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ALTR Reports 0.16 cents per shares…revenues up 6% on new product launch
SAN JOSE, Calif.–(BUSINESS WIRE)–Altera Corporation (NASDAQ:ALTR – News) today announced second quarter sales of $279.2 million, up 6 percent from the first quarter of 2009 and down 22 percent from the second quarter of 2008. New products grew 16 percent sequentially.
Second quarter net income was $47.4 million, $0.16 per diluted share, up from net income of $44.0 million, $0.15 per diluted share, in the first quarter of 2009 and down from $98.0 million, $0.32 per diluted share, in the second quarter of 2008. Second quarter 2009 tax expense includes an additional $11.5 million charge as a result of a United States court ruling announced during the quarter related to worldwide equity compensation cost sharing. Altera was not a party to the case. The additional tax expense reduced second quarter earnings by $0.04 per diluted share.
Year-to-date cash flow from operating activities was $90.9 million. Altera ended the quarter with $1.3 billion in cash and short-term investments.
Altera’s board of directors has declared a quarterly cash dividend of $0.05 per share payable on September 1, 2009 to stockholders of record on August 10, 2009.
“With a more than doubling of our 40-nm sales and surging 65-nm sales, new products resumed sequential growth and drove our top line results this quarter,” said John Daane, president, chief executive officer, and chairman of the board. “Combined, our three 40-nm FPGA families continue to set design win value records. We believe that these newest Altera FPGAs will be our most successful ever.”
Several recent accomplishments mark the company’s continuing progress……
Fast-food restaurateur Yum Brands(YUM Quote) exceeded Wall Street earnings targets for its second quarter, but ratcheted down guidance for same-store sales growth for the rest of the year.
In an aftermarket press release otherwise marked by excitement over the expansion of its chains in China and the launch of new products at KFC, Yum said “constrained consumer spending” has dampened traffic worldwide, prompting it to cut same-store growth targets for 2009.
In a separate “guidance update” press release, the company said it now expects Chinese same-store sales to come in flat for 2009, as opposed to original targets of a 5% gain year-over-year. For its U.S. division, Yum said same-store sales will likely be “down slightly” compared with early guidance of a 3% increase.
Still, because Yum expects declining commodities prices to increase its restaurant profit margins “significantly,” the company said its EPS target for the full-year 2009 remains unchanged at $2.10. Analysts polled by Thompson Financial are forecasting per-share earnings of $2.12.
The company — franchiser of KFC, Taco Bell and Long John Silvers among others — posted per-share earnings for its second quarter of 50 cents (which excludes one-time items), seven cents above analysts’ expectations. In the year-ago period, Yum earned 45 cents a share.
Sales in the quarter fell to $2.48 billion from $2.66 billion in the corresponding 2008 period.
As for its international growth, Yum said it added 328 restaurants worldwide, with 118 of those in China. Eventually the company wants to open “at least” 500 restaurants in China.
In aftermarket trading, investors bid down Yum shares by $1.38, or about 4%, from their regular session close of $36.23.
By Benjamin Pimentel
SAN FRANCISCO (MarketWatch) – Intel Corp. /quotes/comstock/15*!intc/quotes/nls/intc (INTC 16.83, +0.01, +0.06%) on Tuesday reported a second-quarter loss of $398 million, or 7 cents a share, compared with a profit of $1.6 billion, or 28 cents a share for the year-earlier period. Revenue was $8 billion, down from $9.5 billion for the same quarter last year. Adjusted income, which excludes the impact of a fine imposed by European Commission, was 18 cents a share. Analysts had expected the Santa Clara, Calif.-based chip giant to report earnings of 8 cents a share, on revenue of $7.3 billion, according to a consensus survey by FactSet Research.
GS- Reports $3.44 bln on $13.76 bln in Revenues…$4.93 – Smoking Street Estimates of $3.65
By Christine Harper
July 14 (Bloomberg) — Goldman Sachs Group Inc.’s second- quarter profit exceeded analysts’ estimates as record trading and stock underwriting led the company to its highest quarterly profit.
Net income in the three months ended June 26 was $3.44 billion, or $4.93 a share, the New York-based bank said today in a statement. That surpassed the $3.65 per-share average estimate of 22 analysts surveyed by Bloomberg and compared with $2.09 billion, or $4.58 per share, in last year’s second quarter.
Chief Executive Officer Lloyd Blankfein, 54, made Goldman Sachs the highest-paying Wall Street firm in history before last year’s credit freeze led him to convert to a bank, accept government funds and report the first quarterly loss as a public company. This year Goldman Sachs has issued new stock, returned $10 billion to the U.S. Treasury and reaped fees from selling stocks and bonds.
“Goldman’s got a sweet spot in here, they were the go-to players,” said Peter Sorrentino, a senior portfolio manager at Huntington Asset Advisors in Cincinnati, which oversees $13.8 billion including Goldman shares, before earnings were released. “For the time being, they’ve got kind of an open playing field all to themselves.”
Goldman Sachs, the fifth-biggest U.S. bank by assets, climbed 77 percent in New York Stock Exchange trading this year to close yesterday at $149.44. That’s almost triple the low of $52 on Nov. 20.
Goldman Bonds
The difference between the yield on Goldman Sachs’s bonds and U.S. Treasuries, known as the spread, has narrowed this year, indicating investors have regained comfort in lending to the company. The spread on $3.2 billion of 5.95 percent senior unsecured notes maturing in 2018 was 268 basis points yesterday, compared with 472 basis points on March 31. A basis point is one-hundredth of a percentage point.
The results follow the U.S. bank-rescue effort that funneled about $200 billion from taxpayers to financial firms, including $10 billion to Goldman Sachs, after the bankruptcy of Lehman Brothers Holdings Inc. and near-failure of American International Group Inc.
Investors will receive earnings reports later this week from JPMorgan Chase & Co., Citigroup Inc., and Bank of America Corp. Morgan Stanley, which was the second-biggest U.S. securities firm behind Goldman Sachs before both firms converted to banks last year, said it will report next week.
NEW BRUNSWICK, N.J., July 14 /PRNewswire-FirstCall/ — Johnson & Johnson (NYSE: JNJ – News) today announced sales of $15.2 billion for the second quarter of 2009, a decrease of 7.4% as compared to the second quarter of 2008. Operational results declined 1.4% and the negative impact of currency was 6.0%. Domestic sales declined 6.7%, while international sales declined 8.0%, reflecting operational growth of 3.9% and a negative currency impact of 11.9%.
Net earnings and diluted earnings per share for the second quarter of 2009 were $3.2 billion and $1.15, respectively. The second quarter of 2008 included an after-tax in-process research and development charge of $40 million. Excluding this charge, net earnings for the quarter and diluted earnings per share represent decreases of 4.7% and 2.5%, respectively, as compared to the same period in 2008.* The Company confirmed its earnings guidance for full-year 2009 of $4.45 – $4.55 per share, which excludes the impact of special items.
“I am proud of the accomplishments of our people in continuing to deliver very solid operational results in light of the significant impacts of patent expirations and the economic environment,” said William C. Weldon, Chairman and Chief Executive Officer. “Our investments through internal research and development, strategic partnerships and acquisitions have allowed us to build what is considered by many to be one of the best pipelines in our industry. We will continue to invest in our portfolio of innovative products to meet the needs of patients and consumers around the world.”
Worldwide Consumer sales of $3.9 billion for the second quarter represented a decrease of 4.5% versus the prior year with an increase of 3.1% operationally and a negative impact from currency of 7.6%. Domestic sales increased 0.8%; while international sales decreased 8.4%, which reflected an operational increase of 4.7% and a negative currency impact of 13.1%…..
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