Latest earnings news
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April 12, 2000: 6:03 p.m. ET
AMD amazes; Goodyear, E*Trade, and Time Warner beat Street estimates
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NEW YORK (CNNfn) - Advanced Micro Devices nearly doubled Wall Street estimates by posting a monster first-quarter profit of $1.15 per share.
J.P. Morgan & Co., Genentech and Delphi Automotive Systems Corp. posted better-than-expected profit Wednesday, as did Time Warner Inc., Goodyear, Rambus Inc. and Dow Jones & Co.
E*Trade Group Inc. and Ariba, which posted losses, still topped Wall Street forecasts. However, two firms, Compuware and Air-cargo carrier Kitty Hawk issued earnings warnings.
AMD crushes estimates
Advanced Micro Devices reported a first quarter profit of $1.15 a share Wednesday, nearly doubling Wall Street estimates of 58 cents. AMD's first-quarter sales were $1.1 billion versus $631 million a year ago.
Goodyear rips up the road
Goodyear Tire & Rubber reported a profit Wednesday of 40 cents a share, beating Wall Street estimates of 35 cents a share. Goodyear's first quarter sales were $3.5 billion versus $3 billion a year ago.
Rambus 2Q better than expected
Rambus Inc. posted a better-than-expected fiscal second-quarter profit of 15 cents a share, before one-time items Wednesday. The profit compares with Wall Street estimates of 14 cents a share. Revenue rose 59 percent to $15.7 million.
Ariba narrows loss
Ariba Inc. reported a second-quarter net loss of $126 million, or 6 cents a share, compared with a net loss of $5.8 million, or 7 cents a share a year ago. Analysts had projected a second-quarter loss of 8 cents a share. Revenue rose 322 percent to $40 million.
Altera tops estimates
Altera Corp. reported a first quarter profit of 36 cents a share, before one-time items, up from 31 cents a year ago. Wall Street had expected to earn 34 cents a share. Sales rose 15 percent to $273 million.
Seagate earns 20 cents per share
Seagate Technology Inc. announced first-quarter revenue of $1.573 billion with pro forma net income of $46 million, or 20 cents per diluted share. The company was expected to earn 15 cents per shares according to consensus estimates. In late March, Seagate agreed to go private in a $20 billion deal with Veritas Inc.
Redback edges estimates
Redback Networks Inc. reported first-quarter revenue of $34.2 million, up 424 percent from the same period a year ago. Excluding one-time items, the company's net income for the period ended March 31, 2000 was $5.6 million, or 5 cents per share. The company was predicted to earn 3 cents a share according to estimates compiled by First Call/Thomson Financial.
J.P. Morgan beats Street
J.P. Morgan & Co. posted a stronger-than-expected profit of $628 million, or $3.37 a diluted share, versus $600 million, or $3.01 a share, a year earlier. Analysts surveyed by First Call, which tracks Wall Street forecasts, had estimated a profit of $2.81 a share for the period. Revenue rose 14 percent to $2.8 billion on strength in equities, investment banking and asset management services. [Click here for full story]
Time Warner tops forecasts
Time Warner Inc., the world's biggest media and entertainment company, Wednesday reported earnings excluding one-time items of 5 cents a share, an improvement over breakeven results a year earlier. Analysts polled by First Call projected 2 cents a share. Time Warner is the parent company of CNNfn. [Click here for full story]
Genentech's earnings climb past estimates
Genentech Inc., maker of the breast-cancer drug Herceptin, reported first-quarter earnings Wednesday of $74.7 million, or 28 cents a diluted share, up from $58.5 million, or 22 cents a share, in the year-ago quarter. The First Call consensus estimate of analysts was 26 cents a share. [Click here for full story]
Delphi Automotive earnings up
Delphi Automotive Systems, the world's largest auto parts maker, reported earnings of $322 million, or 57 cents a share, excluding one-time charges, up from 50 cents a share a year earlier. Wall Street forecasts were that the Troy, Michigan company would earn 56 cents a share. Sales rose 30 percent to $2.2 billion. [Click here for full story]
GM Hughes' loss still better than estimates
GM Hughes, a GM tracking stock, reported first-quarter losses Wednesday of $76.6 million, compared with earnings of $78.3 million in the year-ago quarter. GM Hughes is prohibited from reporting per-share earnings, but a spokesman estimated a loss of 23 cents a share, which trumps the First Call consensus estimate of losses of 42 cents a share. [Click here for full story]
E*Trade reports loss, but beats forecasts
No. 2 U.S. Internet brokerage E*Trade Group reported a small profit of $1.3 million, or nil per share, excluding one-time items. Including those items, the company posted a net loss of $23.2 million, or 8 cents a share, versus a profit of $8.5 million, or 3 cents a share, in the year-ago quarter. The results beat analysts' forecasts for a loss of 16 cents a share, according to First Call. [Click here for full story]
Upside surprise from Dow Jones
Dow Jones & Company, publisher of the Wall Street Journal, earned $79.2 million, or 88 cents a diluted share, before a special gain in the quarter -- above analysts' forecasts of 80 cents a share. A year earlier, New York-based Dow Jones earned $40.9 million, or 44 cents a diluted share.
Fannie Mae's earnings make a big jump
Fannie Mae, the biggest U.S. buyer of home mortgages, Wednesday reported first-quarter earnings of $1.06 billion, or $1.02 a diluted share, up from $1.29 billion before extraordinary items, or 88 cents a diluted share, in the year-ago quarter. First Call's consensus forecast was $1.01 a share.
Enron beats forecasts and 1Q 99 earnings
Global energy company Enron Corp. Wednesday reported first-quarter earnings of $338 million, or 40 cents a diluted share, up from $253 million before extraordinary items, or 34 cents a share, in the year-ago quarter. First Call's consensus forecast was 37 cents a share.
Compuware warns of disappointing earnings
Stock in e-commerce software maker Compuware fell 7-3/16 to 12-1/4 in trading Wednesday, apparently the result of the company's dour first-quarter earnings warning. Compuware predicted Wednesday that its earnings would be in the range of 13 to 15 cents a diluted share, well below First Call's consensus forecast of 35 cents a share. [Click here for full story]
Kitty Hawk's warning has investors jumping ship
Air-cargo carrier Kitty Hawk said Tuesday that it would post a worse-than-expected loss in the first quarter, prompting its stock to plummet 3-5/8 to 7/8 in Wednesday trading. The company didn't make a specific earnings guess, but First Call's consensus forecast for the company's earnings is a loss of 39 cents a diluted share. [Click here for full story]
--compiled by Tatiana Helenius, Mark Gongloff and Kim Khan
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