Latest earnings news
Texas Instruments, Intel, Duke Energy beat forecasts; U.S. Bancorp in line
NEW YORK (CNNfn) - Intel Corp. said Tuesday first-quarter profits fell 64 percent from a year earlier, Texas Instruments announced it will cut 6 percent of its workforce, and Duke Energy reported higher profits on its strong energy business.|
Earlier in the day, Philip Morris reported first-quarter earnings that blew past analysts' estimates while the No. 1 U.S. discount and online brokerage, Charles Schwab, matched Wall Street expectations but said its profit took a hit from the market slump.
Fleet Boston Financial and mutual funds company Mellon Financial bested analysts' forecasts, while newspaper publisher and broadcaster Gannett posted earnings just shy of estimates, citing an advertising slowdown.
Eastman Kodak †posted quarterly earnings that beat analysts' estimates while reporting a sharp drop in first-quarter profit. Hotel operator Marriott and energy company Enron crossed Wall Street expectations, while Sprint's long-distance unit came in a penny below forecasts.
Texas Instruments trims jobs, but beats 1Q
Texas Instruments said Tuesday it would lay off 2,500 employees, about 6 percent of its workforce, as it reported a sharp decline in first-quarter earnings that beat Wall Street's lowered expectations. [Click here for full story]
Intel tops lowered target
Intel reported a first-quarter profit that narrowly beat lowered expectations. The No. 1 supplier of PC microprocessors said it earned 16 cents per share excluding extraordinary charges. Analysts had expected the company to log a profit of 15 cents per share. [Click here for full story]
Duke Energy beats Wall Street
Duke Energy, the third largest U.S. electric utility, said its first-quarter earnings rose sharply, beating Wall Street estimates, on strong profits from its unregulated power business. [Click here for full story]
RealNetworks profit falls but meets target
RealNetworks, the top maker of Internet media software, said its quarterly profits fell 60 percent but the results met Wall Street expectations. The company said its pro forma net income for the first quarter was $3.5 million, or 2 cents a share, compared with $8.7 million, or 5 cents a share a year earlier.
Veritas has strong 1Q, lowers outlook
Veritas Software said its first-quarter results came in on the high end of analysts expectations and that it had lowered the bottom end of its growth expectations for the year. The storage management software maker said it had pro forma net income, excluding purchase accounting adjustments, of $87 million, or 21 cents per diluted share, compared with $52 million, or 12 cents, a year ago.
Philip Morris tops forecast
Tobacco and food maker Philip Morris Cos. (MO: Research, Estimates) said first-quarter earnings rose just past Wall Street forecasts and confirmed guidance for second-quarter results. The company, whose units include Marlboro cigarettes, Miller Brewing Co. and Kraft Foods, earned 95 cents a diluted share on an underlying basis. Analysts surveyed by earnings tracker First Call had forecast earnings per share of 94 cents, up from 89 cents a year earlier, excluding special items. [Click here for full story]
Kodak beats Street; sharp dip in 1Q profit
Eastman Kodak Co. (EK: Research, Estimates) , the photography company, announced a lower first-quarter profit that edged past estimates but it cut its second-quarter earnings forecast and announced a reduction of as many as 3,500 jobs. The company reported earnings of 52 cents a share, down from the 95 cents a share in the year-earlier period. Analysts surveyed by earnings tracker First Call estimated the company would earn 51 cents a share in the most recent period. An official with First Call said the 54 cent number is the more valid comparison to estimates. [Click here for full story]
Charles Schwab 1Q in line; profit hurt by market slump
Charles Schwab Corp. (SCH: Research, Estimates), the No. 1 U.S. discount and online brokerage, reported first-quarter profit fell 63 percent as a prolonged stock market slump dissuaded customers from placing trades. Schwab posted earnings of† 8 cents a share, in line with analysts' estimates, compared with† 23 cents a share in the year-earlier period.
FleetBoston stays ahead; 1Q profit shrinks
FleetBoston Financial Corp. (FBF: Research, Estimates), the No. 7 U.S. bank holding company, reported first-quarter profit dropped 6 percent after a stock market slump curbed earnings generated from brokerage commissions. The company posted earnings of 79 cents a share compared with 84 cents a share a year earlier. Analysts polled by First Call had forecast 78 cents a share for the quarter.
Schering-Plough beats forecast; FDA probe hurts profit
Schering-Plough Corp. (SGP: Research, Estimates) posted a 10 percent drop in first-quarter earnings to 38 cents per share from 42 cents a year ago. The Kenilworth, N.J.-based drugmaker suffered a major setback in mid-February when it said first-quarter earnings could droop by as much as 15 percent as it as it struggles to overcome a probe into its drug manufacturing practices by the U.S. Food and Drug Administration. Analysts polled by First Call had forecast 36 cents a chare.
U.S. Bancorp on target; 9% rise in profit
Midwest regional bank U.S. Bancorp (USB: Research, Estimates) said Tuesday its first-quarter profit rose 9 percent as loan growth countered sluggish results at its brokerage unit. The Minneapolis-based bank, which owns the Piper Jaffray brokerage, posted earnings of 42 cents a share, compared with 38 cents a year ago, but in line with analysts' estimates, according to First Call.
Sprint long-distance misses by a penny
No. 3 U.S. long-distance telephone company Sprint Corp. (FON: Research, Estimates) said its first-quarter net income fell 72 percent amid lower calling prices, stiff competition, and investments to build its data and wireless businesses. Sprint's net income dropped to $315 million, or 36 cents a share, from $1.12 billion, or $1.25 a share, a year earlier. Analysts had forecast 37 cents a share.
Sprint PCS (PCS: Research, Estimates), the company's wireless telephone arm,† reported net operating revenue surged 68 percent to $2.05 billion and average revenue per user increased 6 percent to $60 a month.[Click here for full story]
Marriott tops estimates
Hotel operator Marriott International Inc. (MAR: Research, Estimates) reported first-quarter earnings rose 29 percent, beating Wall Street's estimates, but warned that its 2001 results will be more likely to miss forecasts due to the economic downturn. The company posted earnings of 47 cents a share, compared with 37 cents a share in the year-earlier period. Analysts had forecast 45 cents a share, according to First Call.
Johnson & Johnson crosses 1Q target
Health products maker Johnson & Johnson (JNJ: Research, Estimates) posted first-quarter earnings that beat Wall Street expectations by 2 cents a share. The company reported earnings of $1.06 a diluted share, up from 93 cents a share in the year-earlier quarter. Analysts surveyed by First Call had forecast $1.04 a share. [Click here for full story]
Enron beats estimates
Enron Corp. (ENE: Research, Estimates), North America's biggest marketer of electricity and natural gas, reported skyrocketing revenue and first-quarter earnings that beat Wall Street forecasts, and said it expects its 2001 earnings to meet or exceed analysts' estimates. The company reported earnings of 47 cents a share compared with 40 cents a share in the year-earlier period. Analysts had forecast 45 cents a share, according to First Call. [Click here for full story]
Maytag a penny shy of target
No. 3 U.S. home appliance maker Maytag Corp. (MYG: Research, Estimates) said its first-quarter earnings before a tax benefit fell due to weak sales of some home and commercial products and higher costs. The company reported earnings of 43 cents per share, before a tax benefit, compared with 89 cents per share a year earlier. Analysts had forecast 44 cents, according to First Call.
Gannett misses estimate
Gannett Co. (GCI: Research, Estimates), publisher of USA Today and 98 other newspapers, reported lower first-quarter results, citing an advertising slump that has afflicted the entire newspaper industry. First-quarter profit dropped to 66 cents a share from 74 cents in the year-earlier period. Analysts had forecast 67 cents a share, according to First Call. The company said Tuesday its second-quarter earnings would fall †from a year ago if economic conditions do not improve and newsprint prices do not decline. Gannett reported earnings of $1.00 a share in the
second quarter a year ago. The Wall Street consensus estimate was 99 cents a share, as compiled by First Call.
Mellon Financial improves on forecast
Banking and mutual fund company Mellon Financial Corp. (MEL: Research, Estimates) posted a 4 percent increase in first-quarter profit, as it cut costs in the face of difficult investing environment. Mellon, which owns the $130 billion Dreyfus mutual fund family, reported quarterly earnings of† 54 cents a share compared with 50 cents a share in the year-ago period. Analysts polled by First Call had forecast 53 cents a share.
Caterpillar Inc. (CAT: Research, Estimates), the world's largest maker of construction equipment, said its first-quarter earnings fell as a result of the slowing U.S. economy. The Peoria, Ill.-based company reported earnings of 47 cents a share, down from 73 cents in the year-earlier period. Analysts had forecast 48 cents a share, according to First Call.
[Click here for full story]
First Energy in line with estimates
Regional electric utility FirstEnergy Corp. (FE: Research, Estimates) reported first-quarter earnings dropped 24.6 percent, in line with
expectations, due to increased amortization of transition costs under Ohio's utility deregulation law. FirstEnergy posted earnings of 49 cents a share, compared with 63 cents a share in the year-earlier period.
Hughes bests 1Q forecast
Hughes Electronics Corp. (GMH: Research, Estimates), a wholly-owned subsidiary of GM with its own tracking stock, reported earnings before interest, taxes, depreciation and amortization (EBITDA) of† 9 cents a share of tracking stock, down from the EBITDA† 12 cents a share from a year ago. Analysts surveyed by earnings tracker First Call had forecast EBITDA per share of 6 cents. [Click here for full story]