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OmniQuip Expects Quarter Earnings Well Short of Estimates

Construction equipment maker

OmniQuip

(OMQP)

said it sees third-quarter earnings coming in around 12 cents to 15 cents a share. The seven-analyst

First Call

outlook called for 50 cents vs. the year-ago 48 cents. The company said it sees quarter sales rising 15% to 17% above the year-ago sales of $119.7 million, which is below management's previous expectations. OmniQuip plans to take a third-quarter restructuring charge of about $2.2 million, or 9 cents a share. Finally, the company said it will cut about 200 jobs at its

Snorkel

unit.

(Friday afternoon,

TheStreet.com

had a

look at the second-quarter preannouncement season.)

In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):

Earnings/revenue reports and previews

Chesapeake

(CSK)

, a specialty packaging and tissue company, said it expects second-quarter earnings to come in 10% to 20% below the six-analyst forecast for 51 cents a share. The company, which earned 49 cents in the year-ago period, blamed the expected shortfall on higher costs and a short-term margin squeeze at its North American packaging operations.

Mergers, acquisitions and joint ventures

KeySpan's

(KSE)

energy unit bought the Ravenwood electric-generating facility in Long Island City, Queens, from

TheStreet Recommends

Consolidated Edison

(ED) - Get Consolidated Edison, Inc. Report

for $597 million. KeySpan said the transaction will add to its earnings in 1999.

Bermuda-based

XL Capital

(XL) - Get XL FLEET CORP. Report

said it completed its acquisition of

NAC Re

(NRC) - Get National Research Corporation Report

in a stock deal valued at about $1.01 billion.

Offerings and stock actions

Labranche

, the third-largest specialist firm on the

New York Stock Exchange

, filed for a $212.75 million IPO. The company expects to trade on the NYSE under the symbol LAB.

Miscellany

American Eagle

, the regional affiliate of

AMR's

(AMR)

American Airlines

, said it suspended service indefinitely between San Juan and two Caribbean destinations -- Fort-de-France, Martinique, and Pointe-a-Pitre, Guadeloupe.