shares were trading higher after-hours Thursday after the company bought Pullman Industries, a maker of tubular and shaped components primarily for the automotive industry. Noble is paying $120 million, including the assumption of debt and deferred consideration.
Pullman is based in Troy, Mich., and operates four manufacturing facilities in the U.S. and two in Mexico. Its product line consists mainly of structural, impact and trim roll-formed components for vehicles. At the same time, Noble increased its bank credit facilities. Noble expects the acquisition of Pullman to add $200 million to $215 million in revenue next year, taking the projected total to $690 million. Earnings for 2007 should be around $22 million, or $1.50 a share.
For this year, Noble forecast revenue of $400 million to $410 million and earnings of $13 million, or around 90 cents to 95 cents a share. Noble doesn't expect Pullman to contribute to this year's profits. Shares of Noble were up 5.5% to $15.30 in late trading Thursday.
said a supply agreement it signed with
has been terminated by the PC maker. Overland expected to supply Dell with two different automated-tape libraries. Shipments hadn't started, but they were expected to begin in the near future. Shares of Overland were sinking 12.7% to $5.79 in extended trading Thursday.
Overland said the costs it has recorded for the Dell arrangement have been significant, and it plans to immediately stop spending on the program. Although it's still assessing the impact of Dell's decision, Overland believes that the write-off of tools and equipment used specifically for the contract will be relatively small. Other uses can probably be found for most of the assets, Overland said.
fell after the homebuilder said its second-quarter earnings will be lower than expected as net orders fell 28%. The Dallas-based company said it was cutting its profit estimate for the quarter to 65 cents to 75 cents a share, well below the Thomson First Call consensus estimate of $1.33 a share. Centex was down 4.5% to $52.60.
second-quarter profit declined sharply from a year ago because of waning demand for direct-broadcast satellite products. For the quarter ended Aug. 31, the wireless-equipment maker earned $1.2 million, or 5 cents a share, compared with $3.7 million, or 16 cents a share, a year ago. Sales were unchanged at $57.9 million. Analysts forecast second-quarter earnings of 7 cents a share on revenue of $56 million.
CalAmp forecast third-quarter earnings of 4 cents to 8 cents a share on sales of $59 million to $65 million. After hours, the shares plummeted 14%, or $1.11, to $6.83.
shuffled executives in a bid to streamline decision making and "enhance in-store execution." The Atlanta-based home-improvement retailer said four division presidents in North America will report to CEO Bob Nardelli. Finance chief Carol Tome will take responsibility for supporting store operations, including asset protection and customer service.
Frank Blake, executive vice president for business development and corporate operations, will join the board as vice chairman and nonvoting member. Carl Liebert, executive vice president for Home Depot Stores, and Bill Lennie, senior vice president for merchandising and decor, will leave to pursue opportunities outside the home-improvement industry. Shares of Home Depot fell 1.3% late to $37.40.
said unwinding a failed hedging strategy will lop 68 cents a share off third-quarter earnings. Analysts surveyed by Thomson Financial were looking for a 69-cent profit. The stock fell 5.4% to $13.05.
"Earlier this year, the company took the decision to enter into freight-forward agreements to protect against a declining market going into the seasonally low summer period," DryShips said. "Against expectations, the freight market staged a contra-seasonal recovery. When this became apparent, the company settled or closed its positions. Despite the negative impact limited to the third-quarter earnings, we are happy the market has turned out much stronger than expected."
sank 13% following the company's weak second-quarter earnings projection. La-Z-Boy cited softer-than-expected sales volume, particularly within its retail segment.
The furniture maker expects to earn 1 cent to 4 cents a share for the quarter ending Oct. 28, down from its earlier forecast of 11 cents to 15 cents a share. Analysts were looking for earnings of 12 cents a share. Shares were giving up $2 to $13.