AOL, IBM and AMD Score a Hat Trick With Earnings, Besting Estimates

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Ah, earnings season. When a young company's fancies often turn to creative accounting. Tonight, though, participants were waiting in the wings for some of the stock market's frothiest names to post their earnings.

And post they did. And for most of them, things are looking pretty good. We'll see how good, when the market opens tomorrow, but some of the names got off to a running start tonight in after-hours action. For a wrap-up of some of tonight's action, take a look at a copy of

TSC's

The Night Watch.

IBM

(IBM) - Get Report

posted fourth-quarter earnings of $1.12 a share, ahead of the

First Call/Thomson Financial

24-analyst estimate of $1.06, but down from the year-ago $1.24.

IBM said fourth-quarter net income was $2.1 billion, down from the year-ago $2.3 billion.

Big Blue's chairman and CEO,

Louis V. Gerstner, Jr.

, said in a statement:

As we had anticipated, the Y2K issue hit us hard in the fourth quarter. Many of our large customers -- who handle much of the world's critical data -- had locked down their computer systems as they prepared for the Y2K transition. While we are pleased that this transition is proceeding smoothly for our customers, these lockdowns had a significant negative impact on our revenues and earnings in the quarter.

America Online

(AOL)

posted second-quarter earnings of 9 cents a share, a penny better than the 32-analyst estimate and up from the year-ago 4-cent profit, which has been adjusted two reflect two stock splits. The Internet giant said the online shopping and advertising boom pushed revenue up 41%, to $1.6 billion, while subscribers to its flagship service reached 20.5 million, a 1.8 million increase from the first quarter. On Jan.10, AOL said it had entered a $144 billion deal to buy

Time Warner

(TWX)

.

In other post-close news (earnings estimates from

First Call/Thomson Financial

; earnings reported on a diluted basis unless otherwise specified):

Mergers, acquisitions and joint ventures

Suez Lyonnaise de Eaux Group's

energy division

ELYO

said it has agreed to purchase all the outstanding shares of

Trigen Energy

(TGN)

that it does not already own, in a cash deal valued at $23.50 a share.

Currently, ELYO's subsidiary holds roughly a 53% interest in Trigen common shares. Trigen also said that it has tapped its director and COO Richard Kessel to become president and CEO of the company. Trigen will maintain its name and company headquarters in White Plains, N.Y.

JDS Uniphase

(JDSU)

said

Lucent

(LU)

has extended their agreement, which calls JDS Uniphase to provide advanced optical amplifier modules for Lucent's

WaveStar OLS 400G

optical networking systems through December 2001.

Earnings/revenue reports

Advanced Micro Devices

(AMD) - Get Report

reported fourth-quarter earnings which includes restructuring and other charges of 43 cents share. The report was up from the year-ago 15 cents a share. The 20-analyst estimate, which does not include charges, was for a penny.

Apple

(AAPL) - Get Report

posted fiscal first-quarter earnings, excluding items, of $1.00 a share, well ahead of the 21-anlalyst estimate of 90 cents and up from the year-ago 95 cents.

Conexant

(CNXT) - Get Report

posted first-quarter earnings of 24 cents a share, edging out the 14-analyst estimate of 20 cents and the year-ago pro forma loss of 30 cents. The company also said it would purchase

Oak Technology's

(OAKT)

broadband division for $25 million.

Separately, Oak Technology posted a second-quarter loss of 34 cents a share, wider than the single-analyst estimate of a 28-cent loss and the year-ago 22 cent-loss.

Concur Technologies

(CNQR)

reported a first-quarter loss of 76 cents a share, wider than the four-analyst expected loss of 72 cents and the year-ago pro forma loss of 48 cents.

Digital Microwave

(DMIC)

reported third-quarter earnings of 5 cents a share, a penny better than the 11-analyst estimate and up from the year-ago loss of $1.09 including a charge.

Extreme Networks

(EXTR) - Get Report

reported second-quarter earnings of 11 cents, beating the seven-analyst estimate of 9 cents a share, and the year-ago pro forma loss of 5 cents.

GaSonics

(GSNX)

reported first-quarter earnings of 9 cents a share, beating the four-analyst estimate of 7 cents and the year-ago loss of 49 cents which includes a charge.

I2 Technologies

(ITWO)

posted fourth-quarter earnings of 19 cents a share, beating the 22-analyst estimate of 16 cents and up from the year-ago 5-cent profit. Separately, the company set a 2-for-1 stock split.

Legato Systems

(LGTO)

posted fourth-quarter earnings of 11 cents a share, up from the year-ago 8 cents. The 19-analyst estimate, which excluded goodwill, was 19 cents a share.

Micromuse

(MUSE)

posted pro forma first-quarter earnings of 13 cents a share, which excludes the write-off of purchased in process R&D and the amortization of goodwill and purchased intangible assets, a penny ahead of the 10-analyst estimate and up from the year-ago 8 cents. The company also said its board approved a 2-for-1 stock split.

MMC Networks

(MMCN)

reported a fourth-quarter loss of one cent a share including items. The 11-analyst estimate called for a loss of one cent while the year-ago earnings were 9 cents a share.

QLogic

(QLGC)

posted third-quarter earnings of 40 cents a share, beating the seven-analyst estimate of 36 cents a share and the year-ago 19-cent profit. Separately, the company set a 2-for-1 stock split.

Superior Industries

(SUP) - Get Report

said it sees fourth-quarter earnings 17% above expectations citing strong auto sales and shifts to more lightweight vehicles. The company said it expects earnings of 81 cents, well above the seven-analyst estimate of 69 cents.

Symantec

(SYMC) - Get Report

posted third-quarter earnings before goodwill of 59 cents a share, up from the year-ago report of 43 cents. The six-analyst estimate was 50 cents, which included good will.

Universal Health Services

(UHS) - Get Report

said it expects to posts earnings of 55 cents a share, which includes roughly four cents from the reversal of previously accrued bonus cost. The 17-analyst estimate sees the company reporting fourth-quarter earnings of 42 cents a share. Universal said that its also sees fiscal 2000 earnings of roughly $2.52 a share, after the bonus expense reversal. The 16-analyst estimate expects the company to post 2000 earnings of $2.39 a share.

Western Digital

(WDC) - Get Report

said it was leaving the high-end hard drive business and cut its workforce by more than 420 jobs. The company, which is axing the business to focus on network servers and workstations, said that its would assume a restructuring charge in the third-quarter. The company also said that its seond-quarter loss is significantly narrower than the 10-analyst estimate of a 98-cent loss.

Offerings and stock actions

99 Cents Only Stores

(NDN)

set a 4-for-3 stock split payable on Feb.8 to shareholders of record Jan.28.

Miscellany

Harbinger

(HRBC)

said it has tapped its president and COO James Travers, to become its CEO. Travers replaced the company's founder and Chairman C. Tycho Howle, who stepped down from his positions to pursue other interests. Howle will continue to serve as an advisor to Travers.