THURSDAY'S EARNINGS Vale (VALE ) Profit Quadruples Revenue: Iron-ore production rose 32%, helping to almost double revenue to $9.9 billion. P/> Earnings: Net income gained to $3.7 billion or 70 cents a share from $790 million or 15 cents a year earlier. The earnings was in-line with consensus. Outlook: Vale expects demand from China to be up 10% this year. Separately, it announced a bid for Brazilian copper producer Paranapanema. Share Performance: The stock closed Thursday at $27.56, and is relatively unchanged in Friday morning trading, up 0.25%, to $27.68. See latest Vale stock action here.
First Solar (FSLR ) Easily Beats Revenue: Quarterly net sales were up 12% to $587.9 million from $525.9 million on increased production volume and system revenue. P/> Earnings:Net income declined to $159.04 million or $1.84 a share from $180.57 million or $2.11 a year earlier. Analysts were expecting $1.61. Outlook: First Solar upped its full year earning guidance from a range of $6.80 to $7.30, to a range of $7 to $7.40. It took its revenue guidance down a notch to $2.6 billion . Share Performance: The stock closed Thursday at $135.50. See latest First Solar stock action here.
Metlife (MET ) Beats Estimates Revenue: Premiums, fee and other revenue increased 4% to $8.68 billion. P/> Earnings:Metlife swung to profit in second quarter, delivering a net income of $1.53 billion or $1.84 a share from a loss of $1.43 billion or $1.74 a share. Excluding items, net profit was $ 1 billion or $1.23 a share. Analysts were expecting $1.02. Outlook: The company did not provide an outlook. Share Performance:The stock closed at $40.20 on Thursday. See latest Metlife stock action here.
Amgen (AMGN )Lowers Revenue Guidance Revenue: Revenue rose 2% to $3.80 billion from $3.71 billion a year earlier. P/> Earnings: Net income fell to $1.20 billion or $1.25 a share from $1.26 billion or $1.25 a share. Adjusted for items, earnings per share came in at $1.38. Analysts were expecting $1.30 a share. Outlook: As a result of the weaker Euro, the Company now expects revenues to be slightly below $15.1 billion versus previous guidance towards the lower end of the range of $15.1 billion to $15.5 billion. Adjusted EPS guidance remains unchanged at towards the lower end of the range of $5.05 to $5.25. Share Performance:The stock closed at $53.37 on Thursday. See latest Metlife stock action here.
Exxon Mobil (XOM ) Beats on Profit, Misses On Revenue Revenue: Higher crude oil and natural gas realizations drove revenue up 24% to $92.47 billion from $74.45 billion a year earlier. Revenue missed estimates by $6 billion. Earnings:Profit rose 85% to $7.56 billion or $1.61 a share from $3.9 billion or 82 cents a share a year earlier. Analysts were expecting $1.47 a share on $98.49 billion. Outlook: No outlook was provided. Share Performance: The stock is up 0.9% on Thursday morning trading. See recent Exxon Mobil stock action here.
Kellogg (K ) Cuts Full-Year Guidance Revenue: Hurt by the impact of a cereal recall, sales fell 5% to $3.06 billion from $3.23 billion a year ago. Earnings: Profit declined 15% to $ 302 million or 79 cents a share, with the estimated impact of the recall on earnings at 10 cents. Analysts were expecting 94 cents. Outlook: Kellogg cut its 2010 earnings guidance to the range of 8 % to 10% versus 11% to 13% previously. Share Performance: The stock is down 4% to $49.47 on Thursday morning. See recent Kellogg stock action here.
Northrop Grumman (NOC) Profit Doubles Revenue: Sales rose 2.5% to $8.82 billion from $8.5 billion a year earlier. Earnings: Profit jumped to $711 million or $2.34 a share from $368 million or $1.13 a year earlier. Outlook: The company raised its 2010 EPS guidance to $6.60 to $ 6.80 a share on strong performance in the first half. Share Performance: The stock is up 0.9% at $58.90. See recent Northrop Grumman stock action here.
Southwest Airlines (LUV) Beats Estimates Revenue: In line with estimates, revenue rose 21% to $3.2 billion. Earnings: Net income was slightly higher at $112 million or 15 cents a share, up from $91 million or 12 cents. Excluding items, profit per share was 29 cents, beating estimates by 2 cents.
WEDNESDAY'S EARNINGS Visa (V ) Beats Street View Revenue: June-quarter revenue rose 23% to $2 billion, driven by data processing and international transaction revenues. Earnings: Net income declined to $716 million or 97 cents a share from $ 729 million or 97 cents(adjusted EPS of 67 cents) a year ago. Analysts were expecting 93 cents a share on $1.97 billion revenue. Outlook: Visa expects 2010 revenue growth at the high end of the 11% to 15% range and margins to be in the mid-to-high 50s range and annual common stock earnings growth of greater than 20%. Share Performance: The stock is down 0.1% at $75.11 in aftermarket trading. See recent Visa stock action here.
Symantec (SYMC ) Misses Sales Estimates Revenue: Revenue in the first quarter of 2011 was flat at $1.43 billion, below estimates of $1.47 billion. Earnings: Net income more than doubled to $161 million from $74 million a year ago. Adjusted for items, earnings grew 3% to 35 cents a share, in-line with estimates. Outlook: Revenue for the second quarter is expected to range between $1.44 billion and $1.46 billion, GAAP earnings per share is to range between 9 and 10 cents and non-GAAP earnings between 27 and 28 cents a share. Share Performance: The stock is down 7.71% at $13.50 in aftermarket trading. See recent Symantec stock action here.
Boeing (BA ) Beats on Profit, Light on Revenue Revenue: Fewer commercial airplane deliveries led 8% decline in second quarter revenue to $15.6 billion. Earnings: Profits declined 21% to $787 million or $1.06 a share from $998 million or $1.01 a year earlier. Analysts were expecting EPS of $1.01 on revenues of $16.1 billion. Outlook: The company reaffirmed its 2010 financial guidance, with revenue projected to be $64 million to $66 million, delivery of 460 to 465 aircraft and earnings between $3.50 to $3.80 a share. This is below estimates of $3.87, with a range of $3.60 to $4.15 Share Performance: The stock is down 1.5% at $67.58. See recent Boeing stock action here.
Comcast (CMCSA ) Hit by NBC Universal Expenses Revenue: Higher customer additions drove revenues higher by 6.1% to $9.53 billion. Earnings: Profit declined 8.6% to $884 million or 31 cents a share from $967 million or 33 cents a share a year earlier. The quarter included a $59 million expense related to the NBC Universal acquisition. Analysts were expecting 32 cents a share.
Conoco Phillips (COP ) Beats Estimates, to Sell Lukoil Revenue: Conoco generated $3.5 billion in cash from operations and $5.8 billion in cash proceeds from asset sales. Earnings: Rising oil prices and higher refining margins helped more than double profits to $4.16 billion or $2.77 a share. Excluding items, earnings came in at $1.67 a share, beating expectations of $1.56 a share. Outlook: The company is planning to sell its entire stake in Lukoil Share Performance: The stock is up 0.1% at $54.49. See recent Conoco Phillips stock action here.
Sprint Nextel (S )Posts Smaller-than-Expected Loss Revenue: Consolidated revenue was marginally lower at $8.03 billion. Earnings: Sprint had a loss of $760 million, or 25 cents a share versus a year-earlier loss of $384 million, or 13 cents. Adjusted earnings came in at 15 cents a share. Analysts were expecting a loss of 20 cents. Outlook: No outlook was provided Share Performance: The stock is up 1.5% at $4.90. See recent Sprint Nextel stock action here.
Nabors Industries (NBR) Beats Estimates Revenue: Revenue came in at $915 million, beating street estimates of $875 million. Earnings: Profits declined 40% to $19 million from $32 million a year ago, due to suspended operations in the Gulf of Mexico. Outlook: Nabors was cautious in its outlook for the remainder of 2010, expecting land-based rig activity to slow, the Gulf of Mexico to drive a $25 million income drop, and the potential for a third quarter loss. Share Performance: The stock was down 0.3% in extended trading at $18.3. See recent Nabors stock action here.
U.S. Steel (X) Posts Loss, Issues Weak Outlook Revenue: Revenue more than doubled to $4.68 billion from $2.13 billion in year-ago quarter. Earnings:A weak euro hurt earnings by 62 cents a share, resulting in a loss of $25 million or 17 cents a share. But even adjusting for the weaker euro, profits of 45 cents a share came in well below estimates of 63 cents a share. Outlook: U.S. Steel said it would report a third-quarter profit, but that it will be lower than that of the second quarter. Share Performance: The stock is down 6.8% at $45.60. See recent U.S. Steel stock action here.
AK Steel (AKS) Beats Estimate Revenue: A surge in shipments led revenue to more than double to $1.6 billion from a year ago. Earnings: AK Steel swung to profit in the second quarter from a year ago, earning $26.7 million or 24 cents a share, easily beating estimates of 7 cents a share. Excluding a "true-up" expense to account for higher-than-expected rise in iron-ore prices, the company would have earned 34 cents a share. Outlook: AK Steel said it expects third-quarter shipments to rise by 3% sequentially, but prices to decline by about 5%. Assuming a 65% increase in the iron ore benchmark price, AK Steel expects to generate an operating profit of approximately $15 per ton for the third quarter. Share Performance: The stock is down 5.5% at $14.35. See recent AK Steel stock action here.
Level 3 (LVLT) Misses on Revenue Revenue:Second-quarter revenue declined 4% to $908 million, missing estimates of $909 million. Earnings: Net loss for the second quarter was at $169 million or 10 cents a share, compared to $134 million or 8 cents a share in the year-ago quarter. The June 2009 quarter loss was after a $14 million gain on extinguishment of debt. Analysts were expecting a loss of 11 cents a share. Outlook: Level 3 expect core network services revenue to grow sequentially for the rest of 2010. Share performance: The stock is down 9.6% at $1.09. See recent Level 3 stock action here. -- Reported by Shanthi Venkataraman in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.