Updates, advisories and surprises - UPDATE 2 18.10.2004 13:01 Zurück Headlines
Delphi: Challenging conditions, rev. outlook in line (6:47 AM ET) LONDON
(AFX) -- Auto parts maker Delphi Corp. said the industry is "still facing
challenges" in the near-term, but that with cost-cuts, it expects "to remain in
line with our 2004 earnings trajectory in the fourth quarter." Delphi expects
fourth quarter revenue of $7 billion to $7.2 billion - in line with the average
forecast from Thomson/First Call. Its 2004 revenue projection of $28.6 billion
to $28.8 billion was also in line with the average forecast. It expects fourth
quarter GAAP net earnings, including the anticipated impact of previously
announced restructuring charges, from a loss of $18 million to positive
earnings of $32 million.
Hasbro's 'disappointing' Q3 results miss Street target (6:46 AM ET)
WASHINGTON (AFX) -- Hasbro Inc. posted third-quarter net earnings of $88.7
million, or 45 cents per share, up from $68.5 million, or 38 cents, earned in
the same period last year. Revenue slipped to $947.3 million from $971.1
million. CEO Alfred Verrecchia called the results "disappointing." According to
Thomson First Call, analysts' average forecast had been for earnings of 51 cents
on revenue of $992 million. Shares of Hasbro lost a penny to end Friday's
trading at $18.46.
Odyssey HealthCare in DoJ probe; warns on Q3, 2004 (6:40 AM ET) NEW YORK
(AFX) -- Odyssey HealthCare said the Department of Justice has launched a probe
of the company under the False Claims Act, and is reviewing payment claims
dating from Jan 1, 2000 to the present time. The company said it is cooperating
with the probe. The company made the revelation as it announced that CEO David
Gasmire is leaving the company, to be replaced by chairman Richard Burnham. "In
light of the
operational challenges we have experienced, all parties agreed that it
was best to take quick action to put us back on a steady track," Burnham said in
a statement. The company also warned that third-quarter earnings will come in at
about 24 cents a share, 3 cents below the average estimate of analysts polled by
Thomson First Call, due to weak admissions and increased competion. For the full
year, the company expects earnings of 94 to 96 cents a share, below a prior
outlook of $1.03 to $1.05. Shares ended Friday down 3 cents at $16.86.
Delphi auto parts Q3 loss narrows, sees more cost cuts (6:40 AM ET)
LONDON (AFX) -- Auto parts maker Delphi Corp. said its third quarter loss
narrowed to $114 million from $353 million a year ago, or to 20 cents a share.
Excluding restructuring charges, Delphi saw a pro forma loss of 12 cents - in
line, it said, with the average analyst forecast and an Oct. 5 update. Revenue
was $6.65 billion, up from $6.56 billion in the year-ago period. Non-GM revenue
rose to 47 percent of third quarter revenue. The parts maker said it was
"looking at creative solutions across the entire supply chain to reduce overall
costs and counteract some of the commodity market-driven cost increases."
Downey Fin. Q3 net income falls 16.2% on extra costs (6:16 AM ET) LONDON
(AFX) -- Downey Financial said net income for the third quarter fell 16.2
percent to $24.5 million, or 88 cents a share, due an increase in operating
expenses and an "unfavorable" loan charge. Operating expense rose 10.9 percent
due primarily to an increase in salaries and costs due to pending litigation.
Mattel Q3 earns top estimates, but rev. misses (6:10 AM ET) NEW YORK
(AFX) -- Mattel, Inc. reported third-quarter earnings of $255.9 million, or 61
cents a share vs. $270 million, or 61 cents a share in the same period a year
ago, and above the average analyst estimate compiled by Thomson First Call of 60
cents a share. Revenue fell 2 percent to $1.67 billion, missing analyst
forecasts of $1.76 billion. Mattel Brands sales fell 9 percent, amid a 13
percent decline in Barbie sales, while Fisher-Price sales increased 7 percent
and American Girl sales rose 9 percent. The stock closed Friday up a nickel at
$17.97.
Ceridian restates results from 1999 through Q1 2004 (5:32 AM ET) LONDON
(AFX) -- Ceridian Corp. said it will restate its financial results for the
period from 1999 through the first quarter of 2004. The cumulative adjustment to
the company's results is expected to cut earnings before taxes by $60.2 million.
The company said it expects to report third-quarter earnings of 12 cents to 13
cents a share and fourth-quarter earnings between 25 cents and 29 cents a share.
Checkpoint Software Q3 26 cents a share, tops estimate (5:09 AM ET)
LONDON (AFX) -- Security software maker Check Point Software Technologies posted
a 22 percent rise in third quarter revenue to $129.3 million. Net income rose to
$66.8 million, or up 18 percent to $69.1 million, excluding net acquisition
related charges. Per share, earnings rose to 26 cents or 27 cents ahead of the
charge. Analysts polled by Thomson/First Call projected earnings per share of 25
cents for the quarter and sales of $128.32 million.
Cable maker Nexans Q3 sales up 8.2% (4:19 AM ET) LONDON (AFX) -- French
cable maker Nexans said Monday that third-quarter sales were up 8.2 percent to 1
billion euros ($1.247 billion), at constant exchange rates and copper and
aluminium prices. It said that at current metal prices, sales climbed to 1.186
billion euros ($1.479 billion.)
This story was supplied by CBSMarketWatch. For further information see
www.cbsmarketwatch.com.
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