Latest earnings news

January 18, 2001: 5:43 p.m. ET

Microsoft, Sun Microsystems on target; eBay beats Street; Nortel hits mark

NEW YORK (CNNfn) - Microsoft reported fiscal second-quarter earnings Thursday that were in line with the Street's forecast.

Sun Microsystems and Nortel Networks also came out on target, while online auction site eBay beat analysts' estimates for its fiscal fourth quarter.

Biotechnology company Genentech stayed on course, matching analysts' estimates for its fourth quarter.

Microsoft hits mark
Software giant Microsoft (MSFT: Research, Estimates) reported fiscal second-quarter earnings that were flat with the same period last year, but in line with analyst expectations. Microsoft said its net income for the quarter ended Dec. 31 was $2.62 billion, or 47 cents per share, versus $2.44 billion, or 47 cents, in the year-ago period. Click here for more.

Sun shines on target
Sun Microsystems (SUNW: Research, Estimates), the world's leading supplier of the large computer systems, called Unix servers, reported a fiscal second-quarter profit that was in line with Wall Street's expectations. Sun posted earnings of 16 cents per share, up from 10 cents per share during the same period a year earlier. The company's second-quarter revenue totaled $5.1 billion, up 44 percent from the year-ago quarter and just below the $5.3 billion analysts had generally expected, according to the First Call survey. Click here for more.

eBay stays ahead
Popular online auction site eBay Inc. (EBAY: Research, Estimates) reported fourth-quarter net income of $23.9 million, or 9 cents a share, beating Wall Street estimates by 2 cents on sharply higher sales compared with a year ago. Analysts had expected San Jose, Calif.-based eBay to earn 7 cents a share. Click here for more.

Genentech in line with Street forecast
Biotechnology company Genentech Inc (DNA: Research, Estimates) reported higher fourth-quarter profits, meeting Wall Street estimates, amid increased sales of its cancer drugs. The biotechnology bellwether said pro forma income rose to $83.4 million, or 16 cents a diluted share, compared with $48 million, or 9 cents, in the year-ago quarter. Analysts had forecast a profit of 16 cents a share.

Nortel on course
Nortel Networks Corp (NT: Research, Estimates) met fourth-quarter earnings with better-than-expected revenue, and confirmed the guidance for results in the first quarter and all of 2001. The telecommunications equipment provider earned $825 million, or 26 cents a diluted share. That was in line with the forecasts of analysts surveyed by earnings tracker First Call. Click here for more.

Flextronics edges forecast
Electronics manufacturing services provider Flextronics International Ltd. Thursday posted third quarter earnings of 26 cents per share, up sharply from 15 cents per share a year earlier and topping Wall Street projections by a penny. The company's net sales in the period rose to $3.2 billion compared to $1.9 billion in the third quarter a year ago.

Ford matches estimate
Ford Motor Co. (F: Research, Estimates), the No. 2 U.S. carmaker, reported lower fourth-quarter earnings Thursday that were in line with analysts' forecasts.

Ford posted fourth-quarter operating earnings of $1.2 billion, or 64 cents per diluted share, matching the consensus of analysts surveyed by First Call. In the year-earlier quarter, Ford reported earnings of $1.8 billion, or 83 cents a share. Click here for more.

First Union sees 29 percent profit drop
First Union Corp. (FTU: Research, Estimates), the No. 5 U.S. bank holding company, said its fourth-quarter profit dropped 29 percent but results were in line with Wall Street forecasts.

The Charlotte, N.C.-based bank earned $681 million, or 69 cents a share, after charges, compared with $842 million, or 86 cents a share, in the year-ago quarter. Analysts had expected First Union to earn 69 cents a share in the quarter, according to market research firm First Call.

UAL, Northwest beat Street
UAL Corp. (UAL: Research, Estimates), the parent of No. 1 U.S. airline United, reported a fourth-quarter loss of $124 million due to higher fuel and labor costs, but its results still beat Wall Street expectations.

Excluding one-time items, UAL lost $124 million, or $2.41 per share, compared with earnings of $100 million, or 59 cents per share, in the year-ago period. First Call consensus estimates predicted a loss of $3.74.

Northwest Airlines (NWAC: Research, Estimates) posted fourth-quarter earnings of 34 cents a share on revenue of $2.74 billion, versus last year's $2.56 billion. Economists polled by First Call had expected the company to report 31 cents a share. Click here for more.

Delta misses lowered target
Delta (DAL: Research, Estimates) earned $79 million, or 60 cents per share, in the fourth quarter, down from $171 million, or $1.22 a share, a year earlier. The company missed already reduced First Call expectations by 8 cents. Click here for more.

Vignette meets expectations, lowers outlook
Web-content-management company Vignette Corp. (VIGN: Research, Estimates) reported fourth-quarter results that met Wall Street estimates but lowered its outlook for the first quarter and full year, adding it will cut its work force because of an expected slowdown in U.S. technology spending.

The Austin, Tex.-based company said its core results broke even in the fourth quarter, compared with a core loss of $2.7 million, or 2 cents a share, a year earlier. Analysts on average had expected the company to break even this quarter, according to First Call.

Schlumberger sees 4Q soar
Schlumberger Ltd. (SLB: Research, Estimates), the world's No. 2 oilfield services company, said its fourth-quarter earnings more than quadrupled due to high oil and natural gas prices.

Net income from continuing operations rose to $237.9 million, or 41 cents a share, from $58.5 million, or 10 cents a share, a year ago. Those figures were in line with Wall Street analysts' expectations, according to First Call.

Unisys sees lower 4Q profit
Computer services supplier Unisys Corp. (UIS: Research, Estimates) reported a lower fourth-quarter profit and said its revenue growth for 2001 will be at the low end of expectations.

For the three months ended Dec. 31, Unisys earned $128.6 million, or 41 cents a share, excluding one-time charges, down from $144.4 million, or 46 cents, a year ago.

The results matched the consensus analyst forecast of 41 cents a share, according to First Call.

Caterpillar beats forecast
Caterpillar Inc. surged past Wall Street earnings forecasts, posting profit of 76 cents per share for the fourth quarter. Analysts had anticipated earnings of only 64 cents per share. The Dow industrials component cited growth in its electric power business and financial services units for the gains. Click here for more.

Schwab profits drop 27 percent
Charles Schwab Corp. (SCH: Research, Estimates), the No. 1 U.S. discount and Internet broker, said its fourth-quarter profit fell 27 percent due to fewer customer stock trades amid stock market turmoil.

San Francisco-based Schwab, which has about 7.5 million brokerage accounts and $872 billion in assets, reported net income of $138.7 million, or 10 cents per share on a reported basis, for the fourth-quarter. That compared with a profit of $190.5 million, or 14 cents per share, a year earlier.

Sears beats estimates
Sears, Roebuck and Co. (S: Research, Estimates) posted fourth-quarter earnings 4 percent below the year-ago period due to lower income in its retail and credit businesses, but the company still beat Wall Street expectations.

Excluding non-comparable items, Sears earned $639 million, or $1.91 a share, compared with $740 million, or $1.98 a share. Analysts polled by research firm First Call expected $1.87 per share. Click here for more.

-- from staff and wire reports