Stryker ( SYK) said it earned $132.1 million, or 32 cents a share, for the third quarter, up sharply from $14.4 million, or 4 cents a share, a year ago. The medical device supplier reported a 13.9% rise in quarterly revenue to $1.2 billion from $1.03 billion last year. Excluding certain items, the company earned $163.4 million, or 40 cents a share. Analysts polled by Thomson First Call expected a profit of 41 cents a share on sales of $1.2 billion. The stock was down $1.50, or 3.23%, to $45 after hours. Dana ( DCN) shares plunged after the company slashed its dividend to a penny from 12 cents and said it would reduce previously reported earnings for some 2004 and 2005 periods. Dana shares fell 89 cents, or 12.8%, to $6.08 in after-hours trading. Seagate Technology ( STX) reported net income of $272 million, or 54 cents a share for the first quarter ended Sept. 30, up from net income of $54 million, or 11 cents a share, a year ago. The maker of hard-disk drives said quarterly revenue rose to $2.09 billion from $1.56 billion last year. "Healthy demand across all markets continues, with the most robust growth coming from the notebook and consumer electronics markets," said Bill Watkins, president and chief executive. Analysts expected a profit of 54 cents a share on revenue of $2.2 billion, according to First Call. Looking ahead, the company expects GAAP earnings of 44 cents to 48 cents a share and non-GAAP earnings of 48 cents to 52 cents a share, on revenue of $2.1 billion to $2.2 billion. The forecast fell short of Wall Street's projection for earnings of 56 cents a share and revenue of $2.29 billion. Seagate's stock was up 15 cents, or 1%, to $15.20 in after-hours trading. Motorola ( MOT) said it earned $1.75 billion, or 69 cents a share, for the third quarter ended Oct. 1, up from $479 million, or 20 cents a share, a year ago. Revenue rose to $9.4 billion from $7.5 billion last year. The results topped analysts' projections for earnings of 28 cents a share and revenue of $9.1 billion, according to First Call. The company said it shipped 38.7 million handsets during the third quarter, which represents a 66% increase from the year-ago period. The stock gained 60 cents, or 2.9%, to $20.77 after hours.
Kraft Foods ( KFT) said net income declined to $674 million, or 40 cents a share, for the third quarter due to higher energy and commodity costs. A year earlier, the company posted net income of $779 million, or 46 cents a share. Revenue for the quarter rose to $8.06 billion from $7.72 billion a year earlier. Analysts expected a profit of 46 cents a share on revenue of $7.8 billion, according to First Call. Citing the higher costs, Kraft reduced its full-year earnings outlook to $1.68 to $1.71 a share from a prior view of $1.73 to $1.78. Kraft anticipates commodity costs will rise $800 million for 2005, which is $200 million higher than its previous forecast. The stock was unchanged at $29.39. Yahoo! ( YHOO) said it earned $254 million, or 17 cents a share, in the third quarter, compared with $253 million, or 17 cents a share, a year ago. Revenue for the quarter rose to $1.3 billion from $907 million last year. Analysts polled by Thomson First call expected a profit of 14 cents a share on revenue of $918 million. Yahoo! was up 24 cents, or 0.71%, to $33.94 in after-hours trading. Cymer ( CYMI) posted a third-quarter profit of $12.7 million, or 35 cents a share, down from $15.4 million, or 41 cents a share, a year ago. The supplier of deep ultraviolet light sources used in semiconductor manufacturing said revenue for the quarter was $99.6 million, down from $107.1 million a year earlier. The results beat analysts' expectations for earnings of 20 cents a share and revenue of $95.5 million. For the fourth quarter, Cymer said it expects revenue growth of 2% to 3% over the third quarter and gross margins of 40% to 42%. The stock rose $1.30, or 3.9%, to $34.80.
Intel's ( INTC) third-quarter net income rose to $2 billion, or 32 cents a share from $1.9 billion, or 30 cents a share, a year ago. The latest results included a 2-cents-a-share charge in legal costs and a 4-cents-a-share charge related to an increase in taxes. Revenue for the quarter increased to $9.96 billion from $8.47 billion last year. Analysts polled by First Call projected earnings of 33 cents a share on revenue of $9.92 billion. For the fourth quarter, Intel expects revenue in the range of $10.2 billion to $10.8 billion, bracketing analysts' average forecast of $10.7 billion. The stock fell 3.3% after hours to $22.95. Ryland ( RYL) said net income rose to $118 million, or $2.39 a share, for the third quarter from $83 million, or $1.66 a share, a year ago. The homebuilder's revenue rose to $1.25 billion from $1.03 billion last year. Analysts expected a profit of $2.29 a share on revenue of $1.3 billion, according to First Call. For all of 2005, Ryland expects earnings to exceed $8.75 a share, topping Wall Street's forecast of $8.63 a share. Ryland also said it doubled its quarterly dividend to 12 cents, effective in the first quarter 2006. The stock was down 73 cents, or 3.1%, to $22.99 in after-hours trading. Sovereign Bancorp's ( SOV) third-quarter net income grew to $181 million, or 48 cents a share, from $83 million, or 24 cents a share, a year ago. The results beat analysts' forecast of a profit of 46 cents a share, according to First Call. The Philadelphia-based bank sees a challenging environment moving forward. "The interest rate environment remains a challenge, and we acknowledge it is unlikely we will achieve our stretch goal of $2 in operating/cash earnings per share for 2005," said Jay S. Sidhu, Sovreign's chairman and chief executive. The stock rose a penny after hours to $21.23.