SAN FRANCISCO – Among the companies whose shares are expected to see active trading in Tuesday's session are Amazon.com Inc., AT&T Inc. and PepsiCo Inc.
Amazon.com (AMZN) is expected to report second-quarter earnings of 16 cents a share, according to a survey of analysts by Thomson Financial.
AT&T (T) is expected to post earnings of 67 cents a share for the second quarter.
BP Plc (BP) is expected to report second-quarter earnings of $1.65 per American Depositary Share.
DuPont & Co. (DD) is expected to post earnings of $1.06 a share for the second quarter.
Eli Lilly and Co. (LLY) is expected to report second-quarter earnings of 82 cents a share.
EMC Corp. (EMC) is expected to post earnings of 15 cents a share for the second quarter.
Lockheed Martin Corp. (LMT) is expected to report second-quarter earnings of $1.53 a share.
PepsiCo (PEP) is expected to post earnings of 89 cents a share for the second quarter.
United Parcel Service Inc. (UPS) is expected to report second-quarter earnings of $1.03 a share.
United States Steel Corp. (X) is expected to post earnings of $2.35 a share for the second quarter.
After Monday's closing bell, Texas Instruments Inc. (TXN) reported a weaker second-quarter profit amid lower demand for its chips used in cell phones and other electronics. Its sales forecast also lagged Wall Street's expectations.
American Express Co. (AXP) reported a 12 percent increase in second-quarter net income, but profit growth was restrained by an 85 percent jump in loss provisions at the credit-card giant's main U.S. business.
Netflix Inc. (NFLX) , the online DVD rental pioneer, reported its second-quarter profit rose 50% on a gain related to a patent lawsuit settlement, even as net subscribers decreased. See full story.
Acuity Brands Inc. (AYI) said it plans to spin off its Acuity Specialty Products Group Inc. business into an independent publicly traded company. The new company, which will be named later, will provide cleaning and maintenance products and will have projected annual sales of nearly $600 million. The spin-off will be accomplished through a tax-free distribution to Acuity shareholders in the fall, the company said. Acuity shareholders are expected to receive one share of the new company for every two shares held.
Altera Corp. (ALTR) reported second-quarter net earnings of $80.5 million, or 22 cents a share, up 4 percent from $77.3 million, or 21 cents a share, during the year-ago period. The San Jose, Calif.-based chipmaker said revenue fell to $319.7 million from $334.1 million last year. Analysts polled by Thomson Financial had forecast, on average, a per-share profit of 19 cents on revenue of $313 million. Altera said it's negotiating a long-term credit facility of up to $750 million and may use some of the proceeds to finance a share buyback. For the third quarter, the company said it expects sequential sales growth of flat to up 3 percent.
American Standard Cos. (ASD) said it has agreed to sell its kitchen and bath business to funds advised by private-equity firm Bain Capital Partners for $1.76 billion in cash.
Amylin Pharmaceuticals Inc.'s (AMLN) second-quarter loss narrowed to $45 million, or 34 cents a share, from a year-earlier loss of $46.4 million, or 38 cents a share. The San Diego biopharmaceutical company's revenue jumped 67 percent to $197 million from $118.1 million. Amylin said the revenue increase was driven by increased sales of Byetta and Symlin injections and milestone payments from Eli Lilly & Co. (LLY) for the European launch of Byetta. On average, analysts polled by Thomson Financial expected a loss of 34 cents a share and revenue of $198 million.
Brown & Brown (BRO) reported second-quarter net earnings of $52 million, or 37 cents a share, up 17 percent from $44.4 million, or 32 cents a share, in the year-ago period. The Daytona Beach, Fla.-based insurance company said revenue in the three months ended June 30 rose to $246.6 million from $220.8 million in the comparable period last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 32 cents on revenue of $237 million. The results include a pretax gain of $9.8 million from the sale of the remaining shares of the long-term investment in Rock-Tenn Co., the company said.
ConAgra Foods Inc. (CAG) bought Alexia Foods, a privately held natural foods company, including the interest in Alexia held by private equity firm TSG Consumer Partners LLC. Financial terms of the deal weren't disclosed. ConAgra, the Omaha, Neb., packaged food company, said Alexia, which has $35 million in annual sales, will continue its operations in Long Island City, N.Y., and will remain under the leadership of president and chief executive Alex Dzieduszycki.
Crane Co. (CR) posted a second-quarter profit of $45.7 million, or 75 cents a share, up slightly from $44.5 million, or 71 cents a share, a year earlier. Excluding a one-time tax related item, profit would have come in at 84 cents a share. Sales rose to $660.9 million, from $558.2 million a year earlier. The company, which makes products for aerospace and other industrial customers, raised its full-year forecast to a range of $2.90 to $3.05 a share from $2.80 to $2.95 a share. Crane, in a separate release ahead of the earnings report, raised its dividend 20 percent to 18 cents a share.
Digi International Inc.'s (DGII) third-quarter net income more than doubled to $6.8 million, or 26 cents a share, from $3.35 million, or 14 cents a share, a year earlier, as revenue rose 21 percent. The Minneapolis networking company's revenue rose to $43.5 million from $35.9 million in the year-ago period. On average, analysts expected per-share earnings of 15 cents on revenue of $44.6 million, according to a poll by Thomson Financial. For the fourth quarter, the company expects per-share earnings of 15 cents to 21 cents on revenue of $43.5 million to $48.5 million, compared with Wall Street's estimate of 17 cents on revenue of $46.8 million. The company expects fiscal 2007 per-share earnings of 70 cents to 76 cents on revenue of $171.7 million to $176.7 million.
Edwards Lifesciences Corp.'s (EW) second-quarter net income fell 3.3 percent to $34.9 million, or 57 cents a share, from $36.1 million, or 58 cents a share, a year earlier, hurt by higher selling, general and administrative costs, greater research and development expenses, and an increased provision for income taxes. The Irvine, Calif., cardiovascular disease treatment and heart-valve company's revenue rose 2 percent to $272.6 million from $267.3 million a year earlier. Analysts polled by Thomson Financial expected, on average, earnings of 57 cents a share on revenue of $275 million. Edwards cut its full-year earnings view to the range of $2.08 to $2.12 a share, and said it sees 2007 sales at the low end of its previous forecast of $1.07 billion to $1.11 billion. The company had seen full-year earnings of $2.23 to $2.31.
Equifax Inc. (EFX) reported second-quarter net earnings of $70.1 million, or 51 cents a share, up slightly from $69.6 million, or 53 cents a share, during the year-ago period. There were 138.6 million shares outstanding during the quarter compared with 130.4 million last year. The Atlanta-based transaction-processor and information management company said revenue for the three months ended June 30 rose to $454.5 million from $387.7 million. Adjusted earnings, which excluded the impact of several litigation-related matters, among other items, were 57 cents a share.
Hexcel Corp. (HXL) reported second-quarter net earnings of $8.8 million, or 9 cents a share, down from $17.6 million, or 19 cents a share, in the year-ago period. Income from continuing operations during the quarter came in at 18 cents a share. Revenue for the period ended June 30 rose 5.8 percent to $289.8 million from $274 million last year. Analysts polled by Thomson Financial were expecting, on average, a per-share profit of 17 cents on revenue of $295.8 million. The Stamford, Conn.-based structural materials company now expects 2007 sales growth in the high end of is previously forecasted range of 5 percent to 10 percent.
Inter-Tel Inc.'s (INTL) second-quarter net income fell 38 percent to $2.99 million, or 11 cents a share, from $4.79 million, or 18 cents a share, a year earlier. Excluding items, earnings were $5.8 million, or 21 cents a share. The Tempe, Ariz., provider of phone systems and related call processing software said net sales fell slightly to $114.4 million from $115.9 million a year ago.
JDA Software Group Inc.'s (JDAS) second-quarter net income more than quadrupled to $4.82 million, or 14 cents a share, from $1.08 million, or 4 cents a share, as revenue rose 75 percent. The company recorded adjusted per-share earnings of 31 cents for the most recent period. The Scottsdale, Ariz., company's revenue grew to $90.8 million from $51.8 million in the year-ago period.
Lincare Holdings Inc. (LNCR) reported second-quarter net earnings of $56 million, or 63 cents a share, up 8 percent from $51.9 million, or 52 cents a share, during the year-ago period. The Clearwater, Fla.-based provider of home oxygen equipment and other respiratory therapy services said revenue for the three months ended June 30 rose to $397.1 million from $350.1 million.
Matrixx Initiatives Inc. (MTXX) reported a fiscal firs-quarter net loss of $1.06 million, or 11 cents a share, versus a year-ago net loss of $1.89 million, or 19 cents a share. The Phoenix-based healthcare products company said revenue in the quarter ended June 30 rose to $8.57 million from $8.21 million in the same period last year. Analysts polled by Thomson Financial were expecting, on average, a per-share loss of 10 cents on revenue of $8.87 million.
Maximus Inc. (MMS) said it has retained UBS Investment Bank as financial adviser as the company explores strategic alternatives, including a possible sale. The Reston, Va.-based company, which provides consulting and operations program management services to state and local government agencies, also said separately it has reached an agreement with the federal government to settle its investigation of the company's Medicaid claiming work for the District of Columbia. Under the terms of the settlement, Maximus will reimburse the government $30.5 million for Medicaid claims prepared on behalf of the District of Columbia that lacked sufficient documentation.
Food packager Pactiv Corp. (PTV) reported a 1 percent increase in second-quarter profit, boosted by its $1 billion acquisition of Prairie Packaging.
PartnerRe Ltd. (PRE) said that second-quarter net income came in at $105 million, or $1.66 a share, up 35 percent from a year earlier when the reinsurer made $77.5 million, or $1.20 a share. Operating earnings, which exclude net after-tax realized investment gains and losses and are calculated after payment of preferred dividends, were $139.2 million, or $2.39 a share. PartnerRe was expected to make $2.49 a share, according to the average estimate of 16 analysts in a Thomson Financial poll. Net premiums written climbed 10 percent to $898.7 million in the period, PartnerRe said.
Plum Creek Timber Co. (PCL) said it earned $60 million, or 34 cents a share, in the second quarter, down from $62 million, or 34 cents, in the year-ago quarter. Sales at the Seattle-based land and timber company rose nearly 4 percent to $395 million. The most recent quarter's income included a $2 million gain from selling a mineral asset, bringing profit from continuing operations to 33 cents a share. Analysts polled by Thomson Financial had forecast earnings of 34 cents a share, on average, and sales of $373 million.
Reinsurance Group of America (RGA) said that second-quarter net income came in at $77.5 million, or $1.20 a share, up 22 percent from a year earlier when the life reinsurer made $63.6 million, or $1.01 a share. Operating income, which excludes net realized investment gains and losses, was $84.6 million, or $1.31 a share, the company added. Second-quarter net premiums rose 12 percent to $1.21 billion.
SL Green Realty Corp.'s (SLG) second-quarter net rose sharply to $265.9 million, or $4.38 cents a share, from $29.1 million, or 65 cents a share, a year earlier, as revenue more than doubled. The company also recorded a $241.9 million gain on the sale of discontinued operations. The New York real estate investment's trust recorded per-share funds from operations of $1.26. Revenue jumped to $257.7 million from $123.6 million in the year-ago period.
Steel Dynamics Inc.'s (STLD) second-quarter net income fell to $93.9 million from $96.9 million while earnings per share rose to 95 cents a share from 89 cents a share a year earlier. Revenue at the Fort Wayne, Ind., steel manufacturer increased 11 percent to $911.2 million from $821.2 million in the year-ago period, which the company attributed to lower shipping volumes for flat-rolled and bar steels.
Target Corp. (TGT) said that, based on actual sales, it still believes receipts at stores open longer than a year will rise 5 percent to 7 percent in July. The forecast covers the four-week period from July 8 to Aug. 4. The Minneapolis-based discount giant said it will report actual sales on Aug. 9. Shares of Target ended the session at $66.67, off 1.1 percent, ahead of the news.
Thomas & Betts Corp. (TNB) posted a second-quarter profit of $46.6 million, or 80 cents a share, up from $41 million, or 66 cents, a year earlier. Sales for the electrical component maker jumped 8.4 percent to $507.2 million as price increases helped ease the impact of rising material and energy costs. Analysts polled by Thomson Financial were looking for earnings of 78 cents a share on sales of $498 million.
Total System Services Inc.'s (TSS) second-quarter net income grew more than 14 percent to $65.7 million, or 33 cents a share, from a year-earlier profit of $57.4 million, or 29 cents a share. The Columbus, Ga., credit card processing company's revenue increased 7 percent to $460.2 million, from $429.2 million in the year-earlier period. Total System, in which Synovus Financial Corp. (SNV) holds an 80.8 percent stake, forecast 2007 net income of $250 million to $255 million, on revenue of $1.74 billion to $1.76 billion.
Volterra Semiconductor Corp. (VLTR) swung to a second-quarter loss of $2.54 million, or 10 cents a share, from a year-earlier profit of $1.24 million, or 5 cents a share. Excluding stock-based compensation expenses and other items, the company's loss was 7 cents a share, compared with earnings of 9 cents a share, a year ago The Fremont, Calif., computer chip company's revenue rose to $18.5 million from $17.6 million a year ago.
Woodward Governor Co.'s (WGOV) third-quarter earnings fell 17 percent to $24 million, or 68 cents a share, from $28.9 million, or 82 cents a share, a year earlier. For the quarter ended June 30, sales rose 24 percent to $269 million from $217.1 million a year ago. Analysts polled by Thomson Financial on average expected earnings of 64 cents a share on sales of $258 million. The Fort Collins, Colo., maker of industrial controls and aircraft engine components said it expects fiscal 2007 earnings to be at the higher end of its previously stated guidance of $2.35 to $2.45 a share.
Zoran Corp. (ZRAN) reported second-quarter earnings of $198,000, or a penny a share, down 96 percent from $4.78 million, or 9 cents a share, in the year-ago period. Excluding a $12.2 million amortization charge and $4.5 million in stock option expense, the Santa Clara, Calif.-based integrated circuit maker posted a profit of $16.9 million, or 33 cents a share. Revenue for the quarter came in at $129.9 million, up from $127.9 million in the comparable period last year.