CORRECT Avid Tech sees sequential quarterly rev decline (5:00 PM ET) SAN FRANCISCO (MarketWatch) -- Avid Technology Inc. /zigman2/quotes/204571941/composite AVID +11.01% Wednesday evening said it expects a sequential revenue decline to $160 million in the second quarter, citing lower video revenues -- primarily due to less broadcast revenue being recognized -- and unfavorable foreign currency translation impacts. The digital media company forecast a net profit for the period of $12 million to $13 million, or 34 cents to 36 cents a share. On a pro forma basis, Avid forecast earnings of $14.5 million to $15.5 million, or 40 cents to 42 cents a share. Analysts polled by Thomson First Call were looking for a per-share profit of 58 cents on revenue of $171 million for the quarter. (Corrects to show company forecast a net profit. Corrects ticker.)
First Data reduced to market perform at Morgan Keegan (2:06 PM ET) NEW YORK (MarketWatch) -- Morgan Keegan on Friday downgraded shares of First Data Corp.to market perform after the credit processing firm turned in lower-than-expected second-quarter results. The company's payment services and card issuer services units were in-line to modestly better than expected, but its merchant services business lagged, Morgan Keegan said in a note to clients. Going forward, payment services will be negatively impacted if the dollar strengthens, and merchant services are seen as weak until the first half of 2006. Meanwhile, D.A. Davidson maintained its neutral rating on the company. Shares of First Data fell 2.3% to $40.17 in recent action.
CCA Industries' earns dip from year ago on higher costs (11:43 AM ET) NEW YORK (MarketWatch) -- CCA Industriesreported second-quarter earnings of $1.8 million, or 24 cents a share, down from its year-ago profit of $2.8 million, or 36 cents a share. Revenue rose slightly in the latest three months to $18.6 million from $18.3 million in the same period a year earlier. Thomson First Call doesn't publish a consensus estimate for the company's results. CCA, a healthcare and beauty aids product provider based in East Rutherford, N.J., said expenses rose in the latest quarter due to higher advertising spending in light of increased competition, a boost to its reserve against possible returns, and a jump in inflation-related costs like freight activities.
SigmaTron sees 1Q earns down year-over-year (9:29 AM ET) SAN FRANCISCO (MarketWatch) -- SigmaTron International Inc. /zigman2/quotes/200980045/composite SGMA 0.00% on Friday said it expects first-quarter earnings in fiscal 2006 to come in lower than those in the same quarter in fiscal 2005. The provider of printed circuit board assemblies and completely assembled electronic products cited lower revenues, increased overhead and continuing pricing pressures as reasons for the outlook.
Popular Inc. net income rises 4% (9:13 AM ET) NEW YORK (MarketWatch) -- Popular Inc. /zigman2/quotes/202481774/composite BPOP -1.37% on Friday reported second-quarter net income of $132.4 million, or 48 cents a share, up 4% from $127.8 million, or 47 cents a share, in the year-ago period. The parent of Banco Popular was expected to earn 44 cents a share, according to a survey of analysts by Thomson First Call. Shares of the San Juan, Puerto Rico firm rose 7 cents to $25.30 on Thursday.
Washington Federal's earns miss Wall St. view (8:29 AM ET) NEW YORK (MarketWatch) -- Washington Federal Inc.Friday reported third-quarter earnings of $34.3 million, or 39 cents a share, down from a year-ago profit of $35 million, or 40 cents a share. The average estimate of analysts polled by Thomson First Call was for a profit of 42 cents a share in the June period. The Seattle-based bank said it experienced higher deposit costs in the latest period than it did a year ago, as well as an increase in operating expenses due to additional personnel and the consolidation of a low-income housing investment. The stock closed Thursday at $24.14, down 17 cents.
Arch Coal blames rail service for shaving earnings (8:26 AM ET) NEW YORK (MarketWatch) - Arch Coal Inc. ACI 0.00% , citing rail line disruptions in the Western U.S. that have hampered coal shipments from the Powder River Basin, said its second-quarter income would be 5 cents a share, below the current average analyst estimate for 44 cents a share. The weather-related service to a rail line operated by Union Pacific Corp. /zigman2/quotes/209717171/composite UNP -0.38% , and BNSF Corp.will cut 35 a cents a share from the quarter. For 2005, earnings would be 75 cents to $1.25 a share, a forecast that also accounts for "operational difficulties" at the Arch Coal's Mingo Logan longwall mine in West Virginia during April and May. Shares of St. Louis-based Arch Coal fell $1.72 to $53.52
Regions Financial net rises (8:20 AM ET) NEW YORK (MarketWatch) -- Regions Financial /zigman2/quotes/202396577/composite RF -1.65% Friday reported second quarter earnings of $248.4 million, or 53 cents a share compared to $162 million, or 33 cents a share a year ago. Regions shares rose 16 cents and closed Thursday at $35.31.
Royal Group Technologies issues profit warning (8:19 AM ET) NEW YORK (MarketWatch) -- Royal Group Technologies Ltd.on Friday said its second-quarter sales have been less than expected and that it sees its earnings below the year-ago figure of 38 cents a share. A survey of analysts by Thomson First Call is forecasting earnings of 38 cents a share for the company. Shares fell 6 cents to $11.12 on Thursday.
Schweitzer-Maudit sees 2Q earns below views (8:12 AM ET) NEW YORK (MarketWatch) -- Schweitzer-Maudit International Inc. /zigman2/quotes/208081440/composite SWM -2.56% said Friday it expects second-quarter earnings of about 38 cents a share, less than its previous expectations. The current average estimate of analysts polled by Thomson First Call is for a profit of 54 cents a share in the June period. The Alpharetta, Ga., paper supplier said results were hurt by inflationary cost increases, reflected in higher purchased energy, purchased materials and labor and benefit expenses, as well lower average selling prices due to an unfavorable product mix. Looking ahead, the company said it expects earnings of $1.40 to $1.50 a share for the full year. The stock closed Thursday at $31.59, down 2.4%.
Lakeland Financial earns rise, dividend increased (8:08 AM ET) NEW YORK (MarketWatch) -- Lakeland Financial /zigman2/quotes/202881627/composite LKFN -0.47% reported fiscal first-quarter earnings of $4.1 million, or 66 cents a share, up from $3.5 million, or 58 cents a share in the same period a year ago. The 2 analysts providing estimates to First Call had been expecting 68 cents a share, on average. Net interest margin increased to 3.77% from 3.63% in all of 2004. The financial services company also raised its quarterly dividend to 23 cents a share from 21 cents. The new dividend is payable July 25 to shareholders of record on July 10. The stock closed Thursday down $1.08 at $42.49.
McDonald's sees 2Q earns 42c; June total sales up 6.2% (8:05 AM ET) NEW YORK (MarketWatch) -- McDonald's /zigman2/quotes/203508018/composite MCD -0.62% said Friday it expects earnings of 42 cents a share for the second quarter, including an incremental tax expense of 9 cents a share related to its repatriation of $3.2 billion in foreign earnings and a charge of 2 cents a share from stock-based compensation. The current average estimate of analysts polled by Thomson First Call is for a profit of 48 cents a share in the June period. The Dow component said global systemwide sales for its namesake restaurants rose 6.2% in June, 6.3% in the second quarter, and 7.1% year-to-date. "Our aligned focus on further strengthening our worldwide business has produced another quarter of solid sales growth," said CEO Jim Skinner. The stock closed Thursday at $29.60, up a penny.
Grainger tops earns forecasts, ups outlook (7:59 AM ET) NEW YORK (MarketWatch) -- Grainger /zigman2/quotes/200853098/composite GWW +0.13% reported second-quarter earnings of $81.6 million, or 89 cents a share, up from $66.6 million, or 72 cents a share in the same period a year ago. The results topped the average analyst estimate compiled by Thomson First Call of 82 cents a share, amid an improvement in gross profit margins. Revenue rose 9% to $1.37 billion from last year's $1.26 billion, in line with analyst forecasts. The facilities maintenance products supplier raised its 2005 earnings estimate to $3.40 to $3.60 a share from $3.20 to $3.45 a share. The stock closed Thursday up 8 cents at $57.25.
A.O. Smith profit exceeds expectations (7:45 AM ET) NEW YORK (MarketWatch) -- A.O. Smith Corp. /zigman2/quotes/208962119/composite AOS +1.95% said Friday that second-quarter profit fell to $6.5 million, or 22 cents a share, from $17.3 million, or 58 cents, a year ago. Excluding a restructuring charge, earnings would have been 48 cents a share, or 2 cents ahead of analysts' average estimate, according to Thomson First Call. Sales for the period were up fractionally, coming in at $437.7 million versus $437.3 million in last year's second quarter. The Milwaukee-based maker of electric motors and water heaters saw its stock close Thursday at $26.91, down 23 cents.
First Niagara net rises (7:40 AM ET) NEW YORK (MarketWatch) - First Niagara Financial Group, Inc.said Friday its second quarter net income rose to $24.1 million, or 22 cents a share from $13 million, or 16 cents a share a year ago. The company also said it expects to report earnings of 83 or 84 cents a share for all of 2005. First Niagara shares closed Thursday off 31 cents, or 2.1%, at $14.44
Siemens up 2.1% after GE's quarterly results (7:16 AM ET) LONDON (MarketWatch) -- Industrial conglomerate Siemens AG /zigman2/quotes/214908078/composite SI +0.48% shares jumped 2.1% after rival General Electric Co. /zigman2/quotes/208495069/composite GE -3.10% reported second-quarter net income rose in line with analyst estimates.