Applebee's ( APPB) after the bell Wednesday reported third-quarter earnings below Wall Street's expectations and cut its full-year outlook. The company posted net income of $22.1 million, or 28 cents a share, for the third quarter ended Sept. 25, down from $28.6 million, or 34 cents a share, a year ago. Excluding items, the company earned $24.6 million, or 31 cents a share, missing analysts' estimate of 33 cents a share. The casual-dining restaurant operator said revenue rose to $305.3 million from $281.1 million last year. Analysts polled by Thomson First Call expected revenue of $312.4 million. Systemwide same-store sales rose 0.9%. "We are clearly disappointed with our results over the past several months, and are focused on improving the things that are within our control to make Applebee's more appealing in the current consumer, said Lloyd L. Hill, chairman and chief executive, in a statement. For the fourth quarter, the company expects to earn 25 cents to 29 cents a share, below Wall Street's forecast of 30 cents a share. Applebee's cut its full-year earnings projection to $1.28 to $1.32 a share, before items, from an already lowered prior target of $1.33 to $1.40. The stock was down $1.24, or 5.7%, to $20.70 in after-hours trading. Biogen Idec ( BIIB) posted-third-quarter earnings of $27.1 million, or 8 cents, down from $36.8 million, or 10 cents a share, a year ago. Excluding items, the company earned $122 million, or 36 cents a share, below analysts' estimate of 42 cents. The biotech firm said revenue rose to $596 million from $543 million last year, short of Wall Street's estimate of $620.9 million. The stock was down $1.51, or 3.7%, to $38.50 after hours. LSI Logic ( LSI) reported a loss of $73 million, or 19 cents a share, for the third, compared with a loss of $282 million, or 73 cents a share, a year ago. The latest results include a $91 million restructuring charge associated with a planned sale of manufacturing facility. Excluding charges, the company earned $45 million, or 11 cents a share. The chipmaker said revenue for the quarter rose 27% to $482 million from $380 million last year. Analysts expected a profit of 11 cents a share on revenue of $489.5 million. For the fourth quarter the company expects revenue in the range of $475 million to $500 million, below Wall Street's estimate of $507.3 million. The stock was down 51 cents, or 6.1%, to $7.85 in after-hours trading.
Baidu.com ( BIDU) said it earned $1.1 million, or 3 cents a share, in the third quarter, down almost a 29% from the previous quarter but nearly triple from the same period a year ago. Analysts anticipated a profit of 6 cents a share. The Chinese search engine reported an increase in quarterly revenue of 174% from a year ago to $11 million. For the fourth quarter, Baidu expects revenue of $12.6 million to $13.1 million. The stock was down $12.99, or 16%, to $68.06 in after-hours trading. Maxtor ( MXO) reported a loss of $17 million, or 7 cents a share, for the third quarter ended Oct. 1, narrower than the year-earlier loss of $95.1 million, or 38 cents a share. The supplier of information storage systems said revenue was $926.4 million, down from $927.2 million last year. Analysts expected a loss of 3 cents a share on revenue of $938.6 million. The stock declined 9 cents, or 2.5%, to $3.55 in after-hours trading. The Food and Drug Administration issued a nonapprovable letter for a new drug application filed by Johnson & Johnson's ( JNJ) Alza unit and Pharmaceutical Product Development ( PPDI). The companies are seeking to market the drug, dapoxetine hydrochloride, to treat premature ejaculation. Alza said it plans to address the letter's concerns and continue the drug's development. PPD's shares sank $6.85, or 11%, to $55.60. Express Scripts ( ESRX) reported third-quarter net income of $101.7 million, or 68 cents a share, up from $61.9 million, or 40 cents a share, last year. Excluding items, the company earned 67 cents a share, beating analysts' forecast of 61 cents a share. The company said revenue for the quarter rose 2% to $3.8 billion from $3.7 billion, slightly shy of Wall Street's target of $3.98 billion. "Our performance was driven by increases in generic utilization and home delivery, including specialty injectables, and lower drug purchasing costs", said George Paz, president and chief executive, in a statement. For fiscal 2005, the company expects to earn $2.62 to $2.69 a share, up from a July forecast of $2.37 to $2.42. The stock was up $4.92, or 7.9%, to $66.99 in after-hours trading.
Skechers USA ( SKX) said third-quarter earnings more than doubled to $12.6 million, or 30 cents a share, from $6 million, or 15 cents a share, a year ago. The retailer reported a rise in net sales for the quarter of 5.9% to $272.8 million from $257.7 million last year. Analysts expected earnings of 30 cents a share on revenue of $280.6 million, according to Thomson First Call. "Our improved third quarter net sales, operating profit and net earnings were the result of a combination of growth in our domestic wholesale, international direct and Skechers-owned retail stores as well as continued cost management on the expense and operational side of business," said David Weinberg, chief financial officer. For the fourth quarter, the retailer expects to earn 2 cents to 7 cents a share on sales of $210 million to $220 million. Wall Street's estimate calls for earnings of 6 cents a share and sales of $225.6 million. Skechers dropped $1.30, or 8.2%, to $14.50 in after-hours trading. Callaway Golf ( ELY) narrowed its third-quarter loss of $4.8 million, or 7 cents a share, from $35.9 million, or 53 cents a share, a year ago. Excluding certain items, Callaway earned a penny a share. The golf company said net sales rose to $220.6 million from $128.5 million last year. Analysts expected break-even results on revenue of $215 million, according to First Call. The stock was up 11 cents, or 0.8%, to $13.45 in after-hours trading.