The following is TheStreet's rundown of the week's most important earnings releases.FRIDAY'S EARNINGS Gannett (GCI) Beats Forecasts as Advertising Improves Revenue: Revenue declined 1.7% to $1.37 billion on exit from UK-based commercial printing business. Earnings: Earnings from continuing operations excluding special items rose to 81 cents a share. Outlook: The company announced a local advertising partnership with Yahoo ( YHOO) that will expand its digital reach. Share performance: The stock fell 9% in early trading. See recent Gannett stock action here.
Mattel (MAT) Misses Expectations Revenue: Sales of Barbie and Toy Story 3 merchandise lift revenue by 13% to $1.02 billion. Earnings: Earnings more than doubled to 14 cents a share, against consensus of 15 cents. Outlook: No outlook was provided. Share performance: The stock dropped 6.3% in weak trading on Friday. See recent Mattel stock action here.
First Horizon National (FHN )Posts Surprise Profit Revenue: Net interest income rose 1% to $182 million. Earnings: The company swung to a profit of one cent a share compared with a loss of 12 cents in the same period a year ago. Analysts were expecting a loss of 9 cents. Lower loss-provisions, declining charge-offs and lower non-performing loans helped earnings. Outlook:No outlook was provided. Share performance: The stock is up 0.4% at $12.16 amid selling pressure on Friday. See recent First Horizon stock action here
Citigroup (C) Profit Drops, But Tops Street View Revenue:Revenue declined 33% to $22.07 billion, in line with estimates. Earnings: Earnings dropped 37% to 9 cents a share, outpacing expectations of 5 cents a share, on lower loan-loss provisions. Outlook:The management did not provide an earnings outlook. Share performance: The stock fell 2.4% in premarket trading. See recent Citigroup stock action here.
GE (GE) Profits Rise 15%, Revenue Falls Revenue: Results were slightly below forecast, with revenue declining 4% to $37.4 billion. Earnings: Earnings rose 15% to 30 cents a share, driven by a rebound at GE Capital. Consensus estimates targeted earnings of 27 cents. Outlook: Management did not provide earnings guidance. Share performance: The stock fell 1.4% in premarket trading. See recent
Advanced Micro Devices (AMD) Tops Estimates Revenue: Robust demand pushed revenue up 40% to $1.65 billion. Earnings: Non-GAAP earnings grew 22% to 11 cents a share, comfortably beating estimates of 6 cents. Outlook: Management expects third-quarter revenue to be up. Share performance: Shares are up 4.5% in aftermarket trading to $7.74. See recent AMD stock action here.
People's United Financial (PBCT) Hits Expectations, Acquires Two Banks Revenue: Net interest income rose 23% to $173.8 million. This includes the impact of acquisitions of Butler Bank and Financial Federal. Earnings: Earnings excluding special items came in at 9 cents a share against 8 cents in the year-ago quarter. The performance was in line with expectations. Outlook: Management announced the acquisition of two more banks, SmithTown Bancorp and LSB Corporation for $156 million. Share performance: The stock is down 0.7% in aftermarket trading to $14.05. See recent PBCT stock action here.
PPG INDUSTRIES (PPG) REPORTS STRONG VOLUME GROWTH ACROSS BUSINESSES Revenue: Sales rose 11% to $3.5 billion on strong volume growth of 10%. Earnings: Earnings soared 83% to $1.63 a share, beating estimates by 20 cents. Outlook: Management did not provide a specific outlook but mentioned that it was reviewing mid-to-small-sized acquisitions. Share performance: The stock is flat in early Thursday trading. See recent PPG stock action here.
NEXEN (NXY) BEATS ESTIMATES Revenue: Revenues rose 27% to C$1.4 billion. Earnings: Profits jumped more than ten fold to C$0.49 a share, against expectations of 34 cents a share. Outlook: The annual production guidance was unchanged. Share performance: The stock is up 0.9% at $20.90. See recent Nexen stock action here.
NOVARTIS (NVS) SEES SHARP RISE IN PROFITS ON STRONG SALES Revenue: Sales rose 11% to $11.7 billion, helped by new product launches. Earnings: Earnings rose 18% to $1.06 a share on higher margins Outlook: Management expects sales growth for 2010 to be in the mid-to-high-single digits. Share performance: The stock is rising 1.7% in premarket trading. See recent Novartis stock action here.
WEDNESDAY'S EARNINGS MARRIOT (MAR)PROFITS RISE ON HIGHER ROOM RATES Revenue: Revenue rose 8% to $2.8 billion on higher room rates occupancies. Worldwide, company-operated revenue per available room rose 9.9%. Earnings: Earnings per share rose 35% to 31 cents, besting estimates of 29 cents. Outlook: Management raised its outlook for the year to $1.05 to $1.13 per share. Analysts were expecting $1.04 a share. Share performance: The stock is flat during premarket trading on Thursday. See recent Marriot stock action here.
PROGRESSIVE (PGR) PROFIT DROPS Revenue: Premiums written rose 5% to $37.1 billion. Premiums earned rose 4% to $35.9 billion. Earnings: Profit declined 14% to 32 cents a share, missing consensus estimates by 4 cents. Outlook: Management did not provide any guidance. Share performance: The stock declined 1.8% in premarket trading. See recent Progressive stock action here.
TUESDAY'S EARNINGS: INTEL (INTC) BLOWS AWAY ANALYST ESTIMATES Revenue: Revenue rises 34% to $10.8 billion, outpacing an estimate of $10.25 billion. Earnings: Intel swings to profit of 51 cents a share, beating estimates by 10 cents. Gross margins were higher than expected at 67%. Outlook: Management projects revenue for third quarter of approximately $11.6 billion. The Street was expecting $10.92 billion. Share performance: Shares had risen 2% ahead of results on Tuesday but were flat in after-market trading. See recent Intel stock action here.
YUM! BRANDS (YUM) RAISES FORECAST BUT FALLS SHORT OF EXPECTATIONS Revenue: Worldwide revenues for June quarter grew 4%, led by strong growth in China. Earnings: Profits excluding special items rose 17% to 58 cents a share, beating estimates of 54 cents. Operating margins improved by 1 percentage point. Outlook: Management raised its full-year earnings guidance to $2.43 a share from $2.39 based on a strong first-half performance. Earnings estimates for 2010 had been pegged at $2.48 a share. Share performance: Shares declined 0.9% in after-market trading to $40.50. See recent Yum! Brands stock action here.
FASTENAL (FAST) SEES UPTICK IN NON-RESIDENTIAL CONSTRUCTION Revenue: Revenues for the June quarter rose 20.3% on improving demand from manufacturing and non-residential construction. Earnings: Earnings jumped 62% to 47 cents a share, beating estimates of 44 cents. Outlook: The company did not provide specific guidance. It plans to open 80 to 95 stores in the second half. Share performance:Shares of Fastenal declined 2.5% in pre-market trading on Tuesday. See recent Fastenal stock action here.
MONDAY'S EARNINGS: NOVELLUS (NVLS) ZOOMS PAST EXPECTATIONS Revenue: Revenue for the second quarter rose 16% and was up 169% for the 12 months to date to $321.4 million on higher bookings. Earnings: Net income was 66 cents a share, beating analyst estimates by 10%. Outlook: Management expects continued increase in public sector IT investments and growth in China to support multi-year recovery in semiconductor industry. Share performance: The stock declined 0.1% to $26.60 in after-market trading. See recent Novellus stock action here.
ALCOA (AA) BEATS ESTIMATES, RAISES ALUMINUM OUTLOOK Revenue: Second-quarter revenue up 6% sequentially, 22% year-on-year, on higher volumes. Earnings: Earnings excluding restructuring charges came in at 13 cents a share, ahead of estimates of 12 cents. Productivity improvements, favorable currency and lower energy costs offset lower realizations. Outlook: Alcoa increased guidance on aluminum consumption to 12% from 10% on improved end-market demand. Share performance:The stock declined 0.6% to $10.70 ahead of results on Monday. See recent Alcoa stock action here.
SHAW GROUP'S (SHAW) EARNINGS JUMP ON FOREX GAINS Revenue: Revenue for the third quarter was flat at $1.8 billion. Earnings: Earnings expanded more than eight fold to 79 cents a share on foreign exchange gains of $34 million. Excluding that impact, earnings were flat at 57 cents, slightly ahead of expectations. Outlook: Revenues for 2010 are projected at $7 billion, with earnings at $2.10 to $2.20 a share. Analysts expect 2010 earnings of $2.20 a share. Share performance:The stock declined 1.1% to $34.60 in Monday morning trading. See recent Shaw Group stock action here. -- Reported by Shanthi Venkataraman in New York.