Latest earnings roundup
Gateway, DoubleClick, Mohawk meet Street; Veritas, Juniper soar; New York Times, Dow Jones boosted by ads
NEW YORK (CNNfn) - Medical device firm Guidant cited strong equipment sales for increased profits that helped the company beat analysts' estimates for the quarter. PC maker Gateway, online advertiser DoubleClick and carpet and rug maker Mohawk Industries all turned in earnings Thursday that met the Street's expectations, while fellow techs Veritas Software and Juniper Networks handily beat analysts' expectations.|
General Motors' earnings edged past Wall Street forecasts Thursday while Bausch & Lomb's results were in line, though the contact lens maker warned about results in the fourth quarter and 2001. Home Depot also issued a profit warning.
Publishers Dow Jones & Co. and The New York Times Co. both reported third-quarter earnings boosted by advertising sales revenue. Diesel engine maker Cummins Engine Co. blamed a downturn in the North American market for heavy-duty trucks for a disappointing third quarter.
Guidant beats forecast
The Cardiovascular device maker said its third quarter slightly beat analysts' expectations as strong sales of pacemakers and defibrillators helped overcome a sharp drop in stent sales. Guidant posted third quarter net income of $122.8 million, or 40 cents a share, compared with earnings of $98.2 million, or 32 cents a share in the year ago quarter The results beat a revised forecast of 39 cents a share from analysts after the company said earlier this month it would meet a consensus expectation of 40 cents a share as polled by market research firm First Call/Thomson Financial. [Click here for more)
Gateway makes 3Q mark
The No. 2 direct seller of personal computers turned in a third-quarter profit that matched Wall Street's expectations, lifted by strong consumer PC sales as well as non-PC, or "beyond-the-box," revenue. Earnings were $152.6 million, or 46 cents per share, up from $113.1 million, or 35 cents per share during last year's third quarter and matching the consensus estimate of analysts polled by earnings tracker First Call. (Click here for more)
Veritas Software beats estimates
The maker of data-storage software used in corporate networks, reported third-quarter earnings that beat analyst expectations, as demand for its products soared. Third-quarter pro forma net income -- which excludes purchase accounting adjustments -- increased to $70.3 million, or 16 cents per share, from $38.9 million, or 9 cents per share, in the same period last year. The mean analyst estimate was 14 cents per share, according to earnings estimate tracker First Call. (Click here for more)
DoubleClick meets Street
The online advertising company posted third-quarter cash earnings of 3 cents a share, as revenues rose 79 percent, meeting Wall Street estimates amid recent softness in online ad spending. Earnings -- excluding non-cash and nonrecurring items -- totaled $3.7 million, or 3 cents a share, compared with a loss of $3.8 million, or 3 cents a share, in the year-ago period (Click here for more)
Juniper doubles forecast
The networking equipment maker reported a third-quarter profit that nearly doubled analysts' expectations, and revenue that jumped 78 percent from the second quarter, driven by demand for its family of products. Pro forma net income -- excluding the amortization of goodwill and special charges -- was $60.3 million, or 17 cents a share. (Click here for more)
GM posts record 3Q
General Motors Corp. posted record third-quarter earnings per share, edging past forecasts, and said it may spin off or sell its Hughes Electronics subsidiary. The world's largest automaker earned $829 million, or $1.55 a diluted share. (Click here for more)
Office Depot disappoints
Office Depot Inc., the No. 1 U.S. office supplies retailer, reported third-quarter operating earnings Thursday that fell short of Wall Street forecasts. Excluding one-time credits and charges, the Delray Beach, Fla.-based retailer posted operating profits of 14 cents per share for the quarter ended Sept. 23, down from 19 cents in the year-earlier period. Analysts had been expecting a profit of 15 cents per share.(Click here for more)
Bausch & Lomb 3Q in line
Bausch & Lomb reported third-quarter earnings of 70 cents a share, in line with Wall Street estimates, but warned it will miss forecasts for the fourth quarter and 2001. (Click here for more)
Home Depot warns
Home Depot warned it will miss fiscal third- and fourth-quarter earnings forecasts due to a drop in lumber and building materials retail prices. (Click here for more)
Costco meets expectations
Costco Wholesale Corp., which operates discount warehouse stores, reported profit rose 31 percent in the latest quarter, meeting Wall Street's lowered estimates. (Click here for more)
Hasbro sees 3Q shortfall
Hasbro, the nation's No. 2 toy maker, said third-quarter earnings will fall short of Wall Street forecasts due to sluggish sales of Pokemon and Star Wars products, and that it will cut up to 550 jobs, or about 5 percent of its work force, in a bid to cut costs. (Click here for more)
Maytag drops, matches estimates
Maytag, the No. 3 U.S. appliance maker, reported an expected 27 percent decline in third-quarter profit as results were hurt by lost sales from two major customers and increased pricing pressure in a weakening major appliance market. (Click here for more)
Dow Jones' ad revenues boost 3Q
Dow Jones & Co., publisher of the Wall Street Journal reported third-quarter earnings of $48.4 million, or 55 cents a share, versus $45.5 million, or 50 cents, last year. Advertising revenues drove strong gains, the company said. Analysts had expected 54 cents a share, according to research firm First Call.
New York Times 3Q up on ad sales
Excluding one-time items The New York Times Co. reported earnings of $75 million, or 44 cents a share, versus $60 million, or 34 cents a share for the same period last year. Solid advertising revenues boosted the publisher's bottom line. Analysts had expected the company to report 37 cents a share, according to First Call.
Cummins sees steep earnings drop
Cummins Engine Co. Inc. on Thursday said earnings fell to $25 million, or 66 cents a share, from $53 million, or $1.35 a share, a year earlier. The diesel engine maker blamed the earnings drop on slower sales. Analysts had expected a revised 65 cents a share from the company, according to First Call.
Mohawk Industries meets the Street
The Calhoun, Ga.-based maker of carpets and rugs reported that earnings rose 3 percent -- before a one-time charge for a legal settlement in the third quarter -- a result which was in line with analysts' expectations. Earnings were $46.4 million, or 87 cents per diluted share, up from $45.1 million, or 74 cents per share in the year-earlier period. Analysts' consensus forecast was for 87 cents, according to First Call.
--from staff and wire reports