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CNNfn after the bell
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March 15, 1999: 6:36 p.m. ET
Tax provision gives Immunex a boost, Solectron posts, Hughes restates
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NEW YORK (CNNfn) - Monday's close brought earnings news from a customized electronics maker, as well as restated earnings and a stock buyback plan from a wholesale building supply company and a substantial tax break for a biotechnology company.
Leading the after-hours news was biotechnology giant Immunex Corp., which received a boost from a favorable 1998 tax provision. A change in the company's accounting procedures has reduced a provision for income taxes from $5.9 million to $2.2 million.
As a result, Seattle, Wash.-based Immunex (IMNX) will show a profit of $1 million, or 2 cents per share, for all of 1998, instead of the loss of $2.7 million, or 7 cents per share, as previously reported.
On the earnings front, Solectron posted results in line with Wall Street estimates. The Milpitas, Calif.-based manufacturer of customized electronics reported second-quarter net income of $65.5 million, or 26 cents per diluted share, on revenue totaling $1.91 billion.
This compares with earnings of $48.8 million, or 20 cents per share, on revenue of $1.2 billion in the same quarter one year ago.
For the six months ended Feb. 26, Solectron (SLR) earned $129.4 million, or 52 cents per diluted share, on revenue of $3.9 billion. In the same six-month period of 1997, the company earned $93.7 million, or 39 cents per share, on revenue totaling $2.3 billion.
And finally, Hughes Supply (HUG) posted a restated fourth-quarter profit of 45 cents per share, matching analysts' expectations, according to First Call. The company said it sees roughly 13 percent sales growth in the current fiscal year, and also announced it will buy back up to 2.5 million shares.
- from staff and wire reports
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