<TABLE cellSpacing=0 cellPadding=2 width="100%" bgColor=white border=0 xmlns:msxsl="urn:schemas-microsoft-com:xslt" xmlns:js="http://cbs.markewatch.com/xsl"><TBODY><TR><TD width="100%">Allegheny (AYE: news, chart, profile) late Thursday posted first quarter income of $42.6 million, or 29 cents a share, vs. with $33.3 million, or 25 cents a share, a year ago. See full story.
Anadarko Petroleum (APC: news, chart, profile) reported first-quarter earnings of $490 million, or $2.05 a share, up from a year-ago profit of $392 million, or $1.55 a share. Revenue rose in the latest three months to $1.53 billion from $1.46 billion in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of $2 per share in the March period on revenue of $1.46 billion. The Houston oil and gas company said volumes, although down on a year-over-year basis due to asset sales, rose 10% in the quarter, exceeding the high end of its outlook. The stock closed Thursday at $72.07, down 2.1%.
Applied Micro Circuits Corp. (AMCC: news, chart, profile) said its fourth-quarter loss widened to $5.3 million, or 2 cents a share, from $2.1 million, or a penny a share, a year ago. Pro forma earnings were $3.6 million, or a penny a share. Revenue was $64.2 million vs. $47.4 million.
Archer Daniels Midland (ADM: news, chart, profile) posted third-quarter net income of $269 million, or 41 cents a share, up from $227 million, or 35 cents a share, a year before, citing a special gain from an asset sale. The Thomson First Call consensus estimate was for earnings per share of 40 cents. The Decatur, Ill. agricultural processing company's revenue fell to $8.4 million from $9.3 million. Third-quarter revenue was hurt by declines in the company's oilseeds and corn processing divisions. On Thursday the company's stock rose 7 cents to $21.63.
Biogen Idec Inc. (BIIB: news, chart, profile) disclosed in a filing to the Securities and Exchange Commission that the Boston office of the SEC has started a formal probe in connection with the suspension of marketing and commercial distribution of Tysabri, the multiple sclerosis drug made by it and Elan Corp. (ELN: news, chart, profile) . The probe started last week, Biogen said. Biogen said it'll cooperate fully and is unable to predict the outcome or timing of the investigation.
Carpenter Technology Corp. (CRS: news, chart, profile) said its board increased the quarterly common-stock dividend to 12.5 cents from 10 cents. The dividend is payable June 2, to shareholders of record May 10.
Charles Schwab & Co. (SCH: news, chart, profile) increased its quarterly dividend 10% to 2.2 cents a share, payable on May 23 to shareholders as of May 9. It also said it will buy back an additional $300 million of its common stock.
Cinergy Corp. (CIN: news, chart, profile) said first-quarter earnings rose 13.5% but fell short of expectations due to milder weather, higher expenses, and losses on contracts intended to hedge natural gas storage and generation assets. See full story.
Clear Channel Communications (CCU: news, chart, profile) reported first-quarter earnings of $47.9 million, or 9 cents a share, down from $116.5 million, or 19 cents a share in the same period a year ago. Revenue decline 4% to $1.88 billion from last year's $1.97 billion, as declines in live entertainment and radio broadcasting revenue offset growth in outdoor advertising. Analysts surveyed by Thomson First Call had been expecting earnings of 13 cents a share and revenue of $1.96 billion, on average. The company confirmed earlier press reports that it would declare a one-time $3 dividend, raise its regular quarterly dividend by 50% and would sell 10% of its outdoor division in an initial public offering. The company said it would also spin off 100% of its entertainment division. The chief executive of the entertainment division, Brian Becker, will leave the company and form a joint venture with the division to pursue entertainment content opportunities. The stock closed Thursday down 37 cents at $32.
Columbia Sportswear Co. (COLM: news, chart, profile) dropped more than 12% after it wanted second-quarter and 2005 earnings will fall sharply. See full story.
Eastman Chemical Co. (EMN: news, chart, profile) reported earnings of $162 million, or $2 a share, reversing a loss of $6 million, or 7 cents, a year ago. Revenue was $1.76 billion vs. $1.60 billion. Analysts expected earnings of $1.24 a share. See full story.
Federated Investors Inc. (FII: news, chart, profile) reported sharply lower first-quarter earnings, reflecting its $52.9 million charge for anticipated regulatory settlements. See full story.
Flextronics International (FLEX: news, chart, profile) reported its fourth-quarter rose more than four times against a year ago, but revenue declined. See full story.
Gateway Inc. (GTW: news, chart, profile) nearly erased its loss for the first quarter, but it saw a slight drop in revenue. See full story.
Hartford Financial Services Group (HIG: news, chart, profile) reported record first-quarter profit that beat analyst expectations. See full story.
Hearst-Argyle Television (HTV: news, chart, profile) , the New York TV- and radio-station operator, reported net income fell 27% on 2.7% lower revenue. Net dropped to $13.1 million, or 14 cents a share, from $17.9 million, or 19 cents, in the year-earlier period. Revenue fell to $162.3 million from $166.9 million. The company estimated second-quarter earnings of 31 cents to 33 cents, compared with 37 cents in the year-earlier period. Revenue should fall by a low-single-digit percentage from $198 million in the 2004 second quarter. Separately, Hearst Corp. purchased 524,000 Hearst-Argyle Series A shares in the quarter, lifting its stake in the company to 68%. The company's shares fell 4 cents to $24.86 on Thursday.
IDEXX Laboratories (IDXX: news, chart, profile) said first-quarter net income edged lower to $17.7 million, or 51 cents a share, from $17.8 million, or 49 cents a share, while sales rose 14% to $152 million. The company said the flat profit was expected due to the anticipated increases in sales and marketing expense related to the expansion of the Companion Animal Group sales and support personnel in 2004 and integration costs associated with the acquisitions of Vet Med Lab and Dr. Bommeli AG in the fourth quarter 2004. IDEXX anticipates second-quarter EPS of 56 cents to 58 cents on sales of $160 million to $162 million, and 2005 EPS of $2.25 to $2.28 on sales between $630 million and $640 million.
Ingram Micro Inc. (IM: news, chart, profile) reported first-quarter earnings of $42.5 million, or 26 cents a share, vs. $37.6 million, or 24 cents a share, a year ago. Revenue was $7.05 billion vs. $6.28 billion. Analysts expected earnings of 29 cents a share on revenue of $7.12 billion. For the second quarter, it forecast earnings of 25 cents to 28 cents a share on revenue of $6.7 billion to $6.9 billion.
Invitrogen (IVGN: news, chart, profile) reported higher first-quarter earnings, prompting it to raise its 2005 financial forecast. See full story.
ITT Industries (ITT: news, chart, profile) reported first-quarter net income of $116.5 million, or $1.24 a share, up from $88.9 million, or 94 cents a share, recorded the previous year. Special items contributed 11 cents a share to 2005 first-quarter earnings per share. The company said it would raise its 2005 earnings per share estimate to between $5.10-$5.25, from a previous range of $5.00 - $5.15. Revenue is now expected in a range from $7.4 billion to $7.6 billion, while the cash forecast has been raised to between $500 million and $550 million for 2005.
KeySpan Corp. (KSE: news, chart, profile) said net income for the first quarter slipped to $235.7 million, or $1.44 a share, from $247.7 million, $1.53 a share, including a charge of 4 cents a share associated with the premiums paid to redeem $500 million of outstanding bonds. It said its "core earnings" were 8% ahead of Wall Street consensus. Revenue was flat at $2.48 billion compared to $2.5 billion. It said its 2005 earnings outlook remains at $2.30 to $2.40 a share.
KLA-Tencor Corp. (KLAC: news, chart, profile) said third-quarter income rose 86%, outpacing financial expectations. See full story.
LookSmart Ltd. (LOOK: news, chart, profile) reported a first-quarter loss of $4.3 million, or 4 cents a share, vs. a loss of $7.1 million, or 7 cents a share, a year ago. Revenue was $12 million vs. $23.7 million. Analysts expected a loss of 3 cents a share on revenue of $13 million. For the second quarter, it forecast a loss of 4 cents a share.
Magma Design Automation (LAVA: news, chart, profile) reported a fourth-quarter loss of $5.6 million, or 16 cents a share. Last year, it posted earnings of $4.2 million, or 10 cents a share. Pro forma earnings were 8 cents a share. Revenue was $35.7 million vs. $34 million. For the first quarter, it forecast a loss of 9 cents to 13 cents a share on revenue of $35 million to $39 million.
Microsoft Corp. (MSFT: news, chart, profile) said third-quarter profit nearly doubled as it cut legal fees and other expenses, but its revenue lagged estimates despite strong sales of servers and home entertainment products. See full story.
Molina Healthcare Inc. (MOH: news, chart, profile) reported first-quarter income of $14.8 million, or 53 cents a share, vs. $11.1 million, or 43 cents a share, a year ago. Revenue was $394 million vs. $220 million.
Nextel Partners Inc. (NXTP: news, chart, profile) reported first-quarter earnings of $56.5 million, or 19 cents a share, vs. earnings of $3.5 million, or 1 cent a share, last year. Revenue was $404.1 vs. $308.1 million.
PacifiCare Health Systems (PHS: news, chart, profile) reported first-quarter income of $85.7 million, or 89 cents a share, vs. $67 million, or 71 cents a share, a year ago. Revenue was $3.43 billion vs. $2.96 billion.
Peoples Energy Corp. (PGL: news, chart, profile) said second-quarter net income declined to $51.2 million, or $1.34 a share, from $54.9 million, or $1.46 a share, in the year-earlier quarter. Excluding a one-time pension-related charge, the company would have earned $1.37 a share, below the average forecast for earnings of $1.50 a share of analysts polled by Thomson First Call. Revenue for the period rose to $1.03 billion from $927 million. Looking ahead, Peoples Energy lowered its 2005 earnings outlook to the range of $2.30 to $2.45 a share, citing a warm winter and shortfalls in its oil and gas production volumes. The diversified energy company said it sees adjusted earnings of $2.55 to $2.70 a share.
Pitney Bowes (PBI: news, chart, profile) reported higher first-quarter earnings and sales, driven by rising demand for its mail-related products and services. See full story.
Progress Energy Inc. (PGN: news, chart, profile) said first quarter profits dropped nearly 14% as it confronted milder weather in its service area, higher expenses, and tax losses on the sale of Progress Rail. See full story.
Shire Pharmaceuticals Group PLC (SHPGY: news, chart, profile) said net income in the first quarter fell to $20.5 million from $74.6 million, reflecting the costs of new product launches and higher research costs. Revenue was flat at $333.7 million from $323.6 million. Adderall sales rose 4% to $145.5 million, despite wholesaler de-stocking of around $20 million, it said. Looking ahead, Shire said it sees revenue growth for 2005 in the high single-digit to low double-digit range, and sees research and development costs rising in line with revenues. This does not include any costs from its proposed acquisition of Transkaryotic Therapies (TKTX: news, chart, profile) .
Simon Property Group (SPG: news, chart, profile) said first-quarter income jumped 18% as rent prices moved higher. See full story.
Sun Microsystems (SUNW: news, chart, profile) shares may be in focus following a report that Scott McNealy, the company's CEO and private equity firm Silver Lake Partners are considering taking the company private. The Inside Wall Street column published by Business Week cited a hedge fund manager, who put the leveraged buyout offer at between $5 and $5.50 a share. Spokespersons for both Sun and Silver Lake declined comment, the report added. Shares closed Thursday at $3.44.
WebMD Corp. (HLTH: news, chart, profile) reported first-quarter earnings of $9.8 million, or 3 cents a share, vs. $5.7 million, or 2 cents a share, a year ago. Pro forma earnings were 12 cents a share. Revenue was $303.9 million vs. $271.2 million. Analysts expected earnings of 11 cents a share on revenue of $300 million. For the second quarter, it forecast earnings of 5 cents to 6 cents a share on revenue of $315 million to $325 million.
West Pharmaceutical Services (WST: news, chart, profile) agreed to buy privately-held plastics components maker The Tech Group for $140 million in cash. West Pharmaceutical won't buy The Tech Group's interests in Tech Group Asia. Part of the purchase price is deferred and contingent on the performance of the business in 2005 and 2006. West Pharmaceutical sees 2005 EPS boosted by 2 cents to 5 cents on sales of $70 million. The Tech Group business and management team will remain headquartered in Scottsdale, Ariz.
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Michael Baron is a reporter for MarketWatch in New York.
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Anadarko Petroleum (APC: news, chart, profile) reported first-quarter earnings of $490 million, or $2.05 a share, up from a year-ago profit of $392 million, or $1.55 a share. Revenue rose in the latest three months to $1.53 billion from $1.46 billion in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of $2 per share in the March period on revenue of $1.46 billion. The Houston oil and gas company said volumes, although down on a year-over-year basis due to asset sales, rose 10% in the quarter, exceeding the high end of its outlook. The stock closed Thursday at $72.07, down 2.1%.
Applied Micro Circuits Corp. (AMCC: news, chart, profile) said its fourth-quarter loss widened to $5.3 million, or 2 cents a share, from $2.1 million, or a penny a share, a year ago. Pro forma earnings were $3.6 million, or a penny a share. Revenue was $64.2 million vs. $47.4 million.
Archer Daniels Midland (ADM: news, chart, profile) posted third-quarter net income of $269 million, or 41 cents a share, up from $227 million, or 35 cents a share, a year before, citing a special gain from an asset sale. The Thomson First Call consensus estimate was for earnings per share of 40 cents. The Decatur, Ill. agricultural processing company's revenue fell to $8.4 million from $9.3 million. Third-quarter revenue was hurt by declines in the company's oilseeds and corn processing divisions. On Thursday the company's stock rose 7 cents to $21.63.
Biogen Idec Inc. (BIIB: news, chart, profile) disclosed in a filing to the Securities and Exchange Commission that the Boston office of the SEC has started a formal probe in connection with the suspension of marketing and commercial distribution of Tysabri, the multiple sclerosis drug made by it and Elan Corp. (ELN: news, chart, profile) . The probe started last week, Biogen said. Biogen said it'll cooperate fully and is unable to predict the outcome or timing of the investigation.
Carpenter Technology Corp. (CRS: news, chart, profile) said its board increased the quarterly common-stock dividend to 12.5 cents from 10 cents. The dividend is payable June 2, to shareholders of record May 10.
Charles Schwab & Co. (SCH: news, chart, profile) increased its quarterly dividend 10% to 2.2 cents a share, payable on May 23 to shareholders as of May 9. It also said it will buy back an additional $300 million of its common stock.
Cinergy Corp. (CIN: news, chart, profile) said first-quarter earnings rose 13.5% but fell short of expectations due to milder weather, higher expenses, and losses on contracts intended to hedge natural gas storage and generation assets. See full story.
Clear Channel Communications (CCU: news, chart, profile) reported first-quarter earnings of $47.9 million, or 9 cents a share, down from $116.5 million, or 19 cents a share in the same period a year ago. Revenue decline 4% to $1.88 billion from last year's $1.97 billion, as declines in live entertainment and radio broadcasting revenue offset growth in outdoor advertising. Analysts surveyed by Thomson First Call had been expecting earnings of 13 cents a share and revenue of $1.96 billion, on average. The company confirmed earlier press reports that it would declare a one-time $3 dividend, raise its regular quarterly dividend by 50% and would sell 10% of its outdoor division in an initial public offering. The company said it would also spin off 100% of its entertainment division. The chief executive of the entertainment division, Brian Becker, will leave the company and form a joint venture with the division to pursue entertainment content opportunities. The stock closed Thursday down 37 cents at $32.
Columbia Sportswear Co. (COLM: news, chart, profile) dropped more than 12% after it wanted second-quarter and 2005 earnings will fall sharply. See full story.
Eastman Chemical Co. (EMN: news, chart, profile) reported earnings of $162 million, or $2 a share, reversing a loss of $6 million, or 7 cents, a year ago. Revenue was $1.76 billion vs. $1.60 billion. Analysts expected earnings of $1.24 a share. See full story.
Federated Investors Inc. (FII: news, chart, profile) reported sharply lower first-quarter earnings, reflecting its $52.9 million charge for anticipated regulatory settlements. See full story.
Flextronics International (FLEX: news, chart, profile) reported its fourth-quarter rose more than four times against a year ago, but revenue declined. See full story.
Gateway Inc. (GTW: news, chart, profile) nearly erased its loss for the first quarter, but it saw a slight drop in revenue. See full story.
Hartford Financial Services Group (HIG: news, chart, profile) reported record first-quarter profit that beat analyst expectations. See full story.
Hearst-Argyle Television (HTV: news, chart, profile) , the New York TV- and radio-station operator, reported net income fell 27% on 2.7% lower revenue. Net dropped to $13.1 million, or 14 cents a share, from $17.9 million, or 19 cents, in the year-earlier period. Revenue fell to $162.3 million from $166.9 million. The company estimated second-quarter earnings of 31 cents to 33 cents, compared with 37 cents in the year-earlier period. Revenue should fall by a low-single-digit percentage from $198 million in the 2004 second quarter. Separately, Hearst Corp. purchased 524,000 Hearst-Argyle Series A shares in the quarter, lifting its stake in the company to 68%. The company's shares fell 4 cents to $24.86 on Thursday.
IDEXX Laboratories (IDXX: news, chart, profile) said first-quarter net income edged lower to $17.7 million, or 51 cents a share, from $17.8 million, or 49 cents a share, while sales rose 14% to $152 million. The company said the flat profit was expected due to the anticipated increases in sales and marketing expense related to the expansion of the Companion Animal Group sales and support personnel in 2004 and integration costs associated with the acquisitions of Vet Med Lab and Dr. Bommeli AG in the fourth quarter 2004. IDEXX anticipates second-quarter EPS of 56 cents to 58 cents on sales of $160 million to $162 million, and 2005 EPS of $2.25 to $2.28 on sales between $630 million and $640 million.
Ingram Micro Inc. (IM: news, chart, profile) reported first-quarter earnings of $42.5 million, or 26 cents a share, vs. $37.6 million, or 24 cents a share, a year ago. Revenue was $7.05 billion vs. $6.28 billion. Analysts expected earnings of 29 cents a share on revenue of $7.12 billion. For the second quarter, it forecast earnings of 25 cents to 28 cents a share on revenue of $6.7 billion to $6.9 billion.
Invitrogen (IVGN: news, chart, profile) reported higher first-quarter earnings, prompting it to raise its 2005 financial forecast. See full story.
ITT Industries (ITT: news, chart, profile) reported first-quarter net income of $116.5 million, or $1.24 a share, up from $88.9 million, or 94 cents a share, recorded the previous year. Special items contributed 11 cents a share to 2005 first-quarter earnings per share. The company said it would raise its 2005 earnings per share estimate to between $5.10-$5.25, from a previous range of $5.00 - $5.15. Revenue is now expected in a range from $7.4 billion to $7.6 billion, while the cash forecast has been raised to between $500 million and $550 million for 2005.
KeySpan Corp. (KSE: news, chart, profile) said net income for the first quarter slipped to $235.7 million, or $1.44 a share, from $247.7 million, $1.53 a share, including a charge of 4 cents a share associated with the premiums paid to redeem $500 million of outstanding bonds. It said its "core earnings" were 8% ahead of Wall Street consensus. Revenue was flat at $2.48 billion compared to $2.5 billion. It said its 2005 earnings outlook remains at $2.30 to $2.40 a share.
KLA-Tencor Corp. (KLAC: news, chart, profile) said third-quarter income rose 86%, outpacing financial expectations. See full story.
LookSmart Ltd. (LOOK: news, chart, profile) reported a first-quarter loss of $4.3 million, or 4 cents a share, vs. a loss of $7.1 million, or 7 cents a share, a year ago. Revenue was $12 million vs. $23.7 million. Analysts expected a loss of 3 cents a share on revenue of $13 million. For the second quarter, it forecast a loss of 4 cents a share.
Magma Design Automation (LAVA: news, chart, profile) reported a fourth-quarter loss of $5.6 million, or 16 cents a share. Last year, it posted earnings of $4.2 million, or 10 cents a share. Pro forma earnings were 8 cents a share. Revenue was $35.7 million vs. $34 million. For the first quarter, it forecast a loss of 9 cents to 13 cents a share on revenue of $35 million to $39 million.
Microsoft Corp. (MSFT: news, chart, profile) said third-quarter profit nearly doubled as it cut legal fees and other expenses, but its revenue lagged estimates despite strong sales of servers and home entertainment products. See full story.
Molina Healthcare Inc. (MOH: news, chart, profile) reported first-quarter income of $14.8 million, or 53 cents a share, vs. $11.1 million, or 43 cents a share, a year ago. Revenue was $394 million vs. $220 million.
Nextel Partners Inc. (NXTP: news, chart, profile) reported first-quarter earnings of $56.5 million, or 19 cents a share, vs. earnings of $3.5 million, or 1 cent a share, last year. Revenue was $404.1 vs. $308.1 million.
PacifiCare Health Systems (PHS: news, chart, profile) reported first-quarter income of $85.7 million, or 89 cents a share, vs. $67 million, or 71 cents a share, a year ago. Revenue was $3.43 billion vs. $2.96 billion.
Peoples Energy Corp. (PGL: news, chart, profile) said second-quarter net income declined to $51.2 million, or $1.34 a share, from $54.9 million, or $1.46 a share, in the year-earlier quarter. Excluding a one-time pension-related charge, the company would have earned $1.37 a share, below the average forecast for earnings of $1.50 a share of analysts polled by Thomson First Call. Revenue for the period rose to $1.03 billion from $927 million. Looking ahead, Peoples Energy lowered its 2005 earnings outlook to the range of $2.30 to $2.45 a share, citing a warm winter and shortfalls in its oil and gas production volumes. The diversified energy company said it sees adjusted earnings of $2.55 to $2.70 a share.
Pitney Bowes (PBI: news, chart, profile) reported higher first-quarter earnings and sales, driven by rising demand for its mail-related products and services. See full story.
Progress Energy Inc. (PGN: news, chart, profile) said first quarter profits dropped nearly 14% as it confronted milder weather in its service area, higher expenses, and tax losses on the sale of Progress Rail. See full story.
Shire Pharmaceuticals Group PLC (SHPGY: news, chart, profile) said net income in the first quarter fell to $20.5 million from $74.6 million, reflecting the costs of new product launches and higher research costs. Revenue was flat at $333.7 million from $323.6 million. Adderall sales rose 4% to $145.5 million, despite wholesaler de-stocking of around $20 million, it said. Looking ahead, Shire said it sees revenue growth for 2005 in the high single-digit to low double-digit range, and sees research and development costs rising in line with revenues. This does not include any costs from its proposed acquisition of Transkaryotic Therapies (TKTX: news, chart, profile) .
Simon Property Group (SPG: news, chart, profile) said first-quarter income jumped 18% as rent prices moved higher. See full story.
Sun Microsystems (SUNW: news, chart, profile) shares may be in focus following a report that Scott McNealy, the company's CEO and private equity firm Silver Lake Partners are considering taking the company private. The Inside Wall Street column published by Business Week cited a hedge fund manager, who put the leveraged buyout offer at between $5 and $5.50 a share. Spokespersons for both Sun and Silver Lake declined comment, the report added. Shares closed Thursday at $3.44.
WebMD Corp. (HLTH: news, chart, profile) reported first-quarter earnings of $9.8 million, or 3 cents a share, vs. $5.7 million, or 2 cents a share, a year ago. Pro forma earnings were 12 cents a share. Revenue was $303.9 million vs. $271.2 million. Analysts expected earnings of 11 cents a share on revenue of $300 million. For the second quarter, it forecast earnings of 5 cents to 6 cents a share on revenue of $315 million to $325 million.
West Pharmaceutical Services (WST: news, chart, profile) agreed to buy privately-held plastics components maker The Tech Group for $140 million in cash. West Pharmaceutical won't buy The Tech Group's interests in Tech Group Asia. Part of the purchase price is deferred and contingent on the performance of the business in 2005 and 2006. West Pharmaceutical sees 2005 EPS boosted by 2 cents to 5 cents on sales of $70 million. The Tech Group business and management team will remain headquartered in Scottsdale, Ariz.
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Michael Baron is a reporter for MarketWatch in New York.
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