NEW YORK (CNN/Money) -
Ericsson's fourth-quarter loss more than doubled compared to a year earlier as the wireless firm continued to reel from slack demand for network expansion. However, the firm said its results started to stabilize in the period.
Managed health care firm Humana swung to a loss in its fourth quarter on higher severance and discontinued item costs. Excluding the charges, the company said it posted an operating profit that topped Wall Street estimates by a penny a share.
Companies in this roundup
Arch Chemical; Accredo Health; Ericsson;
Genesis Health; Humana; LendingTree;
Mattel; Pioneer-Standard;
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Ericsson
STOCKHOLM, Sweden (CNN) -- The wireless firm said its fourth-quarter loss widened to 8.3 billion Swedish crowns ($968 million) from 3.5 billion in the same period a year earlier. The company added that demand for equipment to power mobile phone communications would continue to decline -- by as much as 10 percent this year -- in line with forecasts from its competitors Nokia and Motorola.
But Ericsson's chief executive Kurt Hellstrom said the company's fourth-quarter results "indicate" its business "is beginning to stabilize." Ericsson, like its rivals, has seen sales decline as telecom operators slashed spending on wireless equipment in an effort to manage the balance sheets after spending heavily on expansion. Ericsson's (ERICY: Research, Estimates) sales fell 37 percent to 36.7 billion crowns in the October-December period, just below the analysts' consensus forecast of 37.5 billion crowns. (more detail)
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Humana
LOUISVILLE, Ky. (Reuters) -- The managed care firm posted a fourth-quarter net loss after costs related to severance, discontinued building and equipment leases and other items. Louisville-based Humana reported a fourth-quarter loss of $1.7 million, or one cent per share, compared with a profit of $58.2 million, or 36 cents per share, a year earlier.
Adjusted earnings for the fourth-quarter of 2002 were $56.5 million, or 34 cents per share. They excluded restructuring charges, reserves for liabilities related to previous acquisitions and impairment in the fair value of some investments, Humana said. Excluding items, Wall Street analysts polled by Thomson First Call, on average, had forecast a quarterly profit of 33 cents per share.
Humana (HUM: Research, Estimates) said in December it would cut 17 percent of its work force and take pre-tax charges ranging from $75 million to $110 million in the fourth quarter of 2002, and between $25 million and $35 million in the first half of 2003.
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Accredo
MEMPHIS, Tenn. (Reuters) -- The firm, which distributes biotechnology products to patients with chronic illnesses, said its quarterly net income more than doubled as the company saw more patients, added products and benefited from acquisitions. Net income for the fiscal second quarter ended Dec. 31 rose to $17 million, or 35 cents a share, from $7.2 million, or 18 cents a share, a year earlier.
Analysts' earnings estimates ranged from 32 cents to 36 cents per share, with an average forecast of 34 cents, according to market research firm First Call. Revenue soared to $364.2 million from $160.2 million, aided by the acquisition of the Gentiva unit.
Accredo (ACDO: Research, Estimates) warned that revenue would be lower than expected for the fiscal year ending June 30, in part because of slower sales of some of the products it distributes.
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Mattel
EL SEGUNDO, Calif. (Reuters) -- The maker of Barbie dolls and Matchbox cars said its fourth-quarter profit rose 35 percent, led by a surge in sales of Barbie products internationally and its Fisher-Price infant and toddler toys. The No. 1 U.S. toy maker reported net income of $186.1 million, or 42 cents per share, compared with $138 million, or 31 cents a share, a year earlier. Net sales rose 7 percent to $1.67 billion.
Excluding non-recurring charges, Mattel (MAT: Research, Estimates) earned $190.3 million, or 43 cents per share, compared with $154.9 million, or 35 cents per share the year before. The average earnings estimate among analysts polled by First Call was 38 cents per share, with estimates ranging from 35 cents to 42 cents.
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Pioneer-Standard
CLEVELAND (Reuters) -- The distributor and reseller of computer systems said quarterly earnings fell 14 percent, weighed down by a sales decline, and forecast a loss in the current quarter.
Pioneer (PIOS: Research, Estimates), which last month said it would sell its money-losing industrial electronics unit for $285 million to Arrow Electronics Inc., reported net income for the fiscal third quarter ended Dec. 31 of $1.9 million, or 7 cents a share, down from $2.2 million, or 8 cents a share, a year earlier. Sales fell 10 percent to $567.7 million from $633.7 million. Wall Street's consensus earnings estimate for the quarter was 8 cents a share, according to First Call.
Pioneer said it expects a fourth-quarter loss of 10 cents to 15 cents a share. The First Call average estimate is a profit of 3 cents a share. The firm said its forecast does not include the sale of its electronics business or any charges related to that sale. It said it expects the sale to be completed during the current quarter.
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LendingTree
CHARLOTTE, N.C. (Reuters) -- The online lending exchange said Monday it swung to a quarterly profit as consumers took advantage of low interest rates by taking out new loans. The company posted fourth-quarter net income of $5.6 million, or 19 cents per share, compared with a loss of $5.5 million, or 29 cents per share, in the same period a year earlier. Revenue rose 85 percent to $34.7 million.
Looking ahead, Charlotte, North Carolina-based LendingTree (TREE: Research, Estimates) said it expects 2003 earnings of 46 cents per share, 6 cents per share higher than its previous forecast, on net income of $13.3 million and revenue of $136.9 million. The company said results should be helped by high rates of mortgage refinancing and its new realty services campaign. The company expects first-quarter earnings of 10 cents per share on revenue of $33.2 million.
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Arch Chemical
NORWALK, Conn. (Reuters) -- Special chemicals company Arch Chemicals Inc. reported a much narrower fourth-quarter loss on higher sales. Arch (ARJ: Research, Estimates) posted a net loss of $3.2 million, or 15 cents per share, compared with $17.2 million, or 77 cents a share, a year earlier.
Sales rose to $190.5 million from $171.8 million.
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Genesis Health
KENNETT SQUARE, Pa., (Reuters) -- The nursing home operator and provider of pharmacy services said its first-quarter net income fell after a special Medicare provision expired and the company incurred losses from discontinued operations. Net income slipped to $11.9 million, or 29 cents per share, from $15.6 million, or 38 cents a share. Excluding the effect of discontinued operations, the company earned 37 cents per share in the most recent period.
First Call published earnings-per-share estimates for Genesis Health ranging from 31 cents to 36 cents with a mean estimate of 33 cents. Revenue at Genesis Health (GHVI: Research, Estimates), which emerged from bankruptcy on Oct. 2, 2001, increased to $669.5 million from $635.6 million a year ago.
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