First-Quarter Earnings Announcements: Microsoft Revenue Disappoints, and More

Holy Thursday, Batman!

OK, so we're mixing our holidays with our Super Friends. But after this week's huge spate of quarterly earnings, we can be forgiven for being a little brain-weary.

Today is the last day this week for a major dose of earnings, as the markets are closed tomorrow for the Good Friday holiday. But one of the most closely watched companies was slated to report this evening after the bell.

With that bell still echoing in traders' ears, Microsoft (MSFT) reported its fiscal third-quarter numbers and topped expectations.

TheStreet.com is compiling all of its earnings news and analyses in one convenient location to make it easier for our readers to see where earnings are headed. We will update this section as soon as earnings reports arrive. To keep track of what's coming, we have a daily earnings preview as well as a weekly earnings calendar.

Thursday's Earnings

Buoyed by a resurgence in PC demand during the last half of March, Microsoft (MSFT) reported quarterly earnings Thursday that surpassed analysts' expectations, but the software giant's revenue and its near-term growth outlook disappointed Wall Street.

For the third quarter ended March 31, the Redmond, Wash., company reported net income of $2.39 billion, or 43 cents a diluted share. Analysts polled by First Call/Thomson Financial had predicted an average of 41 cents a diluted share. In the comparable quarter last year, the company reported net income of $1.9 billion, or 35 cents a diluted share.

Revenue gained 23% from the comparable quarter last year, rising to $5.66 billion from $4.6 billion. CFO John Connors said in a statement that the company was "guarded" about its near-term growth outlook.

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Exodus Communications (EXDS) reported a narrower-than-expected loss of 23 cents a share for the first quarter, excluding goodwill and other charges. The 25-analyst estimate called for a loss of 26 cents. Net revenue was $134.1 million, a 346% increase over the year-ago quarter, and a 32% increase over the previous quarter. For the first time since its IPO, the company posted an EBITDA profit.

SGI (SGI) reported a third-quarter loss of 9 cents a share excluding special items, 2 cents worse than the 13-analyst estimate but up from a loss of 21 cents a year ago.

Earlier...

Continental, Northwest Beat Estimates Despite Soaring Fuel Costs
However, shares of both airlines were down marginally.

UPS Delivers Stellar Earnings, Beating Expectations by 4 Cents
The company also inked an exclusive deal with Compaq to manage the boxmaker's service parts network in North America.

Sunoco and Valero Surpass Estimates
Philadelphia-based Sunoco's net income surged threefold to $78 million.

Strong Sales of Top-Selling Drugs Boost Pharmaceutical Firms' Earnings
All either matched or beat expectations.

McDonald's Tops Estimates by a Penny
The company also said it will buy back $1 billion more worth of shares.

Also Thursday

Apple (AAPL) soared 6 11/16 to 127 13/16 in postclose Island action after posting second-quarter earnings of 88 cents a diluted share, beating the 19-analyst estimate of 81 cents and up from the year-ago 84 cents, which includes items. Revenue rose 27% to $1.94 billion from $1.53 billion and gross margins rose 28.2%, up from 26.3% a year ago. The company also set a 2-for-1 stock split.

For more on Apple's earnings, check out coverage from TheStreet.com/NYTimes.com joint newsroom.

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BellSouth(BLS) posted first-quarter earnings of 52 cents a share, a penny better than the 15-analyst estimate and up from the year-ago 32-cent profit, which included a loss.

Power company Central & South West(CSR) reported first quarter earnings of 18 cents a share, below the 4-analyst consensus estimate of 20 cents a share and the year-ago figure of 21 cents.

E-commerce leader Commerce One (CMRC) said its first-quarter losses were 9 cents a share, which beat the 19-analyst estimate of a loss of 12 cents for the quarter and matched the year-ago per-share results. Earnings were adjusted for its 2-for-1 stock split, effective today.

For more on Commerce One's earnings, check out coverage from TheStreet.com/NYTimes.com joint newsroom.

Excite@Home (ATHM) reported a first-quarter pro forma loss of 1 cent a share, short of Wall Street's expectations that it would break even but narrower than the year-earlier pro forma loss of 2 cents a share. The Internet service company posted a net loss of $676.5 million, or $1.75 a share, compared with a loss of $18.1 million, or 8 cents a share, in the 1999 quarter. Revenue rose 75% in the latest quarter to $138 million, from $78.7 million a year earlier. The company said the number of new subscribers had more than tripled to 1.5 million. Warburg Dillon Read lifted its rating to strong buy from buy due to growth in the company's broadband.

Gilette(G) reported first quarter earnings per share of 24 cents, on par with its year-ago figure, but up from the 13-analyst estimate of 22 cents.

Upside Surprises
Company	Qtr	EPS	First Call View	Yr. Ago EPS	Number of Analysts	Price Change	Intraday Price
Adolph Coors (RKY)	1Q	40	37c	32c	9	N/A	N/A
Andrew (ANDW)	2Q	21c	16c	-25c	7	n/a	n/a
Affymetrix (AFFX)	1Q	-14c	-24c	-33c	7	N/A	N/A
Black & Decker (BDK)	1Q	54c	49c	44c	10	n/a	n/a
Baxter (BAX)	1Q	65c	64c	55c	11	N/A	N/A
Cordant Technologies (CDD)	1Q	$1.00	$1.00	$1.26	5	N/A	N/A
Equitable Resources (EQT)	1Q	$1.18	$1.07	84c	11	n/a	n/a
Ecolab (ECL)	1Q	32c	29c	-26c	8	n/a	n/a
Footstar (FTS)	1Q	14c	12c	30c	6	n/a	n/a
Genzyme General (GENZ)	1Q	53c	51c	49c	9	n/a	n/a
General Semiconductor (SEM)	1Q	23c	20c	12c	2	N/A	N/A
KeyCorp (KEY)	1Q	55c	54c	65c	22	N/A	N/A
Knight Ridder (KRI)	1Q	74c	73c	65c	12	N/A	N/A
Metricom (MCOM)	1Q	-$1.15	-$2.30	-80c	3	N/A	N/A
Midas (MDS)	1Q	47c	41c	37c	2	n/a	n/a
PG&E (PCG)	1Q	79c	61c	44c	10	n/a	n/a
Polaroid (PRD)	1Q	-13c	-22c	-34c	9	N/A	N/A
Puget Sound Energy (PSD)	1Q	89c	87c	79c	5	n/a	n/a
United Parcel Service (UPS)	1Q	56c	52c	44c	14	N/A	N/A
Valero Energy (VLO)	1Q	54c	53c	-5c	14	n/a	n/a
Viad (VVI)	1Q	28c	27c	15c	4	n/a	n/a
Wabtec (WAB)	1Q	38c	39c	45c	8	N/A	N/A

Downside Surprises
Company	Qtr	EPS	First Call View	Yr. Ago EPS	Number of Analysts	Price Change	Intraday Price
Federal-Mogul (FMO)	1Q	86c	86c	80c	10	n/a	n/a
Galey & Lord (GNL)	3Q	2c	7c	-9c	3	n/a	n/a
Howmet International (HWM)	1Q	30c	34c	34c	4	n/a	n/a
International Home Food (IHF)	1Q	35c	35c	30c	5	N/A	N/A
Johns Manville (JM)	1Q	30c	34c	23c	3	n/a	n/a
Reynolds & Reynolds (REY)	2Q	41c	41c	36c	3	N/A	N/A

In-Line Reports
Company	Qtr	EPS	First Call View	Yr. Ago EPS	Number of Analysts	Price Change	Intraday Price
Allstate (ALL)	1Q	62c	65c	81c	20	N/A	N/A
Idec Pharmaceuticals (IDPH)	1Q	7c	7c	10c	6	N/A	N/A
Oshkosh Truck (OTRKB)	2Q	70c	70c	50c	5	n/a	n/a
Schering-Plough (SGP)	1Q	42c	42c	36c	16	N/A	N/A

Wednesday's Earnings

Tuesday's Earnings

Monday's Earnings

April 14 Earnings

April 13 Earnings

April 12 Earnings

April 11 Earnings

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