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Dairy company Dean Foods Co. saw its profit surge 31 percent in the second quarter of the 2009 fiscal year as the company reported lower interest expenses and growth in its Fresh Dairy Direct and WhiteWave-Morningstar business divisions.
Dallas-based Dean Foods (NYSE: DF) posted a profit of $64.1 million, or 43 cents per share, on revenue of $2.7 billion in the most recent quarter. That is up from the company’s profit of $48.9 million, or 33 cents per share, on revenue of $3.1 billion in the second quarter of 2008.
Harrald Kroeker, president of Dean’s Fresh Dairy Direct segment, said “competitive pressures continue,” but added that the company is benefiting from lower commodities costs in the dairy segment.
In the second quarter, Dean said it will purchase the Alpro division of Vandermoortele N.V, which is Europe’s leading soy-beverage company. Alpro’s purchase will not be recorded until the third quarter.
The company’s earnings for the quarter are in line with analyst estimates, which predicted earnings in the 43-cents-per-share range.
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CenterPoint Energy’s /quotes/comstock/13*!cnp/quotes/nls/cnp (CNP 12.10, +0.01, +0.07%) second-quarter net income fell to $86 million, or 24 cents a share from $101 million, or 30 cents a share in the year-ago period.
Analysts expected income of 23 cents a share in the latest period, according to a survey by FactSet Research.
Revenue fell to $1.64 billion from $2.67 billion.
Operating income at the Houston power generating firm fell to $253 million from $297 million.
CenterPoint Energy stuck to its 2009 earnings forecast of $1.05 to $1.15 a share.
Despite the weak economy and changing energy markets, our business units continued to perform well,” the company said. “Our regulated electric and gas utilities turned in solid operating performances as did our pipeline and field services core operations. However, revenues from ancillary services declined from 2008 when we benefited from unusually high commodity prices.”
Shares of CenterPoint Energy rose 2 cents to $12.11 on Wednesday.
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CLINTON, N.J (AP) — Engineering and construction company Foster Wheeler AG posted a steep drop in second-quarter profit Wednesday due to a fall in orders in two key businesses.
But company widely beat Wall Street estimates, sending shares up sharply in morning trading.
Net income of $122.2 million, or 96 cents per share, was down 24 percent from $160.8 million, or $1.11 per share, in the same quarter last year. Excluding an asbestos-related provision of 2 cents per share in the quarter and a gain of 13 cents per share related to asbestos claims in the second quarter of 2008, earnings would have been 98 cents per share in each quarter, Foster Wheeler said.
Analysts surveyed by Thomson Reuters expected earnings to be 62 cents per share on revenue of $1.36 billion.
Revenue of $1.31 billion for the quarter ended June 30 was down 23 percent from $1.7 billion in the year-earlier period.
The value of new orders booked in Foster Wheeler’s engineering and construction business during the quarter was $512 million, down from $538 million in the same quarter last year. And orders for its power group business fell to $83 million from $191 million due to weak demand for solid fuel boilers.
Raymond J. Milchovich, chairman and CEO, said the competitive pressure in the engineering and construction business is “somewhat more pronounced” than last year.
But Foster Wheeler, based in Zug, Switzerland, with operational headquarters in Clinton, N.J., has numerous clients who plan to move on projects, he said.
Jefferies and Co. analyst Michael S. Dudas said in a note to investors that Foster Wheeler “continues to face weak new awards” in its power group and a slower project release process in its engineering and construction business.
Shares rose $2.79, or 12 percent, to $26.88.
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CALGARY, ALBERTA–(Marketwire – 08/05/09) – ALL AMOUNTS ARE STATED IN U.S.$
Agrium Inc. (TSX:AGU – News) (NYSE:AGU – News) announced today its second highest quarterly net earnings at $370-million ($2.35 diluted earnings per share) for the second quarter of 2009.
“Solid results from Retail, Advanced Technologies and our Wholesale nitrogen businesses resulted in Agrium achieving our second strongest quarterly net earnings in our history. We were able to do this despite the challenge of a short-term reduction in potash and phosphate application rates and Retail crop nutrient margins. The outlook for our businesses and products remains strong and we are starting to see signs of improving demand fundamentals as we approach the fall season. Our Retail crop protection and seed businesses in particular delivered excellent results and we ended the season with normal crop nutrient inventories in our Retail business. We continue to anticipate a recovery in potash demand later in the second half of 2009.” said Mike Wilson, Agrium President and CEO.
With respect to Agrium’s proposal to acquire CF Industries Holdings, Inc. (“CF”), Mr. Wilson stated “We remain fully committed to acquiring CF, with continued conviction that an Agrium and CF combination would create significant value for all stockholders and other stakeholders. We will continue to press CF to execute a mutually beneficial merger agreement despite the fact that CF has so far ignored a clear mandate from their stockholders’ to conclude a transaction with us. Our offer remains far superior to any alternative articulated by CF, including remaining independent or paying a premium for Terra.”
The 2009 second quarter results included gains of $15-million ($0.07 diluted earnings per share) on derivative financial instruments and a $4-million expense in stock-based compensation for the quarter. It also included an inventory write-down of $32-million (a $0.15 decrease in diluted earnings per share) primarily associated with our Wholesale purchase for resale business.
Similar to previous years, we intend to provide earnings guidance for the second half of the year when we release our third quarter results.
KEY RESULTS AND DEVELOPMENTS…..
Wednesday that it swung to a first-half net loss of 829 million euros from a restated profit of 1.04 billion euros a year earlier. The group said operating income rose 14% to 2.78 billion euros, but provisions for loan impairments jumped to around 2.4 billion euros from 137 million euros a year earlier. The bank said 8.1% of customer loans were impaired. “We expect the operating environment to remain extremely difficult through the remainder of 2009,” the bank said. It added that recessionary economic conditions continue to prevail and there is “little compelling evidence of recovery.”
Q2 adj EPS $0.31 vs est $0.29
* Q2 rev $3.39 bln vs est $3.42 bln (Adds details from conference call, analysts comments)
By Mansi Dutta
BANGALORE, July 29 (Reuters) – Electronic-parts and computer-hardware distributor Arrow Electronics (ARW.N) posted an adjusted second-quarter profit that beat estimates, helped by lower operating expenses and higher orders in June.
While the quarter got off to a slow start in April and May, June closed relatively strong, the company said in a conference call with analysts.
“Both bookings and billings showed an increase for the quarter and our backlog is up for the first time in several quarters,” the company said.
Despite some positive indicators, Arrow “was not ready to call a bottom.”
“Gross margins continue to be negatively impacted by a change in our geographic mix of businesses as Asia becomes a larger portion of total component sales and competitive pressures also influence our performance,” the company said.
The company’s second-quarter profit fell to $21.1 million, or 18 cents a share, from $96.2 million, or 79 cents a share, a year earlier.
Excluding items, the company posted a profit of 31 cents per share.
Revenue fell 22 percent to $3.39 billion.
While sales in the components business in Europe and North America fell 41 percent and 27 percent, respectively, Asia-Pacific sales rose 10 percent.
Analysts were expecting a profit of 29 cents a share, excluding exceptional items, on revenue of $3.42 billion, according to Reuters Estimates.
Selling, general and administrative expenses fell about 25 percent to $315.0 million.
“We have an additional $100 million in annual cost reductions that are expected to be implemented in the second half of 2009, primarily in our European operations,” Chief Financial Officer Paul Reilly said in a statement. Continued…
LONDON (MarketWatch) — Engineering and construction contractor Foster Wheeler AG /quotes/comstock/15*!fwlt/quotes/nls/fwlt (FWLT 26.20, +2.11, +8.76%) on Wednesday posted a 24% drop in second-quarter net income to $122.2 million, or 96 cents a share, from $160.8 million, or $1.11 a share, earned in the year-earlier period. Excluding exceptional items, adjusted earnings in the latest period came in at 98 cents a share, flat from the year-earlier quarter. The consensus forecast called for earnings of 62 cents a share, according to a poll of 12 analysts conducted by FactSet Research. Operating revenue fell 23% to $1.31 billion.
CINCINNATI (AP) — The Procter & Gamble Co. says its fourth quarter profit fell 18 percent, as households around the globe kept tight reins on spending in the recession.
The Cincinnati-based maker of such consumer products as Pampers diapers, Tide detergent and Gillette shavers said Wednesday it earned nearly $2.5 billion, or 80 cents per share, in the three months ended June 30. That’s down from $3 billion, or 92 cents per share, a year ago.
Analysts expected 79 cents.
Revenue fell 11 percent, to $18.7 billion, as sales fell across the company’s broad portfolio. Analysts expected $19.4 billion.
The quarter ended A.G. Lafley’s nine-year run as CEO. Bob McDonald took over July 1, while Lafley stays as chairman.
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