Performance Food Group's
second-quarter earnings declined, but its shares still rose as the results matched Wall Street's expectations. The company earned $12.2 million, or 35 cents a share, down from $203.8 million, or $4.28 a share, a year ago. Net earnings in the second quarter of 2005 include the sale of the company's fresh-cut segment. Sales totaled $1.4 billion, down about 1% from a year ago.
Analysts were calling for earnings of 35 cents a share on sales of $1.5 billion. Looking ahead, the company said it expects third-quarter earnings in the range of 32 cents to 36 cents a share, while analysts are projecting earnings of 37 cents a share. For 2006, the company forecast a profit, excluding stock-option costs, of about $1.31 to $1.40 a share. The consensus estimate is $1.27. Performance Food Group climbed $1.04, or 3.9%, to $27.63.
(LOJN - Get Report)
gained as the maker of vehicle-tracking devices beat second-quarter earnings expectations. The company earned $5.5 million, or 29 cents a share, compared with $5 million, or 26 cents a share, a year ago. Revenue increased 15% to $56.7 million. The estimate was 28 cents with revenue of $54.4 million.
LoJack said it expects this year's revenue to grow by 12% to 15%, up from its earlier guidance of 10% to 12%. The company expects earnings to increase by 8% to 10%, consistent with earlier guidance. Shares gained $1.56, or 8.9%, to $19.11.
Safety Insurance Group
(SAFT - Get Report)
rose after the insurance company reported an increase in second-quarter earnings. The company earned $29.1 million, or $1.81 a share, up from $23.2 million, or $1.46 a share, a year ago. Revenue totaled $169.6 million, up from $168.1 million a year ago. Analysts were looking for earnings of $1.32 a share. Safety Insurance Group advanced $2.32, or 4.2%, to $57.30.
plummeted after the company swung to a second-quarter loss and dropped plans to sell itself. TNS lost $930,000, or 4 cents a share, compared with earnings of $251,000, or 1 cent a share, a year ago. Revenue increased 11.2% to $72.7 million. Excluding charges, TNS lost 2 cents a share.
TNS also said it plans to separate the chairman and CEO positions. Shares of TNS sank $4.11, or 24%, to $13.07.
(CONN - Get Report)
sank as the electronics retailer lowered its annual guidance. The company cited disappointing second-quarter sales, higher-than-expected loan losses related to Hurricane Rita, and other factors. The company said sales for the quarter ended July 31 increased 13.8% to $163.7 million. Same-store sales grew 7.2%.
For the full year, Conn's lowered its earnings prediction to a range of $1.60 to $1.75 a share from $1.85 to $1.90 a share. Shares tumbled $3.71, or 14%, to $22.75.