Wolverine World Wide
were among the
winners Wednesday, jumping 15% after the footwear maker posted better-than-expected first-quarter results.
The company earned $19.6 million, or 34 cents a share, on revenue of $262.8 million. Analysts polled by Thomson First Call expected earnings of 30 cents a share and revenue of $261.4 million. During the year-earlier quarter, the company earned $16.1 million, or 27 cents a share, on revenue of $245.2 million. The company attributed the jump to strong growth at its Merrell brand and gross margin expansion.
Looking ahead, Wolverine World Wide now sees 2006 earnings at the top half of its previously projected range of $1.34 to $1.40 a share. The company continues to expect full-year revenue of $1.11 billion to $1.13 billion. Analysts project earnings of $1.36 a share on revenue of $1.13 billion. Shares were trading up $3.02 to $23.75.
shares climbed 16% after the financial services company posted first-quarter results that blew past estimates. The company earned $49.1 million, or 47 cents a share, on revenue of $276.5 million. Excluding items, the company earned $53.8 million, or 52 cents a share, above analysts' forecast of 30 cents. Revenue totaled $276.5 million, easily surpassing Wall Street's target of $194 million. During the year-earlier period, the company earned $5.8 million, or 5 cents a share, on revenue of $137.6 million.
"Knight employees' intense and concerted efforts over the last year implementing the strategic changes to our business model made our outstanding performance in the first quarter of 2006 possible," the company said. Shares were trading at $16.61, up $2.23.
( LU) slumped 9% after the packaging company posted mixed first-quarter results and projected second-quarter earnings below Wall Street expectations. For the first quarter, the company earned $45.1 million, or 44 cents a share, on revenue of $818.8 million. Sonoco posted adjusted earnings of $46.5 million, or 46 cents a share, which excluded a restructuring charge of 2 cents a share and included a favorable tax adjustment of 3 cents a share.
Analysts expected earnings of 45 cents a share and revenue of $859.5 million. During the year-earlier quarter, the company earned $37 million, or 37 cents a share, on revenue of $814.4 million. Excluding items, Sonoco's year-earlier earnings were $40.1 million, or 40 cents a share.
Sonoco sees second-quarter earnings of 44 cents to 47 cents a share, below the 49 cents a share that analysts project. For the full year, the company projects earnings at the upper end of a range of $1.96 to $1.99 a share. Previously, the company forecast earnings of $1.90 to $1.94 a share. Analysts project earnings of $2.01 a share. Shares were trading down $3.20 to $31.18.
( LUFK) rose 5% after the provider of oil-field pumping units posted first-quarter results that pleased investors. The company earned $15.2 million, or $1.01 a share, on revenue of $133.4 million. The single-analyst forecast called for earnings of 92 cents a share. During the year-earlier quarter, the company earned $7.4 million, or 52 cents a share, on revenue of $101.4 million. The company's oil field business reported a 38% increase in sales to $86.6 million.
"We attribute this growth to the persistent strength in energy demand worldwide, which has driven sales of pumping equipment for both oil well and natural gas applications," the company said.
Looking ahead, Lufkin sees second-quarter earnings of 90 cents to $1.10 a share. For the full year, the company now sees earnings of $3.75 to $4.25 a share, up from an earlier view of $3.50 to $4 a share. Shares were up $3.24 to $68.88.
rose modestly after the energy company put its first-quarter earnings above analysts' average forecast. The company sees operational earnings of 88 cents a share, ahead of the 84 cents a share that analysts project.
Operational earnings exclude various items, such as results from Entergy's bankrupt New Orleans unit. During last year's first quarter, the company posted operational earnings of 80 cents a share. For the full year, Entergy continues to predict operational earnings of $4.50 to $4.80 a share. Analysts project earnings of $4.65 a share. Entergy shares were trading up 18 cents to $69.49.
NYSE volume leaders included
( MOT), down $1.65 to $22.43;
, up 41 cents to $34.41;
, down $1.83 to $47.84;
, up 3 cents to $24.96;
, down 4 cents to $2.97;
, down 24 cents to $33.63;
, down $2.21 to $25.31;
Advanced Micro Devices
, up 12 cents to $31.35; and
( NT), down 2 cents to $2.86.
volume leaders included
, up $1.67 to $32.97;
, down 60 cents to $2.51;
, up 6 cents to 3.73;
, down 5 cents to $19.34;
, down 3 cents to $4.95;
, down 4 cents to $13.96;
Sirius Satellite Radio
, down 4 cents to $5.13;
Level 3 Communications
, up 14 cents to $5.18;
, down 22 cents to $27; and
, down 21 cents to $21.26.