Performance Food Group's(PFGC Quote) 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.
LoJack(LOJN Quote) 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. ...
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