8:54AM McDonald's tops Q2 earns forecast (MCD) by Tomi Kilgore
McDonald's (MCD) reported second-quarter earnings that rose over year-earlier levels and exceeded expectations, and provided a full-year outlook that surrounded consensus analyst forecasts. Net income for the quarter ending June was $497.5 million, or 39 cents a share, up from last year's 34 cents a share and a penny a share above the average analyst forecast as compiled by Thomson Financial/First Call. Systemwide sales for the period rose 1.9 percent to $10.43 billion. The fast food behemoth expects to report earnings, excluding charges, of $1.47 to $1.53 for the year, compared with the $1.49 forecasted by analysts. The company said foreign currency translation had a "minimal" impact on systemwide sales results, as strength in the euro was offset by weakness in Latin American currencies. The company added that it attempts to lessen currency exposure by financing in local currencies, hedging certain foreign-denominated cash flows and by purchasing goods and services in local currencies. The stock, a component of the Dow industrials ($INDU), closed Tuesday up 54 cents to $23.84.
8:37AM Skechers USA posts Q2 profit of $21.3M (SKX) by Michael Baron
Skechers USA (SKX) is reporting second-quarter earnings of $21.3 million, or 52 cents a share, 11 cents ahead of the average estimate of analysts polled by Thomson Financial/First Call. Sales leapt 11.2 percent in the latest three months to $256.7 million from $230.9 million in the same period a year earlier. Looking ahead, the Manhattan Beach, Calif., footwear firm boosted its earnings outlook for the year to 6 cents above Wall Street's current consensus estimate for a profit of $1.67 per share. The stock closed Tuesday at $14.40, down 3.7 percent.
8:33AM Ryder tops in Q2; sees Q3 in line w/ views (R) by Michael Baron
Ryder System (R) is reporting second-quarter earnings of $29.5 million, or 47 cents a share, 4 cents ahead of the average estimate of analysts polled by Thomson Financial/First Call. Revenue slipped 7 percent in the latest three months to $1.21 billion from $1.29 billion in the same period a year earlier. Looking ahead, the Miami-based provider of logistics products and services forecast earnings of 48 to 50 cents a share for the third quarter, in line with previous outlook and Wall Street's consensus estimate of 50 cents. Ryder said it's seeing no evidence of a sustained economic recovery in its customer base.
8:23AM MSC.Software turns in operating profit in Q2 (MNS) by Michael Baron
MSC.Software (MNS) is reporting second-quarter earnings before items of $601,000, or 2 cents a share, besting Wall Street's consensus estimate for a loss of 3 cents a share. Revenue jumped 95 percent in the latest three months from a year earlier to $95.1 million from $48.7 million in the same period a year earlier. The Santa Ana, Calif., provider of simulation software said it remains cautious about the remainder of the year due to uncertainty in world markets.
8:17AM Martha Stewart Living beats in Q2; warns on Q3 (MSO) by Michael Baron
Martha Stewart Living Omnimedia (MSO) is reporting second-quarter earnings from continuing operations of $8.1 million, or 16 cents a share, a penny ahead of the average estimate of analysts polled by Thomson Financial/First Call. Revenue rose 15.9 percent in the latest three months to $78.6 million from $67.8 million in the same period a year earlier. The company, however, said that it's beginning to see some impact on its business from the investigation of the sale of stock in ImClone Systems by Chairman, CEO, and namesake Martha Stewart. For the third quarter, it forecast earnings of 6 to 7 cents a share, well below Wall Street's current consensus estimate for a profit of 15 cents a share. The stock closed Tuesday at $10, down 2.9 percent.
7:56AM GlobalSantaFe misses Q2 earns forecast (GSF) by Tomi Kilgore
GlobalSantaFe (GSF) reported second quarter earnings that fell from year-earlier levels but fell short of consensus analyst expectations as a weaker floating rig market offset improvement in the U.S. Gulf of Mexico jackup market. Net income for the quarter ending June was $73.4 million, or 31 cents a share, down from last year's $84.3 million, or 69 cents a share. Analysts surveyed by Thomson Financial/First Call had been expecting earnings of 34 cents a share. Revenue for the period rose 31 percent over last year to $501.7 million. The oil driller said it expected the floating rig market to remain weak and added that the two of its semisubmersibles in the North Sea were nearing the end of the current contracts and were not yet booked for follow-on work. Meanwhile, demand for high-end jackups in the Gulf is expected to grow. The stock closed Tuesday down 50 cents at $20.10.
7:57AM BCE Inc. posts better than expected Q2; plans (BCE) by Susan Lerner
BCE Inc. (BCE) reported second quarter net earnings of 1 Canadian cent a share on revenue of C$4.9 billion. Excluding one-time items earnings came in at 49 Canadian cents a share, 3 cents ahead of the Thomson Financial/First Call consensus estimate of 46 Canadian cents. Canada's largest communications company also said it expects earnings before non-recurring items to come in between 45 and 48 Canadian cents a share for the third quarter and between C$1.80 and C$1.90 for all of 2002. BCE also said it would file a shelf registration covering up to C$5 billion equity and debt securities to be offered for sale in Canada and the U.S.
6:28AM Caremark tops Q2 earns est., ups full-year outlook (CMX) by Tomi Kilgore
Caremark Rx (CMX) reported second-quarter earnings that topped expectations and raised its outlook for the year as a higher mix of generic drugs being sold helped lift operating margins. Net income for the quarter ending June was $69.2 million, or 27 cents a share, up from 16 cents a share in the year-earlier period and 2 cents above the average analyst forecast compiled by Thomson Financial/First Call. Revenue rose 18 percent to $1.6 billion. The pharmaceutical services company added that it now expects earnings of $1.06 to $1.08 a share for the year, up from prior forecasts of $1.02 to $1.04. Revenue is anticipated to grow more than 20 percent. The stock closed Tuesday down 15 cents at $12.85.
4:26AM Siemens sees Q4 underperforming Q3 (SI, DE:723611) by Emily Church
German trains-to-mobile phones maker Siemens (US:SI) (DE:723611) warned on Wednesday it expects its results in the fiscal fourth quarter to come in below third quarter levels. "We are working through each point of the 'Operation 2003' action plan and pursuing previously announced earnings targets despite the challenging fourth quarter and extremely difficult market conditions," Siemens CEO Heinrich v. Pierer said in a statement to the German stock exchange. For the third quarter, Siemens posted net income of 725 million euros or 81 euro cents a share. A year ago, Siemens posted a 705 million euro loss. Sales decreased 4 percent to 20.5 billion euros; orders were down 20 percent in the quarter to 19 billion euros. Siemens attributed some of the decline in orders to higher activity a year ago in power generation. Shares dropped 7 percent in Frankfurt after the June quarter results were released.
TUESDAY, JULY 23, 2002
4:37PM Varian Semi Q3 earns 7c, revenue $95m (VSEA) by Chris Kraeuter
Varian Semiconductor (VSEA) reported third-quarter net income of $3 million, or 7 cents a share, on revenue of $95 million. According to a statement, the chip equipment maker sees strength for leading-edge technologies but it lacks evidence of continued sustainable worldwide demand growth.
4:20PM Amazon.com posts narrower-than-expected Q2 loss (AMZN, EBAY, YHOO) by Bambi Francisco
Amazon.com (AMZN) said it lost $94 million, or 25 cents per share, in its second quarter. Amazon.com lost $168 million, or 47-cents per share, in the year-ago period. Excluding certain charges, Amazon.com lost $4 million, or 1 cent per share. Analysts expected Amazon.com to lose 6 cents on this basis. Amazon.com grew sales 21 percent to $806 million. Analysts expected sales to be $789 million. Shares of Amazon.com lost 7 percent to $14.48 in regular trading. |
