Second-Quarter Earnings Announcements: AT&T, eBay and ExxonMobil Beat Estimates
It's the third week of second-quarter earnings reports and the volume of news will begin to slow. But there are lots of important precincts still to be heard from. Today brought a strong report from
AT&T
, whose 57 cents per share
beat expectations and could serve as a boon for the
Dow Jones Industrial Average.
ExxonMobil
(XOM) - Get Exxon Mobil Corporation Report
also beat street estimates.
The
Nasdaq
also looks stronger today on the day of earnings from
Compaq
(CPQ)
, which is poised to report after tonight's close. Investors are watching to see if slowing PC sales will affect the boxmaking bellwether.
Meanwhile, the rest of the day could bring cheering news from some Old-Economy stalwarts. Oil producers
TheStreet Recommends
Texaco
,
Aflac
(AFL) - Get Aflac Incorporated Report
(will earnings be affected by the purchase of large quantities of Duck Chow?),
Disney
(DIS) - Get Walt Disney Company Report
and
McDonald's
(MCD) - Get McDonald's Corporation Report
are all on tap to report today.
TheStreet.com
is compiling all of its earnings news and analyses in one convenient location to make it easier for our readers to see where earnings are headed. We will update this section as soon as earnings reports arrive. To keep track of what's coming, we have a daily earnings
preview as well as a weekly earnings
calendar.
Earnings/Revenue Reports and Previews
Internet brokerage firm
Ameritrade
(AMTD) - Get TD Ameritrade Holding Corporation Report
posted third-quarter earnings of 3 cents a share, ahead of the 15-analyst estimate of a 1-cent loss but below the year-ago 5-cent profit. Analysts, however, cut their third-quarter estimate recently because of lower trading volume. The company's revenue was up 91% from a year earlier but down 12% from the previous quarter.
Retailer
Circuit City
(CC) - Get Chemours Co. Report
announced that its board approved a restructuring plan that would involve lowering earnings with one-time costs and cutting 1,000 jobs. The company said that the three-year plan, which includes remodeling its superstores and discontinuing the sale of major appliances, will hurt second- and third-quarter results. Circuit City said it expects third-quarter earnings per share to total about 16 cents after a 17-cent impact related to restructuring. Analysts had expected the retailer to list earnings of 33 cents a share. Deutsche Banc Alex. Brown analyst John Glass lowered his rating on the stock to market perform from strong buy.
Chevron
(CHV)
reported second-quarter earnings of $1.75 a share, a penny better than the 23 analyst estimate and the year-ago 53 cents. Chevron attributed the increased earnings to higher crude oil and natural gas prices and increased production.
ExxonMobil
(XOM) - Get Exxon Mobil Corporation Report
posted second-quarter earnings of $1.18 a share, well above the 24-analyst estimate of $1.07 and the year-ago 53 cents. The company attributed the robust results to strong oil prices and better profit margins on gasoline and other fuels.
GTECH Holdings
(GTK)
announced a profit warning for its fiscal 2001 second quarter, ending next month. The company expects revenues in the range of $230 million to $240 million, compared to $255 million in the second quarter. Additionally, the company expects earnings per share in the range of 18 to 22 cents, compared to second-quarter earnings of 58 cents. Analysts had expected the company to earn 38 cents a share.
Internet Pictures
(IPIX)
posted second-quarter losses of 43 cents a share, ahead of the six-analyst estimate of a 45 cent loss and the year-ago 81 cent loss. For more on Internet Pictures, take a look at Cory Johnson's
interview with the company's CEO.
Retailing giant
Kmart
(KM)
said it will close 66 traditional stores and six Super Kmart stores. The company said it expects second-quarter earnings in the range of 4 cents to 7 cents a share before a charge and also said it sees 2000 earnings-per-share to be below the year-ago results. The company said the store closings will result in a $740 million pre tax charge and earnings below expectations for the rest of the year.
Louisiana-Pacific
(LPX) - Get Louisiana-Pacific Corporation Report
reported second-quarter earnings of 42 cents a share, missing the nine-analyst estimate by a nickel and down from year-ago earnings of 76 cents a share. The company said the lower-than-expected earnings were the result of eroding prices for its products.
McDonald's
(MCD) - Get McDonald's Corporation Report
posted second-quarter earnings of 39 cents a share, in line with the 17-analyst estimate and up slightly from the year-ago 37 cents a share. McDonald's said it expects stronger sales momentum in the second half of 2000.
Northeast Utilities
(NU)
posted second-quarter earnings of 8 cents a share, better than the four-analyst estimate of 6 cents and the year-ago earnings of less than 1 cent.
NOVA Chemicals
(NCX)
reported second-quarter earnings of $1.15, which includes a gain of 20 cents a share. The six-analyst estimate was 84 cents, while year-ago earnings were 34 cents a share.
Pharmaceutical giant
Pfizer
(PFE) - Get Pfizer Inc. Report
posted second-quarter earnings of 23 cents, besting the 20-analyst estimate by a penny and improving upon last-year's 19 cents earnings a share.
Deutsche Banc Alex. Brown
cut the company's rating to market perform from strong buy.
RF Micro
(RFMD)
said it sees record revenue and earnings for 2001. The company also said its board approved a 2-for-1 stock split.
The world's No. 1 manufacturer of computer chips for mobile phones,
Texas Instruments
(TXN) - Get Texas Instruments Incorporated Report
, announced second-quarter earnings of 31 cents a share, beating the 25-analyst estimate by a penny and topping the year-ago 23-cent profit.
Additionally, the Dallas-based company announced that it expects accelerating growth in its core semiconductor business in the third quarter and is raising its capital expenditures for the year to $2.8 billion from $2.5 billion to meet strong customer demand.
After Monday's Close
Virage
(VRGE)
reported a loss of 48 cents for its fiscal first quarter. This was the first quarter that the software manufacturer has reported since it went public on June 29.
XETA Technologies
(XETA)
announced that it anticipates revenue to be lower than Wall Street's expectation. The company estimates earnings to be 15 cents a share (plus or minus 10%) vs. analysts' forecast of a 20-cent per-share profit.
Tuesday's Earnings
Update: eBay Exceeds Estimates as Earnings More Than Double
Compaq Meets Expectations of 21 Cents a Share
Nortel Networks Beats Estimates by 3 Cents
McDonald's Meets Forecast
Ameritrade's Earnings Down 48%, but They Exceed Estimates
Update: ExxonMobil, Chevron Surpass Estimates
AT&T Beats Expectations
Monday's Earnings
July 21 Earnings
July 20 Earnings
July 19 Earnings
July 18 Earnings
July 17 Earnings
July 14 Earnings
July 13 Earnings
July 12 Earnings
It's the third week of second-quarter earnings reports and the volume of news will begin to slow. But there are lots of important precincts still to be heard from. Today brought a strong report from
AT&T
, whose 57 cents per share
beat expectations and could serve as a boon for the
Dow Jones Industrial Average.
ExxonMobil
(XOM) - Get Exxon Mobil Corporation Report
also beat street estimates.
The
Nasdaq
also looks stronger today on the day of earnings from
Compaq
(CPQ)
, which is poised to report after tonight's close. Investors are watching to see if slowing PC sales will affect the boxmaking bellwether.
Meanwhile, the rest of the day could bring cheering news from some Old-Economy stalwarts. Oil producers
Texaco
,
Aflac
(AFL) - Get Aflac Incorporated Report
(will earnings be affected by the purchase of large quantities of Duck Chow?),
Disney
(DIS) - Get Walt Disney Company Report
and
McDonald's
(MCD) - Get McDonald's Corporation Report
are all on tap to report today.
TheStreet.com
is compiling all of its earnings news and analyses in one convenient location to make it easier for our readers to see where earnings are headed. We will update this section as soon as earnings reports arrive. To keep track of what's coming, we have a daily earnings
preview as well as a weekly earnings
calendar.
Earnings/Revenue Reports and Previews
Earnings/revenue reports and previews
Pharmaceutical giant
Pfizer
(PFE) - Get Pfizer Inc. Report
posted second-quarter earnings of 23 cents, besting the 20-analyst estimate by a penny and improving upon last-year's 19 cents earnings a share.
Deutsche Banc Alex. Brown
cut the company's rating to market perform from strong buy.
Internet brokerage firm
Ameritrade
(AMTD) - Get TD Ameritrade Holding Corporation Report
posted third-quarter earnings of 3 cents a share, ahead of the 15-analyst estimate of a 1-cent loss but below the year-ago 5-cent profit. Analysts, however, cut their third-quarter estimate recently because of lower trading volume. The company's revenue was up 91% from a year earlier but down 12% from the previous quarter.
Retailer
Circuit City
(CC) - Get Chemours Co. Report
announced that its board approved a restructuring plan that would involve lowering earnings with one-time costs and cutting 1,000 jobs. The company said that the three-year plan, which includes remodeling its superstores and discontinuing the sale of major appliances, will hurt second- and third-quarter results. Circuit City said it expects third-quarter earnings per share to total about 16 cents after a 17-cent impact related to restructuring. Analysts had expected the retailer to list earnings of 33 cents a share. Deutsche Banc Alex. Brown analyst John Glass lowered his rating on the stock to market perform from strong buy.
Chevron
(CHV)
reported second-quarter earnings of $1.75 a share, a penny better than the 23 analyst estimate and the year-ago 53 cents. Chevron attributed the increased earnings to higher crude oil and natural gas prices and increased production.
ExxonMobil
(XOM) - Get Exxon Mobil Corporation Report
posted second-quarter earnings of $1.18 a share, well above the 24-analyst estimate of $1.07 and the year-ago 53 cents. The company attributed the robust results to strong oil prices and better profit margins on gasoline and other fuels.
GTECH Holdings
(GTK)
announced a profit warning for its fiscal 2001 second quarter, ending next month. The company expects revenues in the range of $230 million to $240 million, compared to $255 million in the second quarter. Additionally, the company expects earnings per share in the range of 18 to 22 cents, compared to second-quarter earnings of 58 cents. Analysts had expected the company to earn 38 cents a share.
Internet Pictures
(IPIX)
posted second-quarter losses of 43 cents a share, ahead of the six-analyst estimate of a 45 cent loss and the year-ago 81 cent loss. For more on Internet Pictures, take a look at Cory Johnson's
interview with the company's CEO.
Retailing giant
Kmart
(KM)
said it will close 66 traditional stores and six Super Kmart stores. The company said it expects second-quarter earnings in the range of 4 cents to 7 cents a share before a charge and also said it sees 2000 earnings-per-share to be below the year-ago results. The company said the store closings will result in a $740 million pre tax charge and earnings below expectations for the rest of the year.
Louisiana-Pacific
(LPX) - Get Louisiana-Pacific Corporation Report
reported second-quarter earnings of 42 cents a share, missing the nine-analyst estimate by a nickel and down from year-ago earnings of 76 cents a share. The company said the lower-than-expected earnings were the result of eroding prices for its products.
McDonald's
(MCD) - Get McDonald's Corporation Report
posted second-quarter earnings of 39 cents a share, in line with the 17-analyst estimate and up slightly from the year-ago 37 cents a share. McDonald's said it expects stronger sales momentum in the second half of 2000.
Northeast Utilities
(NU)
posted second-quarter earnings of 8 cents a share, better than the four-analyst estimate of 6 cents and the year-ago earnings of less than 1 cent.
NOVA Chemicals
(NCX)
reported second-quarter earnings of $1.15, which includes a gain of 20 cents a share. The six-analyst estimate was 84 cents, while year-ago earnings were 34 cents a share.
RF Micro
(RFMD)
said it sees record revenue and earnings for 2001. The company also said its board approved a 2-for-1 stock split.
The world's No. 1 manufacturer of computer chips for mobile phones,
Texas Instruments
(TXN) - Get Texas Instruments Incorporated Report
, announced second-quarter earnings of 31 cents a share, beating the 25-analyst estimate by a penny and topping the year-ago 23-cent profit.
Additionally, the Dallas-based company announced that it expects accelerating growth in its core semiconductor business in the third quarter and is raising its capital expenditures for the year to $2.8 billion from $2.5 billion to meet strong customer demand.
After Monday's Close
Virage
(VRGE)
reported a loss of 48 cents for its fiscal first quarter. This was the first quarter that the software manufacturer has reported since it went public on June 29.
XETA Technologies
(XETA)
announced that it anticipates revenue to be lower than Wall Street's expectation. The company estimates earnings to be 15 cents a share (plus or minus 10%) vs. analysts' forecast of a 20-cent per-share profit.
Tuesday's Earnings
Update: eBay Exceeds Estimates as Earnings More Than Double
Compaq Meets Expectations of 21 Cents a Share
Nortel Networks Beats Estimates by 3 Cents
McDonald's Meets Forecast
Ameritrade's Earnings Down 48%, but They Exceed Estimates
Update: ExxonMobil, Chevron Surpass Estimates
AT&T Beats Expectations
Monday's Earnings
July 21 Earnings
July 20 Earnings
July 19 Earnings
July 18 Earnings
July 17 Earnings
July 14 Earnings
July 13 Earnings
July 12 Earnings
