business

Microsoft Posts Lower Earnings

GM to restate results for 2002 through the third quarter of 2006; Chevron finds oil in Angola; plus more stocks in the news Friday

Microsoft (MSFT) posted 26 cents vs. 34 cents second quarter earnings per share (EPS) as higher expenses offset a 6.0% revenue rise. The company deferred $1.64 billion of revenue and operating income from the second to the third quarter.

In a Form 8-K filing with the SEC, General Motors (GM) said it would restate its financial statements for 2002 through the third quarter of 2006 and would delay announcing its fourth quarter 2006 financial results.

Chevron (CVX) says its Cabinda Gulf Oil unit and partners achieved a significant oil discovery in deepwater Block 14, offshore Angola.

Honeywell (HON) posted 72 cents vs. 61 cents fourth quarter EPS on a 14% sales rise. The company sees 2007 sales to up 5% and double-digit EPS growth to $2.85 to 2.95. It also raises its free cash flow guidance to $2.5 billion to $2.7 billion.

Airtran (AAI) posted 4 cents fourth quarter loss vs. breakeven as higher expenses offset a 13% revenue rise. Airtran says it is encouraged by lower capacity levels and recent declines in fuel prices as we go into the first quarter of 2007.

Halliburton (HAL) posted 65 cents vs. $1.03 fourth quarter EPS from continuing operations despite an 8% revenue rise. The company notes that fourth quarter EPS includes 51 cents of income related to a reduction in deferred tax asset valuation allowance.

Mckesson (MCK) posted 79 cents vs. 64 cents third quarter EPS from continuing operations on a 3.9% revenue rise. The company raised its 2007 adjusted EPS from continuing operations guidance to $2.75-$2.85.

Massey Energy (MEE) Posts better-than-expected $0.13 fourth quarter EPS vs. $2.76 loss on a 5.9% sales rise. Notes fourth quarter loss includes an after-tax charge of $2.82 per basic share related to capital restructuring.

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