Movers: Exxon Mobil, Citigroup, Crocs, MetLife
Exxon Mobil (XOM) posts $1.70 third quarter EPS, vs. $1.77 a year ago, on 10% revenue drop. It says the decrease reflects lower downstream, chemical margins, partly offset by higher crude oil realizations.
CIBC World downgrades Citigroup (C) to sector underperform from sector perform. The firm believes that over the near term, Citigroup will need to raise over $30 billion in capital through either asset sales, a dividend cut, a capital raise, or combination thereof.
Credit Suisse Group (CS) posts third quarter income from continuing operations of CHF1.3 billion, down 11% year-over-year, reflecting lower results in Investment Banking and Asset Management. The structured products businesses, including residential and commercial mortgages and collateralized debt obligations (CDOs), recorded a valuation reduction of CHF 1.1 billion, net of fees and hedges.
Crocs (CROX) posts third quarter adjusted EPS of $0.66, vs. $0.27 a year ago, on sharply higher revenue. It raises 2007 guidance to $1.94-$1.98 EPS on $820-$830 million revenue. It sees EPS, revenue increasing 35%-40% in 2008.
Scotts Miracle-Gro (SMG) posts $0.11 fourth quarter adjusted loss per share, vs. $0.02 EPS a year ago, despite 3.4% sales rise. It says fiscal year 2008 net income and EPS will likely be flat to slightly down. S&P downgrades to sell from hold.
Bankrate (RATE) posts $0.39, vs. $0.21, third quarter adjusted EPS on 28% higher revenue. It expects 2007 revenue to come in at low end of its previous guidance range of $95-$100 million due to higher-than-expected online revenue and lower-than-expected print revenue. Needham upgrades to buy from hold.
United Therapeutics (UTHR) says its wholly-owned unit, Lung Rx announced completion of TRIUMPH-1 Phase 3 trial of Viveta, an inhaled formulation of treprostinil, in pulmonary arterial hypertension. Notes preliminary analysis demonstrates trial robustly met its primary endpoint. Posts $0.66 vs. $0.34 third quarter EPS on 46% revenue rise.
Prudential Financial (PRU) posts third quarter non-GAAP EPS of $1.97, vs. $1.72 a year ago, on 9.8% revenue rise. It sees $7.45-$7.60 2007 non-GAAP EPS, which assumes stable equity markets over the remainder of the year.
Sprint Nextel (S) posts $0.02, vs. $0.09 a year ago, third quarter EPS on 1% operating revenue drop. It says the decline in earnings is due to lower contribution from Wireless, partially offset by an improved contribution from Wireline. It continues to see 2007 consolidated revenues slightly below $41 billion.
Altria Group (MO) agrees to acquire John Middleton, a leading maker of machine-made large cigars, for $2.9 billion in cash.
Timberland (TBL) posts $0.42, vs. $0.88 a year ago, third quarter EPS on 14% revenue drop. It sees 2007 revenue declines in mid-single digit range, operating margin declines of 400 basis points to 450 basis points. It targets first half 2008 mid-single digit revenue declines, improved operating results.
Eastman Kodak (EK) posts $0.12 third quarter EPS from continuing operations, vs. $0.29 loss per share a year ago (GAAP), despite 1% revenue drop. It cuts $900 million to $1 billion forecast for 2007 restructuring charges to $750-$850 million. It sees 2007 revenue at the low end of 4%-7% forecast.
MetLife (MET) posts $1.52, vs. $1.24 a year ago, third quarter operating EPS on 4.2% revenue rise. It says that it plans to repurchase approximately $750 million of its common stock pursuant to an accelerated share repurchase agreement in the fourth quarter.
FTI Consulting (FCN) posts $0.50, vs. $0.32 year ago (adjusted) third quarter EPS on 56% revenue rise. It says based on strength in first three quarters, current market trends, it expects revenue, EBITDA, and EPS for the fourth quarter will exceed high end of previous guidance. It expects 2007 EPS to be within previously announced range of $1.92-$2.00.
Conseco (CNO) posts $0.29 third quarter loss per share, vs. $0.26 EPS a year ago, despite 5.1% higher revenue. third quarter operating loss was $0.14 vs. $0.35 EPS.
Duke Realty (DRE) posts $0.68, vs. $0.65 a year ago, third quarter FFO on 2.3% higher revenue from continuing operations. Also posts $0.39 vs. $0.45 third quarter EPS. It sees $0.78-$0.82 fourth quarter FFO, $2.71-$2.75 '07 FFO, $2.80-$3.00 2008 FFO.
Blockbuster (BBI) posts $0.20 third quarter loss per share, vs. $0.15 loss a year ago, on 5.7% lower revenue.
Danaher (DHR) announces a proposed public offering of 6 million common shares, which will be made pursuant to an effective shelf registration statement on file with the U.S. Securities and Exchange Commission.