Overseas sales helped Research in Motion to post a smaller loss.
Comments »Lennar, $LEN, Sees Profits Quadruple
Demand for new homes has $LEN shareholders happy this morning. Profits more than quadrupled.
Comments »Darden Restaurants, $DRI, Sees Their Profits Rise Despite Having ‘Red Lobster’ in Their Portfolio
“NEW YORK (AP) — Darden Restaurants Inc. said Friday that its fiscal first-quarter net income rose 4 percent even as it struggled to grow a key revenue figure at its flagship Olive Garden and Red Lobsterchains.
Its earnings beat Wall Street expectations, and its shares rose more than 4 percent in premarket trading.”
Comments »$MA Issues a Profit Warning
“(Reuters) – MasterCard Inc said revenue growth in the second half of the year would be lower than its second-quarter levels, which had disappointed investors.
The credit and debit card network’s revenue grew 9 percent in the last quarter, but missed analysts’ estimates as worldwide purchase volume growth slowed to its lowest level in five quarters.
Analysts expect the company to report revenue of $1.94 billion in the third-quarter, up 7 percent from a year ago, according to Thomson Reuters I/B/E/S.”
Comments »$CAG Profit Nearly Triples, Raises Guidance
“NEW YORK (MarketWatch) — ConAgra Foods Inc. CAG +0.04% said Thursday its first-quarter profit nearly tripled to $250.1 million, or 61 cents a share, from $93.8 million, or 23 cents a share, in the year-ago period. Adjusted profit rose to 44 cents a share from 31 cents a share. Sales increased by 6.7% to $3.31 billion. Wall Street analysts expected the food producer to earn 35 cents a share on sales of $3.24 billion, according to a survey by FactSet. ConAgra raised its adjusted fiscal 2013 profit outlook to $2.03 to $2.06 a share, ahead of the analyst forecast of $1.98 a share. ConAgra hiked its quarterly dividend by a penny a share to 25 cents a share.”
Comments »$NSC Will Miss Estimates and the Company Echoes the Same Tale as $FDX
Norfolk estimates their earnings to come in between $1.18-$1.25 vs consensus of $1.63 per share.
Comments »$MMM Issues an Earnings Warning
The company says their low end targets will be hard to achieve as the global landscape has changed for the worse…
Comments »General Mills Beats Estimates on Overseas Sales
“General Mills Inc. (GIS), the maker of Cheerios cereal, reported first-quarter profit that topped analysts’ estimates as sales gained in Europe and Canada.
Net income rose 35 percent to $548.9 million, or 82 cents a share, from $405.6 million, or 61 cents, a year earlier, the Minneapolis-based company said today in a statement. Excluding some items, profit totaled 66 cents a share. Analysts projected 62 cents, the average of 17estimates compiled by Bloomberg.
International sales increased 27 percent to $1.09 billion. On a constant-currency basis, sales gained 51 percent in Europe and 28 percent in Canada. Results were helped by its Yoplait International acquisition, General Mills said. Total sales rose 5.3 percent to $4.05 billion.”
Comments »$FDX Warns the Economy is Worsening, Company Scales Back Quarterly Estimates
FedEx has already told us recently that things are slowing and cutting estimates was expected. What was not expected was a cut back in estimates for a couple of quarters to come.
Comments »Burberry Sends Shock Waves Out as They Warn on Future Profits
“LONDON (Reuters) – British fashion brand Burberry issued a profit warning on Tuesday, the clearest sign yet that slowing economic growth in China and Europe’s debt crisis are bringing a boom in demand for luxury clothes and accessories to a halt.
The company, famous for its raincoats lined with a distinctive camel, red and black check pattern, said it expected underlying full-year profit to be around the lower end of market forecasts.
That sent its shares down 19 percent and dragged down rivals including LVMH, the world’s largest luxury goods group.”
Comments »$INTC Slashes Guidance Amid Weak Demand
“Intel Corp. (INTC), the world’s largest semiconductor maker, reduced its third-quarter revenue forecast and withdrew previous full-year projections, citing weaker demand in a challenging macroeconomic environment.
Third-quarter sales will be $13.2 billion, plus or minus $300 million, compared to a prior projection of $13.8 billion to $14.8 billion, the Santa Clara, California-based company said in a statement today. Analysts on average had estimated sales of $14.2 billion, according to data compiled by Bloomberg.”
Comments »FedEx Warns of Slowdown
“FedEx Corp. FDX -0.10% on Tuesday said a sharp decline in manufacturing activity would harm its profits, a sign of how declining Chinese output is ricocheting across economies around the world.
The world’s largest air-cargo shipper by revenue said earnings in the August-ended quarter came in below its already reduced expectations. FedEx shares fell 3.1% to $84.85 in after-hours trading, with rival United Parcel Service Inc. UPS -0.15% down 1.9% at $72.31.
“It looks bad,” said David Vernon, an analyst at Sanford C. Bernstein & Co. He said the global economy has decelerated faster than even FedEx anticipated.”
Comments »Credit Agricole Sees Profits Fall by 67% on Greece
“Credit Agricole SA, France’s third- largest bank by market value, posted a 67 percent decline in second-quarter profit on losses in Greece and a writedown of its stake in Intesa Sanpaolo SpA. (ISP)
Net income fell to 111 million euros ($138.6 million) from 339 million euros a year earlier, the bank, based near Paris, said in a statement today. The company booked 370 million euros of losses in Greece, as well as a 427 million-euro charge on its holding in Milan-based Intesa,Italy’s second-largest bank.”
Comments »$CRM Down 4% On Mixed Guidance
Salesforce.com reported a stellar q yesterday, but trade down in ?A.H. and this am as its guidance was mixed.
Comments »$MSG Pops 10% in Pre-market Trade as Profits Triple
“NEW YORK (MarketWatch) — Madison Square Garden Co. MSG +2.37% said Friday its fourth-quartet profit more than tripled to $28.6 million, or 37 cents a share, from $8.53 million, or 11 cents a share, in the year-ago period. The owner of the New York Knicks and the New York Rangers said its revenue increased to $332.9 million from $233.9 million. Wall Street analyst expected MSG to earn 24 cents a share on revenue of $267 million, according to a survey by FactSet. Among the company’s segments, MSG Sports saw the biggest jump in revenue to $131.2 million from $75.4 million.”
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EARNINGS FLASH: Autodesk Shares Down About 20% After Hours $ADSK
HP Posts $8.9 Billion Loss
SAN FRANCISCO (Reuters) – Hewlett-Packard Co swung to an $8.9 billion quarterly loss as personal computer sales shrank again and it swallowed a huge write-down linked to its $13.9 billion purchase of Electronic Data Systems Corp.
The company also on Wednesday reduced its full-year earnings outlook slightly to the low end of its previous range, responding to a faltering PC market as well as touch economic conditions in Europe and also China, where growth too is slowing. Its shares slid more than 4 percent in late trading.
The No.1 personal computer maker, which employs more than 300,000 people globally, is undergoing a multi-year restructuring aimed at focusing the sprawling corporation on enterprise services, in the mould of IBM . The plan calls for reducing its employee base by 8 percent.
HP will have gone through about half of its targeted job reductions by the end of the fiscal year, HP’s Chief Financial Officer Cathie Lesjak said in an interview. It cut 4,000 jobs in fiscal third quarter and will likely have shorn 11,500 jobs by end of fiscal 2012, she said.
“HP is definitely showing progress in terms of turning around the company,” said Sterne Agee analyst Shaw Wu. “One of the clear signs is a better predictability of earnings.”
Read here:
Comments »$BBY Now Becomes Worst Buy as They Suspend Profit Forecasts
$BBY had poor earnings seeing their net income falling. The company has also suspended profit forecasts.
Comments »Lowe’s Misses on Earnings – $LOW
“(Reuters) – Lowe’s Cos Inc (LOW) reported weaker-than-expected quarterly results and cut its profit outlook for the fiscal year as the world’s second-largest home improvement chain lost market share to larger rival Home Depot Inc (HD).
Lowe’s shares fell more than 8 percent in premarket trading.
The lackluster results came just days after Home Depot beat Wall Street’s quarterly profit estimates with the help of cost controls and market share gains, and raised its earnings outlook for the year.”
Comments »Wal-Mart’s Lackluster Quarter Dims Optimism On U.S. Consumers -$WMT
“Wal-Mart stores stretch nationwide, from the rural South to the Eastern seaboard, offering a snapshot of Americans shopping habits. Worryingly, the retailer’s latest quarter adds only static to that picture and does little to lift hopes that American spending can stay robust.
Sales at the world’s largest retailer missed Wall Street estimates. Other metrics are lighter than hoped. Together, they suggest that Americans are indeed cutting back and carefully planning every purchase. Other economic indicators, by contrast, had seemed to reflect a stronger-than-expected U.S. consumer. Consumption remains the most crucial driver of growth in this country.”
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