IBM ( IBM) reported earnings of $1.83 billion, or $1.14 a share, for the second quarter ended June 30, compared with $1.73 billion, or $1.01 a share, a year ago. Revenue for the quarter was $22.3 billion. Excluding certain one-time items, the company earned $1.12 a share. Analysts expected a profit of $1.03 a share on revenue of $21.9 million, according to Thomson First Call. The stock rose more than 4% Tuesday morning. Safeco ( SAFC) said it earned $187.3 million, or $1.46 a share, for the second quarter ended June 30, vs. $247.5 million, or $1.77 million, a year ago. The company reported revenue of $1.59 billion. Income from continuing operations was $178.1 million. Analysts were expecting a profit of $1.21 a share on revenue of $1.55 billion, according to Thomson First Call. The insurer also announced that CEO Mike McGavick will step down as of Aug. 31, but will retain his duties as chairman of the board and will provide transitional help through the end of this year. The stock rose about half a percent after hours. Distributed Energy Systems ( DESC) raised its second-quarter and full-year guidance, citing increased books and a growing backlog at its subsidiary Northern Power. The company said it now expects second-quarter revenue to be greater than $10 million, compared with revenue of $4.3 million a year ago. Distributed Energy Systems anticipates full-year revenue to be in the $40 million range, vs. its previous forecast of $30 million. The stock surged almost 23% Tuesday morning. Shuffle Master ( SHFL) announced that it has reached an arbitration settlement with TCS. Under the agreement, TCS will receive a one-time payment from Shuffle Master to resolve all disputed issues relating to a terminated distribution agreement, according to the release. Shuffle Master said it will continue to provide shuffler spare parts to TCS so that TCS can fulfill its customer obligations. Each party has fully released the other for any acts of omissions committed. The stock was down 2 cents to $28.26 in after-hours trading.
Swift Transportation ( SWFT) reported earnings of $29.8 million, or 40 cents a share, for the second quarter ended June 30, vs. $34.6 million, or 43 cents a share, a year ago. Revenue for the quarter increased 15.5% to $798.3 million from $691 million last year. The trucking company said the second-quarter result includes fuel surcharge revenue of $89.4 million. Analysts expected a profit of 42 cents a share on revenue of $786 million, according to Thomson First Call. The stock was 4% higher late Monday. Conceptus ( CPTS) announced that it has received approval from the Food and Drug Administration to extend the effectiveness data on product labeling for Essure, a permanent non-incisional birth control procedure. Conceptus said that the premarket approval supplement filed in January supports an extension of the effectiveness rate of Essure to 99.80% after four years and 99.74% after five years of follow-up, from the previously approved 99.80% at three years. "Essure has reached an important long-term milestone with an exceptionally high effectiveness rating that has remained consistent over time," said Mark Sieczkarek, president and CEO of Conceptus. The stock rose almost 20% Tuesday morning. ICU Medical ( ICUI) announced earnings of $4.7 million, or 31 cents a share, for the second quarter ended June 30, vs. $3.4 million, or 23 cents a share, a year ago. The medical manufacturer reported revenue for the quarter of $40.7 million. The company also raised it full-year earnings guidance to $1.06 to $1.08 a share on revenue of $140 million. Wall Street was forecasting a profit of 98 cents a share on revenue of $146.5 million. The stock was up more than 8% Tuesday morning.