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Latest earnings news
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January 16, 2001: 6:16 p.m. ET
Semiconductors Intel, AMCC, Novellus edge past Street; Juniper results soar
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NEW YORK (CNNfn) - Intel, Novellus Systems and Applied Micro Circuits Corp. reported earnings Tuesday that edged past expectations, while fellow semiconductor Teradyne reported earnings that missed the Street by a penny a share.
Also, networking equipment maker Juniper Networks blasted through estimates, while handheld-computer maker Handspring reported results that reflected a smaller-than-expected loss. However, 3M results failed to meet the Street.
Several banks also reported earnings, including Citigroup and Bank of America -- the Nos. 1 and 2 U.S. banks, respectively -- but the results were mixed, with Citigroup, Bank of New York and Firstar Corp. meeting Wall Street analysts' forecasts, but Bank of America falling short.
Intel beats estimates
Intel Corp. (INTC: Research, Estimates) reported a fourth-quarter profit of 38 cents per share, excluding acquisition-related charges. That compares with 35 cents per share during the same period a year earlier and is a penny more than the 37 cents per share analysts had expected. However, the semiconductor giant warned that first-quarter revenue is expected to come in about 15 percent below fourth-quarter levels, well below Wall Street estimates. Click here for more.
Juniper beats the Street
The networking equipment maker reported fourth-quarter revenue and net income that blew through analyst estimates. Juniper (JNPR: Research, Estimates) said pro forma net income, excluding the amortization of goodwill and special charges, was $84.6 million, or 27 cents a share, up from $4.77 million, or 2 cents, in the same period one year ago. Analysts had expected a profit of 18 cents a share. Click here for more.
AMCC tops expectations
Applied Micro Circuits Corp. (AMCC: Research, Estimates), which makes communications chips for high-speed networks, reported fiscal third-quarter earnings that beat Wall Street's estimates: pro forma net income was $48.1 million, or 16 cents a share, compared with $12.1 million, or 5 cents per share, in the year-earlier period. Analysts had on average expected the company to earn 14 cents per share. Click here for more.
Handspring results beat estimates
Handheld-computer maker Handspring (HAND: Research, Estimates) said that its fiscal second-quarter loss, not including non-cash charges, was $7 million, or 7 cents per share, versus a loss of $3.8 million, or 12 cents per share, in the same period last year. The mean analyst estimate was a loss of 16 cents per share. Click here for more.
Novellus tops expectations
Chip-making equipment company Novellus Systems Inc. (NVLS: Research, Estimates) Tuesday reported fourth-quarter results that bested analysts' expectations. Pro forma fourth-quarter net income was $104.4 million, or 76 cents a share, versus $33 million, or 27 cents a share, during the same quarter a year ago. The consensus forecast was a profit of 70 cents a share. Click here for more.
3M misses Street
3M (Minnesota Mining & Manufacturing Co.) (MMM: Research, Estimates) reported fourth quarter earnings that missed expectations because of a slowing economy and a strong U.S. dollar. The technology company said net income for the quarter was $447 million, or $1.12 per share, vs. $444 million, or $1.10 per share, in the year-earlier period. Consensus analyst estimates were $1.20 per share. Click here for more.
Teradyne misses the Street, warns
Teradyne Inc. (TER: Research, Estimates) -- which makes testing equipment for the semiconductor industry -- said fourth-quarter earnings were $117.7 million, or 66 cents per diluted share, excluding the impact of new accounting rules, versus $75.23 million, or 42 cents per share, in the same period a year earlier. Analysts were expecting earnings of 67 cents. Sales rose to $789.2 million from $548.52 million a year ago. The company said it plans to lower its shipments 20 percent in the first quarter of 2001 and to post earnings of 30 cents per share, below analysts consensus of 65 cents.
Firstar Corp. meets the Street
Midwest bank Firstar Corp. (FSR: Research, Estimates) said fourth-quarter net income rose 31 percent and met analysts' expectations helped by growth in money-management fees and stable expense levels. Net income was $350 million or 37 cents a share, up from $268 million or 27 cents a share in the year-earlier period. Excluding merger-related charges, earnings were $394.3 million, or 41 cents a share, up 21 percent from $324.9 million or 33 cents a share. Results met analysts' average forecast of 41 cents a share.
Citigroup 4Q profit grew
Citigroup (C: Research, Estimates), the financial services company that owns one of the nation's biggest banks, reported higher fourth-quarter earnings Tuesday that matched Wall Street forecasts. Click here for more.
Bank of America misses mark
Bank of America (BAC: Research, Estimates), the No. 2 U.S. bank, reported fourth-quarter earnings of $1.39 billion, or 85 cents a share, down from $1.10 in the year-ago period. Bank of America's results were a penny shy of First Call consensus estimates of 86 cents a share. Click here for more.
Bank of New York meets estimates
Bank of New York (BK: Research, Estimates), parent of one of the oldest U.S. commercial banks, reported fourth-quarter earnings of $372 million, or 50 cents a share, compared with year-ago fourth-quarter net income of $327 million, or 44 cents. Wall Street analysts had expected the bank to earn 50 cents a share, according to First Call. Click here for more.
Drug makers report
Drug maker Abbott Laboratories (ABT: Research, Estimates) posted fourth-quarter earnings Tuesday that matched Wall Street's forecasts, while Forest Laboratories (FRX: Research, Estimates) easily beat fiscal third-quarter estimates as sales of antidepressant Celexa surged. Click here for more.
Southwest Air tops forecasts
Southwest Airlines (LUV: Research, Estimates) reported fourth-quarter profits of 29 cents a diluted share, up from 18 cents a share a year earlier and above Wall Street forecasts of 28 cents a share. Click here for more.
Pepsi Bottling sees profit in line
Pepsi Bottling Group (PBG: Research, Estimates), the largest bottler of PepsiCo (PEP: Research, Estimates) drinks, said it expects its fourth-quarter profit to grow about 22 percent before one-time items, in line with its previous forecasts. Wall Street analysts are expecting results of nil per share for the quarter, versus a loss of 19 cents a year earlier.
Hughes Electronics flies
Satellite-services provider Hughes Electronics (GMH: Research, Estimates), a subsidiary of General Motors (GM: Research, Estimates), said cash flow from operations -- also known as EBITDA (earnings before interest, taxes depreciation and amortization) -- rose to $153.8 million from a loss of $173.0 million a year earlier, which included a one-time charge. Excluding the charge, EBITDA rose 55.4 percent. 
-- from staff and wire reports
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