Markets & Finance

Texas Instruments Posts a Loss on Writedowns


After the close of trading Wednesday, Texas Instruments (TI) posted a fourth quarter loss of 34 cents vs. a loss of seven cents, citing a writedown for an investment in Micron Technology. Analysts were expecting an average of three cents earnings per share on revenue of $2.08 billion. Excluding the writedown, the microchip producer would have posted six cents earnings per share. Revenue rose 20% to $2.15 billion.

After the close of trading Wednesday, PeopleSoft (PSFT) posted fourth quarter earnings per share of 18 cents vs. 18 cents.

Eastman Kodak (EK) posted 39 cents fourth quarter earnings per share vs. a 71-cent loss on a 2.5% sales rise, and posted 65 cents vs. 13 cents fourth quarter earnings per share from continuing operations. But fourth quarter sales were flat excluding the favorable exchange rate, and the profit report was weaker than analysts' expectations. The camera and imaging company sees $2.35-$2.95 2003 earnings per share.

AsiaInfo (ASIA) posted a six-cent fourth quarter loss on a 33% net revenue decline. The Chinese Internet-based IT services firm sees breakeven to a penny per share first quarter earnings per share, and eight cents to 12 cents 2003 earnings per share on a 2%-8% revenue rise. CS First Boston reiterates underperform.

Siebel Systems (SEBL) chairman and CEO Thomas Siebel relinquished the rights to buy 25.9 million; the action is seen as reducing the company's earnings dilution. Separately, Needham sees fourth quarter results beating estimates.

JDA Software (JDAS) posted better than expected 11 cents vs. 20 cents fourth quarter earnings per share from operations on a 15% revenue decline, and posted three cents earnings per share (GAAP). Wachovia and USB Piper upgraded.

Coach (COH) posted 68 cents vs. 49 cents second quarter earnings per share on a 31% sales rise. The handbag designer and retailer sees at least 48 cents in second-half earnings per share, above the 42 cents consensus, and sees fiscal 2003 earnings per share of at least $1.40. S&P and Merrill raised their estimates.

Pacific Growth downgraded WebEx Communications (WEBX) to equal-weight from overweight, noting Microsoft's purchase of PlaceWare. S&P reiterates buy.

General Dynamics (GD) posted $1.33 vs. $1.23 fourth quarter earnings per share from continuing operations on a 13% sales rise. Deutsche Bank downgraded to hold from buy.

CheckFree (CKFR) posted 20 cents second quarter earnings per share vs. breakeven on a 12% revenue rise, and raised the 58 cents to 62 cents fiscal 2003 earnings per share guidance to 74 cents to 77 cents. Needham reportedly upgraded to buy from hold. S&P reiterates hold.

J.P. Morgan Chase (JPM) posted a 20-cent fourth quarter loss vs. an 18-cent loss despite a 29% revenue rise. Excluding charges from a settlement of Enron surety litigation, a litigation reserve, and merger and relocation costs, the bank's fourth quarter earnings per share would have been 36 cents.

Pfizer (PFE) posted 48 cents fourth quarter earnings per share from operations on a 14% revenue rise, a penny above analysts' average estimates. On a stand-alone basis, Pfizer now sees about $1.80 2003 earnings per share, excluding certain significant items and merger-related costs for Pharmacia.

Motorola (MOT) posted eight cents fourth quarter earnings per share vs. a 55-cent loss (GAAP) on a 3% revenue rise. The cell-phone maker posted 13 cents earnings per share excluding items, and sees lower-than-expected breakeven to two cents first quarter earnings per share (GAAP) on a flat to +3% sales rise.

Mellon Financial (MEL) posted 38 cents vs. $1.70 fourth quarter earnings per share (including items), citing continued weakness in equity markets and the economy. Mellon plans to cut about 650 jobs. Salomon downgraded to underperform. S&P keeps neutral.

Cadence Design (CDN) posted three cents (excluding a 30-cent gain) vs. 27 cents fourth quarter earnings per share on a 10% sales decline. RBC Capital reportedly downgraded to sector perform. S&P keeps accumulate.

Xilinx (XLNX) posted a one-cent third quarter loss vs. three cents earnings per share despite a 24% revenue rise. The company sees fourth quarter revenue of about $285 million to $295 million, and gross margin of 59%-60%. S&P reiterates accumulate.

Tyco (TYC) posted 32 cents vs. 47 cents first quarter earnings per share despite a 4% revenue rise. Tyco expects fiscal 2003 earnings per share to be near the lower end of a previous $1.50-$1.75 range, reflecting incremental dilution from the refinancing of debt and higher pension costs.

Merrill Lynch (MER) posted 64 cents vs. 51 cents fourth quarter earnings per share from operations -- beating analysts' estimates -- as higher operating margins offset 12% lower net revenues. Merrill thinks it may be difficult to maintain the 2002 revenue levels in 2003.

Smithfield Foods (SFD) expects third quarter earnings per share to approximate the four cents earnings per share from the second quarter. The meat processor cited low hog prices and weak fresh meat prices, but remains optimistic about the fourth quarter.

Precise Software (PRSE) posted lower-than-expected seven cents vs. five cents fourth quarter earnings per share (pro forma) on a 10% revenue rise. SoundView downgraded to neutral.

DoubleClick (DCLK) posted five cents vs. five cents fourth quarter earnings per share (pro forma) despite a 31% revenue decline, and posted a 40-cent loss (GAAP). The online advertising company sees a two-cent loss to one cents earnings per share for the first quarter on revenue of $55 million to $60 million.

Lehman Brothers (LEH) raised its annual dividend to 48 cents from 36 cents, and set a 23.5 million share buyback.


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