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Latest earnings news
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July 20, 2000: 6:20 p.m. ET
AOL, Sun Microsystems, R.J. Reynolds, Polaroid beat Street;Gillette on target; Lucent, Federated issue warnings
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NEW YORK (CNNfn) - AOL, Sun Microsystems, R.J. Reynolds, and Polaroid reported better-than-expected earnings reports, while Lucent and Federated Department Stores on Thursday warned that their earnings would fail to meet Wall Street forecasts.
Caterpillar, Sprint, SBC Communications, Eli Lilly, Delta, Northwest Airlines and Colgate reported results that beat the Street, while Gillette, UPS, Bristol-Myers Squibb and Mattel matched forecasts.
AOL beats forecast
America Online (AOL: Research, Estimates), the world's biggest Internet service provider, on Thursday reported fiscal fourth-quarter earnings that surpassed Wall Street's expectations, boosted by strong advertising and e-commerce revenue and subscriber growth. Excluding one-time items, the company earned $334 million, or 13 cents a share, for the three months ended June 30, compared with $155 million, or 6 cents a share, in the year-ago quarter. Revenue rose 39 percent to $1.9 billion from $1.4 billion for the same period in 1999. Wall Street analysts had expected a profit of 11 cents a share. [click here for full story]
Sun blows past estimates
Sun Microsystems Inc. on Thursday reported better-than expected results for the fiscal fourth-quarter. Before one-time items, Sun (SUNW: Research, Estimates), a leading supplier of computer-network workstations, software and services, earned $659.5 million, or 39 cents per share. Analysts polled by earnings tracker First Call had expected to see a profit of 33 cents per share during the quarter. Sales came in at $5 billion, up 42 percent from $3.5 billion during the year-ago quarter.[click here for full story]
Agilent issues warning
Agilent Technologies Inc. (A: Research, Estimates) said Thursday it expects to miss Wall Street's third-quarter earnings estimate of 35 cents a share because of parts shortages. The Palo Alto, Calif.-based producer of test measurement and semiconductor equipment said it now expects to post earnings of between 18 cents and 22 cents a share when it reports third-quarter results on August 17. [click here for full story]
Computer Associates reports lower profits
Software maker Computer Associates reported a sharp drop in fiscal first quarter profits Thursday, reflecting weakness in the mainframe software sector. The company earned $84 million, or 14 cents a share in the three months ended June 30, compared $272 million, or 49 cents, in the year ago period. Both periods exclude one-time items. The latest results were a penny better than Wall Street's revised estimates. Net revenue totaled $1.14 billion versus $1.06 billion in the first quarter last year.
The company warned investors on July 4 that there would be a substantial profit shortfall, with earnings coming in the range of 11 cents to 16 cents. Back then, analysts polled by First Call were looking for 55 cents a diluted share. [click here for full story]
R.J. Reynolds crosses target
R.J. Reynolds Tobacco Holdings Inc., (RJR: Research, Estimates) parent of the No. 2 U.S. cigarette maker, reported second-quarter earnings of $107 million, or $1.05 per diluted share, for the quarter ended June 30, from $98 million, or 90 cents, in the year-ago period. Analysts on average were forecasting earnings of $1.04 per share, according to data from research firm First Call/Thomson Financial.[click here for full story]
Gillette hits the mark
Gillette Co. (G: Research, Estimates) posted a modest 2 percent gain in second-quarter operating profit, matching Wall Street's expectations. The Boston-based maker of razors, shampoos, batteries and other consumer products posted operating profit of $296 million, or 28 cents per diluted share, up from $290 million, or 25 cents per share, in the year-earlier period. The latest results matched the First Call consensus estimate of analysts.[click here for full story]
Polaroid squeezes by
Polaroid Corp (PRD: Research, Estimates) posted second-quarter earnings that jumped 36 percent, beating estimates by a penny, nevertheless its sales failed to meet analysts' forecasts as camera and film shipments to Japan fell. The maker of instant film and cameras posted second-quarter net earnings of $20.4 million, or 45 cents a share, compared with net earnings of $15 million, or 33 cents, in the year-ago quarter. When including the effect of a real estate sale, earnings in 2000's second quarter came to 59 cents a share. Analysts surveyed by First Call/Thomson Financial had, on average, estimated Polaroid would earn 44 cents a share.[click here for full story]
Lucent beats 3Q, warns ahead
Lucent Technologies Inc. (LU: Research, Estimates), one of the most widely held U.S. stocks, earned $1 billion, or 30 cents a share, in its fiscal third quarter. Analysts had forecast a profit of 29 cents a share, according to First Call, which tracks Wall Street estimates.
The company warned, however, that it would fail to meet forecasts in its next two quarters. [click here for full story]
Federated warns
Federated Department Stores Inc. (FD: Research, Estimates) warned that credit problems at its Fingerhut unit would cut second-quarter earnings in its direct-to-customer unit by $150 million, or 43 cents a diluted share. [click here for full story]
UPS delivers
United Parcel Service (UPS: Research, Estimates) posted net income of $695 million, or 60 cents a diluted share, the same as the consensus estimate of analysts surveyed by First Call. The company posted earnings excluding special items of $588 million, or 52 cents a share, in the year-earlier period. [click here for full story]
Caterpillar builds profit
Caterpillar Inc. (CAT: Research, Estimates), the world's largest construction and mining equipment maker, reported second-quarter earnings of $315 million, or 90 cents a share, up from $283 million, or 78 cents a share, in the year-earlier quarter. Analysts expected Caterpillar to earn 87 cents a share. [click here for full story]
Sprint, SBC beat forecasts by a nose
Sprint Corp. (FON: Research, Estimates) and SBC Communications Inc. (SBC: Research, Estimates), two major telecommunications companies, edged past earnings forecasts, driven by better-than-expected growth in wireless communications. [click here for full story]
Drug companies feeling fine
Eli Lilly and Co. (LLY: Research, Estimates) beat Wall Street estimates by a penny a share Thursday, fueled by a rise in global drug sales, while Bristol-Myers Squibb Co. (BMY: Research, Estimates) met expectations, citing growth in 13 major product lines. [click here for full story]
Airlines fly by forecasts
Delta Air Lines Inc. (DAL: Research, Estimates) reported fiscal fourth- quarter operating earnings of $376 million, excluding one-time items, or $2.86 a share, compared with $364 million, or $2.40 a share, a year earlier. Analysts expected Delta to earn $2.72 a share. Northwest Airlines Corp. (NWAC: Research, Estimates) reported second-quarter earnings of $115 million, or $1.26 a share, compared with $103 million, or  $1.10 a share, excluding a one-time credit, a year ago. Analysts expected Northwest to earn 98 cents a share.
Colgate squeaks by
Colgate-Palmolive Co. (CL: Research, Estimates) reported second-quarter earnings of $262 million, or 42 cents a share, compared with $228 million, or 36 cents a share, a year earlier. Analysts expected Colgate to earn 41 cents a share.
Mattel meets expectations
Toy maker Mattel Inc. (MAT: Research, Estimates) reported a lower second- quarter operating profit, reflecting weaker sales overseas. However, the results were in line with Wall Street's expectations. [click here for full story]
Multex.com narrows loss
Multex.com (MLTX: Research, Estimates) a firm that connects buyers and sellers of financial services on the Internet, on Thursday reported its net loss narrowed to $1.2 million, or $0.04 per share, for the second quarter of 2000 from a loss of $3.1 million, or $0.12 per share, in the same period a year ago. Analysts' forecast by First Call had forecast a loss of six cents a share.
Volvo hits pothole
Volvo AB on Thursday reported a sharp deterioration in profit at its core trucks division during the second quarter, laying the blame on "sharply reduced demand" in the North American market. [click here for full story]
Two of the largest U.S. aerospace and defense contractors reported results Thursday, with Lockheed Martin Corp. (LMT: Research, Estimates) reversing its year-ago losses and Raytheon Co. (RTN.B: Research, Estimates) posting an 83 percent plunge in profit. Both companies beat Wall Street expectations.
Raytheon, posted income from continuing operations for the quarter of $95 million, or $0.28 per diluted share, Analysts surveyed by First Call/ had estimated Raytheon would earn 27 cents a share.
Excluding the effects of one-time costs - primarily $150 million related to the failure of Globalstar Telecommunications to repay a loan - Lockheed's earnings were 29 cents per share for the second quarter 2000, well above Wall Street projections of 21 cents a share.
BellSouth surpasses forecasts
BellSouth Corp. (BLS: Research, Estimates), the dominant local telephone company in the southeastern United States, said Thursday its second-quarter operating profit rose more than 9 percent, beating Wall Street expectations, amid strong growth in its data, wireless and international operations. BellSouth said its profit rose $1.06 billion or 56 cents a share, from $973 million, or 51 cents a share, for the same period a year earlier. Analysts polled by First Call had forecast 55 cents a share.
-- compiled by Mark Gongloff, Antoinette Coulton, and Parija Bhatnagar from staff and wire reports
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