Second-Quarter Earnings Announcements: Eastman Kodak Meets Expectations, and More

Author:: TSC Staff
Publish date:: Jul 21, 2000 3:25 PM EDT

During earnings season, Fridays are usually slow days. The flood of reports turns into a trickle. Even so, Friday's earnings will continue to drive the markets.

Eastman Kodak

(EK)

weighed in early with second-quarter earnings that met expectations, while phone-equipment maker

Ericsson

(ERICY)

, which reported Thursday, disappointed the Street with a warning that its handset sales will be soft.

On the plus side,

Sears

(S) - Get Report

showed its brighter side with earnings that beat analyst estimates and tech investors saw nothing but good news in last night's news from

Sun Microsystems

(SUNW) - Get Report

, which

reported a 62.5% surge in operating income, partly from market-share gains in the server business. On the other hand, the

Nasdaq

was lower Friday morning on worries stemming from

AOL's

(AOL)

slower-than-expected growth and on a dire warning from

Agilent Technologies

(A) - Get Report

, the

Hewlett-Packard

spinout which says its third quarter will come more than a one-third below analyst estimates.

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

Beleaguered

Alaska Airlines

(ALK) - Get Report

reported second quarter-earnings of 99 cents per share, excluding charges, besting the 11-analyst estimate of 91 cents. Still, the company fell far short of the $1.59 earned at this time last year.

Cytec

(CYT)

reported second-quarter earnings of 81 cents, beating the seven-analyst estimate of 79 cents and up from year-ago earnings of 63 cents. Also, Goldman Sachs added the company to its recommended for purchase list from market outperformer rating. The firm also raised its 2000 EPS estimate to $2.85 from $2.80 and its 2001 EPS estimate to $3.15 from $3.10.

Sears Roebuck

(S) - Get Report

reported second-quarter earnings of $1.11 a share, beating the

First Call/Thomson Financial

14-broker estimate for earnings of $1.05 a share and the year-ago 86-cent profit.

U.S. Steel Group

(X) - Get Report

posted second-quarter earnings of 62 cents a share, below the 11-analyst 70 cent consensus but above the year-ago 59 cent profit.

Verizon Communications

(VZ) - Get Report

issued a statement in response to recent market activity, as the stock has dropped to 44 1/4 from 57 7/16 in a month's time. The company said second quarter earnings, to be announced Aug. 8, will be consistent with prior guidance. The current

First Call/Thomson

four-analyst estimate is for earnings of 77 cents a share for the quarter.