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Lucent beats forecasts
7:21 a ET
Lucent Technologies reported Tuesday that income jumped 50 percent in its fiscal fourth quarter, topping Wall Street forecasts, on growth of its wireless, optical and data network businesses. (full story)
Cisco in wireless pact
Network equipment maker to work with 10 firms in data transmission effort
cnnfn.com
Maxim Integrated Products (MXIM: news, msgs) beat the consensus estimate by a penny when it posted first-quarter net income of $58.4 million, or 37 cents a share. Last year, the analog products supplier posted third-quarter earnings of $49.4 million, or 33 cents a share. Revenue for the quarter hit $180 million, up from the $155.3 million recorded last year. Shares closed up 15/16 to 71 3/8 ahead of the news.
Sanmina Corp. (SANM: news, msgs) also reported earnings a penny ahead of the consensus estimate, after the market closed. Fourth-quarter net income reached $34.1 million, or 55 cents a share, compared to $22 million, or 40 cents a share. Revenue rose to $348.6 million, up 33 percent from the $262.6 million recorded in the year-ago period. The electronics contract manufacturing services company saw shares close down 3/4 to 82 1/4.
Shares of Sunquest Information Systems (SUNQ: news, msgs) could get a boost due to better-than-expected earnings in the company's third quarter. Earnings hit $4.4 million, or 28 cents a share, compared to $2.4 million, or 16 cents a share, in the year-ago period. Analysts polled by First Call expected a profit of 24 cents a share. Shares of the software company closed down 3/32 to 13 1/32.
Oak Industries (OAK: news, msgs) reported third-quarter earnings of $8.6 million, or 45 cents a share, 4 cents ahead of the consensus estimate. Last year, the company recorded net income of $7.4 million, or 39 cents a share. Sales increased 33 percent over the year-ago total of $81.6 million to $108.8 million. The growth in sales was led by 41-percent growth in sales by the company's communications businesses. Shares closed up 1 13/16 to 31 7/8.
Remedy Corp. (RMDY: news, msgs) shares could get jump in morning trading due to the company's positive third-quarter earnings surprise. Net income was $9.3 million, or 30 cents a share, beating last year's profit of 21 cents a share and the analysts' consensus estimate of 24 cents a share. Revenue rose 52 percent over the year-ago period to $60.9 million. Remedy said its license revenue growth was 48 percent , which demonstrated strong demand for its solutions that offer customers rapid and extraordinary returns. Shares closed up 7/16 to 35 3/16.
Shares of Pixar (PIXR: news, msgs) could jump in morning trading due to better-than-expected earnings. Third-quarter net income totaled $32.3 million, or 63 cents a share, exceeding the consensus estimate by 34 cents a share. Revenue increased to $96.2 million, compared to $11.2 million in the year-ago period. Last year the company posted net income of $867,000, or 2 cents a share. The company also said it expects fiscal 1999 earnings to be at least 85 cents a share, while analysts currently expect a profit of 73 cents a share. Shares closed down 1/8 to 37 7/8.
Homestore.com, which controls a family of home and real estate Web sites, said its pro forma net loss was $15.4 million, or 23 cents a share, vs. a pro forma net loss of $12.3 million, or 28 cents in the year-ago period. The consensus estimate, compiled by analysts from First Call, anticipated the Thousand Oaks, Calif.-based company to lose 24 cents a share. Sales in the third quarter reached $18.6 million, a jump from the $4.9 million reported the year earlier. The company's (HOMS: news, msgs) shares gained 2 9/16, or 6.5 percent, to 42 1/16, ahead of the release.
Digital River (DRIV: news, msgs) posted third-quarter sales of $20 million, with a net loss of $5.4 million, or 26 cents a share, compared to sales of $5.7 million, with a net loss of $3.94 million, or 26 cents a share. Analysts expected a loss of 29 cents a share, according to First Call. Shares closed flat at 21 3/4 ahead of the news.
Rare Hospitality International (RARE: news, msgs) greeted investors with a better-than-expected third-quarter earnings report. Earnings increased 50 percent over last year's third-quarter total of $2.1 million, or 17 cents a share, to $3.1 million, or 25 cents a share. The consensus estimate on Wall Street was a profit of 22 cents a share. Shares closed down 3/16 to 18 3/8.
After the market closed, BMC Software (BMCS: news, msgs) reported better-than-expected second-quarter earnings. Earnings increased 28 percent over the year-ago total to $110.4 million, or 44 cents a share. According to First Call, analysts expected a profit of 42 cents a share. Revenue hit $415.7 million, an increase of 41 percent over the year-ago total of $293.9 million. Shares closed up 1/2 to 53 7/8.
Excimer laser illumination supplier Cymer Inc. (CYMI: news, msgs) posted net income of $3.45 million, or 12 cents a share, on revenue of $58.9 million, compared to $1.45 million, or 5 cents a share, on revenue of $44.4 million. Analysts polled by First Call expected a profit of 7 cents a share. Shares closed up 1 7/16 to 31 1/2 ahead of the news.
Shares of Park Place Entertainment Corp. (PPE: news, msgs) rose 2.8 percent based on the company's third-quarter earnings report. Excluding one-time items, net income totaled $34 million, or 19 cents a share, compared to $44 million, or 14 cents a share, in the year-ago period. Analysts polled by First Call anticipated a profit of 14 cents a share. Shares of the gaming company rose 7/16 to close at 13 3/4. See press release.
King Pharmaceuticals (KING: news, msgs) stock rose 7.3 percent after the company said third-quarter net income rose to $15.1 million, or 47 cents a share. Analysts expected the company to earn 38 cents a share. Last year, the company posted net income of $7.3 million, or 23 cents a share. Third-quarter revenue totaled $104.9 million. The increase in revenue was attributed primarily to the acquisition by King of Altace and Lorabid products from Eli Lilly along with sales growth of certain branded pharmaceutical products. The stock traded up 2 9/16 to 37 13/16. See press release.
Atlas Air, Inc. (CGO: news, msgs) reported net income of $14.1 million, or 41 cents a share, compared to $12.7 million, or 38 cents a share, in the year-ago period. Analysts expected a profit of 39 cents a share. Revenue in the third quarter increased 48 percent to $161.9 million, vs. $109.2 million in the same quarter last year. "We are pleased to be able to report record third-quarter earnings and operating profit, despite the significant negative impact on our operations from Hurricane Floyd, Typhoon York and a major earthquake in Taiwan," said Stephen C. Nevin, chief financial officer. Shares climbed 3 3/4 to 24 3/4. See press release.
Hershey (HSY: news, msgs) shares rose after the company's earnings beat the consensus estimate, shrugging off profits that fell 18 percent due to glitches in customer service, warehousing and order fulfillment. Third-quarter net income slipped to $87.6 million, or 62 cents a share, compared to $107.5 million, or 74 cents a share, in the year-ago period. Wall Street analysts expected a profit of 60 cents a share. Sales slipped to $1.07 billion, compared to $1.22 billion in the year-ago period. The stock gained 1/2 to 50 3/16.
Minnesota Mining & Manufacturing (MMM: news, msgs) said third-quarter earnings advanced 18 percent, bolstered by strong overseas sales. The company said profit from operations climbed to $462 million, or $1.14 a share, from $392 million, or 97 cents, a year earlier. The per-share figure beat the $1.06 consensus estimate of analysts surveyed by First Call Corp. Shares traded up 1/4 to 92 13/16. See full story.
AT&T (T: news, msgs) said third-quarter profit fell 4.4 percent as strong gains in wireless, data and business services were offset by weakness in the long-distance consumer sector. The phone carrier reported profit of $1.75 billion, or 54 cents a share, down from $1.84 billion, or 68 cents, a year ago. That was a penny ahead of the consensus estimate of analysts surveyed by First Call Corp. Shares rose 1 11/16 to 44 11/16. See full story.
Exxon Corp. (XON: news, msgs) posted net income of $1.5 billion, or 61 cents a share, up from the year-ago profit of $1.4 billion, or 58 cents a share. Analysts polled by First Call anticipated a profit of 59 cents a share. The company said stronger crude oil prices pushed the company's exploration and production earnings up. However, the company's refining and marketing businesses were hurt by stronger oil prices. Shares slipped 2 7/8 to 74. See press release.
Chevron Corp. (CHV: news, msgs) posted better-than-expected third-quarter earnings on higher crude oil and natural gas prices. The oil company raked in net income of $702 million, or $1.07 a share, excluding one-time items. In the year-ago period, net income reached $386 million, or 59 cents a share. The consensus estimate called for a profit of $1.01 a share. Sharp rises in prices squeezed margins in refining and marketing. Revenue for the quarter totaled $10.2 billion, an increase of 32 percent from $7.7 billion in last year's third quarter. Shares fell 3 3/4 to close at 90. See press release.
Atlantic Richfield (ARC: news, msgs) posted net income for the third quarter of $511 million, or $1.55 a share, while analysts expected a profit of $1.23 a share. Last year the company posted third-quarter net income of $73 million, or 22 cents a share, excluding one-time items. Stronger commodity prices and the company's cost-reduction program improved the quarter's performance. The company also said refining and marketing operations continue to deliver strong results. Shares fell 3 1/8 to close at 90 7/8. See press release.
Columbia/HCA Healthcare (COL: news, msgs) posted third-quarter earnings of $155 million, or 27 cents a share, on revenue of $3.9 billion. The per-share figure beat the consensus estimate by 2 cents a share. Last year the company posted third-quarter earnings of $146 million, or 22 cents a share, on revenue of $4.6 billion. The company said over the last nine months profits continued to suffer from reduced Medicare reimbursement, increased supply expense, and increased bad debt expense. Shares rose 1/2 to 22 1/4. |
