provided an update on the effects of hurricanes Katrina on its production. El Paso's Gulf of Mexico net output currently totals 64 million cubic feet equivalent and is expected to reach 120 million cubic feet equivalent by Dec. 1. The company's net production prior to Hurricane Katrina was 205 million cubic feet equivalent. El Paso expects the remaining production back online during the first quarter of 2006. El Paso also said that initial production from two recent discoveries might be delayed into early 2006 due to damage affecting third-party pipeline and processing. The stock was unchanged at $12.58.
said it earned $2.5 million, or 23 cents a share, for the first quarter ended Sept. 3, compared with $1.3 million, or 11 cents a share, a year ago. The medical device maker reported revenue for the quarter of $34.8 million. For fiscal 2006, the company said it now expects to earn $5 million to $5.6 million on revenue of $124 million to $127 million. The stock was up 44 cents, or 2.96%, to $15.29 in after-hours trading.
Advanced Micro Devices
reported net income of $76 million, or 18 cents a share, for the third quarter ended Sept. 25, up from net income of $44 million, or 12 cents a share, a year ago. The chipmaker said revenue rose to $1.52 billion from $1.24 billion last year. Analysts expected earnings of 8 cents a share on revenue of $1.38 billion, according to Thomson First Call. "Exceptional customer demand for our server, mobile and desktop processors helped drive microprocessor sales growth of 44 percent compared to the third quarter of 2004 and 26 percent compared to the second quarter of 2005," said Robert J. Rivet, chief financial officer at AMD. For the fourth quarter, AMD expects sequential microprocessor sales growth between 7% and 13%.
raised its earnings guidance for fiscal years 2006 through 2008. For fiscal 2006, the company now expects to earn $2.18 to $2.23 a share versus its previous estimate of $2.10 to $2.15 a share. Medtronic expects 2006 revenue of $11.1 billion to $11.6 billion. For 2007, the company raised its earnings forecast to $2.45 to $2.55 a share from its previous guidance of $2.37 to $2.47 a share. Revenue for 2007 is expected to be $12.2 billion to $13.3 billion. For 2008, Medtronic now expects to earn $2.70 to $2.98 a share versus previous estimates of $2.70 to $2.90 a share. Revenue for 2008 is projected to be $14 billion to $16 billion.
"Medtronic's strong operational performance thus far this year; our continued prospects for growth over the three-year period of fiscal years 2006 through 2008; our continued investments in new and innovative technologies; and a reduced effective income tax rate provides us increased confidence in our ability to improve investor returns over our previous earnings guidance," said Gary Ellis, Chief Financial Officer of Medtronic. The stock was up 49 cents, or 0.91%, to $53.35 in after-hours trading.
posted a profit of $430 million, or 50 cents a share, for the fourth quarter ended Sept. 24, versus a profit of $106 million, or 13 cents a share, a year ago. The computer maker said revenue for the quarter rose to $3.68 billion from $2.35 billion last year. Excluding a 12 cents a share tax benefit, Apple earned 38 cents a share, beating analysts forecasts' polled by Thomson First Call of 37 cents a share but falling short of their revenue estimate of $3.74 billion.
said it earned $8.3 million, or 23 cents a share, for the fourth quarter ended Aug. 31, compared with $9.3 million, or 27 cents a share, a year ago. The company said quarterly revenue grew 22% to $87.6 million from $71.9 million last year. Excluding the impact of costs associated with the Medicare Health Support pilots, the company earned 31 cents a share. Analysts polled by Thomson First Call expected earnings of 22 cents a share on revenue of $88.3 million. The stock was down $1.54, or 4.08%, to $36.18 in after-hours.
lowered its revenue forecast for the fourth quarter ended Sept. 30 to $47 million to $48 million, compared with its previous guidance of $55 million to $59 million. "Given our historical experience and customer forecasts, we anticipated much stronger demand in September, which never materialized," said William P. Murnane, president and chief executive officer of Innovex.
said it now expects GAAP earnings for the year ended Sept. 24 of $1.25 to $1.29 a share. Excluding items, the company expects to earn $1.32 to $1.36 a share, down from its previous forecast of $1.46 to $1.48 a share. The direct mailing company expects 2005 revenue to be up 11% over the prior year period. For the fourth quarter, ADVO expects earnings of 24 cent to 28 cents a share on revenue growth of 7%. The stock was up 2 cents to $29.32 in after-hours.
Research in Motion
announced that its board has authorized the buyback of up to 9.5 million common shares over the next 12 months. The stock was up 78 cents, or 1.24%, to $63.80 in after-hours trading.