Updates, advisories and surprises - UPDATE 7 20.10.2004 13:01 Zurück Headlines
Winn-Dixie Stores Q1 loss much wider than forecast (6:59 AM ET) LONDON (AFX)
-- Winn-Dixie Stores said it swung to a fiscal first quarter net loss from
continuing operations of $123.6 million, or 88 cents per diluted share, with
sales from continuing operations down 3.4 percent to $2.3 billion. Analysts had
been expecting a 4 cent per share loss, according to Thomson First Call. The
restructuring retailer said it is continuing to pursue the sale or sublease of
the the stores it has already planned to exit; 81 of 156 stores it identified
have been closed, sold, subleased or under contract for sale or sublease. It
added that it sees $50 million to $60 million in costs through March 2005 for
upgrading stores.
Honeywell Q3 43c vs 40c; sales rise 11% to $6.4 billion (6:56 AM ET) NEW
YORK (AFX) -- Honeywell Inc. reported third-quarter net income rose 8.1 percent
as sales advanced 11 percent. The Morris Township, N.J., conglomerate, with
aerospace, automotive, specialty-materials and industrial-controls interests,
reported net reached $372 million, or 43 cents a share, from $344 million, or 40
cents, in the year-earlier period. Net reflected $105 million before taxes in
pension expense. The company recorded charges of $37 million for repositioning
and $64 million for environmental and other litigation, as well as gains of $32
million from litigation settlements and previously divested businesses. Sales
climbed to $6.4 billion from $5.77 billion. Sales advanced 11 percent in
aerospace, 6 percent in automation and controls, 19 percent in transportation,
and 13 percent in specialty materials. Shares of Honeywell, which is one of the
30 Dow Jones Industrial Average components, rose 79 cents, or 2.3 percent, to
$35.44 on Tuesday.
Pfizer Q3 earns rise, top ests., but rev. falls short (6:55 AM ET) NEW
YORK (AFX) -- Pfizer Inc. reported third-quarter earnings of $3.34 billion, or
44 cents a share. Excluding non-recurring items, such as merger-related charges
and income from discontinued operations, earnings rose 13 percent from
year-earlier results to $4.16 billion, or 55 cents a share, topping the average
analyst estimate compiled by Thomson First Call of 54 cents a share. Revenue
rose 4 percent to $12.83 billion, due to strength in Lipitor and pain treatment
sales, but missed analyst forecasts of $13.23 billion. Looking ahead, the
drugmaker reaffirmed 2004 earnings forecasts of $2.12 to $2.14 and said 2005
earnings and revenue growth would be subdued by patent expirations. The stock, a
component of the Dow industrials, closed Tuesday unchanged at $29.
Cholestech '05 Q2 EPS rises, looks to future growth (6:43 AM ET) LONDON
(AFX) -- Cholestech said net income for the fiscal 2005 second quarter ended
Sept. 24 was up to 8 cents per dilued share from 6 cents in the same period last
year. Revenue increased slightly to $13.5 million from $13.4 million. Net income
from from continuing operations was $1.1 million, or 8 cents per fully diluted
share for the quarter, up from $916,000, or 6 cents, last year. It said: "During
the quarter, we launched our second liver enzyme test, moving closer to our goal
of offering a four test liver function panel. We believe our business is on a
solid footing and well positioned for future growth."
Greater Bay Bancorp earns edge higher, misses ests. (6:42 AM ET) NEW
YORK (AFX) -- Greater Bay Bancorp reported third-quarter earnings of $22.5
million, or 40 cents a share, vs. earnings of $22.4 million, or 39 cents a share
in the year-earlier period. Analysts surveyed by Thomson First Call had been
expecting earnings of 44 cents a share, on average. Net interest income fell 1.3
percent to $68.96 million and non-interest income increased 2.4 percent to
$47.77 million. Net interest margin declined 0.21 percentage points. The
financial services company's stock closed Tuesday up $1.69 at $31.82.
Knight Trading's Q3 loss narrower than Street forecast (6:18 AM ET)
WASHINGTON (AFX) -- Knight Trading Group posted a third-quarter net loss of $1.1
million, or 1 cent per share, as opposed to earnings of $23.6 million, or 20
cents, tallied in the same period last year. The quarterly loss, which included
earnings of 5 cents per share from deriative markets now classified as
discontinued operations, compared to an average estimated loss of 3 cents per
share as compiled by Thomson First Call. Knight Trading's revenue slumped to
$99.4 million in the latest quarter from the prior year's $143 million. Shares
of Knight Trading added 14 cents on Tuesday to end at $9.54.
Whirlpool lowers 2004 earns to $5.85-5.95/shr on costs (6:15 AM ET)
LONDON (AFX) -- Appliances maker Whirlpool Corp. lowered its earnings growth
outlook for the year, citing rising costs of materials and logistics. Whirlpool
said it plans to raise prices for its goods from 5 percent to 10 percent in most
key markets in the world, including in the U.S. and plans to take actions to
lift its productivity. "We believe our actions in total will enable us to
overcome these significant cost increases, but the full effect of these benefits
will not be
realized until 2005." It now sees full-year earnings per share to be in the
range of $5.85-to-$5.95, down from its prior projection at $6.20-to-$6.35 a
share. In the third quarter, Whirlpool posted earnings per share of $1.50 vs.
$1.48 a year ago. Analysts polled by Thomson/First Call expected an average at
$1.52 a share for the quarter. Third-quarter net sales rose 6.6 percent to $3.32
billion. "Net earnings-per-share were affected by increases in material and
logistics costs and slightly higher pension expense," it said.
Outback Steakhouse Q3 earns falls due to severe weather (6:14 AM ET)
LONDON (AFX) -- Outback Steakhouse said its net income for the third quarter
fell to $28.3 million from $37.6 million due to hurricanes and severe weather in
August and September. It estimated lost sales of $6 million and property damage
and inventory losses of around $3 million due to the weather. Revenue increased
17.2 percent to $803.5 million - $19.5 million of the additional revenue was the
result of consolidation of 33 joint-venture stores due to implementation of a
new accounting practice.
Office Depot posts Q3 profit 28c vs Street's 27c view (6:11 AM ET)
WASHINGTON (AFX) -- Office Depot Inc. reported third-quarter earnings of $89.9
million, or 28 cents per share, off from $91.7 million, or 29 cents, earned in
the same period last year, with sales rising 3 percent to $3.328 billion.
According to Thomson First Call, analysts' average estimates were for a profit
of 27 cents and sales of $3.387 billion. The office-products retailer also stood
by its full-year earnings estimate of $1.08 to $1.14 per share. Shares of Office
Depot slipped 23 cents to end at $14.12 in Tuesday's dealings.
Autonomy hit by slip in net profit and broker downgrade (5:20 AM ET)
Shares in Autonomy Corp. fell and JP Morgan issued a downgrade on the stock
after the U.K. software company reported a fall in third quarter profit. Net
profit was $1.2 million, down from $1.3 million in the same period last year.
The company, which reports in US dollars, said revenue was up ($14.5m vs. $13m)
despite normal third quarter weakness but profit was hit by the weak dollar to
the tune of $500,000.
United Rentals swings to Q3 loss, meets forecasts (5:11 AM ET) LONDON
(AFX) -- United Rentals said it swung to a third quarter loss of $64.4 million,
but its adjusted EPS of 58 cents a share vs. 44 cents a year ago met analyst
forecasts, with sales up 5.5 percent to $849 million. It reiterated 2004 EPS
excluding charges outlook for 2004 of $1.20 a share, and said it is encouraged
by the improving trends in private non-residential construction for 2005, though
it did not provide earnings guidance.
Avis Europe incurs extra 40-45m eur charge on IT work (3:01 AM ET)
LONDON (AFX) -- Avis Europe said it would cancel parts of its back-office and IT
restructuring that have cost more than anticpated at the end of its review of
the project. It said it decided to cancel the implmentation of its new ERP
system, which encountered delays and was more expensive than anticpated, to
avoid further cost and the associated IT restructuring project will be
"substantially reduced" in scope. It said: "We will continue to implement the
successful aspects of the project, but we will halt immediately the parts of the
project that are not
going well," adding it was disappointed major parts of project have incurred
"significant exceptional costs and will not deliver the anticipated benefits."
In addition to a previously reported exceptional charge of 3.9 million euros, an
additional pre-tax net exceptional charge of between 40 million euros and 45
million euros is anticpated for the second half. The group said board's
expectations for 2004 profit before tax and exceptional items for the full year
remain unchanged, as lower revenues offset by cost efficiencies and a lower
interest charge.
Tele2 Q3 EBITDA toward lower end, S. Europe churn rises (2:56 AM ET)
LONDON (AFX) -- Swedish-based European telecom Tele2 posted third quarter
EBITDA toward the lower end of analyst forecasts as Southern Europe and Dutch
customer churn increased. Its third quarter pre-tax profit rose to SEK764
million from SEK685 million, on 13.8 percent operating revenue growth to SEK10.7
billion, and its EBITDA was SEK1.65 billion vs. analyst expectations ranging
from SEK1.59 billion to SEK1.98 billion. Tele2 said it has already taken steps
to counter the increased churn and the initial signs for the fourth quarter are
"encouraging," as it saw a net increase in Southern Europe in the first two
weeks of October.
Tullow Oil finds six new discoveries so far this year (2:41 AM ET)
LONDON (AFX) -- Independent oil and gas exploration company Tullow Oil said its
exploration drilling programme has so far resulted in six discoveries in
Bangladesh, the U.K., Gabon and Congo this year. It said it enhanced production
from 7,200 bopd in January 2004 to a current
level of approx 27,000 bopd (gross) in its M'Boundi Field in Congo, and plans to
drill a minimum of ten further development wells before the end of the year.
Successful drilling at Nkossa in Congo has increased production to around 35,000
bpd. It said aggregate production in Gabon has increased from 15,100 bopd from
January to a level of approximately 17,000 bopd net to Tullow, and a number of
"development initiatives" are ongoing within Tullow's Gabonese licences.
Production at the three wells in Alba Extreme South in the U.K. is expected to
be in the order of 35,000 bopd. It said: "This continues to demonstrate that our
strategy of adding value through exploration and exploitation of existing
reserves is working."
Electolux reiterates raw material concerns, Q3 falls (2:35 AM ET) LONDON
(AFX) -- Appliances maker Electrolux said Wednesday reiterated concerns on raw
materials prices after it said that third quarter net income fell 11.7 percent
to SEK677 million, or 24.9 percent after excluding items affecting
comparability, with sales down 2.6 percent to SEK29.5 billion. The sales decline
was due to changes in exchange rates and divestments, while the trend in volume,
price and mix was positive, it said. Market demand for 2004 is expected to show
some growth over the previous year in both Europe and North America, but rising
material cost prices will resulting in comparable operating income significantly
lower than last year.
Home builder Taylor Wood: UK 2004 sales 6% off target (2:33 AM ET)
LONDON (AFX) -- U.K. and U.S. homes builder Taylor Woodrow , ahead of an analyst
meeting, cautioned it now expects home sales in the U.K. market for the year to
miss its target by 6 percent as buyers take longer to commit. It said the U.K.
housing market "remains attractive" and that it's seeing a modest increases in
average selling prices. The U.S. market conditions "remain buoyant," it said. It
expects "substantially higher profits than anticipated" in the North American
division "through a combination of better margins and volumes, against which we
are already over 98% sold. The recent hurricanes have had some impact on
production
in Florida, but they will have no material effect on profits."
Colt Telecom Q3 loss narrows, sets 'roadmap for growth' (2:23 AM ET)
LONDON (AFX) -- Colt Telecom , said its loss for the third quarter narrowed 11
percent to 31.8 million pounds. Revenue increased 7 percent to 303.7 million
pounds. It said its "underlying financial position" remains strong, and added:
"Despite these achievements, the revenue mix was not what it needs to be and we
continue to be challenged by the market environment and by pressures on our cost
base." It announced a 'roadmap for profitable growth' following a strategic
review, with emphasis on innovation, quality and growth to accelerate revenue
growth, deliver positive cash flow and profits and re-establish the company as
one of the top three players in each of the metropolitan markets in which it
operates across Europe.
UK brewer Scot & Newcastle confident to meet expect. (2:22 AM ET) LONDON
(AFX) -- Scottish & Newcastle , the U.K. FTSE 100 brewer, said it's confident on
meeting market expectations for 2004 after beer markets have recovered to
anticipated levels after a summer slow-down. In the U.K., S&N said volume in its
top four beer and cider brands are up 5 percent since the start of the year.
However, it expects the French beer market will decline by around 6 percent for
the full year.
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.
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