Second-Quarter Earnings Announcements: Merrill Lynch Tops Estimates, and More

Author:: TSC Staff
Publish date:: Jul 19, 2000 10:14 AM EDT

Week one of the second-quarter earnings season was a winner. Starting with

Yahoo!

(YHOO)

, whose strong results helped spur a

Nasdaq

rally that left the tech-filled index at its highest levels since early April. The Comp finished the week at 4174.6, up 6.7%.

Over on the

Big Board

General Electric

(GE) - Get Report

turned in a record quarter and

Motorola

(MOT)

posted a 91% gain, excluding special items, from the year-ago period. Still, the Dow index rose by less than 1.6%, ending the week at 10,812.

Week two will bring a torrent of earnings from companies such as

Apple

(AAPL) - Get Report

AOL

(AOL)

and

Microsoft

(MSFT) - Get Report

US Airways

(U) - Get Report

and

United Technologies

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

Copper Mountain Networks

(CMTN)

announced second-quarter earnings of 18 cents per diluted share, missing an eight-analyst estimate of 24 cents but beating its year-ago earnings of 5 cents.

Coca-Cola Enterprises

(CCE)

posted second-quarter earnings of 30 cents a share, ahead of the 15-analyst estimate of 28 cents.

Dana

(DCN)

reported second-quarter earnings of $1.01 a share, beating the 13-analyst estimate by a penny. It was down from year-ago earnings of $1.14 a share, which includes about $5 million in nonrecurring after-tax expenses.

Internet content delivery provider

Digital Island

(ISLD)

posted third-quarter losses of $1.51 a share, ahead of the 11-analyst estimate of a $1.56 loss and the year-ago $3.96 loss.

Additionally, Digital Island announced that it would acquire

SoftAware Networks

, an e-commerce content service company, for $450 million in cash and stock. The acquisition adds more than 500 clients and brings Digital Island's total client base to over 900 worldwide.

Extensity

(EXTN) - Get Report

posted second-quarter losses of 34 cents a share, ahead of the three-analyst 37-cent loss estimate.

Information Holdings

(IHI) - Get Report

announced that its second-quarter earnings would meet analysts' expectations, but its revenue would be about 10% below Wall Street's estimates. A five-analyst consensus predicted second-quarter earnings of 7 cents for the company, up a penny from a year ago.

Minntech

(MNTX) - Get Report

announced that it expects earnings in its fiscal first quarter to fall below analysts' expectations due to a decline in revenues. The company, which makes dialyzer reprocessing technologies, said it expects earnings to be between a loss of two cents a share to a gain of two cents a share.

Schlumberger

(SLB) - Get Report

posted second quarter earnings of 27 cents a share, a penny better than the 31-analyst estimate and the year-ago 16 cents a share. Excluding goodwill amortization, the company earned 31 cents in the latest quarter and 19 cents in the year-ago period.

Time Warner

(TWX)

posted second-quarter normalized earnings, excluding charges, of 11 cents a share, above the 16-analyst estimate of 8 cents and in line with the year-ago earnings of 11 cents, which excludes gains.

Whirlpool

(WHR) - Get Report

reported second-quarter earnings of $1.66 a share, in line with the eight-analyst estimate and up from the year-ago $1.30. The company warned it expects 2000 earnings to be modestly short of the current eight-analyst estimate of $6.86, while still showing 20% to 25% growth from last year.

Yellow Corp.

(YELL)

reported second-quarter earnings of 92 cents a share, which includes a 34-cent-a-share gain from its Yellow Freight System unit's sale of real estate property in New York. The figure also includes a loss of 6 cents a share from expenses of its Internet transportation venture, Transportation.com. The four-analyst estimate was 58 cents a share and the year-ago earnings were 52 cents a share.