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Friday earnings reports
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January 16, 1998: 8:41 a.m. ET
Pace likely to slow ahead of next week's Martin Luther King Jr. break
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NEW YORK (CNNfn) - The pace of corporate earnings reports likely will drop off Friday through the Martin Luther King Jr. holiday. The following is a short list of companies that are expected to or already have reported results.
Expected:
Phelps Dodge (PD): the nation's largest copper mining company. Consensus fourth-quarter estimate: $1.28 a share. A year earlier: $1.73 a share.
Reported:
Sun Microsystems (SUNW): Computer workstation maker reported operating earnings of $223.2 million, or 57 cents a share, for its fiscal second quarter, compared with $178.3 million, or 46 cents a share, a year ago. The results exclude $110.1 million in charges related to the acquisition of Encore Computer Corp.'s storage products unit and the purchase of telecommunications software maker Chorus Systems. Including the one-time charges, Sun earned $149.4 million, or 38 cents a share. First Call estimate: 54 cents a share.
Quantum Corp. (QNTM) reported a fiscal third-quarter loss of $32 million, or 24 cents per share, on sales of $1.52 billion. The loss included a $79 million after-tax charge associated with its high-end hard disk drive and recording head operations. Before the charge, the company earned $47 million, or 29 cents per diluted share. The charges were higher than the company had anticipated as a result of weak prices in the high-end hard disk drive market and resulting inventory reduction. First Call estimate: 30 cents.
Anchor Gaming (SLOT) reported a 95 percent jump in fiscal second-quarter profit. Net income rose to $16 million, or $1.24 a share, from $8.2 million, or 61 cents a share, a year earlier. Revenue rose 50 percent to $53.5 million from $35.6 million. First Call estimate: $1.15.
Raychem Corp. (RYC) reported a second- quarter profit of $56 million (66 cents per share basic earnings, 64 cents per diluted share) compared to net income of $52 million (59 cents per share basic earnings, 57 cents per share diluted). Revenue for the second quarter of fiscal 1998 were a record $467 million, up 6 percent from $441 million a year earlier. First Call estimate: 70 cents.
VLSI Technology Inc. (VLSI) reported a fourth-quarter profit of $22 million, or 45 cents a share, compared with a loss from continuing operations of $61.7 million, or $1.33 per share for the fourth quarter 1996, which included a pre-tax charge associated with a San Jose plant closure. First Call estimate: 44 cents.
DSP Communications (DSP) reported a fourth-quarter profit of $8.6 million, or 20 cents per share diluted, compared with $4.6 million, or 10 cents per share diluted, a year earlier. First Call estimate: 18 cents.
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