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CNNfn after the bell
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April 14, 1999: 6:39 p.m. ET
Altera and EarthLink beat Street; Rambus, King World meet; TU warns
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NEW YORK (CNNfn) - Four companies either beat or met analysts' expectations after the market closed Wednesday, but another warned that its first quarter earnings would fall short.
Altera Corp. (ALTR) reported first quarter net income of $47 million or 48 cents per diluted share, excluding charges, beating First Call's estimate of 44 cents per share, on sales of $186.4 million. During the quarter the company, which makes programmable logic devices, invested $37.5 million to increase its ownership of WaferTech, a joint venture with TSMC. Including the WaferTech results, earnings were 46 cents per diluted share.
The San Jose, Calif.-based company had earnings of $35.1 million, or 38 cents per diluted share before investment, on revenues of $157.2 million in the year-ago period.
Rambus Inc. (RMBS), which makes high-speed chip-to-chip interface technology, reported net income totaling $2 million, or 8 cents per diluted share, matching First Call's projections, on revenue of $9.86 million. The Mountain View, Calif., company's second quarter net income in the year ago period was $1.7 million, or 7 cents per share, on revenue of $9.65 million.
For the six months ended March 31, net income was $4.1 million, or 16 cents per share, on revenue of $20.4 million, compared to $3.3 million, or 14 cents per share, on revenue of $19 million last year.
Internet service provider EarthLink Network Inc. (ELNK) reported better-than-expected first quarter earnings. The Pasadena, Calif.-based company reported a net loss of $4.6 million, prior to amortization and other charges, or 15 cents per share. This beats the First Call estimate of a 23 cent per share loss. Revenues were $68.2 million.
In the first quarter of 1998, the company reported a net loss of $6.4 million, or 28 cents per share, on revenues of f$29.8 million.
Media producer and distributor King World Productions Inc. (KWP) matched First Call's estimates of 53 cents per diluted share, reporting second quarter earnings of $39.3 million on revenues of $197.5 million. The company reported earnings of $33.6 million, or 44 cents per share, on revenues of $173.9 million, in the year ago period. King World has an agreement to be acquired by CBS Corp. (CBS).
And Texas Utilities Co. (TXU) said that while it expects first quarter earnings to exceed results from the same period in 1998, the company also expects them to fall short of analysts' estimates. The company blamed warm winter weather and timing differences in the renegotiation of certain U.K. power contracts during the quarter.
Texas Utilities said these factors could drop first quarter earnings by 30 to 35 cents per share. First Call is currently projecting earnings of 97 cents per share. The company expects to announce its final results on May 5.
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