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2Q earnings roundup
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July 15, 1999: 1:43 p.m. ET
Of S&P 500 companies who have reported, most have beaten estimates
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NEW YORK (CNNfn) - In the early days of the summer earnings reporting season, the news is far more positive than negative.
Of the 105 companies in the S&P 500 that have announced earnings as of Thursday morning, 68 percent beat consensus estimates, according to forecast-tracking firm First Call Corp. On average, they posted earnings per share that were 4 percent higher than the estimates.
Of the other S&P 500 companies that posted earnings so far this quarter, 22 percent met analysts' expectations and 10 percent disappointed the market.
First Call notes that for the past five years, final results for quarterly earnings seasons have beaten the estimates by an average of 2.6 percent.
In terms of S&P 500 profits, second-quarter earnings on average are up 16.8 percent to date. Earnings rose at 86 companies, fell at 17 and stayed even at two compared with their second quarter results in 1998.
Earnings roundup
Following is a list of companies who reported earnings Thursday and a roundup of some of the big hitters who weighed in earlier this week:
Boeing Co. (BA ) reported Thursday its net earnings soared in the second quarter and revenue climbed 13 percent amid solid commercial aircraft sales and efficiency gains.
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Unisys Corp. (UIS ) posted a 58-percent gain in second-quarter net income Thursday, beating analysts' forecasts as the systems integrator trimmed expenses and debt amid rising demand for its services.
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Strong North American sales helped Cummins Engine Co. Inc. (CUM ) shift into high gear in the second quarter, making roadkill out of Wall Street earnings estimates.
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Cellular phone service provider Nextel Communications (NXTL ) posted a second-quarter net loss of $315 million Thursday, but easily beat expectations from Wall Street analysts who anticipated a much wider loss.
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Coca-Cola Co. (KO ) posted a 21 percent drop in second-quarter net income Thursday, matching downwardly revised analysts' estimates, as the company chronicled a long list of sales woes in Europe, China and elsewhere.
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The "Phantom Menace" of the new "Star Wars" film had a very real impact on the bottom line of Hasbro Inc. (HAS ) as the nation's second-largest toy maker reported a nearly 600 percent increase in second-quarter earnings Thursday.
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McGraw-Hill Cos. (MHP ) reported second-quarter net income that rose 15.6 percent and beat Wall Street expectations by a penny, bolstered by strong results in its financial services and educational and professional publishing businesses plus advertising gains at its magazine Business Week.
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Apple Computer Inc. (AAPL ) Wednesday reported higher-than-expected fiscal third-quarter earnings on strong demand for its popular and colorful iMac personal computers.
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Advanced Micro Devices Inc. (AMD ) posted a substantial second-quarter operating loss Wednesday and, in another setback for the beleaguered chip maker, the president and chief operating officer announced he is resigning.
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Time Warner Inc. (TWX ) topped analyst targets even as revenue fell in the second quarter, as the media company realigned its cable business and chalked up box-office successes such as "The Matrix" and the latest "Austin Powers" film.
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Ford Motor Co. (F ) posted a 4 percent increase in second-quarter operating profit Wednesday, powered by big gains in North American car sales that overcame troubles in markets abroad.
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AlliedSignal Inc. (ALD ) posted a 13 percent increase in net profit for the second quarter Wednesday, meeting Wall Street's forecasts, and the company predicted higher-than-anticipated savings as it reorganizes its core aerospace business.
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Hurt by a slowdown in microprocessor shipments and intense pricing pressures in the low-cost PC market, Intel Corp. (INTC ) Tuesday reported second-quarter earnings that fell short of Wall Street estimates. But the world's largest chipmaker issued a positive outlook for the second half of the year.
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Motorola Inc. (MOT ) Tuesday posted better-than-expected second quarter operating profit, helped by strong sales of its digital wireless telephones and increased demand for its products in Asia.
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Merrill Lynch & Co. (MER ) posted record quarterly profits Tuesday, easily beating Wall Street expectations as it showed that the brokerage business continues to regain steam after last fall's global financial crisis.
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First Call Corp.
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