Thursday's Winners & Losers: Media General
Shares of Media General (MEG) were among the NYSE's losers Thursday, sliding 5% after the publishing company posted mixed second-quarter results.
The company earned $20.2 million, or 85 cents a share, beating Thomson First Call's average analyst estimate of 82 cents a share. Media General's revenue totaled $230.1 million, short of analysts' target of $245.8 million. A year earlier, the company earned $19 million, or 80 cents a share, excluding a one-time gain, on revenue of $222.8 million.
Looking ahead, Media General sees its publishing division posting revenue growth of 5% in the third quarter. Its broadcast division, meanwhile, is expected to post total time sales growth of about 60%. Shares were recently trading down $2.25 to $39.85.
Polaris Industries (PII) fell 2% after the maker of snowmobiles posted mixed second-quarter results and warned that third-quarter earnings would be below expectations. The company recorded earnings from continuing operations of $22.7 million, or 53 cents a share, on revenue of $384.3 million. Analysts expected earnings of 53 cents a share, with revenue of $397.8 million. During the year-earlier quarter, the company earned $29.1 million, or 66 cents a share, on revenue of $442.3 million.Polaris projects third-quarter earnings from continuing operations of $1.03 to $1.08 a share, short of Wall Street's forecast of $1.16 a share. The company expects revenue to be down 3% to 5%. Analysts project revenue of $534.1 million, or a decline of about 2%. Shares were trading down 84 cents to $39.81. Shares of International Paper (IP) traded actively after the paper manufacturer announced a $3 billion stock repurchase plan. At Wednesday's closing price of $32.12, the repurchase plan represents about 20% of the company's outstanding shares. International Paper said it expects to start buying stock during the third quarter and plans to purchase a significant amount of shares before the end of the year. "In addition to returning value to our shareholders through the share repurchase, we are reducing debt to strengthen our balance sheet and we are exploring attractive reinvestment opportunities that will improve our global uncoated paper and packaging businesses," International Paper said in a press release. IP plans to spend about $6 billion to $7 billion on debt repayment and possible voluntary cash contributions to its U.S. pension fund. Shares were recently trading down 13 cents to $31.99.
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