, in the same period last year. DreamWorks Animation said revenue rose to $263.5 million from $157.2 million. The latest quarter was also bolstered by the theatrical success of "Monsters vs. Aliens," as well as DVD proceeds from "Kung Fu Panda."
Sun net loss grows on revenue decline(4:05 pm ET)
SAN FRANCISCO (MarketWatch) -- Sun Microsystems Inc. saw its losses grow during its third fiscal quarter amid a decline in sales. For the quarter ended March 29, Sun (JAVA: news, chart, profile) reported a net loss of $201 million, or 27 cents a share, compared to a loss of $34 million, or 4 cents a share, for the same period last year. On a non-GAAP basis, Sun said it lost $52 million, or 7 cents a share, for the recent period. Revenue fell 20% to $2.61 billion. Analysts were expecting a loss of 18 cents a share on revenue of $2.87 billion, according to consensus estimates from FactSet Research. Sun has agreed to be acquired by Oracle Corp. (ORCL: news, chart, profile) in a cash deal worth $5.6 billion.
Drug stocks mixed; Pfizer, Bristol-Myers lower(9:53 am ET)
BOSTON (MarketWatch) -- Drug stocks were mixed in early trading Tuesday as shares of Pfizer Inc. (PFE: news, chart, profile) and Bristol-Myers Squibb (BMY: news, chart, profile) moved modestly lower after the companies issued quarterly sales reports that fell short of Wall Street expectations. The Amex Pharmaceutical Index ($DRG: news, chart, profile) was down marginally at 236.83 and the Amex Biotechnology Index ($BTK: news, chart, profile) rose 1.4% to 631.19. The Dow Jones Industrial Average (DJII: news, chart, profile) fell about 60 points to 7,967.
Franklin profit falls 70%(9:08 am ET)
NEW YORK (MarketWatch) -- Asset manager Franklin Resources Inc. (BEN: news, chart, profile) reported Tuesday a 70% fall in its fiscal second-quarter net income to $110.8 million, or 48 cents a share, from $366.1 million, or $1.54 a share, in the year-ago period. Analysts surveyed by FactSet Research had expected, on average, earnings per share of 61 cents. San Mateo, Calif.-based Franklin said revenues were $912.3 million, a drop from revenues of $1.5 billion in the same quarter last year. Operating income was $223.3 million, down from $519.1 million.
Ecolab's first-quarter net income falls 44%(8:54 am ET)
NEW YORK (MarketWatch) -- Ecolab Inc. (ECL: news, chart, profile) said Tuesday that its first-quarter net income fell 44% to $57.4 million, or 24 cents a share, from $102.9 million, or 41 cents a share, in the year-earlier period. On a pro forma basis, excluding items, earnings would have been 33 cents a share. On average, analysts polled by FactSet Research were expecting earnings of 33 cents a share. Sales for the provider of cleaning, sanitizing and disinfecting products to hotels, restaurants and hospitals declined to $1.35 billion from $1.46 billion. Ecolab reaffirmed its full-year pro forma earnings forecast in a range of $1.95 to $2.05 a share.
Avery Dennison swings to quarterly loss(8:51 am ET)
NEW YORK (MarketWatch) -- Avery Dennison Corp. (AVY: news, chart, profile) said Tuesday that its first-quarter loss was $46 million, or 46 cents a share. In the same period a year ago, Avery Dennison earned $68 million, or 69 cents. Sales fell 13% to $1.43 billion. Adjusted earnings per share were 11 cents versus 80 cents. Analysts polled by FactSet Research estimated, on average, earnings per share of 21 cents and sales of $1.42 billion.
Convergys profit slips (8:28 am ET)
NEW YORK (MarketWatch) -- Convergys (CVG: news, chart, profile) said on Tuesday that its first quarter profit fell to $28 million, or 23 cents a share from $35.9 million, or 28 cents a share a year ago. Revenue dipped to $694.7 million, from $716.4 million a year ago. Analysts polled by Thomson Reuters had expected the company to earn 20 cents a share. The company also said it expects to earn from 90 cents a share to $1.10 a share for the full year 2009.
CORRECT: Hospira reports profit jump(8:23 am ET)
NEW YORK (MarketWatch) -- Hospira Inc. (HSP: news, chart, profile) said Tuesday that its first-quarter net income rose 153% to $165.5 million, or $1.03 a share, from $65.4 million, or 41 cents a share in the year-ago period. The company said that on an adjusted basis, earnings per share were 60 cents. Analysts surveyed by FactSet Research had expected, on average, adjusted earnings of 56 cents a share. On an adjusted basis net income rose 10%, to $96.8 million. The pharmaceutical and medication delivery company said net sales for the quarter fell 3.3% to $860 million, slightly below analysts' expectations of $864 million. (Corrected to reflect fall in net sales.)
HCP reports lower per-share net income(8:19 am ET)
BOSTON (MarketWatch) -- HCP Inc. (HCP: news, chart, profile) on Tuesday said its first-quarter net income applicable to common shares was $43.3 million, or 17 cents a share, compared with net income of $44.6 million, or 21 cents a share, in the year-ago period. The company said funds from operations, a key profitability metric for real estate investment trusts, fell to 50 cents a share from 56 cents a share. Analysts polled by Thomson Reuters had forecast FFO of 53 cents a share, on average.
Paccar's profit tumbles in first quarter(8:15 am ET)
NEW YORK (MarketWatch) -- Paccar Inc. (PCAR: news, chart, profile) said Tuesday that first-quarter earnings fell to $26.3 million, or 7 cents a share, from $292.3 million, or 79 cents a share, in the same period a year ago. On average, analysts polled by FactSet Research expected the Bellevue, Wash.-based truck maker to report earnings of 7 cents a share. "The first quarter 2009 financial results were negatively impacted by lower build rates, temporary plant shutdowns and reduced gross margins," said Mark Pigott, chairman and chief executive officer. "These challenging market conditions are continuing as we enter the second quarter of 2009."
Bemis earnings down 12%(8:13 am ET)
NEW YORK (MarketWatch) -- Bemis Co. (BMS: news, chart, profile) said Tuesday that first-quarter earnings were $37 million, or 36 cents a share, compared to $42 million, or 41 cents a share, in the same period a year earlier. Sales fell 11% to $843 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 34 cents and sales of $884 million at the packaging company. Guidance for 2009 remains unchanged at $1.50 to $1.70 a share.
FPL Group profit rises(8:03 am ET)
NEW YORK (MarketWatch) -- FPL Group (FPL: news, chart, profile) said on Tuesday that its first quarter profit rose to $364 million, or 90 cents a share, compared to $249 million, or 62 cents a share. First quarter revenue rose to $3.71 billion, from $3.43 billion a year ago. Analysts polled by Thomson Reuters had expected the firm to earn 77 cents a share.
Fortune Brands cuts dividend, offers forecast(7:56 am ET)
NEW YORK (MarketWatch) -- Fortune Brands Inc. (FO: news, chart, profile) said Tuesday that it expects to report first-quarter earnings of about 5 cents a share, or about 30 cents excluding one-time items. The consumer-products company, whose brands include Jim Beam, Titleist and Moen, is slated to report results on May 1. On average, analysts polled by FactSet Research were expecting earnings of 18 cents a share. The company said it still expects to achieve its full-year earnings target of $2.00 to $2.50 a share, excluding items. It also said its board approved a reduction in the dividend to an annual rate of 76 cents a share.
Coca-Cola Enterprises earnings up five-fold(7:52 am ET)
NEW YORK (MarketWatch) -- Coca-Cola Enterprises (CCE: news, chart, profile) said Tuesday that first-quarter earnings were $61 million, or 13 cents a share, compared to $8 million, or 2 cents a share, in the year ago period. After items, net income totaled $97 million, or 20 cents a share. Revenue grew 3% to $5.05 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 4 cents and sales of $4.9 billion. The company sees adjusted earnings per share for 2009 in the range of $1.24 to $1.29.
Bristol-Myers Squibb Co. net income falls 3.5%(7:47 am ET)
NEW YORK (MarketWatch) -- Bristol-Myers Squibb (BMY: news, chart, profile) said Tuesday first quarter net income fell 3.5% to $638 million, or 32 cents a share, from $661 million, or 33 cents a share in the year-ago period. Non-GAAP earnings from continuing operations rose to 48 cents a share from 39 cents a share. Sales rose 3% to $5 billion. Analysts expected earnings of 48 cents a share on revenue of $5.14 billion. The pharmaceutical giant continues to expect 2009 earnings of $1.58 to $1.73 a share and adjusted earnings of $1.85 to $2 a share.
McGraw-Hill earnings per share down 20%(7:35 am ET)
NEW YORK (MarketWatch) -- McGraw-Hill (MHP: news, chart, profile) said Tuesday that its first-quarter earnings were $63 million, or 20 cents a share, compared to $81 million, or 25 cents a share, in the same period a year ago. Revenue fell 5.7% to $1.15 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 18 cents and sales of $1.16 billion at the publishing and financial-services company. For 2009 McGraw-Hill sees revenue down by 4% to 5% and earnings per share in the range of $2.20 to $2.30.
Tellabs posts lower first-quarter profit(7:22 am ET)
NEW YORK (MarketWatch) -- Tellabs Inc. (TLAB: news, chart, profile) said Tuesday that first-quarter earnings fell to $6.5 million, or 2 cents a share, from $16.6 million, or 4 cents a share, in the year-earlier period. On an adjusted basis, earnings for the Naperville, Ill., telecommunications networks company declined to $22 million, or 6 cents a share, from the year-earlier $32 million, or 8 cents a share. Revenue fell to $361.7 million from $464.1 million. Analysts polled by FactSet Research, on average, expected earnings of 3 cents a share on revenue of $367.7 million. Tellabs expects second-quarter revenue to be flat to up by a high-single-digit percentage compared with the first quarter of 2009.
Scotts Miracle-Gro profit up 33%(7:21 am ET)
LONDON (MarketWatch) -- Garden-care products manufacturer Scotts Miracle-Gro Co. (SMG: news, chart, profile) said Tuesday that its fiscal second quarter net profit rose 33% to $77.4 million, or $1.18 a share, from $58 million, or 88 cents a share, a year earlier. Revenue for the quarter edged up to $960.1 million from $958 million. Adjusted earnings for the quarter were $1.25 a share. Analysts had been expecting earnings of $1.28 a share, according to a FactSet survey. The group said strong consumer demand gives it confidence that adjusted earnings for the year will be in the upper half of its guidance range of $2.10 to $2.30 a share.
Interpublic net loss widens (7:18 am ET)
NEW YORK (MarketWatch) -- Interpublic (IPC: news, chart, profile) said first-quarter net loss widened to $73.9 million, or 16 cents a share, from a loss of $69.7 million, or 15 cents a share in the year-ago period. Revenue fell 11% to $1.33 billion from $1.49 billion. Total operating expenses rose 9% to $1.4 billion. The advertising and communications holding company was expected to lose 19 cents a share on revenue of $1.3 billion, according to a survey of analysts by FactSet Research.
Waters earnings per share up 12% (7:16 am ET)
NEW YORK (MarketWatch) -- Waters Corp. (WAT: news, chart, profile) said Tuesday that its first-quarter earnings were $74 million, or 75 cents a share, compared to $68 million, or 67 cents a share, in the same period a year ago. Sales fell to $333 million compared to $372 million. Adjusted earnings per share were up 7% to 74 cents. Analysts polled by FactSet Research estimated, on average, earnings per share of 57 cents and sales of $336 million.
Coventry Health Care net drops 65% on expenses(6:50 am ET)
LONDON (MarketWatch) -- Coventry Health Care (CVH: news, chart, profile) said its first-quarter profit dropped 65% to $44.2 million, or 30 cents a share, as operating expenses rose 27%. Revenue rose 21.5% to $3.6 billion. For the year, it sees revenue between $13.59 billion to $13.99 billion and earnings between $1.70 and $1.90. Analysts polled by FactSet expected earnings of 25 cents a share for the quarter and $1.78 for the year.
State Auto loss widens after catastrophe charges(6:23 am ET)
LONDON (MarketWatch) -- Insurer State Auto Financial Corp. (STFC: news, chart, profile) said Tuesday that its first-quarter net loss widened to $14 million, or 35 cents a share from $12.5 million, or 31 cents a share, a year earlier. Net premiums written in the quarter fell 12% to $287.1 million. The firm said catastrophe losses were a first-quarter record of 443.8 million due to ice and wind storms in January and early February. The group added that its operating loss narrowed to 18 cents a share from 28 cents a share. Analysts polled by FactSet had been expecting an adjusted loss of 3 cents a share.
Fresh Del Monte first-quarter net hurt by weather(6:23 am ET)
LONDON (MarketWatch) -- Fresh Del Monte Produce Tuesday reported first-quarter net income of $34.9 million, or 55 cents a share, vs. $63.6 million, or $1 a share, in the same period a year ago. Analysts surveyed by FactSet Research had been expecting the company to make 84 cents a share on average. The company, which blamed bad weather and a melon glut for its performance in the quarter, said adjusted net income per diluted share was 56 cents vs. $1.07 in the first quarter of 2008.
Teppco Partners net income rises to $78.2 million(6:19 am ET)
LONDON (MarketWatch) -- Teppco Partners (TPP: news, chart, profile) on Tuesday said first-quarter net income rose to $78.2 million, or 62 cents per unit, from $64.1 million, or 57 cents per unit, in the same period last year. A FactSet Research survey of 10 analysts produced a consensus forecast of 47 cents a share. The Houston-based energy logistics partnership said earnings before interest, taxes, depreciation and amortization rose 10% to $159 million from a year ago. Total operating revenues fell to $1.458 billion from $2.809 billion a year ago, the firm said.
Corn Products profit down 74% as firm cuts outlook(6:14 am ET)
LONDON (MarketWatch) -- Corn Products International (CPO: news, chart, profile) reported a 74% drop in first-quarter net income to $17 million, or 22 cents a share, and the company cut its annual earnings view. The company said higher net corn costs, unfavorable foreign currency translations and softer volumes hurt profits. Sales fell 11% to $831 million. It now expects earnings for the year between $1.70 and $2.10 a share, down from a previous projection between $2.10 and $2.60. It's expecting lower volume in North America and a slightly longer-than-anticipated price rebound in Brazil. Analysts polled by FactSet had expected a profit of 49 cents a share for the quarter and $2.38 for the year.
Health insurer Centene says profit drops 28%(6:09 am ET)
LONDON (MarketWatch) -- Health insurer Centene (CNC: news, chart, profile) said its first-quarter net income dropped 28% to $18.5 million, or 42 cents a share, after a year-earlier premium increase for Georgia operations. Revenue rose 20% to $932.4 million. From continuing operations, it earned 43 cents a share, and for the year, the company expects to earn between $1.84 and $1.94 a share on sales between $3.65 billion and $3.775 billion. Analysts polled by FactSet expected quarterly earnings of 38 cents a share and annual earnings of $1.90.

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Wednesday, April 29
Unum reports quarterly net income of $164.9 mln(4:32 pm ET)
SAN FRANCISCO (MarketWatch) -- Unum Group (UNM: news, chart, profile) said late Wednesday that first-quarter net income came in at $164.9 million, or 50 cents per common share, up slightly from a year earlier when the disability benefits company made $163.1 million, or 46 cents per common share. Operating income, which excludes net realized investment gains and losses, was $206.7 million, or 62 cents per common share. Unum was expected to make 62 cents a share, according to the average estimate of 15 analysts in a Thomson Reuters survey. The company stuck to its previous forecast of full-year 2009 operating earnings of $2.45 to $2.55 per common share.
LSI loss widens, though sales top estimates(4:30 pm ET)
SAN FRANCISCO (MarketWatch) -- LSI Corp. (LSI: news, chart, profile) said Wednesday its first-quarter net loss widened compared to the period a year earlier, as sales fell 27%. The semiconductor and software company said its net loss for the period ended in April was $104 million, or 16 cents a share, compared to a net loss of $14 million, or 2 cents a share in the period last year. Revenue fell to $482 million. Excluding special items, LSI said its net loss was 3 cents a share. Analysts on average had estimated LSI would post a net loss excluding special items of 4 cents a share, and $469 million in revenue, according to data from Thomson Reuters.
Aflac profit jumps 20%, boosted by stronger yen(4:22 pm ET)
SAN FRANCISCO (MarketWatch) -- Aflac Inc. (AFL: news, chart, profile) on Wednesday reported a first-quarter profit of $569 million, or $1.22 a share, up from $474 million, or 98 cents a share, a year ago. Total revenue rose to $4.8 billion from $4.3 billion thanks in part to beneficial dollar/yen exchange rate. Analysts polled by FactSet Research were looking for the insurance giant to post a profit, on average, of $1.16 a share with sales of $4.74 billion.
Visa quarterly net income jumps 71%(4:15 pm ET)
SAN FRANCISCO (MarketWatch) -- Visa Inc. (V: news, chart, profile) said late Wednesday that fiscal second-quarter net income came in at $536 million, or 71 cents per class A common share, up 71% from a year earlier when the card payment processing giant made $314 million, or 39 cents per class A common share. Adjusted for a normalized tax rate, restructuring and purchase amortization, net income was $553 million, or 73 cents per class A common share, the company added. Visa was expected to make 64 cents a share, according to the average estimate of 24 analysts in a Thomson Reuters survey. Net operating revenue in the fiscal second quarter of 2009 was $1.6 billion, up 13% versus the prior year. "Though slightly negative in the U.S., payments volume continued to grow on a constant dollar basis in all other regions globally," Visa said.
Starbucks profit falls 77%, hurt by charges (4:12 pm ET)
SAN FRANCISCO (MarketWatch) -- Starbucks (SBUX: news, chart, profile) late Wednesday reported fiscal second-quarter net income fell 77% to $25 million, or 3 cents a share, due to charges to close stores. A year ago, Starbucks earned $108.7 million, or 15 cents a share. Sales fell to $2.3 billion from $2.5 billion. Excluding charges, Starbucks said it made 16 cents a share. Analysts had expected Starbucks to earn 16 cents a share on sales of $2.38 billion, according to FactSet Research. Starbucks said sales at stores open one year -- a gauge of retailer health -- fell 8% in the U.S. Starbucks shares are up 45% so far this year, making the stock one of the best performers in the food and beverage sector. The S&P 500 Index is down 3%. Starbucks closed at $13.69 ahead of the report.
Citrix Systems profit slips, but beats estimates(4:11 pm ET)
SAN FRANCISCO (MarketWatch) - Citrix Systems Inc. (CTXS: news, chart, profile) said Wednesday its first-quarter net income slipped to $7 million, or 4 cents a share, from $34 million, or 18 cents a share, in the same period a year earlier. The virtualization and infrastructure software company said revenue for the period ended in March fell to $369 million from $377 million. Excluding special items, Citrix said earnings for the quarter were 32 cents a share. Analysts on average had expected Citrix to post earnings excluding special items of 31 cents a share on $359 million in revenue, according to data from Thomson Reuters.
Time Warner CEO: Magazines remain 'attractive'(11:53 am ET)
CHICAGO (MarketWatch) -- Time Warner Inc. (TWX: news, chart, profile) Chief Executive Jeff Bewkes said Wednesday that the company's Time Inc. publishing business remains an "attractive" asset despite a severe decline in advertising sales. He pointed out that magazines are "a very different business" from newspapers. "Magazine readership is growing, whereas newspaper readership is declining," Bewkes said on a conference call with analysts. He added: "Magazines are national, not local. And they're not relying on classified ads." Classified revenues had sustained newspapers for decades, but are now diminishing rapidly, putting the future of daily newspapers in jeopardy. Bewkes acknowledged, however, that "there are a lot of questions" about how the magazine business will work out, and that "there will be a shakeout" among the titles.
Time Warner CEO: Ad rates for cable improving(11:26 am ET)
CHICAGO (MarketWatch) -- Time Warner Inc. (TWX: news, chart, profile) Chief Executive Jeff Bewkes said Wednesday that the company's Turner cable networks are closing the gap between the ad rates they are able to command and the rates charged by broadcast networks, due to growing viewership for cable and declining ratings for broadcast. The Turner channels, including TNT, TBS Superstation and CNN, are "well-positioned" for the upfront selling season, in which ads are sold in advance for the fall season.
Time Warner CEO: AOL plans coming 'very soon'(10:51 am ET)
CHICAGO (MarketWatch) -- Time Warner Inc. (TWX: news, chart, profile) Chief Executive Jeff Bewkes said on a conference call Wednesday that the company plans to announce its plans for AOL "very soon." The company said in a regulatory filing Wednesday that it expects to spin off one or more parts of AOL to stockholders.
Coal producer Massey Energy rallies on earnings (10:28 am ET)
NEW YORK (MarketWatch) -- Massey Energy (MEE: news, chart, profile) shares rose 14.3% to $14.31 on Wednesday after the coal producer said first-quarter earnings climbed on higher revenue and production, despite lower prices. Massey Energy said net income for the three months ended March 31 climbed 3.6% to $43.4 million, or 51 cents a share from $41.9 million, or 52 cents a share in the year-ago period. Revenue rose to $768 million from $645 million on a 12% increase in coal tons sold. "The strong quarter was on track to meet our full year production targets," Massey Energy said. Peabody Energy (BTU: news, chart, profile) rose 4.7% to $25.39. Arch Coal (ACI: news, chart, profile) rose 7% to $13.53. Consol Energy (CNX: news, chart, profile) rose 8% to $31.74.
Royal Dutch Shell moves up, energy stocks gain(9:39 am ET)
NEW YORK (MarketWatch) -- Shares of Royal Dutch Shell (RDSA: news, chart, profile) rose 0.7% to $45.58 after the oil major posted a drop of 62% in first quarter earnings, as energy stocks rose with the broad market on Wednesday. The Amex Oil Index (XOI: news, chart, profile) rose 1.4% to 886. The Amex Natural Gas Index (XNG: news, chart, profile) rose 1.3% to 388.
Earth image firm DigitalGlobe sets terms in IPO(9:03 am ET)
NEW YORK (MarketWatch) -- DigitalGlobe Inc. (DGI: news, chart, profile) on Wednesday said it plans to offer 14.7 million shares at an estimated price range of $16-$18 a share in a bid to raise about $250 million in its upcoming initial public offering. The Longmont, Colo. provider of earth imagery products plans to trade on the New York Stock Exchange under the symbol DGI. Morgan Stanley (MS: news, chart, profile) and J.P. Morgan (JPM: news, chart, profile) are underwriting the IPO. Morgan Stanley owns about 16 million shares of DigitalGlobe prior to its IPO. Other shareholders include Beach Point Capital funds, Hitachi Software Engineering and Ball Technologies Holding Group.
AMG first-quarter profit falls(8:44 am ET)
NEW YORK (MarketWatch) -- Affiliated Managers Group (AMG: news, chart, profile) said Wednesday that its first quarter net income fell to $6.1 million, or 15 cents a share, from $31.2 million, or 81 cents a share, in the year-ago period. Revenue was down to $178.5 million from $335 million in the first quarter of 2008. The asset manager said adjusted earnings were 94 cents a share. Analysts surveyed by FactSet Research had expected, on average, adjusted earnings of 89 cents a share and revenue of $198.9 million. Total assets under management fell 10% during the first quarter, to $152.9 billion from $170.1 billion on Dec. 31, 2008. Net outflows were $4.4 billion.
CenterPoint Energy net falls 45%(8:20 am ET)
NEW YORK (MarketWatch) -- CenterPoint Energy Inc. (CNP: news, chart, profile) said Tuesday first-quarter net income fell to $67 million, or 19 cents a share, from $122 million, or 36 cents a share in the year-ago period. Operating income fell to $285 million from $336 million. Revenue fell to $2.77 billion from $3.36 billion. Analysts expected earnings of 22 cents a share on revenue of $3.19 billion, according to a survey by FactSet Research. "While reduced deliveries at our electric utility also had a negative impact on our first quarter earnings, our gas utilities, interstate pipelines, field services and competitive gas sales and services units turned in solid performances," the Houston power company said. "We continue to believe that the overall fundamentals of our balanced portfolio of electric and natural gas businesses remain strong and position us well for the future." CenterPoint Energy reaffirmed its 2009 earnings guidance of $1.05 to $1.15 per share.
Goodyear swings to loss(8:16 am ET)
NEW YORK (MarketWatch) -- The Goodyear Tire & Rubber Company (GT: news, chart, profile) said Wednesday that it lost $333 million in the first quarter, or $1.38 a share. In last year's period the tire maker earned $147 million, or 60 cents a share. Sales were $3.5 billion, down from $4.9 billion. Analysts polled by FactSet Research estimated, on average,a loss per share of $1.39 and sales of $4.1 billion.
Meredith earnnings per share down 42%(8:00 am ET)
NEW YORK (MarketWatch) -- Meredith Corp. (MDP: news, chart, profile) said Wednedsay that third-quarter earnings were $25 million, or 56 cents a share, compared to $46 million, or 97 cents a share, in the same period a year earlier. Revenue fell to $338 million from $392 million a year ago for the media-and- marketing company. Analysts polled by FactSet Research estimated, on average, earnings per share of 54 cents and sales of $349 million. Meredith expects fourth-quarter earnings per share to range from 52 cents to 57 cents. Full year 2009 earnings per share from continuing operations are expected to range from $2.00 to $2.05, excluding a 21-cent special charge taken in the second quarter for job cuts and closing Country Home magazine.
IAC swings to first-quarter loss(7:55 am ET)
NEW YORK (MarketWatch) -- IAC (IACI: news, chart, profile) said Wednesday that it saw a net loss in the first quarter of $28.4 million, or 19 cents a share, compared to a profit of $52.8 million, or 38 cents a share, in the year-ago period. On an adjusted basis, loss per share was 2 cents. Consensus estimates were break even, according to FactSet Research. The Internet company said revenue was down 10% to $332 million, which matched analysts' estimates. Last year's figures included income from operations such as Ticketmaster, which have been spun off. IAC said it ended the first quarter with $2 billion in cash and marketable securities.
Sealed Air profit dips 4.4%(7:50 am ET)
LONDON (MarketWatch) -- Sealed Air Corp. (SEE: news, chart, profile) said Wednesday that its first-quarter net profit fell 4.4% to $58.1 million, or 32 cents a share, from $60.8 million, or 33 cents a share, a year earlier. Revenue for the quarter dropped 16% to $988.5 million from $1.18 billion. The packaging materials and equipment manufacturer said adjusted earnings for the quarter were 33 cents a share, beating the FactSet consensus forecast of 28 cents a share. The group said cost-cutting had helped improve its gross profit margin by three percentage points and helped offset lower volumes in protective packaging and an unfavorable impact from exchange rate moves. The group said it still expects 2009 earnings to be in the range of $1.17 to $1.37 a share.
Waste Management profit drops 36%(7:51 am ET)
LONDON (MarketWatch) -- Waste Management Inc. (WMI: news, chart, profile) said its first-quarter net income dropped 36% to $155 million, or 31 cents a share, as revenue fell 14% to $2.81 billion. Excluding restructuring items and a charge on abandoning SAP software, the company would have earned 42 cents a share. Analysts polled by FactSet had expected earnings of 40 cents a share. The Houston company said it's confident it will meet 2009 goals.
MeadWestVaco's loss widens in quarter(7:43 am ET)
NEW YORK (MarketWatch) -- MeadWestVaco Corp. (MWV: news, chart, profile) said Wednesday that it lost $79 million in the first quarter, or 46 cents a share, including $51 million, or 30 cents a share for restructuring and layoff costs. In last year's period the company lost $8 million, or 4 cents a share. Sales were $1.35 billion compared to $1.52 billion for the Richmond, Va. packaging firm which gave no guidance but said, "given continued worldwide economic uncertainty, results for 2009 are difficult to predict." Analysts polled by FactSet Research estimated, on average, a loss per share of 23 cents and sales of $1.4 billion.
Hess Corp. swings to a loss as revenue falls $4B(7:38 am ET)
NEW YORK (MarketWatch) -- Hess Corp. (HES: news, chart, profile) said it lost $59 million, or 18 cents a share in its fiscal first quarter, compared to year-ago net income of $759 million, or $2.34 a share. The New York based oil company said its exploration and production business swung to a loss of $64 million from earnings of $824 million last year. Its refining business saw profits rise to $102 million from $16 million. Revenue fell to $6.87 billion from $10.7 billion a year ago. Wall Street analysts expected a loss of 21 cents a share, according to a survey by FactSet Research.
UPDATE: Medco Health posts 14% revenue growth(7:28 am ET)
WASHINGTON (MarketWatch) -- Medco Health Solutions Inc. (MHS: news, chart, profile) reported first-quarter net income of $291 million, or 58 cents a share, up from $270.2 million, or 50 cents, earned in the same period during 2008. Quarterly revenue generated by the Franklin Lakes, N.J.-based pharmacy-services company reached $14.83 billion from the prior year's $12.96 billion. Adjusted to exclude 5 cents a share in amortization of intangible assets tied to the company's spin-off from Merck & Co. (MRK: news, chart, profile) in 2003, earnings for the latest quarter would have been 63 cents a share, Medco said. The consensus of 22 analysts had been for a first-quarter profit of 62 cents a share, according to a survey of estimates by FactSet Research. (Updates to clarify Medco's adjusted earnings per share for the 2009 first quarter.)
Wyndham posts rise in first-quarter profit(7:24 am ET)
NEW YORK (MarketWatch) -- Hotel and resort operator Wyndham Worldwide Corp. (WYN: news, chart, profile) on Wednesday said first-quarter net income rose to $45 million, or 25 cents a share, from $42 million, or 24 cents a share, in the same period last year. On an adjusted basis, it earned 41 cents a share compared to the year-ago 35 cents. The consensus forecast was for earnings of 32 cents a share, according to FactSet Research. Parsippany, N.J.-based Wyndham said quarterly net revenue fell 11% to $901 million. The company said it expects adjusted earnings of 36 cents to 41 cents a share in the second quarter and $1.61 to $1.85 a share for full-year 2009.
MGIC loss widens as firm holds talks over capital(7:23 am ET)
LONDON (MarketWatch) -- MGIC Investment Corp. (MTG: news, chart, profile) said Wednesday that its first-quarter net loss widened to $184.6 million, or $1.49 a share, from $34.5 million, or 41 cents a share, a year earlier. The private mortgage insurance provider said the results reflects increased delinquencies, rising unemployment and lower home prices. The firm said it believes it has more than adequate resources to pay all its insured claim obligations, but that it is considering options to obtain capital to continue to write new business, including the sale of new equity or debt. MGIC said it has been in discussions with both the U.S. Treasury and the Office of the Commissioner of Insurance of Wisconsin to explore capital options. Revenue in the quarter rose to $435.2 million from $423.9 million. Analysts polled by FactSet had been expecting a loss of $1.30 a share.
Moody's profit falls(7:22 am ET)
NEW YORK (MarketWatch) -- Moody's Corp. (MCO: news, chart, profile) said Wednesday that its first-quarter net income fell to $91.1 million, or 38 cents a share, from $121.2 million, or 48 cents a share, in the year-ago period. Analysts surveyed by FactSet Research had expected, on average, earnings per share of 34 cents. The ratings and research company said revenue fell to $408.9 million from $430.7 million in the first quarter of 2008. Analysts had expected sales of $390.1 million. Moody's reaffirmed its full-year guidance of $1.40 to $1.50 a share.
Wyeth income falls; overseas sales of Enbrel rise(7:22 am ET)
NEW YORK (MarketWatch) -- Wyeth (WYE: news, chart, profile) said first-quarter net income fell slightly to $1.2 billion, or 89 cents a share, from $1.3 billion, or 89 cents a share in the year-ago period. Income excluding charges rose to 95 cents a share from 94 cents a share. Revenue fell 6% to $5.38 billion from $5.71 billion. Excluding the impact of foreign exchange, revenue rose 2% on a 23% sales increase for Enbrel outside the U.S. and Canada, a 19% boost for Prevnar and 12% rise for Nutritionals. Wall Street analysts expected earnings of 88 cents a share on revenue of $5.5 billion from Wyeth, according to a survey by FactSet Research. The company reaffirmed its 2009 full-year earnings forecast of $3.33 to $3.53 a share, excluding items.
Burger King earnings per share up 13%(7:21 am ET)
NEW YORK (MarketWatch) -- Burger King Holdings Inc. (BKC: news, chart, profile) said Wednesday that first-quarter earnings were $47 million, or 34 cents a share, compared to $41 million, or 30 cents a share, in the same period a year ago. Revenue rose 1% to $600 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 33 cents and sales of $608 million. The company now expects its 2009 adjusted earnings per share to be in the range of $1.39 to $1.42.
Qwest first-quarter profit up 37%; sales decline(7:09 am ET)
WASHINGTON (MarketWatch) - Qwest Communications International Inc. on Wednesday reported a 37% increase in first-quarter profit, but sales fell as consumers pared spending or switched to alternative phone suppliers. The Denver-based company posted net income of $206 million, or 12 cents a share, up from $150 million, or 8 cents a share, a year earlier. Revenue dropped 4% to $3.17 billion. Qwest (Q: news, chart, profile) warned earlier this month that sales would be weaker than expected. The company was expected to earn 8 cents a share on revenue of $3.24 billion, according to the consensus estimate of analysts polled by FactSet Research. Qwest added 42,000 high-speed Internet customers.
Medco Health affirms 2009 profit objectives(6:48 am ET)
WASHINGTON (MarketWatch) -- Medco Health Solutions Inc. (MHS: news, chart, profile) affirmed its profit targets for 2009. On a net basis, the company said it expects to generate earnings in a range of 2.45 to $2.55 a share, representing growth of 15% to 20% over what Medco earned in 2008. Excluding the amortization of intangible assets, Medco pegged profit for 2009 in a range of $2.67 to $2.77 a share, which would translate into growth of 15% to 19%. The consensus full-year profit estimate for Medco as compiled by FactSet Research stands at $2.71 a share.
SPX Corp. profit drops 60%(6:41 am ET)
LONDON (MarketWatch) -- SPX Corp. (SPW: news, chart, profile) said its first-quarter profit slumped 60% to $24.4 million, or 48 cents a share, as sales fell 14% to $1.16 billion. The Charlotte, N.C. engineering equipment maker said it earned 76 cents a share from continuing operations, in line with FactSet-compiled analyst estimates.

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Thursday, April 30
Hartford reports quarterly net loss of $1.21 bln(5:04 pm ET)
SAN FRANCISCO (MarketWatch) -- Hartford Financial Services (HIG: news, chart, profile) reported a first-quarter net loss of $1.209 billion, or $3.77 a share, late Thursday. That compares to first-quarter net income of $145 million, or 46 cents a share, a year earlier. The operating loss, which excludes net realized investment gains and losses, was $1.175 billion, or $3.66 a share, in the latest period. Hartford was expected to lose $3.05 a share, according to the average estimate of 14 analysts in a Thomson Reuters survey. The company said it will suspend all new variable annuity business in Japan and the U.K. Hartford also said it canceled plans to start selling variable annuities in Germany. At the end of March, Hartford said it had more than 500,000 policies in force and $30 billion of assets under management in Japan. Hartford shares fell 13% in after-hours trading on Thursday.
QLogic earnings fall 16% in fourth fiscal quarter(4:37 pm ET)
SAN FRANCISCO (MarketWatch) -- QLogic Corp. (QLGC: news, chart, profile) saw earnings slip 16% in its fourth fiscal quarter as sales declined across all the company's networking businesses. For the quarter ended March 29, the company reported net income of $19.2 million, or 16 cents a share, compared to net income of $22.8 million, or 17 cents a share, for the same period the previous year. On a non-GAAP basis, the company said it would have earned $24.5 million, or 20 cents a share, for the recent period. Revenue fell 22% to $130.5 million. Analysts were expecting earnings of 21 cents a share on revenue of $135 million, according to consensus estimates from FactSet Research.
MetLife reports quarterly net loss of $574 million(4:35 pm ET)
SAN FRANCISCO (MarketWatch) -- MetLife Inc. (MET: news, chart, profile) reported a first-quarter net loss of $574 million, or 71 cents a share, late Thursday. That compares to net income of $615 million, or 84 cents a share, a year earlier. Operating earnings, which exclude net realized investment gains and losses, were $159 million, or 20 cents a share, in the latest period. MetLife was expected to make 34 cents a share, according to the average estimate of 19 analysts in a Thomson Reuters survey.
McAfee profit up as sales rise 21%(4:10 pm ET)
SAN FRANCISCO (MarketWatch) - Security software maker McAfee Inc. (MFE: news, chart, profile) said Thursday its first-quarter net income rose to $51.8 million, or 34 cents a share, from $30.2 million, or 18 cents a share in the same period a year earlier. Santa Clara, Calif.-based McAfee said revenue for the period ended in March rose to $448 million from $369.6 million. Excluding special items, McAfee said earnings for the quarter were 57 cents a share. Analysts on average had been estimating McAfee would post earnings excluding special items of 48 cents a share, on $448.5 million in revenue, according to data from Thomson Reuters.
CORRECT: Newell Rubbermaid profit drops(10:34 am ET)
LONDON (MarketWatch) -- Consumer-products maker Newell Rubbermaid Inc. (NWL: news, chart, profile) on Thursday said first-quarter net income fell to $33.7 million, or 12 cents a share, from $56.9 million, or 20 cents a share, in the first quarter of last year. Analysts surveyed by FactSet Research had produced a consensus forecast of 8 cents a share. Net sales fell 16% to $1.2 billion, the Atlanta-based company said. Newell Rubbermaid reiterated its guidance for a 10% to 15% net sales decline in 2009 and said it continues to expect adjusted earnings of $1 to $1.25 a share. For the second quarter, the company said it expects a 20% net sales decline and adjusted earnings of 30 to 37 cents a share. (Re-sends to correct full-year guidance range.)
CORRECT: Comcast CFO: Caution remains(10:05 am ET)
CHICAGO (MarketWatch) -- Comcast Corp. (CMCSA: news, chart, profile) (CMCSK: news, chart, profile) Chief Financial Officer Michael Angelakis cautioned that the economy remains very weak, with high unemployment rates and other difficulties that combine to make Comcast "conservative" about the uses of its cash as the year progresses, despite the company's ability to generate strong free cash flow in the first quarter. Comcast is always looking at how it will allocate capital, including the possible resumption of buybacks, Angelakis said. (Corrects attribution of company quotes regarding stock buybacks.)
Expedia reports lower quarterly earnings(9:26 am ET)
BOSTON (MarketWatch) -- Expedia Inc. (EXPE: news, chart, profile) said Thursday that it earned $39.8 million, or 14 cents a share, for the first quarter 2009, compared with $49.8 million, or 17 cents a share, for the same period in 2008. Excluding various items, Expedia would have reported adjusted earnings of 21 cents a share. Revenue for the travel outfit slid 8% to $636 million, down from $688 million. According to a survey by FactSet, analysts had been expecting Expedia to post a profit of 12 cents a share, on revenue of $587 million.
Safeway posts lower quarterly profit, ups dividend(9:13 am ET)
NEW YORK (MarketWatch) -- Safeway Inc. (SWY: news, chart, profile) said Thursday that its first-quarter net income fell to $144 million, or 34 cents a share, from $193 million, or 44 cents a share, in the year-ago period. Revenue at the Pleasanton, Calif.-based supermarket chain declined to $9.24 billion from $10 billion. Analysts had expected Safeway to earn 40 cents a share on revenue of $9.9 billion, according to FactSet Research. Safeway lowered its 2009 profit forecast to a range of $2.10 to $2.30 a share, compared to its previous range of $2.34 to $2.44. The company also said its board approved a 21% increase in the quarterly dividend to 10 cents a share.
Marathon Oil earnings fall by more than half(9:06 am ET)
NEW YORK (MarketWatch) -- Marathon Oil Corp. (MRO: news, chart, profile) said Thursday that first-quarter earnings were $282 million, or 40 cents a share, compared to $731 million, or $1.02 a share, in the same period a year ago. Revenue fell to $10.4 billion from $18.1 billion. Marathon's adjusted earnings per share were 34 cents versus $1.07. Analysts polled by FactSet Research estimated, on average, earnings per share of 41 cents and sales of $9.6 billion.
Apache loss at $2 billion on lower carrying value (9:02 am ET)
NEW YORK (MarketWatch) -- Apache Corp. (APA: news, chart, profile) said Thursday first-quarter loss amounted to $1.76 billion or $5.25 a share, compared to net income of $1.02 billion or $3.03 a share in the year-ago period. The Houston-based energy firm booked a $1.98 billion non-cash, after-tax reduction in the carrying value of its oil and gas properties stemming from deterioration of North American natural gas prices during the first quarter. Adjusted earnings fell to 65 cents a share from $2.99 a share. Analysts expected Apache to earn 37 cents a share, according to a survey by FactSet Research. Separately, Apache reported two new Jurassic oil and gas field discoveries. Apache also plans to acquire Permian properties from Marathon (MRO: news, chart, profile) for $187.4 million.
P&G reports profits fall but beat estimates(8:48 am ET)
NEW YORK (MarketWatch) -- Procter & Gamble Co. (PG: news, chart, profile) said Thursday that its fiscal third-quarter profit fell to $2.6 billion from $2.7 billion in the year-ago period. On a per-share basis, earnings were 84 cents compared to the year-earlier 82 cents. Earnings from continuing operations were 83 cents a share. Analysts surveyed by FactSet Research had expected, on average, adjusted earnings of 81 cents a share. Net sales were $18.4 billion in the quarter compared to $20 billion in the same quarter of 2008. Analysts were on average expecting sales of $18.9 billion. P&G said organic sales were up 1%. The consumer goods company said it is comfortable with full-year consensus earnings estimates of $4.22 a share with a range of $4.20 to $4.25.
Exxon Mobil net income falls 58%(8:12 am ET)
NEW YORK (MarketWatch) -- Exxon Mobil (XOM: news, chart, profile) said Thursday first-quarter net income fell 58% to $4.55 billion, or 92 cents a share, from $10.89 billion, or $2.02 a share in the year-ago period. The Irving, Texas oil and gas giant said capital and exploration expenses rose 5% to $5.77 billion. Analysts expected earnings of 98 cents a share, according to a survey by FactSet Research.
Dominion profit falls, operating net beats mark(8:01 am ET)
NEW YORK (MarketWatch) -- Dominion (D: news, chart, profile) said Thursday first-quarter net income fell to $248 million, or 42 cents per share, from $680 million, or $1.18 a share in the year-ago period. Operating income fell to 97 cents a share from $1 a share. Analysts expected earnings of 88 cents a share in the first quarter, according to a survey by FactSet Research. The Richmond, Va. power generator expects second-quarter operating income of 61 cents to 66 cents a share, ahead of the Wall Street forecast of 58 cents a share.
CORRECT: Celgene swings to first-quarter profit(7:54 am ET)
LONDON (MarketWatch) -- Biotech company Celgene Corp. (CELG: news, chart, profile) said it swung to a first-quarter net profit of $163 million, or 35 cents a share, from a loss of $1.64 billion, or $3.98 a share, in the year-earlier quarter. Excluding the after-tax impact of a share-based employee scheme, adjusted earnings came in at 44 cents a share. The consensus forecast was for earnings of 36 cents a share, according to FactSet Research. Revenue climbed 31% to $605.1 million. The company said it expects revenue to be at the lower end of a range of $2.6 billion to $2.7 billion and adjusted earnings for the year to be at the lower end of a range of $2.05 to $2.15 a share. (Corrects the name of the company in the headline.)
Noble Energy loses $188 million in first quarter(7:54 am ET)
LONDON (MarketWatch) -- Noble Energy Inc. (NBL: news, chart, profile) said it lost $188 million, or $1.09 a share in the first quarter vs. a profit of $215 million, or $1.25 a share in the same period a year earlier. Excluding charges for asset impairments and unrealized mark-to-market changes in the company's financial hedges, Noble said adjusted net income was $103 million, or 59 cents a share, vs. $2.05 a year earlier. The oil and gas exploration company said it's now targeting capital expenditures for the year of $1.4 billion, the low end of previous guidance.
CMS Energy posts lower first-quarter profit(7:51 am ET)
NEW YORK (MarketWatch) -- CMS Energy Corp. (CMS: news, chart, profile) said Thursday that its first-quarter profit fell to $69 million, or 30 cents a share, from $102 million, or 43 cents a share, in the year-ago period. Analysts polled by FactSet Research expected earnings of 35 cents a share, on average. The Jackson, Mich., integrated-energy company reaffirmed its full-year forecast for adjusted earnings of $1.25 a share, compared to the Wall Street consensus of $1.26 a share. Shares of CMS closed Wednesday at $12.06.
Williams swings to loss(7:50 am ET)
NEW YORK (MarketWatch) -- Williams Co. (WMB: news, chart, profile) said Thursday that it saw a first-quarter net loss of $172 million, or 30 cents a share, compared to net income of $500 million, or 84 cents a share, in the year-ago period. The natural gas company said recurring earnings per share were 18 cents. After-tax mark-to-market adjustments earnings were 22 cents a share. Analysts surveyed by FactSet Research had expected, on average, earnings of 18 cents a share. One reason for the first-quarter loss was non-cash charges of $241 million related to Williams' operations and investments in Venezuela, said the company.
Cincinnati Financial swings to quarterly profit(7:48 am ET)
BOSTON (MarketWatch) -- Cincinnati Financial Corp. (CINF: news, chart, profile) on Thursday said it swung to a first-quarter profit of $35 million, or 22 cents a share, compared with a net loss of $42 million, or 26 cents a share, in the same quarter the previous year. The company reported operating income of $37 million, or 23 cents a share, compared with $109 million, or 66 cents a share, in the year-earlier quarter. Wall Street analysts polled by Thomson Reuters had forecast first-quarter net income of 25 cents a share, on average. Chief Executive Kenneth Stecher in a statement said the first quarter was "less than satisfactory for our company, and there are few signs that industry and economic conditions will improve in the near term."
Watson Pharma net income falls 3%, raises outlook(7:46 am ET)
MADRID (MarketWatch) -- Watson Pharmaceuticals, Inc. (WPI: news, chart, profile) on Thursday reported first quarter net income of $49.1 million, or 43 diluted cents a share, from $50.6 million, or 45 cents a share, in the same period a year ago. Analysts polled by Thomson/Reuters were expecting earnings per share of 49 cents. Revenue for the quarter was $667.4 million, a 6.4% rise on the year-ago period. The company said based on the first-quarter results and its view for the remainder of the year, it will raise its 2009 outlook. Watson increased its estimates for GAAP earnings per diluted share to between $2.15 and $2.27, with adjusted earnings per share now estimated between $2.40 and $2.52.
Cummins earnings tumble(7:46 am ET)
NEW YORK (MarketWatch) -- Cummins Inc. (CMI: news, chart, profile) said Thursday that first-quarter earnings were $7 million, or 4 cents a share, compared to $190 million, or 97 cents a share, in the year-ago period. First-quarter results include a $66 million charge for job cuts. Excluding items, Cummins earned 26 cents a share. Sales fell to $2.4 billion from $3.5 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 22 cents and sales of $2.6 billion. For 2009 the engine maker sees sales down more than 30%.
Kodak reports wider loss, suspends dividend(7:34 am ET)
BOSTON (MarketWatch) -- Eastman Kodak Co. (EK: news, chart, profile) on Thursday reported a first-quarter loss from continuing operations of $360 million, or $1.34 a share, compared with a loss of $114 million, or 40 cents a share, in the year-ago period. The company suspended the dividend on its common stock to save capital. First-quarter revenue fell 29% from the year-earlier period to $1.48 billion.
International Paper net income up 93%(7:31 am ET)
NEW YORK (MarketWatch) -- International Paper Co. (IP: news, chart, profile) said its first-quarter net income increased by 93% to $257 million, or 61 cents a share, from $133 million, or 31 cents a share in the year-ago period. Earnings from continuing operations and before special items fell 81% to $34 million, or 8 cents a share from $175 million, or 41 cents a share in the first quarter of 2008. The Memphis, Tenn. forest products and paper giant said sales remained flat at $5.7 billion. Analysts expected a first-quarter loss of 3 cents a share, according to a survey by FactSet Research. Special items in the first quarter of 2009 included a credit of $330 million after taxes for alternative fuel mixture credits earned under 2007 legislation enacted to provide a tax credit for companies that use alternative fuel mixtures to produce energy to operate their businesses.
EQT earnings down 3%(7:29 am ET)
NEW YORK (MarketWatch) -- EQT Corp. said Thursday that its first-quarter earnings were $72 million, or 55 cents a share, compared to $71 million, or 57 cents a share, in the same period a year ago. Operating revenue was $469 million compared to $536 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 56 cents.
Viacom profit drops 34%, beats expectations(7:23 am ET)
LONDON (MarketWatch) -- Viacom Inc. (VIA: news, chart, profile) (VIAB: news, chart, profile) said Thursday that first-quarter net profit attributable to the company fell 34% to $177 million, or 29 cents a share, from $270 million, or 42 cents a share, a year earlier. The media giant said revenue for the quarter dipped 6.8% to $2.91 billion. Analysts polled by FactSet had been expecting earnings of 27 cents a share on revenue of $2.99 billion. Viacom said the decline in revenue reflected a 4 percentage point impact from exchange rate moves as well as lower advertising sales and ancillary revenue.
Cardinal Health earnings per share down 12%(7:20 am ET)
NEW YORK (MarketWatch) -- Cardinal Health (CAH: news, chart, profile) said Thursday that its third-quarter earnings were $313 million, or 87 cents a share, compared to $356 million, or 99 cents a share, in the year-ago period. Revenue rose 9% in the period to $24.9 billion. Analysts polled by FactSet Research estimated, on average, earnings per share of 98 cents and sales of $24.1 billion. For 2009 Cardinal sees earnings per share in the range of $3.50 to $3.60.
Colgate-Palmolive net climbs 9%(7:17 am ET)
NEW YORK (MarketWatch) -- Colgate-Palmolive Co. (CL: news, chart, profile) said Thursday first-quarter net income rose to $507.9 million, or 97 cents a share, from $466.5 million, or 86 cents a share in the year-ago period. Sales fell 5.5% to $3.5 billion from $3.7 billion. Analysts expected earnings of 96 cents a share on revenue of $3.56 billion, according to a survey by FactSet Research. Colgate-Palmolive said it remains comfortable with external profit expectations for both the second quarter and the year.
Motorola posts higher first-quarter loss(7:14 am ET)
WASHINGTON (MarketWatch) -- Motorola Inc. (MOT: news, chart, profile) on Thursday posted a steeper first-quarter loss as shipments of wireless phones shrank again and sales in the company's two other main businesses fell. Schaumburg, Ill.-based Motorola reported a net loss of $231 million, or 10 cents a share, compared with a loss of $194 million, or 9 cents a share, in the same 2008 quarter. Revenue tumbled 28% to $5.37 billion. Shipments of wireless phones totaled 14.7 million, below Wall Street's forecast of around 15 million. Adjusted for onetime items, Motorola said it would have lost 13 cents a share. On that basis, the company was expected to lose 12 cents a share on $5.66 billion in sales, according to the consensus estimate of analysts polled by FactSet Research..
Newmont net off 50%; '09 gold outlook affirmed(7:06 am ET)
TEL AVIV (MarketWatch) -- Newmont Mining Corp., the Denver producer of gold and copper, reported that first-quarter net income fell 50% on 20% lower sales. Net was $277 million compared with $557 million in the year-earlier quarter. Net attributable to Newmont shareholders was $189 million, or 40 cents a share, compared with $365 million, or 80 cents, the year-earlier. Sales fell to $1.55 billion from $1.94 billion. In the latest period, adjusted earnings were 44 cents a share. A survey of analysts by FactSet Research produced a consensus estimate of 42 cents of profit. The company affirmed its 2009 outlook for gold sales and costs. In the year, Newmont expects to sell 5.2 million to 5.5 million ounces of gold at $400 to $440 an ounce.
Iron Mountain's first-quarter profit falls 14%(6:51 am ET)
LONDON (MarketWatch) -- Iron Mountain, Inc. (IRM: news, chart, profile) said first-quarter net profit fell 14% to $29 million, or 14 cents a share, from $33 million, or 16 cents a share, earned in the year-earlier quarter. The consensus forecast was for earnings of 12 cents a share, according to FactSet Research. Revenue at the Boston-based data-protection-and-storage firm slipped 3% to $723 million. The company reaffirmed its outlook for internal revenue growth of 5% to 7% in 2009 and raised its forecast for operating income before depreciation and amortization (OIBDA) by $20 million. It now expects OIBDA to grow by 11% to 16% excluding asset fains and losses and before the impact of currency fluctuations this year.
Regal Entertainment profit slips 23%(6:47 am ET)
LONDON (MarketWatch) -- Movie theatre operator Regal Entertainment Group (RGC: news, chart, profile) said Thursday that its fiscal first-quarter net profit fell 23% to $21.3 million, or 14 cents a share, from $27.5 million, or 17 cents a share, a year earlier. Revenue for the quarter rose 6.1% to $665.6 million. Analysts had been expecting earnings of 15 cents a share. "A strong film slate produced record box office results in January and February leading to solid total revenue and adjusted EBITDA during the first quarter," said CEO Mike Campbell.

[3xBuBu]

Friday, May 1
Drug stocks, broader market inch into red(9:46 am ET)
BOSTON (MarketWatch) -- Drug stocks echoed the broader market and inched into the red early Friday. The Amex Pharmaceutical Index ($DRG: news, chart, profile) and the Amex Biotechnology Index ($BTK: news, chart, profile) both moved marginally lower to 235.97 and 636.31, respectively. The Dow Jones Industrial Average (DJII: news, chart, profile) slipped 25 points to 8,141. Shares of Botox-maker Allergan Inc. (AGN: news, chart, profile) fell almost 4% to $44.89 after the company reported lackluster first-quarter earnings.
Energy stocks start month in the plus column(9:37 am ET)
NEW YORK (MarketWatch) -- Energy stocks kicked off the month of May with gains in early action on Friday, despite flat-to-lower action in the broad market. The Amex Oil Index (XOI: news, chart, profile) rose 0.7% to 883. The Amex Natural Gas Index (XNG: news, chart, profile) rose 0.6% to 390. Chevron (CVX: news, chart, profile) dipped 13 cents to $65.97 after it said its net income fell by more than 60%. Crude prices provided a lift to the sector, with futures on the New York Mercantile Exchange rising 30 cents to $51.42.
Con Ed earnings down 41%(9:30 am ET)
NEW YORK (MarketWatch) -- Consolidated Edison Inc. (ED: news, chart, profile) said Friday that first-quarter earnings were $180 million, or 66 cents a share, compared to $303 million, or $1.11 a share, in the same period a year ago. Excluding items, earnings from ongoing operations were $214 million or 78 cents a share compared with $237 million or 87 cents a share in 2008. Analysts polled by FactSet Research estimated, on average, earnings per share of 86 cents.
Allergan reports lower first-quarter profit(9:30 am ET)
BOSTON (MarketWatch) -- Allergan Inc. (AGN: news, chart, profile) reported earnings of $44.7 million, or 15 cents a share, compared with $107.7 million, or 35 cents a share. Excluding various items, Allergan would have posted adjusted earnings of 55 cents a share versus 53 cents. Revenue for the quarter slipped to $1.01 billion from $1.08 billion. Analysts polled by FactSet were expecting earnings per share of 54 cents, on revenue of $1.01 billion. Allergan now sees second-quarter adjusted 2009 earnings per share coming in betweeen 66 cents and 68 cents, with net product sales of $1.05 billion to $1.1 billion. According to FactSet, Wall Street is expecting earnings of 68 cents, on revenue of $1.08 billion.
Software maker SolarWinds sets IPO price range(8:50 am ET)
NEW YORK (MarketWatch) -- Software maker SolarWinds Inc. on Friday said it plans to offer 12.1 million shares at an estimated price range of $9.50 to $11.50 a share in a bid to raise about $130 million in its upcoming initial public offering. The Austin, Texas-based maker of software tools for network specialists plans to trade on the New York Stock Exchange under the symbol SWI. J.P. Morgan (JPM: news, chart, profile) , Goldman Sachs (GS: news, chart, profile) , Morgan Stanley (MS: news, chart, profile) and Jefferies & Co. (JEF: news, chart, profile) are underwriting the IPO.
Washington Post swings to loss(8:44 am ET)
NEW YORK (MarketWatch) -- The Washington Post Co. (WPO: news, chart, profile) said Friday that it lost $20 million, or $2.04 a share, in the first-quarter. In the year-ago period the media company earned $39 million, or $4.08 a share. Revenue was $1.05 billion, down 1%.
Clorox posts higher profit, raises forecast(8:42 am ET)
NEW YORK (MarketWatch) -- Clorox Co. (CLX: news, chart, profile) said Friday that its third-quarter profit rose to $153 million, or $1.08 a share, from $100 million, or 71 cents a share, in the year-earlier quarter. Sales at the Oakland, Calif.-based cleaning-products maker were flat at $1.35 billion. On average, analysts polled by FactSet Research expected earnings of 91 cents a share on sales of $1.37 billion. The company raised its full-year forecast to a range of $3.70 to $3.80 a share from its previous range of $3.60 to $3.75 a share, citing strong year-to-date results. It also provided a fiscal 2010 profit forecast of $4.00 to $4.15 a share.
Chevron net income falls 64%, oil production up(8:41 am ET)
NEW YORK (MarketWatch) -- Chevron (CVX: news, chart, profile) said Friday first-quarter net income fell 64% to $1.84 billion, or 92 cents a share, from $5.17 billion, or $2.48 a share in the year-ago period. Sales dropped to $35 billion from $65 billion. Wall Street analysts expected Chevron to earn 86 cents a share, according to a survey by FactSet research. The San Ramon, Calif. oil major said earnings from oil exploration and production declined sharply on lower prices for crude oil and natural gas. Downstream profits improved mainly on gains from asset sales, the company said. Total net oil-equivalent production rose to 2.66 million barrels a day from 2.60 million barrels a day. Cash at the end of the quarter totaled $9.15 billion, down slightly from $9.35 billion at the end of 2009.
Ameren net income rises by $3 million(8:21 am ET)
NEW YORK (MarketWatch) -- Ameren Corp. (AEE: news, chart, profile) said Friday first-quarter net income rose to $141 million, or 66 cents a share, from $138 million, or 66 cents a share in the year-ago period. Excluding one-time items, net income fell to 54 cents a share from 64 cents a share. Revenue fell to $1.9 billion from $2.1 billion. Analysts expected earnings of 54 cents a share for the St. Louis-based utility, according to a survey by FactSet Research. Ameren cut its 2009 adjusted earnings forecast to $2.70 to $3.05 per share, from the prior level of $2.75 to $3.15 a share, after absorbing 7 cents a share in a rate settlement.
Simon Property earnings up 15%(8:16 am ET)
NEW YORK (MarketWatch) -- Simon Property Group Inc. (SPG: news, chart, profile) said Friday that first-quarter earnings were $107 million, or 45 cents a share, compared to $88 million, or 39 cents a share, in the same period a year ago. Revenue was $918 million compared to $895 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 25 cents and sales of $886 million. Funds from operations for the quarter increased 13.5% to $477 million from $420 million in the first quarter of 2008. Simon sees FFO in a range of $6.05 to $6.20 per share for the year, and income in a range of $1.45 to $1.60 per share.
American Axle posts wider first-quarter loss(8:15 am ET)
NEW YORK (MarketWatch) -- American Axle & Manufacturing Holdings Inc. (AXL: news, chart, profile) said Friday that its first-quarter net loss widened to $32.7 million, or 59 cents a share, from a loss of $27 million, or 50 cents a share, in the year-earlier quarter. The Detroit-based auto-parts maker said the latest quarter's results included 22 cents a share in charges and one-time costs. Net sales dropped to $402 million from $588 million. On average, analysts polled by FactSet Research were looking for a loss of 57 cents a share on revenue of $454 million.
MasterCard profit slips (8:09 am ET)
NEW YORK (MarketWatch) -- Credit card processing giant MasterCard (MA: news, chart, profile) said on Friday that its first quarter profit slipped to $367.2 million, or $2.80 a share, from $446.9 million, or $3.37 a share a year ago. Net revenue slipped to $1.56 billion, from $1.82 billion last year. Analysts polled by Thomson Reuters had expected the company to earn $2.61 a share in the first quarter.
Nicor net income rises 6%(7:48 am ET)
NEW YORK (MarketWatch) -- Nicor Inc. (GAS: news, chart, profile) on Friday said first-quarter preliminary net income rose 6% to $43.8 million, or 96 cents a share, from $41.4 million, or 91 cents a share in the year-ago period. First-quarter revenue at Nicor, a component of the S&P 500 ($SPX: news, chart, profile) , dropped to $1.1 billion from $1.6 billion. Analysts expected earnings of 78 cents a share, according to a survey by FactSet Research.
Flir Systems earnings up 46%(7:44 am ET)
NEW YORK (MarketWatch) -- Flir Systems Inc. (FLIR: news, chart, profile) said Friday that its first-quarter earnings were $54 million, or 35 cents a share, compared to $37 million, or 24 cents a share, in the same period a year ago. Revenue was $272 million, up 15% compared to first-quarter 2008 revenue of $236.9 million. Analysts polled by FactSet Research estimated, on average, earnings per share of 35 cents and sales of $278 million. Flir expects revenue for 2009 to be in the range of $1.2 billion to $1.25 billion, an increase of approximately 14% compared with 2008, and earnings to be in the range of $1.40 to $1.47 per share, an increase of approximately 12% compared with 2008 for the thermal imaging and stabilized camera systems maker.
Apartment Investment posts first-quarter loss(7:25 am ET)
NEW YORK (MarketWatch) -- Apartment Investment and Management Co. (AIV: news, chart, profile) said Friday that it lost $24.5 million, or 33 cents a share, in the first quarter, compared to the year-earlier loss of $24.6 million, or 30 cents a share. The Denver-based real estate investment trust posted funds from operations of 45 cents a share vs. the year-ago 51 cents. On an adjusted basis, FFO was 30 cents a share. Aimco forecasted FFO, before real estate impairments, of 37 cents to 43 cents a share for the second quarter and $1.65 to $1.95 a share for the full year.
NiSource net income falls 16% (7:23 am ET)
NEW YORK (MarketWatch) --NEW YORK (MarketWatch) -- NiSource (NI: news, chart, profile) said Friday first-quarter net income fell 16% to $159.3 million, or 58 cents a share, from $189.5 million, or 69 cents a share in the year-ago period. Adjusted income fell to $170.2 million, or 62 cents a share, from $189.4 million, or 69 cents a share in the year-ago period. The Merrillville, Ind. natural gas company booked a $25 million pension expense related to the deterioration in global securities markets. NiSource's adjusted net income beat the Wall Street target of 51 cents a share, according to a survey of analysts by FactSet Research.
PPL profit slips 7.3% as group reaffirms guidance(7:09 am ET)
LONDON (MarketWatch) -- Electricity generator PPL Corp. (PPL: news, chart, profile) said Friday that its first-quarter net profit fell 7.3% to $241 million, or 64 cents a share, from $260 million, or 69 cents a share, a year earlier. Revenue for the quarter rose 55% to $2.36 billion. Excluding one-off items, income from continuing operations dipped to 60 cents a share from 61 cents a share due to less favorable exchange rates and lower wholesale energy margins in the U.S. PPL reaffirmed its 2009 forecast for earnings from ongoing operations of 41.60 to $1.90 a share.
Aon profit climbs 28%(6:50 am ET)
LONDON (MarketWatch) -- Aon Corp. (AOC: news, chart, profile) said Friday that its first-quarter net profit rose 28% to $280 million, or 97 cents a share, from $218 million, or 68 cents a share, a year earlier. Revenue for the quarter fell 3% to $1.85 billion. The risk management services company said adjusted earnings from continuing operations for the quarter were 76 cents a share. Analysts polled by FactSet had been expecting earnings of 87 cents a share on revenue of $2.08 billion. The group said its lower revenue was due to the impact of exchange rate moves and a 44% decline in investment income, which was partly offset by revenue from acquisitions.
Viad profit falls 91%, earnings guidance cut(6:16 am ET)
LONDON (MarketWatch) -- Convention and events group Viad Corp. (VVI: news, chart, profile) said Friday that its first-quarter net profit fell 91% to $1.5 million, or 7 cents a share, from $16.7 million, or 81 cents a share, as revenue dropped 28% to $240.9 million. The group had previously guided for earnings of 18 cents to 33 cents a share and said the shortfall was mainly due to larger-than-expected declines in same-show revenue at its GES unit due to the downturn in the trade show industry. The group also recorded a net restructuring charge of $1.7 million, or 8 cents a share, in the quarter. Viad cuts its 2009 earnings guidance to a range of 60 cents to 85 cents a share, from a range of $1.15 to $1.35 a share, reflecting the revenue outlook for GES as well as restructuring charges.
Northwest Natural Gas profit up, boosts guidance(6:16 am ET)
LONDON (MarketWatch) -- Northwest Natural Gas Co. (NWN: news, chart, profile) on Friday said first-quarter profit rose to $47.4 million, or $1.78 a share, from $43.2 million, or $1.63 a share, in the same quarter a year ago. Analysts surveyed by FactSet Research produced a consensus forecast of $1.67 a share. The company said gross operating revenues rose to $437.4 million from $387.7 million in the first quarter of 2008. Citing a strong first-quarter performance, the Portland, Ore.-based company raised its full-year earnings guidance, saying it now expected profit in the range of $2.70 to $2.85 a share, up from its February estimate of $2.55 to $2.70 a share.
Amerigroup's profit rises nearly 10%(6:12 am ET)
LONDON (MarketWatch) -- Amerigroup Corp. (AGP: news, chart, profile) , a provider of managed health-services, said first-quarter net profit rose nearly 10% to $36.9 million, or 69 cents a share, from $33.6 million, or 62 cents a share, earned in the year-earlier quarter. The consensus forecast was for earnings of 53 cents a share, according to a poll of 10 analysts surveyed by FactSet Research. Revenue climbed 15% to $1.23 billion. The company lifted its outlook for fiscal 2009 earnings to the range of $2.70 to $2.85 a share, saying it expects higher membership in the remaining three quarters. Earlier it had forecast earnings of $2.50 to $2.65 a share.
Thursday, April 30
Hartford reports quarterly net loss of $1.21 bln(5:04 pm ET)
SAN FRANCISCO (MarketWatch) -- Hartford Financial Services (HIG: news, chart, profile) reported a first-quarter net loss of $1.209 billion, or $3.77 a share, late Thursday. That compares to first-quarter net income of $145 million, or 46 cents a share, a year earlier. The operating loss, which excludes net realized investment gains and losses, was $1.175 billion, or $3.66 a share, in the latest period. Hartford was expected to lose $3.05 a share, according to the average estimate of 14 analysts in a Thomson Reuters survey. The company said it will suspend all new variable annuity business in Japan and the U.K. Hartford also said it canceled plans to start selling variable annuities in Germany. At the end of March, Hartford said it had more than 500,000 policies in force and $30 billion of assets under management in Japan. Hartford shares fell 13% in after-hours trading on Thursday.
QLogic earnings fall 16% in fourth fiscal quarter(4:37 pm ET)
SAN FRANCISCO (MarketWatch) -- QLogic Corp. (QLGC: news, chart, profile) saw earnings slip 16% in its fourth fiscal quarter as sales declined across all the company's networking businesses. For the quarter ended March 29, the company reported net income of $19.2 million, or 16 cents a share, compared to net income of $22.8 million, or 17 cents a share, for the same period the previous year. On a non-GAAP basis, the company said it would have earned $24.5 million, or 20 cents a share, for the recent period. Revenue fell 22% to $130.5 million. Analysts were expecting earnings of 21 cents a share on revenue of $135 million, according to consensus estimates from FactSet Research.
MetLife reports quarterly net loss of $574 million(4:35 pm ET)
SAN FRANCISCO (MarketWatch) -- MetLife Inc. (MET: news, chart, profile) reported a first-quarter net loss of $574 million, or 71 cents a share, late Thursday. That compares to net income of $615 million, or 84 cents a share, a year earlier. Operating earnings, which exclude net realized investment gains and losses, were $159 million, or 20 cents a share, in the latest period. MetLife was expected to make 34 cents a share, according to the average estimate of 19 analysts in a Thomson Reuters survey.
McAfee profit up as sales rise 21%(4:10 pm ET)
SAN FRANCISCO (MarketWatch) - Security software maker McAfee Inc. (MFE: news, chart, profile) said Thursday its first-quarter net income rose to $51.8 million, or 34 cents a share, from $30.2 million, or 18 cents a share in the same period a year earlier. Santa Clara, Calif.-based McAfee said revenue for the period ended in March rose to $448 million from $369.6 million. Excluding special items, McAfee said earnings for the quarter were 57 cents a share. Analysts on average had been estimating McAfee would post earnings excluding special items of 48 cents a share, on $448.5 million in revenue, according to data from Thomson Reuters.

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ER Week 09-05-04

Monday ER Watch
BO
BO


Tuesday ER Watch
NA
AC
NA
AC

Wednesday ER Watch
AC
BO
AC
BO
AC



Thursday ER Watch
AC
AC
BO

Friday ER Watch
BO
NA
NA
NA