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1Q is full of profit shockers
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April 20, 1999: 3:03 p.m. ET
Micron beats Street by 700%; oil driller Rowan lags estimates by 100%
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NEW YORK (CNNfn) - Micron Technology is full of surprises. Of the 180 S&P 500 companies reporting earnings as of Tuesday morning, the Boise, Idaho-based semiconductor maker leads the list as Wall Street's biggest shocker.
Micron (MU)'s earnings of 8 cents a share in the first quarter beat analysts' 1 cent a share estimates by 700 percent -- the widest surprise margin so far, according to First Call Corp.
International Paper (IP) was second in the shocker game. Its 14 cents a share profit came in 180 percent ahead of the 5 cents expected by analysts. Another major paper company, Boise Cascade (BCC), was third. Boise's earnings of 26 cents a share topped analysts' forecasts of 11 cents by 136 percent.
Surprises on the downside were less dramatic. Earnings for oil driller Rowan (RDC) fell 12 cents, or 100 percent, off a forecasted dip of 6 cents a share. Agribusiness giant Archer Daniels Midland (ADM) was the second-biggest shocker on the downside. Its results were 89 percent off analysts' expectations. Earnings at natural-gas provider Oneok (OKE), third on the list of bad surprises, dropped 28 percent from forecasts.
The first quarter's biggest turnaround story so far belongs to 3Com (COMS). First-quarter earnings at the Santa Clara, Calif.-based computer network company rose to 24 cents, or 1100 percent, from 2 cents in the year-ago period. Boeing (BA)'s earnings rebounded almost as much, rising 900 percent to 50 cents a share from 5 cents in the previous quarter.
Earnings at Mattel (MAT), meanwhile, have dipped the most so far when compared to the first quarter last year. Profits fell 275 percent, or 7 cents, from 4 cents in the year-ago period. National Semiconductor (NSM) took the No. 2 slot on the downside, with earnings dipping 200 percent, or 16 cents, from the year-ago period. 
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First Call
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