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Earnings Roundup: Act 2
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January 18, 2000: 7:03 p.m. ET
Great majority of companies meet or beat estimates, Microsoft well ahead
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NEW YORK (CNNfn) - Earnings results hit the track Tuesday as banks, airlines and major tech companies released their latest financial figures to the Street.
Microsoft beat estimates, while the banking industry hit peaks and valleys with J.P. Morgan riding a high note. According to earnings tracker First Call, of the 31 S&P 500 companies reporting Tuesday, 15 beat analysts' expectations, while 12 companies met them and four fell below the predicted number.
Microsoft Corp. (MSFT) on Tuesday reported a fiscal second-quarter profit well ahead of Wall Street's expectations amid stronger demand for its software products, especially in Asia.
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Profits at investment bank powerhouses Citigroup Inc. (C) and J.P. Morgan (JPM) soared in the fourth quarter, finishing off a year of strapping earnings aided by record stock market gains and depressed year-earlier comparisons, while other big U.S. banks posted mixed results Tuesday.
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Knight Ridder Inc., publisher of the Miami Herald, San Jose Mercury News and 29 other newspapers, reported an operating profit Tuesday that matched analysts' forecasts.
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Paine Webber Group Inc. (PWJ), and Charles Schwab Corp. (SCH), two of the biggest U.S. brokerage houses, reported large jumps in fourth-quarter net income Tuesday, beating Wall Street's forecasts.
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Pfizer Inc. (PFE) reported a 34 percent increase in fourth-quarter earnings Tuesday, slightly better than Wall Street expected, due to the strength of several blockbuster drugs.
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Delta Air Lines (DAL) and Continental Airlines (CAL) both flew over analyst earnings estimates for the fourth quarter, but higher fuel prices meant a drop in profits for the two carriers as well as for Southwest Airlines (LUV).
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USFreightways (USFC) reported fourth-quarter results, which beat estimates by 10 cents a share. The company, which said it was helped by the closure of some competitors during 1999, also agreed Tuesday to buy Transport Corporation of America Inc. (TCA) in a stock deal worth about $1.5 billion.
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Raytheon Co (RTN.B), a defense contractor, did not report earnings but warned investors Tuesday that its earnings would be less than half of what analysts' estimated the company would earn for the fourth quarter. The company also said it will restate earnings for the past three years.
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Diversified manufacturer Tyco International Ltd. (TYC) on Tuesday posted first-quarter earnings of $784.3 million, or 46 cents per diluted share, compared with year-ago earnings of $509.3 million, or 31 cents a share.
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Despite an expected decline in revenue resulting from negative foreign currency translation, Unisys Corp. (UIS) reported higher fourth-quarter earnings Tuesday that narrowly topped Wall Street's expectations.
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Parker Hannifin Corp. (PH), which makes components for industrial and aerospace markets, said its fiscal second-quarter earnings rose 18 percent, but its earnings per share missed analysts' expectations.
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Rockwell International Corp. (ROK) said Tuesday its fiscal first-quarter earnings rose 16 percent, beating estimates, results the company linked to the improved performance of its core businesses. 
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