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Agere Systems (AGR) shares rose 24% Tuesday said fiscal third-quarter earnings fell to $47 million, or 27 cents a share, from $120 million, or 65 cents a share, a year earlier. Excluding non-recurring items, earnings would have been 22 cents a share. Reve
Agere Systems (AGR) shares rose 24% Tuesday said fiscal third-quarter earnings fell to $47 million, or 27 cents a share, from $120 million, or 65 cents a share, a year earlier. Excluding non-recurring items, earnings would have been 22 cents a share. Revenue for the quarter ending June declined to $382 million from last year's $433 million, amid declines in consumer and networking segment sales. Analysts surveyed by Thomson First Call had been expecting earnings of 16 cents a share and revenue of $399.9 million, on average. For the fiscal fourth quarter, the Allentown, Pa., semiconductor company expects adjusted earnings of 21 to 26 cents a share on revenue of $375 million to $400 million, vs. analyst projections of 21 cents a share for earnings and $405.6 million for revenue.
Albemarle Corp. (ALB) shares climbed 10% after the company late Monday reported second-quarter earnings of $43.3 million, or 89 cents a share, compared with $32 million, or 67 cents a share, in the same period last year. Analysts surveyed by Thomson First Call had expected earnings of 71 cents a share. The Richmond, Va.-based maker of chemicals said its revenue rose 13% to $568.8 million vs. $502.8 million. The polled analysts had forecast revenue of $575 million.
Alcon Inc. shares added 14% after the company reported that second-quarter profit rose 43% as sales rose and as it reduced a liability related to intellectual-property suits settled with Advanced Medical Optics Inc. See full story.
Anixter International (AXE) shares moved up 8.9% after the company reported second-quarter earnings of $49.4 million, or $1.15 a share, up from a year-ago profit of $24.4 million, or 61 cents a share. The company cited a strong increase in copper prices in the quarter for the better results. It said copper prices averaged $3.39 per pound in the latest period, up from $1.53 per pound last year, increasing net income by $10 million and sales by $48 million. Overall, sales jumped 32% in the latest quarter to $1.24 billion from $936.1 million in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of 81 cents a share in the June period. Looking ahead, the Glenview, Ill., maker of communication, cable and fastener products said it expects organic revenue growth to likely exceed its annual target of 8% to 12% through the balance of the year.
Brown & Brown Inc. shares climbed 12% after the Daytona Beach, Fla., insurance broker, reported second-quarter net income rose 20% to $44.4 million, or 32 cents a share.
Building Materials Holding Corp. (BMHC) shares added 6.8% after the company reported second-quarter earnings of $34.2 million, or $1.16 a share, up from a year-ago profit of $33.3 million, or $1.14 a share. The latest quarter included a charge of $2.2 million, or 5 cents a share, related to asset impairment. Revenue rose 31% in the latest three months to $922 million from $701.5 million in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of $1.22 a share in the June period.
Carlisle Cos. (CSL) shares rose 9.2% after the company said that second-quarter income rose to $56 million, or $1.80 a share, from $34.7 million, or $1.11, a year ago. Earnings from continuing operations came to $1.76 a share. Sales for the three months ended June 30 increased to $692.7 million from $591.6 million. Three analysts expected the company, on average, to post earnings of $1.56 a share, according to Thomson First Call. The Charlotte, N.C., maker of construction and industrial materials raised its fiscal 2006 outlook to earnings from continuing operations of $5.25 to $5.45 a share, up from $5 to $5.20. Analysts' estimate stands at $5.15 a share.
Centene Corp. (CNC) share surged 7.5% after the company said its second-quarter net income dropped to $4.97 million, or 11 cents a share, from $15.25 million, or 34 cents a share, a year ago. Analysts polled by Thomson First Call had been expecting the company to report earnings of 14 cents a share. The second quarter results include around $9.7 million of adverse medical cost developments in estimated claims liabilities. Revenue climbed 41.7% to $495.3 million. The company said that it's now expecting to report earnings per share of between 29 and 32 cents for the third quarter of 2006 and between 35 and 41 cents for the fourth quarter.
Corn Products International Inc. (CPO) shares gained 7.1% after the company said second-quarter net income rose 14% to $30 million, or 40 cents a share, as sales improved 8% to $645 million. Analysts polled by Thomson First Call were expecting earnings of 34 cents a share. Corn Products said revenue growth was due to higher volumes, favorable currency effects and an improved product mix. It added that favorable corn prices in the quarter were partly offset by higher energy costs. Corn Products said it expects 2006 earnings growth to be towards the top end of its projected range of 16% to 24% from $1.19 in 2005.
Crane Co. reported second-quarter earnings of 71 cents a share, up from 59 cents in the year-earlier period. Revenue for the industrial products manufacturer totaled $558 million, up 6% from $526 million.
Ensco International (ESV) shares gained 9.7% after the company reported second-quarter earnings of $104.7 million, or $1.27 a share, up from a year-ago profit of $67.7 million, or 45 cents a share. Revenue rose in the latest three months to $478.8 million from $246.3 million in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of $1.23 a share in the June period. The Dallas provider of contract drilling services said the average day rate for its operating jackup fleet jumped 75% to $114,300 in the latest quarter from $65,400 a year ago. Looking ahead, Ensco said it expects sequential improvement in quarterly results for the balance of 2006 and into 2007.
Grant Prideco Inc. (GRP) shares rose 7.8% after the company posted second-quarter earnings of $105.6 million, or 79 cents a share, up from $25.8 million, or 21 cents a share, last year. Revenue rose to $431.8 million from $316.9 million. Analysts polled by Thomson First Call had forecast earnings of 69 cents a share on revenue of $428.3 million. Grant Prideco also increased its fiscal 2006 earnings forecast to $3.20 a share, excluding any unusual items. Analysts are looking for earnings of $2.90 a share for the year.
McGraw-Hill Cos. (MHP) shares climbed 7.8% after the company posted a 13% increase in second-quarter profit, helped by strength in its financial services business and broadcasting group. See full story.
Shares of Momenta (MNTA) surged 38% after it announced it had signed a deal with Novartis to work on generic versions of four undisclosed biotechnology drugs. See full story.
Mueller Industries (MLI) shares moved up 11% after the company reported second-quarter earnings of $58.8 million, or $1.57 a share, up from a year-ago profit of $17.2 million, or 46 cents a share. Sales rose in the latest three months to $779.7 million from $410.5 million in the same period a year earlier, mostly due to the increased cost of copper, which was passed through to customers by higher selling prices. The average estimate of analysts polled by Thomson First Call was for a profit of 84 cents a share in the June period. Looking ahead, the Memphis, Tenn., maker of copper tube and other fitting products said its business outlook for the third quarter "remains positive."
Precision Castparts Corp. (PCP) shares added 13% after the company reported first-quarter earnings of $115.1 million, or 84 cents a share, up from a year-ago profit of $77.4 million, or 57 cents a share. On a continuing operations basis, the Portland, Ore., maker of metal components and products earned $118 million, or 86 cents a share, in the latest quarter, up from a year-ago equivalent profit of $77.9 million, or 58 cents a share. The company said the latest results reflect five weeks of operations from Special Metals, which was acquired in late May, and include 3 cents a share in stock options expensing. Sales rose 31.6% in the latest three months to $1.12 billion from $853 million in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of 74 cents a share in the June period on sales of $1.06 billion.
Radyne Corp.'s shares gained 11% after the company reported second-quarter earnings of 17 cents a share, compared with 12 cents in the year-earlier period.
Rent-A-Center Inc. shares climbed 18% after the company said second-quarter net income fell to 56 cents a share from 55 cents in the year-earlier period. Analysts polled by Thomson First Call had expected 52 cents.
Ryan's Restaurant Group (RYAN) shares leapt 40% after the company agreed to be acquired by Buffets Inc., a privately held restaurant operator, for about $876 million, including debt. Ryan shareholders will receive $16.25 a share in cash, a 49.3% premium to Monday's closing price of $11.22. The deal, expected to close in the fourth quarter, will create the nation's largest buffet restaurant chain.
SanDisk Corp. share surged 15% after the company reported fiscal second-quarter profit rose 37% from the year-earlier period as the maker of flash-memory products sold more than 15 million memory cards for use in mobile devices. See full story.
Steel Technologies (STTX) shares tacked on 16% after the company said third-quarter net earnings rose to $6.6 million, or 50 cents a share, from $5.7 million, or 43 cents a share in the same period last year. The latest quarter includes a tax-related gain of 6 cents per share, it said. Results from continuing operations rose to $6.7 million, or 51 cents a share, from $5.0 million, or 38 cents a share the year earlier. Sales from continuing operations dropped to $234.5 million from $243.7 million last year.
WatchGuard Technologies (WGRD) shares added 11% after the company agreed to be acquired by Francisco Partners for $151 million, or $4.25 a share, cash.
Decliners
Altus Pharmaceuticals Inc. shares dropped 26% after the company, citing production problems, delayed two Phase III clinical trials that were due to start in the second half. See full story.
Atheros Communications Inc., shares fell 11% after the company swung to second-quarter earnings of 12 cents a share from break-even in the year-earlier period.
Atmel Corp. (ATML) shares dropped 12% after the company postponed the release of second-quarter results and has begun an investigation into past stock-option grants. The San Jose, Calif., electronic components company said it doesn't expect the inquiry to finish in time for the second-quarter filing deadline Aug. 9.
Capstone Turbine Corp. shares lost 10% after the company said John Tucker resigned, effective July 31, as president, chief executive and a director for personal reasons.
Encysive Pharmaceutical Inc. shares plunged 40% after the company received an approvable letter from the Food and Drug Administration for Thelin, which is under review for the treatment of pulmonary arterial hypertension, but the company said one of the substantive items previously highlighted by the FDA remains unresolved. The company was downgraded to underperform by Needham in the wake of the news.
Forward Air Corp. shares fell 14% aft eth company said second-quarter net income increased to 41 cents a share from 37 cents in the year-earlier period.
LCA-Vision Inc. (LCAV) shares fell 14% after the company, which provides laser vision correction services under the LasikPlus brand, posted a surge in earnings and revenue over the second quarter of 2005 but an even sharper rise in marketing and advertising costs. Cincinnati-based LCA also said the number of total procedures declined 11.4% from the first quarter. Net income for the three-month period ended June 30 rose 38.9% to $10.88 million, or 51 cents a share, on revenue of $65.45 million, from $7.83 million, or 36 cents a share, on revenue of $48.39 million. Analysts polled by Thomson First Call had been looking for a per-share profit of 47 cents on revenue of $65.88 million.
Legg Mason (LM) shares fell 8.5% after the company said fiscal first-quarter earnings rose to $156 million, $1.08 a share, from $112.8 million, or 93 cents a share, a year earlier. Revenue for the quarter ending June increased to $1.04 billion from last year's $437.7 million, helped by the deal with Citigroup, the acquisition of Permal and growth in investment advisory and distribution and service fees. Analysts surveyed by Thomson First Call had been expecting earnings of $1.13 a share and revenue of $1.08 billion, on average.
Level 3 Communications Inc. (LVLT) shares lost 8.3% after the company said its second-quarter net loss widened to $201 million, or 23 cents a share, from $188 million in the year-ago quarter. Total revenue for the period rose 71.1% to $1.53 billion. The results included a net loss of $55 million, or 6 cents a share, due to the amendment of a credit agreement and an $18 million gain from reduced depreciation expense. Analysts polled by Thomson First Call were expecting a net loss of 21 cents a share and revenue of $1.35 billion.
Netflix Inc. (NFLX) shares sank 21% after the company second-quarter profit rose sharply on a 46% spike in revenue, but its outlook for the third quarter fell short of analysts' expectations. See full story.
Shares of NutriSystem Inc. (NTRI) plunged 20% after the weight-management services provider reported a second-quarter profit that more than quadrupled and lifted its 2006 forecast, but investors cued off the resignation of its president and chief operating officer. See full story.
RightNow shares tumbled 17% after the business-software provider reported a loss and issued a forecast that fell short of Wall Street's expectations. See full story.
UPS (UPS) shares tumbled 10% after the company countered higher second-quarter earnings with a dimmer growth outlook. See full story.
Vicor Corp. (VICR) shares dropped 25% after the company reported second-quarter earnings late Monday. The Andover, Mass.-based maker of modular power components and power systems reported that earnings rose to $2.87 million, or 7 cents a share, from $89,000, or breakeven on a per-share basis, in the year-ago quarter. Revenue climbed to $49.2 million from $44.6 million. Analysts polled by Thomson First Call had forecast a per-share profit of 9 cents on revenue of $50.9 million. The company said demand slowed in the quarter, and several significant orders were delayed.
Shares of Wabtec Corp. (WAB) slumped 22% after the Wilmerding, Pa., provider of technology products for the rail industry reported second-quarter earnings of $21.1 million, or 43 cents a share, up from a year-ago profit of $15.2 million, or 32 cents a share, attributing the higher profit to improved margins. Sales, however, slipped 1.7% in the latest three months to $261.9 million from $266.3 million in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of 42 cents a share on revenue of $297.6 million in the June period. The company also said its downsizing two of its plants in Canada as part of a restructuring. It expects to record $11 million in expenses from this move. It also affirmed its outlook for earnings of about $1.60 a share for the full year, excluding items, a view that's below Wall Street's current consensus estimate for a profit of $1.69 a share.
Waters Corp. (WAT) saw its stock fall 7.1% after it said its second-quarter profit fell 12%, bogged down by costs associated with stock-based compensation.
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