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Latest earnings news
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July 19, 2000: 6:30 p.m. ET
IBM, AMD,Nabisco, EMC, Tyco, Check Point, Coke beat Street; B&L, QCOM on target but shares slide, Citrix misses target
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NEW YORK (CNNfn) - Check Point, IBM, AMD, Nabisco, EMC, Tyco, Citigroup Inc., Chase Manhattan, Ford Motor Co. and Coca-Cola Co. all reported earnings that beat Wall Street forecasts Wednesday.
Citrix's second-quarter earnings fell, while Bank One reported a huge loss after a one-time charge. Bausch & Lomb and Qualcomm met second-quarter expectations, but company shares took a tumble in afternoon trading on the New York Stock Exchange
IBM exceeds estimates but Q2 revenue declines
IBM (IBM: Research, Estimates) reported second-quarter earnings that were slightly ahead of analyst estimates, even though its revenue slipped again. The company reported that net income declined to $1.94 billion, or $1.06 per share, from $2.39 billion, or $1.28 per share, in the same period last year. Without a one-time gain associated with the sale of IBM's Global Network business to AT&T, the 1999 results would have been 91 cents per share. Analysts had expected the company to earn $1 per share, according to First Call.[click here for full story]
Qualcomm hits the mark
Wireless technology provider Qualcomm (QCOM: Research, Estimates) reported pro forma third-quarter earnings that were in line with estimates and 40 percent greater than in the year ago period. Qualcomm reported earnings of $218 million, or 27 cents per share, compared to $156 million or 22 cents per share in the year ago quarter. First Call, which tracks analysts' estimates, had expected earnings of 27 cents.[click here for full story]
Excite@Home Q2 losses beats forecast
Excite@Home (ATHM: Research, Estimates) posted a second-quarter loss that narrowly beat Wall Street estimates, spurred by a 57 percent jump in sales. The company reported a pro forma loss of $45.3 million, or 11 cents a share, compared to a loss of $5 million, or one cent a share in the year-ago period. Wall Street analysts had expected the company to report a loss of 12 cents a share in the quarter, according to earnings tracker First Call.[click here for full story]
AMD 2Q profits soar
Advanced Micro Devices Inc (AMD: Research, Estimates reported second-quarter earnings of $207 million, or $1.21 per share during the quarter ended July 2. That compares with a loss of $1.10 per share during the corresponding period last year, and is well ahead of the $1.14 per-share profit analysts expected the company to turn during the quarter, according to earnings tracker First Call. Separately, AMD's board of directors authorized a 2-for-1 stock split payable on August 21 to shareholders of record as of August 7.[click here for full story]
Citrix 2Q profits fall
Pioneering software group Citrix Systems Inc. (CTXS: Research, Estimates, whose shares were savaged last month on an earnings warning, reported second-quarter earnings fell 46 percent to $15 million.
Profits, including the charges arising from business combinations, for the quarter ended June 30 were 7 cents a share. Net income in last year's quarter was $27.8 million, or 15 cents a share. Analysts on average had forecast profits at 10 cents a share, after the company's lowered guidance, according to First Call/Thomson Financial.
Check Point floats past Street
Check Point Software Technologies Ltd. (CHKP: Research, Estimates) reported a better-than-expected 103 percent rise in second-quarter profits, fueled by sales across all product lines and geographical areas. The company reported earnings of $43.7 million, or 50 cents per share, compared with $21.5 million, or 27 cents per share, a year earlier. Wall Street analysts had expected a profit of 42 cents per share, according to First Call/Thomson Financial.
Bausch & Lomb takes a dip on 2Q results
Eyewear maker Bausch & Lomb (BOL: Research, Estimates) posted second-quarter earnings of $40 million, or 74 cents per diluted share, for the quarter ended June 24, excluding one-time items, up from $28.9 million, or 49 cents per share, for the year-earlier period. The latest per-share results matched the consensus estimate of analysts compiled by earnings tracker First Call. But flat sales and jitters about a potential acquisition triggered a steep sell-off in the company's stock, which fell 16-7/8, or 21 percent, to 61-15/16 in afternoon trading.[click here for full story]
Nabisco tops forecast
No. 1 U.S. cookie and cracker maker Nabisco Holdings Corp., (NA: Research, Estimates) purchased last month by Philip Morris Cos. reported second-quarter earnings of $98 million, up from $76 million a year earlier. Profit per share was 37 cents, up from 28 cents a year ago and ahead of the average analysts' forecast of 33 cents reported by First Call/Thomson Financial.[click here for full story]
EMC stuns Street
EMC Corp., (EMC: Research, Estimates) the No. 1 data storage company, wowed Wall Street by reporting a 50 percent jump in earnings and predicted revenue would continue to accelerate for the rest of the year. The company reported second-quarter net income of $429 million, or 19 cents a share, compared with $286 million, or 13 cents a share, in the year-ago quarter. Per-share figures were adjusted for a 2-for-1 stock split effective June 2. Analysts surveyed by First Call/Thomson Financial had expected the company to earn 17 cents a share.[click here for full story]
Tyco edges by forecast
Manufacturing conglomerate Tyco International Ltd. (TYC: Research, Estimates) reported third-quarter earnings of $992.1 million, or 58 cents a diluted share, compared with $699.4 million, or 42 cents, a year earlier. Analysts on average had forecast Tyco (TYC: Research, Estimates) would earn 57 cents a share, according to First Call/Thomson Financial.[click here for full story]
 Mixed results for banks
Citigroup Inc. (C: Research, Estimates) and Chase Manhattan Corp. CMB: Research, Estimates) both beat Wall Street expectations -- as tracked by First Call, which polls analysts about company earnings. [click here for full story]
But Bank One Corp. (ONE: Research, Estimates) posted a second-quarter loss after a long-awaited $1.9 billion charge and slashed its dividend as it tried to recover from problems at its credit card unit that have sent its stock tumbling over the past year. [click her for full story]
Ford beats the Street
Ford Motor Co. (F: Research, Estimates), the world's second-largest automaker, earned $2.5 billion, or $2.03 a share, excluding one-time items, compared with $2.1 billion, or $1.77 a share, excluding one-time items, in the year-earlier period. First Call expected Ford to earn $1.95 a share. [click here for full story]
Coke bubbles over
Dow component Coca-Cola Co. (KO: Research, Estimates) reported second-quarter earnings, before one-time items, of $926 million, or 44 cents a share, compared with $942 million, or 38 cents a share, in the year-earlier period. Earnings tracker First Call expected Coke to earn 41 cents a share. [click here for full story]
United soars over predictions
United Airlines' parent UAL Corp. (UAL: Research, Estimates) reported second-quarter earnings of $408 million, before one-time items, or $3.47 a diluted share, compared with $349 million, also before one-time items, or $2.86 a share, in the year-earlier period. First Call expected United to earn $3.24 a share. [click here for full story]
Boeing flies past estimates
Boeing Co. (BA: Research, Estimates) reported second-quarter earnings of $654 million, before one-time items, or 75 cents a share, compared with $520 million, or 56 cents a share, in the year-earlier period. First Call expected Boeing to earn 66 cents a share. [click here for full story]
United Tech builds profit
Manufacturer United Technologies Corp. (UTX: Research, Estimates) reported second-quarter earnings of $509 million, or $1.00 a diluted share, compared with $417 million, or 83 cents a share, in the year-earlier period. Wall Street expected United Tech to earn 98 cents a share. [click here for full story]
Qwest finds success
Qwest Communications International Inc. (Q: Research, Estimates), the fourth-largest U.S. long-distance phone company, reported second-quarter earnings of $39.7 million, before one-time items, or 5 cents a share, up from $18.5 million, or 2 cents a share, in the year-earlier period. Analysts expected Qwest to earn 3 cents a share. [click here for full story]
DLJ outsmarts the Street
Donaldson Lufkin & Jenrette Inc. (DLJ: Research, Estimates) reported second-quarter earnings of $162.2 million, or $1.15 a share, compared with $165.7 million, or $1.14 a share, a year earlier. First Call expected earnings of 96 cents. [click here for full story]
Tribune beats estimates
Tribune Co. (TRB: Research, Estimates), the third-largest U.S. newspaper group, reported second-quarter earnings of $119 million, before one-time items, or 44 cents a share, from $105 million, also before one-time items, or 39 cents a share, in the year-earlier period. Wall Street analysts expected Tribune to earn 42 cents a share. [click here for full story]
Occidental strikes it rich
Oil company Occidental Petroleum Corp. (OXY: Research, Estimates) reported second-quarter earnings, before one-time items, of $343 million, or 93 cents a share, compared with $4 million, before one-time items, or 1 cent a share, in the year-earlier period. First Call expected Occidental to earn 84 cents a share.
General Dynamics flies high
General Dynamics Corp. (GD: Research, Estimates), the No. 4 U.S. defense contractor, said its second-quarter earnings rose 17 percent, led by sales of Gulfstream business jets and its information systems and technology group. The company earned $204 million, or $1.01 a share, topping forecasts of 98 cents a share.
--compiled by Mark Gongloff, Antoinette Coulton, and Parija Bhatnagar
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