Anadarko Petroleum profit falls on lack of asset sales
(5:51 PM ET) SAN FRANCISCO (MarketWatch) -- Anadarko Petroleum Corp.announced late Monday first-quarter net income fell to $286 million, or 61 cents a share, compared with $1.72 billion, or $3.70 a share, a year ago. Excluding $440 million of one-time items, first-quarter income from continuing operations totaled $237 million, or 50 cents a share. Results from the year-ago quarter were inflated by nearly $1.7 billion in gains from asset sales. Revenue for the three months ended March 31 fell to $2.98 billion from $5.25 billion. Analysts polled by FactSet had predicted the Houston-based oil and gas producer would earn $1.20 a share on $3.08 billion in revenue. Anadarko shares rose 1.6% to close at $68.14 ahead of the report.
McKesson net jumps, beats analyst forecasts
(4:13 PM ET) LOS ANGELES (MarketWatch) -- McKesson Corp. /zigman2/quotes/206975466/composite MCK -0.33% said Monday that fourth-quarter net income was $307 million, or $1.05 a share, compared with $257 million, or 85 cents a share, for the same period a year ago. Sales for the San Francisco-based drug distributor were $26.2 billion vs. last year's $24.2 billion. Results were impacted positively by a 1-cent a share gain from discontinued operations. Analysts polled by FactSet Research had expected the company would earn $1 a share for the quarter. The company said it expects earnings of $3.75 to $3.90 a share for fiscal 2009. The FactSet estimate was for $3.78 a share. McKesson stock ended the day down 21 cents to $54.09.
Energy stocks rise, Alpha Natural rallies on earnings
(9:37 AM ET) NEW YORK (MarketWatch) -- Energy stocks rose out of the gate on Monday as Wall Street sifted through a slew of earnings in recent days and crude prices advanced. The Amex Oil Indexrose 1% to 1,504. The Amex Natural Gas Indexrose 1% to 676. Exxon Mobil /zigman2/quotes/204455864/composite XOM -0.32% rose 63 cents to $90.24. Chevron /zigman2/quotes/205871374/composite CVX -0.14% rose 1% to $96.27. Coal producer Alpha Naturalrallied 9% to $54.98 after its earnings update. Tidewater Inc. /zigman2/quotes/206335478/composite TDW +1.88% fell 5% to $61.99. Crude futures advanced $1.82 to $118.14.
Alpha Natural net income triples on rising coal prices
(8:13 AM ET) NEW YORK (MarketWatch) -- Alpha Naturalon Monday said first-quarter net income for the three months ended March 31 tripled to $25.5 million, or 39 cents a share, from $8.35 million, or 13 cents a share in the year-ago period. The company said it recorded the highest quarterly price realization in its history on the heels of rising metallurgical coal exports and price levels. "Coal has joined the energy commodity boom and tight supplies are having a meaningful impact on prices, for both prompt deliveries and forward commitments," said Alpha Natural CEO Michael Quillen. The Abington, Va. coal producer's revenue climbed to $446 million from $380 million. Analysts surveyed by FactSet forecast earnings of 16 cents a share and revenue of $484.5 million, on average.
Hewitt Associates net income more than triples
(7:18 AM ET) NEW YORK (MarketWatch) -- Hewitt Associates Inc.on Monday said second-quarter net income rose to $44.5 million, or 43 cents a share, from $13 million, or 12 cents a share in the year-ago period. Adjusted net income rose to 37 cents a share from 20 cents a share in the year-ago period. Revenue rose 8% to $773.1 million. Analysts surveyed by FactSet forecast earnings of 38 cents a share and revenue of $755 milion, on average. "Demand for services remains healthy and we are confident about our full year prospects," the company said.
Ness Tech 1st-quarter net up 21% on 27% higher revenue
(5:45 AM ET) TEL AVIV (MarketWatch) -- Ness Technologies Ltd.,the Tel Aviv provider of information-technology services and solutions, reported first-quarter net income rose 21% on 27% higher revenue. For all of 2008, Ness affirmed its earnings outlook and raised its revenue estimate. First-quarter earnings reached $6.9 million, or 18 cents a share, from $5.7 million, or 15 cents, in the year-earlier period. nAdjusted earnings were 22 cents a share versus 17 cents. Revenue rose to $159.7 million from $125.8 million. The backlog at March 31 rose 25% to $791 million. For the year, Ness continues to expect earnings of $1 to $1.05 a share. It lifted its revenue estimate to a range $660 million to $680 million. In early February Ness pegged revenue for 2008 at $635 million to $655 million.
Hovnanian sees 2nd-period charges, positive cash flow
(5:21 AM ET) TEL AVIV (MarketWatch) -- Hovnanian Enterprises Inc., /zigman2/quotes/203952761/composite HOV +6.54% the Red Bank, N.J., home builder, reported on Monday that fiscal second-quarter home deliveries dropped and estimated it would take $225 million to $275 million of land-related charges for the period. At the same time, the company tripled its estimate of positive cash flow for the fiscal year. For the quarter ended April 30, Hovnanian delivered 2,494 homes, down 21% from the year-earlier period. Net contracts fell 29% to 2,226 homes. The cancellation rate improved to 29% of gross contracts from 32%. And the contract backlog at April 30 was 3,577 homes, off 54% from a year ago. Hovnanian reached positive cash flow in the second quarter, one quarter earlier than it had hoped. And for fiscal 2008 it now sees that figure exceeding $300 million, compared with its earlier view of more than $100 million.
Partner 1st-quarter net up 24% on 12% higher revenue
(5:01 AM ET) TEL AVIV (MarketWatch) -- Partner Communications Ltd., /zigman2/quotes/203005421/composite PTNR +3.69% the Rosh ha'Ayin, Israel, affiliate of the Orange cellular network, reported first-quarter net income rose 24% on 12% higher revenue. Earnings reached 243.3 million shekels ($68.5 million), or 1.54 shekels ($0.43) a share, from 195.8 million, or 1.25 shekels, in the year-earlier period. Revenue rose to 1.59 billion shekels from 1.42 billion. The company added a net 24,000 subscribers to reach 2.82 million. Average revenue per subscriber rose 1.3% in the quarter to 155 shekels.
Albany Intl swings to loss, will sell filtration-tech lines
(4:45 AM ET) TEL AVIV (MarketWatch) -- Albany International Inc., /zigman2/quotes/208627197/composite AIN +0.57% the Albany, N.Y., producer of specialty textiles for forest-products, aerospace, building-products and other applications, swung to a first-quarter net loss from a year-earlier profit and agreed to sell its filtration-technologies business for $45 million. The loss was $1.5 million, or a nickel a share, compared with net income of $9.3 million, or 31 cents, in the year-earlier period. Sales rose 9% to $273.2 million from $250.6 million. From continuing operations, the company had a loss of 6 cents a share against profit of 30 cents. The latest period reflected 36 cents of charges for restructuring and other matters. The buyer for the filtration business is All Filtration Technologies Australia Pty.
Alvarion 1st-quarter loss flat; adjusted net higher
(2:39 AM ET) TEL AVIV (MarketWatch) -- Alvarion Ltd., /zigman2/quotes/219769441/composite ALVR +7.69% the Tel Aviv provider of technology to enable WiMax wireless-broadband communications, reported that its first-quarter net loss was level with that of a year earlier as revenue rose 29%. The loss was $601,000, or a penny a share, compared with $623,000, or a penny, in the year-earlier period. Adjusted earnings were 3 cents a share against 2 cents. Revenue rose to $67.2 million from $52.1 million. "Bookings in [the first quarter] were strong and we see demand for WiMax growing," President and Chief Executive Officer Tzvika Friedman said in a statement on Monday. For the second quarter, Alvarion expects results to range from break-even to net loss of 4 cents a share, with adjusted results ranging from break-even to profit of 4 cents. Revenue should come in at $67 million to $71 million, Alvarion estimated.