Second-Quarter Earnings Announcements: Hertz Drives by Estimates, and More

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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

Ford

(F) - Get Report

, off 11/16 to 47 1/2, said it will take a special charge of $3.3 billion in its second quarter for the spinoff of parts company

Visteon

(VC) - Get Report

and changes in its European business.

Merrill Lynch

analyst John Casesa said the charge was greater than expected.

Today, Visteon declared a quarterly dividend of 6 cents a share on the company's common stock. The stock was up 1/4 to 15.

Dominion Resources

(D) - Get Report

crept up 5/16 to 47 1/16 after it said second-quarter earnings, excluding items, will meet or slightly exceed expectations. Its

First Call/Thomson Financial

14-analyst estimate is currently 52 cents.

Entergy

(ETR) - Get Report

said it expects its second-quarter earnings to be "significantly" higher than the same period last year and 25% to 30% higher than the 11-analyst estimate of 75 cents. The stock was 5/16 lower to 29 1/8.

Extended Systems

(XTND)

said it expects a fourth-quarter net loss of 9 to 11 cents a diluted share, far below a one-analyst estimate of a 2-cent loss and the year-ago earnings of a penny. It blamed the losses on lower-than-expected European hardware sales. Extended Systems plummeted 37 1/16, or 42.5%, to 50 1/16.

Iomega

(IOM)

posted second-quarter earnings of 15 cents a share, including a gain of 5 cents a share attributable to a decrease in the company's valuation allowance for net deferred tax assets, and a reversal of a restructuring charge of 1 cent a share, far surpassing a two-analyst estimate of 6 cents and a year-ago loss of 7 cents. Iomega was down 1/8 to 4 1/8.

Juniper Networks

(JNPR) - Get Report

, up 5 1/4 to 174 3/4, reported second-quarter earnings of 8 cents a share, doubling the 13-analyst estimate of 4 cents and up from year-ago earnings of 3 cents.

The stock's 12-month price target was raised to 230 from 163 at

ABN Amro

, while its price target was raised to 265 from 180 at

Lehman Brothers

.

Kellogg

(K) - Get Report

stated that it is comfortable with Street expectations for its second-quarter earnings. The current

First Call

estimate calls for the cereal maker to come in at 41 cents a share. It edged up 3/16 to 29 1/8.

Keynote Systems

(KEYN)

announced fiscal third-quarter earnings of 6 cents a share, far exceeding the four-analyst loss of three cents, marking the first profitable quarter for the provider of Internet performance and consulting services.

According to

First Call/Thomson Financial

, analysts expected a loss of 2 cents for the quarter. In the year-ago quarter, the company lost 36 cents. In spite of the good news, the stock fell 18 1/4, or nearly 22%, to 64 15/16.

Paradyne Networks

(PDYN)

posted second-quarter earnings of 5 cents, falling short of a five-analyst estimate of 9 cents, but beating a year-ago loss of 2 cents. It lost 8 7/8, or 20.6%, falling to 34 1/4.

Polaroid

(PRD)

announced Friday that it expects double-digit gains in sales and profits from the instant film and camera maker's digital products in 2001. It was up 1/4 to 17 1/2.

Powerwave

(PWAV)

reported second-quarter earnings of 18 cents, which was adjusted for a 3-for-1 split effective May 15. The figure beat the six-analyst estimate of 16 cents and was up from year-ago earnings of 7 cents.

Even though the stock beat estimates, a downgrade to buy from strong buy at

U.S. Bancorp Piper Jaffrey

helped sink the stock 9 9/16, or 18.5%, to 42 1/4.

Vitesse Semiconductor

(VTSS)

reported third-quarter earnings of 17 cents a share, in line with the 18-analyst estimate and up from the year-ago earnings of 8 cents, which included acquisition-related costs. Still, Vitesse dropped 11 1/8, or 12.8%, to 75 9/16.

Friday's Earnings

Rockwell Looks Solid, Beating Estimates by 3 Cents

Hertz Drives by Estimates

Global Marine Tops Estimates by 2 Cents

Thursday's Earnings

Wednesday's Earnings