Markets & Finance

Texas Instruments Posts Higher Profit


Texas Instruments (TXN) posted second quarter earnings per share of 38 cents, vs. 25 cents one year earlier, as higher gross profit and a 6-cent tax benefit offset flat revenue. The company sees third quarter earnings per share of 31 cents to 35 cents on $3.29 billion to $3.56 billion in revenue. The company will raise its dividend 20%; it also set a $2 billion stock buyback. S&P reiterates hold.

Netflix (NFLX) posted second quarter earnings per share of 9 cents, vs. 4 cents (GAAP basis) on a 37% revenue rise. The company sees 2005 revenue of $678.1 million to $688.1 million and GAAP net income of $2.4 million to $11.9 million (up from previous guidance of a 5 million to $15 million loss). S&P keeps its sell recommendation.

Rent-A-Center (RCII) posted second quarter earnings per share of 52 cents, vs. 62 cents, as higher operating costs offset a 1.3% revenue rise. The company sees 38 cents to 42 cents 2005 earnings per share, citing fewer agreements on rent relative to prior expectations due to weaker demand.

ON Semiconductor (ONNN) posted second quarter earnings per share of 5 cents, vs. a 2-cent loss, as the absence of loss on debt prepayment offset 9% lower revenue. The company sees third quarter revenue up 2% to 5% sequentially.

Avaya (AV) posted third quarter earnings per share of 40 cents, vs. 13 cents, including items, on a 22% revenue rise.

Pentair (PNR) posted second quarter earnings per share of 63 cents, vs. 55 cents, on a 49% revenue rise. The company set third quarter earnings per share guidance of 43 cents to 47 cents. It tightened its full-year 2005 EPS guidance to $2.00 to $2.05.

Reuters Group (RTRSY) posted first half earnings per share of 9.0 pence, vs. 21.3 pence, on a 2.3% revenue drop. The company sees underlying recurring revenue growth of 1% to 2% in the second half.

Starwood Hotels (HOT) posted second quarter earnings per share of 65 cents, vs. 56 cents (including items), on a 14% revenue rise. It sees earnings per share of 51 cents for the third quarter and $1.62 for all of 2005 (before special items).

JDA Software (JDAS) posted second quarter earnings per share of 12 cents, vs. 2 cents (GAAP basis), on a 2% rise in revenue.

Airtran Holdings (AAI) posted better-than-expected second quarter earnings per share of 13 cents, vs. 18 cents, as the impact of record high fuel prices offset a 33% revenue rise.

Danaher (DHR) will acquire Leica Geosystems for an aggregate price of $950 million, including transaction costs, net of estimated cash to be acquired. Danaher expects to assume about $80 million of debt in connection with the deal.

Advanta (ADVNB) posted second quarter earnings per share of 64 cents, vs. 41 cents, as lower loan loss provisions offset lower net interest income.

Cendant (CD) posted second quarter earnings per share from continuing operations of 37 cents, vs. 41 cents, despite an 8% revenue rise.

Lockheed Martin (LMT) posted second quarter earnings per share of $1.02 (including a 6-cent gain) vs. 66 cents, on a 6% sales rise. The company sees 2005 EPS of $3.60 to $3.65.

Intuitive Surgical (ISRG) will be added to the S&P MidCap 400 index after the close of trading July 29, replacing Titan Corp., which is being acquired.

Chaparral Steel (CHAPV) will be added to the S&P SmallCap 600 index after the close of trading July 29, replacing Enesco Group.


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