Microsoft Results Beat Estimates
After the close of trading Thursday, Microsoft (MSFT ) posted 12 cents earnings per share, vs. 20 cents. Revenue rose a better-than-expected 17%. The world's largest software maker says excluding items, which include stock-based compensation expenses, legal costs related to a settlement with Sun Microsystems, and a fine by the European Commission, the company posted 34 cents earnings per share, beating analysts' average estimates for 29 cents earnings per share.
After the close of trading, online book and music retailer Amazon (AMZN ) posted 26 cents earnings per share, vs. a loss of 3 cents. Revenue rose 41% to $1.53 billion, surpassing the Street's estimates. Piper Jaffray downgraded the shares to underperform from market perform, citing Amazon's declining gross margins and revenue growth and company guidance for further declines.
Marriott (MAR ) posted better-than-expected 47 cents, vs. 48 cents first-quarter earnings per share on an 11% revenue rise. Marriott sees 59 cents to 61 cents second-quarter earnings per share from continuing operations. It raised the 2004 earnings per share from continuing operations forecast to $2.24 to $2.34. Merrill Lynch raised its estimates and target. S&P Keeps hold.
Rare Hospitality (RARE ) posted 42 cents, vs. 34 cents first-quarter earnings per share on a 23% revenue rise. It sees 3% to 4% sales growth for each of its three growth concepts for the last three quarters of 2004. The restaurant operator, whose restaurants include LongHorn Steakhouse, Bugaboo Creek Steak House, and others, raised the 2004 earnings per share range to $1.39 to $1.41. Harris Nesbitt upgraded to outperform. S&P reiterates accumulate.
EBay (EBAY ) posted 30 cents, vs. 16 cents first-quarter earnings per share (GAAP) on a 59% revenue rise. The online auction company says 2004 revenue could be as high as $3.15 billion, with earnings per share as high as $1.06. S&P reiterates buy, and raised the estimates and prices target. Deutsche Bank also raised its earnings outlook.
AT&T (T ) posted 38 cents, vs. 73 cents first-quarter earnings per share on an 11% revenue drop. AT&T notes first-quarter 2004 results included a tax benefit from a prior investment, losses on the early retirement of debt, and other charges. The first-quarter 2003 results included income from the adoption of a new accounting standard.
Starbucks (SBUX ) posted 19 cents, vs. 13 cents second-quarter earnings per share on a 12% same-store sales rise, and a 30% total sales rise. The coffee chain raised the fiscal 2005 earnings per share guidance to the 90 cents to 91 cents range. S&P reiterates hold.
KLA-Tencor (KLAC ) posted 33 cents, vs. 14 cents third-quarter earnings per share on a 28% revenue rise. The chip-equipment maker reportedly says orders in the fourth quarter could drop by up to 15%. S&P reiterated its accumulate ranking . First Albany downgraded to neutral from buy.
Caterpillar (CAT ), a Dow component, posted $1.16 first-quarter earnings per share on a 34% revenue rise. The industrial equipment maker raised the 2004 revenue growth outlook to 20%, and upped the profit growth outlook to 65% to 70%.
Beazer Homes (BZH ) posted $3.52, vs. $2.83 second-quarter earnings per share on a 32% revenue rise. The homebuilder raised the fiscal 2004 earnings per share forecast to $15.75 to $16.
Laserscope (LSCP ) posted 10 cents, vs. 1 cent on a 51% revenue rise. The maker of medical laser systems raised the $70 million 2004 revenue forecast to $86 million, and upped the 32 cents to 34 cents earnings per share to 50 cents to 55 cents.
Qualcomm (QCOM ) posted 58 cents second-quarter earnings per share on a 20% revenue rise. Qualcomm sees third-quarter revenue, excluding the QSI segment, increasing about 4% to 7% sequentially, and sees 48 cents to 50 cents earnings per share. S&P reiterates buy.
Viacom (VIA ) posted 41 cents, vs. 25 cents first-quarter earnings per share on a 12% revenue rise. The media company believes it's on track to 2004 revenue growth of 5% to 7%, operating income growth of 12% to 14%, and earnings per share growth of 13% to 15%. S&P reiterates buy.
Merck (MRK ) posted 73 cents, vs. 68 cents first-quarter earnings per share from continuing operations on a slight sales rise. The drug giant reaffirmed the 2004 earnings per share guidance of $3.11 to $3.17.
Juniper Networks (JNPR ) posted 9 cents, vs. 2 cents first-quarter earnings per share (non-GAAP) on a 43% sales rise. S&P reiterates hold.
Sara Lee (SLE ) posted 47 cents, vs. 33 cents third-quarter earnings per share on a 9% revenue rise.
Mylan Labs (MYL ) says its Bertek unit received FDA approval as the first and only therapy in the U.S. for acute, intermittent treatment of hypomobility, and for "off" episodes associated with advanced Parkinson's disease.
HCA (HCA ) posted 69 cents, vs. 90 cents first-quarter earnings per share as significant increases in uninsured patient volumes and bad debts offset a 13% revenue rise.
First Data (FDC ) posted 61 cents, vs. 39 cents first-quarter earnings per share on a 14% revenue rise. Due to accounting entries and other issues at TeleCheck, First Data is undertaking a review of TeleCheck, including its systems and strategic fit.
Insurer American International Group (AIG ) posted $1.01, vs. 74 first-quarter earnings per share on a 25% rise.
Veritas Software (VRTSE ) posted 23 cents, vs. 4 cents first-quarter earnings per share (GAAP) on a 24% revenue rise. S&P raised its estimates but keeps the hold ranking.
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