Updates, advisories and surprises
Thomas & Betts posts 42% surge in profit
(4:54 PM ET) SAN FRANCISCO (MarketWatch) -- Thomas & Betts (TNB: news, chart, profile) on Monday said its second-quarter profit jumped 42% to $28.4 million, or 47 cents a share, from $20 million, or 34 cents, a year ago. Revenue rose 13.3% to $418.1 million, boosted by a strong showing in its steel structures business. Analysts polled by Thomson First Call were looking for a profit, on average, of 43 cents a share with sales of $401 million. The diversified industrial company said it expects 2005 profit to come in at $1.77 to $1.82 a share, mostly in line with Wall Street forecasts.
CNet Networks revenue jumps 24%; profit tops target
(4:53 PM ET) SAN FRANCISCO (MarketWatch) -- CNet Networks Inc. (CNET: news, chart, profile) after the closing bell Monday posted second-quarter earnings of $7.7 million, or 5 cents a share, vs. a loss of $1.5 million, or 1 cent a share, in the comparable period a year ago. The results exceeded Wall Street's average forecast of 5 cents a share. Sales rose to $84.5 million, from $68 million in last year's second quarter.
American Power Conversion quarterly profit up 56.5%
(4:52 PM ET) SAN FRANCISCO (MarketWatch) -- Power supply devices maker American Power Conversion Corp. (APCC: news, chart, profile) after Monday's closing bell reported second-quarter net earnings of $41.9 million, or 21 cents a share, up 56.5% from $26.8 million, or 13 cents a share, last year. Revenue was $480.6 million, up 21.5% from $395.7 million last year.
S&P considers cutting RenaissanceRe ratings
(4:47 PM ET) SAN FRANCISCO (MarketWatch) -- Standard & Poor's said late Monday that it may cut its debt, credit and financial strength ratings for RenaissanceRe Holdings (RNR: news, chart, profile) after the Securities and Exchange Commission sent a "Wells Notice" to the reinsurance company's Chief Executive James Stanard. The ratings were placed on CreditWatch negative because the SEC's inquiries create uncertainty about the management of the company and who else might be implicated, S&P added. A "Wells Notice" indicates that the SEC is considering civil enforcement action. In RenaissanceRe's case, the notice relates to an earnings restatement by the company in February.
On Semiconductor swings to quarterly profit
(4:40 PM ET) SAN FRANCISCO (MarketWatch) -- On Semiconductor (ONNN: news, chart, profile) after Monday's closing bell reported second-quarter net earnings of $18.5 million, or 5 cents a share, vs. a net loss of $3.5 million, or 2 cents a share, in the year-ago period. Revenue at the Phoenix-based company was $302.8 million, down from $333.5 million last year. The company expects third-quarter revenue to rise 2 to 5%, and for gross margins to be flat to slightly higher.
Texas Instruments net up 42%, helped by tax benefit
(4:39 PM ET) SAN FRANCISCO (MarketWatch) -- Texas Instruments (TXN: news, chart, profile) reported second-quarter net income of $628 million, or 38 cents a share, compared with net income of $441 million, or 25 cents a share, in the year-ago quarter. The results were helped by a 6 cents a share tax-related benefit. Revenue was flat at $3.24 billion compared with a year ago. Analysts polled by Thomson First Call had forecasted earnings of 29 cents a share and revenue of $3.18 billion. The world's third-biggest chip maker also said it plans to boost its annual dividend by 20% to 12 cents a share and its board approved a $2 billion stock repurchase plan. Shares of TI closed down 16 cents at $30.60.
Netflix 2Q net nearly doubles on 53% subscriber jump
(4:31 PM ET) SAN FRANCISCO (MarketWatch) -- Online DVD rental firm Netflix Inc. (NFLX: news, chart, profile) said after the market closed that its second-quarter profit nearly doubled on increased subscriptions to its service. Netflix said it earned $5.7 million, or 9 cents a share, compared to a profit of $2.9 million, or 4 cents a share, in the same period last year. Excluding stock-based compensation expense, Netflix would have earned $9.1 million, or 14 cents a share, in the latest period. Revenue rose 37% to $164.5 million. Analysts polled by Thomson First Call were expecting a profit of 1 cent a share on $163.5 million in revenue. Subscribers rose 53% to 3.196 million, in line with the company's forecast. Churn declined to 4.7% from 5.6%, and subscriber acquisition cost rose to $37.25 per gross subscriber addition, vs. $35.12 in the same quarter last year.
Pitney Bowes rev up 13% on demand for postage products
(4:30 PM ET) SAN FRANCISCO (MarketWatch) -- Pitney Bowes (PBI: news, chart, profile) on Monday posted a second-quarter profit of $139 million, or 60 cents a share, up from $134.7 million, or 58 cents, a year ago, reflecting demand for the company's core postage meter business as well as acquisitions. Excluding restructuring charges, earnings would have come in at 67 cents a share compared with 62 cents a year earlier. Revenue added 13% to $1.36 billion. Analysts polled by Thomson First Call had expected a profit, on average, of 65 cents a share with revenue of $1.32 billion. For the third quarter, Pitney Bowes said it expects a profit, excluding charges, of 65 cents to 67 cents a share. Wall Street is looking for earnings of 66 cents a share.
Netflix shares surge in evening trades after report
(4:30 PM ET) SAN FRANCISCO (MarketWatch) -- Shares of Netflix Inc. (NFLX: news, chart, profile) leaped 15% in after-hours trading on Monday after the online movie-rental company reported it nearly doubled its second-quarter earnings. At last check, the stock rose 15% to $19.55, topping the actives list.
Everest Re quarterly earnings dip, but beat estimates
(4:26 PM ET) SAN FRANCISCO (MarketWatch) -- Everest Re (RE: news, chart, profile) reported second-quarter earnings late Monday that dipped versus a year ago, but still beat analyst forecasts. Operating income, which excludes realized investment gains and losses, was $173.3 million, or $3.03 per share, in the period, down from $174.4 million, or $3.07 a share, a year earlier, the Bermuda-based insurance and reinsurance company said. Nine analysts in a Thomson First Call survey expected Everest Re to make $2.98 per share in the quarter. Net written premiums grew 2.2% to $1.07 billion in the period, the company added.
Plum Creek boosts profit on strong timber demand
(4:23 PM ET) SAN FRANCISCO (MarketWatch) - Plum Creek Timber Co. Inc. (PCL: news, chart, profile) reported late Monday second-quarter net earnings of $69 million, or 37 cents a share, up from $57 million, or 31 cents, a year ago. Revenue for the three months ended June 30 rose to $358 million from $341 million, with gains in timber sales outpacing a drop in its other main business sectors. Analysts polled by Thomson First Call said they expected the company to earn 31 cents a share on revenue of $328 million. Shares of the Seattle-based company closed Monday with a 34-cent loss at $36.34.
Altera Corp. posts $67.6 million second-quarter profit
(4:21 PM ET) SAN FRANCISCO (MarketWatch) -- Altera Corp. (ALTR: news, chart, profile) on Monday reported a second-quarter profit of $67.6 million, or 18 cents a share, compared to $75.3 million, or 20 cents a share, during the same period a year ago. Revenue rose to $285.5 million from $269 million a year ago. The programmable logic chipmaker met the earnings estimates of analysts surveyed by Thomson First Call, who forecast a profit of 18 cents a share, and exceeded the consensus revenue estimate of $277 million.
Archielago Holdings Q2 net falls
(4:21 PM ET) NEW YORK (MarketWatch) -- Archipelago Holdings (AX: news, chart, profile) , the electronic stock trading firm that agreed earlier this year to merge with the New York Stock Exchange, said Monday it earned $3 million in the second quarter, or 6 cents per share, compared to $17.3 million, or 42 cents a share a year ago. Excluding expenses associated with the NYSE merger plan, the company said it earned 17 cents a share. According to analysts polled by Thomson First Call, the average estimate for the firm's second quarter earnings was 25 cents a share. Archipelago's total revenue slipped to $127.8 million from $128.9 million a year ago.
Avaya profit jumps on onetime tax benefits
(4:14 PM ET) WASHINGTON (MarketWatch) - Avaya Inc., a developer of corporate-phone systems, said Monday that onetime tax benefits boosted third-quarter income to $194 million, or 41 cents a share, from $61 million, or 13 cents, a year earlier. Revenue rose 21.7% to $1.24 billion from a year ago, though the increase was much smaller compared to the prior quarter. Excluding onetime items, the company earned 14 cents a share. Avaya (AV: news, chart, profile) was expected to earn 12 cents a share on revenue of $1.25 billion, according to the consensus of analysts surveyed by Thomson First Call.
JDA Software earnings surge, revenue rises 1.5%
(4:08 PM ET) LOS ANGELES (MarketWatch) -- JDA Software Group Inc. (JDAS: news, chart, profile) late Monday said its second-quarter net profit surged to $3.6 million, or 12 cents a share, from $604,000, or 2 cents a share, a year ago. Revenue for the period increased 1.5% to $54.9 million from $54.1 million. Excluding one-time items the provider of business software for the retail industry would have earned 17 cents a share, up from 4 cents a year earlier. On average, Wall Street analysts had expected a profit of 12 cents a share on revenue of $53.2 million, according to a Thomson First Call survey.
Cyberonics to outline financial forecasts on Tuesday
(1:54 PM ET) SAN FRANCISCO (MarketWatch) -- Cyberonics Inc. (CYBX: news, chart, profile) on Monday said it plans to release on Tuesday its revised its long-term sales outlook through 2010, its revised outlook for fiscal 2006 and its outlook for the first quarter ending July 29.
CORRECT: American Express profit up 16%
(1:49 PM ET) NEW YORK (MarketWatch) -- American Express (AXP: news, chart, profile) on Monday reported second-quarter net income of $1 billion, or 81 cents a share, up 16% from $876 million, or 68 cents a share, last year. Revenue climbed 11% to $8 billion from $7.2 billion. A survey of analysts by Thomson First Call forecasted earnings of 78 cents a share and revenue of $7.78 billion. American Express shares moved higher by 56 cents to $55.13 shortly after the company released its earnings. (Corrects percentage increase in earnings).
LifeCell rallies on strong results, higher outlook
(1:41 PM ET) NEW YORK (MarketWatch) -- LifeCell Corp. (LIFC: news, chart, profile) shares leapt 23% to $20.17 after the Branchburg, N.J., biotechnology company posted second-quarter earnings of $3.6 million, or 11 cents a share, up from its year-ago profit of $1 million, or 3 cents a share. The latest results include a tax benefit of $295,000, or a penny a share. Revenue jumped in the latest three months to $22.7 million from $15.1 million in the same period a year earlier due to a significant increase in demand for AlloDerm, its reconstructive surgical product. In particular, the company said it saw heavy demand for AlloDerm for use in surgical procedures to repair hernias. Looking ahead, LifeCell lifted its outlook for the rest of the year, saying it now sees earnings of $12.1 million to $13.3 million, or 37 to 40 cents a share, up from its prior projection for a profit of $9 million to $10.2 million in the period, or 27 to 31 cents a share.
Energen 2Q profit surges 69%; ups FY06 earns forecast
(1:27 PM ET) SAN FRANCISCO (MarketWatch) -- Energen Corp. (EGN: news, chart, profile) on Monday reported second-quarter net earnings of $37.6 million, or 51 cents a share, a gain of 69% from $22.3 million, or 30 cents a share, in the year-ago period. Revenue at the Birmingham, Ala.-based energy producer was $241.7 million, compared with $188.1 million last year. For 2005, the company affirmed its earnings forecast of $2.23 to $2.33 a share. Energen also raised its 2006 earnings forecast to a range of $2.85 to $3.15 a share. It had previously forecast 2006 earnings of $2.70 to $2.90 a share.
TBC to restate FY00-04, 1Q 2005 for acct'g adjustments
(1:19 PM ET) SAN FRANCISCO (MarketWatch) -- Automotive replacement tire provider TBC Corp. (TBCC: news, chart, profile) said Monday that it plans to restate its financial reports for the fiscal years 2000 to 2004 and the first quarter of 2005 to correct lease-related accounting practices. Palm Beach Gardens, Fla.-based TBC said the adjustments will be non-cash and primarily affect its balance sheet account for goodwill and non-current liabilities, as well as rent expenses in prior periods. The company doesn't consider the impact of correcting the financial statements to be material to any one period, but said the cumulative effect would be material if recorded in the second quarter of 2005. TBC expects to report second-quarter earnings in line with its previous forecast of 49 cents to 53 cents a share, and a same-store sales increase of 4.1%. It said once it finalizes the impact of the restatement, it will release the second-quarter results.
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