Wall Street will be bustling with a spate of earnings reports from major utility companies, including Duke Energy, FPL Group and Dominion Resources as earnings season moves towards a crescendo this week. The spotlight will be shared by some prime companies such as Verizon, Coca-Cola Enterprises and General Dynamics.
October 26
Dow confrere Verizon Communications Inc. (VZ) will release its third-quarter financial results before the market opens Monday. Wall Street analysts have a consensus earnings estimate of $0.59 per share on revenues of $27.17 billion. In the prior-year period, the company reported adjusted earnings of $0.66 per share and revenues of $24.8 billion. In addition to the July's announcement of additional 8 thousand job cuts, which is expected to occur in the third and fourth quarters, the New York-based telecommunications services provider initiated a restructuring plan in October that resulted in combining its two wireline business group, Verizon Telecom and Verizon Business into a single entity named Verizon Wireline.
Telecommunications networking products supplier Tellabs Inc. (TLAB) is set to publish third-quarter scorecard before the market opens, with analysts projecting earnings of $0.06 per share on revenues of $394.03 million. In the year-ago period, the company reported earnings of $0.05 per share and revenue of $424 million. Earlier in July, the company said it expects third-quarter revenue to be flat to up by a mid-single-digit percentage, compared with the 2009 second quarter's revenue of $385 million.
Book publisher McGraw Hill Companies (MHP) will issue third-quarter numbers before the market opens on October 26, with analysts projecting earnings of $1.05 per share on revenues of $1.94 billion. In the third quarter of fiscal 2008, the company earned $1.23 per share on revenues of $2.0 billion. While releasing second-quarter results, the company trimmed the top-end of its prior earnings forecast for fiscal 2009 to $2.20 - $2.25 per share from prior range of $2.20 - $2.30 per share, citing weakening market conditions in advertising and school education. The company also said that it anticipates full-year 2009 revenues to decline 5.5% - 6.5% from the previous year, reflecting revenues of $5.95 billion - $6.01 billion. Earlier, the company projected a revenue decline of 4.0% - 5.0%.
Specialty glass and ceramics products maker Corning Inc. (GLW), which witnessed power disruption at LCD glass manufacturing facility in Taichung, Taiwan, is due to release third-quarter results before the market opens Monday, with analysts forecasting earnings of $0.39 per share on revenues of $1.42 billion. In the year-ago quarter, Corning posted non-GAAP earnings of $0.46 per share and sales of $1.56 billion.
The lineup of companies to issue forth financial results Monday include Flextronics (FLEX), Health Management Associates Inc. (HMA), W.R. Berkley (WRB), National Oilwell Varco (NOV), RadioShack Corp. (RSH), VF Corp. (VFC), and more...
October 27
Clean energy company FPL Group (FPL), which expects to reduce the typical 1,000 kilowatt-hour residential customer bill about $9 a month in 2010, will be on focus before the market opens Tuesday, as Wall Street analysts have a consensus earnings estimate of $1.41 per share on revenues of $4.96 billion for the third quarter. The company reaffirmed its fiscal 2009 outlook for adjusted earnings in the range of $4.20 - $4.40 per share. Analysts expect the company to report earnings of $4.22 per share for 2009 and $4.74 per share for fiscal 2010.
For healthcare services and information technology company McKesson Corp. (MCK), which is slated to report second-quarter results after the market closes Tuesday, analysts are expecting earnings of $1.02 per share and revenues of $26.75 billion. In the year-earlier period, the company posted adjusted earnings of $1.05 per share and revenue of $27.1 billion. On July 28, the company raised its fiscal year 2010 earnings outlook to $4.15 - $4.30 per share from its prior outlook of $3.90 - $4.05 per share. Analysts currently expect the company to earn $4.29 per share for the fiscal year 2010.
Apollo Group Inc. (APOL), owner of the University of Phoenix, will report fourth-quarter results after the market closes on Tuesday, October 27. The Phoenix, Arizona-based company, which provides various educational programs and services at high school, college, and graduate levels, is one of the few firms spared in the economic crisis.
Analysts polled by Thomson Reuters expect Apollo Group to report earnings of $1.04 per share on revenues of $1.03 billion for the quarter. Analysts' estimates typically exclude special items. For the year-ago period, the company reported earnings of $0.85 per share on revenues of $835.20 million.
Investment brokerage firm E*TRADE Financial Corp. (ETFC), which has been working to bolster its financial position, hardly hit by investment losses during the recession, is scheduled to report third-quarter results after the market closes on October 27. Analysts polled by Thomson Reuters expect the company to report a loss of $0.09 per share on revenues of $202.49 million. Analysts' estimates typically exclude special items. In the year-ago period, the company reported loss from continuing operations of $0.60 per share on revenues of $378 million.
Auto parts supplier Johnson Controls Inc. (JCI) is expected to earn $0.50 per share for the fourth quarter, on revenues of $7.79 billion, according to the Street analysts. The results are due to be released on October 27. The company projects fourth-quarter earnings of $0.40 - $0.42 per share, which includes a $0.12 warranty charge in its North America residential HVAC business, but excludes the costs associated with its recent convertible debt exchange offer and the impact of non-recurring tax benefits. In the fourth quarter of fiscal 2008, the company reported net income of $16 million or $0.03 per share. For fiscal 2010, Milwaukee, Wisconsin-based Johnson Controls expects earnings to be in the range of $1.35 - $1.35 per share, significantly higher than 2009. Yearly net sales are estimated to be about $31 billion.
United States Steel Corp. (X) is slated to report third-quarter results on October 27, with analysts expecting a loss of $2.87 per share on revenues of $2.72 billion. The company expects an increase in its third quarter operating rates from the extremely low levels of last quarter, but anticipates each of its segments to report an operating loss due to continued low operating rates, idled facility carrying costs and lower average realized prices. In the prior-year period, the company reported earnings of $7.79 per share on net sales of $7.31 billion.
Valero Energy Corp. (VLO), ACE Limited (ACE), Alcon Inc. (ACL), BE Aerospace (BEAV), BP plc (BP), Canon (CAJ), Daimler AG (DAI), Honda Motor Co. Ltd. (HMC), TD Ameritrade Holding Corp. (AMTD), Visa Inc. (V), Wipro Limited (WIT), FirstEnergy (FE), Norfolk Southern Corp. (NSC), AK Steel Holding Corp. (AKS), Cephalon Inc. (CEPH), DeVry (DV), Fiserv (FISV), Franklin Resources (BEN), L-3 Communications Holdings Inc. (LLL), Textron Inc. (TXT) are among the major companies to release quarterly results Tuesday.
October 28
Electricity and natural gas utility Public Service Enterprise Group Inc. (PEG) is scheduled to announce third-quarter results before the market opens Wednesday, with analysts forecasting earnings of $0.95 per share, on revenues of $4.82 billion. In the year-ago quarter, the company posted earnings from continuing operations of $0.94 per share and operating revenues of $3.72 billion. For fiscal year 2009, PSEG said that the 'abnormally cool' weather conditions it has experienced through the end of July will challenge its ability to meet the upper end of its 2009 earnings guidance range of $3.00 - $3.25 per share. Analysts expect the company to report earnings of $3.10 per share for fiscal 2009.
While releasing second-quarter results, the company lowered its forecast for PSEG Power's full-year operating earnings to a range of $1.170 billion - $1.245 billion from the prior range of $1.210 billion - $1.285 billion, citing continuation of abnormally cool weather conditions in the month of July. The company also lowered its outlook for PSE&G's full-year operating earnings to a range of $315 million-$335 million from the prior range of $320 million-$345 million. The company, however, raised its outlook for operating earnings at PSEG Energy Holdings to $40 million - $65 million from the prior range of $0-$20 million.
The Atlanta, Georgia-based non-alcoholic beverages company Coca-Cola Enterprises Inc. (CCE) is slated to publish third-quarter scorecard on October 28. Analysts are expecting earnings of $0.46 per share on revenues of $5.71 billion. Net earnings, excluding items, for the year-ago period was $0.46 per share. Most recently, the soft drink bottler said third-quarter business trends are slightly favorable and that it expects full-year 2009 earnings to be at the higher end of its existing guidance range of $1.44 - $1.49 per share. Analysts expect the company to post earnings of $1.52 per share for fiscal 2009.
ConocoPhillips (COP), the third largest U.S. oil company, is due to report third-quarter financial results on October 28. For the year-earlier quarter, the company reported adjusted earnings of $3.39 per share and revenues of $70.0 billion. Most recently, ConocoPhillips noted that weak natural gas prices and lower margins are expected to impact its third-quarter results and that production was hurt by planned maintenance activities.
Defense contractor General Dynamics (GD) is expected to report earnings of $1.40 per share on revenues of $7.75 billion for the third quarter. The results are slated to be released on October 28. In the prior-year period, the company reported earnings from continuing operations of $1.59 per share on revenues of $7.1 billion. For fiscal 2009, the Falls Church, Virginia-based company raised earnings from continuing operations forecast to $6.05 - $6.15 per share from its previous range of $6.00 - $6.10 per share. Analysts are looking for earnings of $6.18 per share for the full year.
Consumer and commercial products maker Newell Rubbermaid Inc. (NWL) will publish third-quarter results before the market opens Wednesday, with analysts expecting earnings of $0.35 per share on revenue of $1.47 billion. For the third quarter, the company projects normalized earnings between $0.25 and $0.35 per share, with net sales estimated to decline in the high teens percent range. Core sales are expected to decline in the high single digit percent range. In the prior-year period, earnings from continuing operations before charges totaled $0.23 per share and net sales amounted to $1.76 billion.
Furthermore, Atlanta, Georgia-based Newell hiked its full-year guidance for normalized earnings to $1.15 - $1.30 per share from its prior range of $1.00 - $1.25 per share. The company also lifted its guidance for operating cash flow to about $500 million, which is net of about $100 million in restructuring cash payments. The company still expects net sales for the full year to decline at the unfavorable end of the company's guidance of down 10% - 15%.
Health insurer WellPoint Inc. (WLP) will issue third-quarter results at 06:00 am ET, with analysts projecting earnings of $1.38 per share on revenues of $15.15 billion. In the year-ago quarter, the company posted earnings of $1.60 per share on operating revenue of $15.3 billion. For fiscal 2009, WellPoint reduced its forecast, and currently expects net income to be in the range of $5.06 - $5.12 per share, including net investment losses of $0.54 per share. Earlier, the company had expected net income in the range of $5.14 - $5.20 per share, including net realized investment losses of $0.46 per share. Full-year operating revenue is now expected to total about $60.6 billion, lower than previous revenue forecast of $61.2 billion.
Advertising and marketing services provider Interpublic Group of Companies Inc. (IPG) will publicize third-quarter results before the market opens Wednesday, with analysts forecasting earnings of $0.01 per share on revenues of $1.43 billion. For the year-earlier period, the company posted earnings of $0.08 per share on revenue of $1.74 billion. While releasing second-quarter figures, Michael Roth, chairman and chief executive officer said, "We believe that our company's organic revenue result for the second half of 2009 should be consistent with the year-to-date performance. We also expect that, as a result of strong expense management, we can continue to realize cost savings throughout our business for the balance of the year."
ArcelorMittal (MT), Ashland (ASH), Banco Santander S.A. (STD), Cadence Design Systems (CDNS), Community Health Systems, Inc. (CYH), Enersis SA ADS (ENI), GlaxoSmithKline (GSK), Jones Apparel Group Inc. (JNY), Level 3 Communications (LVLT), SAP AG (SAP), Unisys (UIS), Assurant Inc. (AIZ),
Hess Corp. (HES), LSI Corp. (LSI), MeadWestvaco (MWV), O'Reilly Automotive (ORLY), Praxair Inc (PX), Qwest Communications (Q), Wyndham Worldwide (WYN), XL Capital Ltd. (XL) are among the major companies slated to release quarterly results Wednesday.
October 29
Electric utility company American Electric Power Co. Inc. (AEP) is due to release third-quarter results before the market opens Thursday, with analysts projecting earnings of $0.85 per share on revenues of $4.23 billion. In the prior-year quarter, the company reported ongoing earnings of $0.93 per share on revenues of $4.2 billion. In late July, the company reaffirmed its ongoing earnings guidance in a range of $2.75 - $3.05 per share, while the Street currently is looking for full-year 2009 earnings of $2.85 per share.
Oil giant ExxonMobil Corp. (XOM) is due to report third-quarter results on October 29, with analysts expecting earnings of $1.06 per share on revenues of $79.29 billion. Earnings, excluding special items, for the year-earlier period totaled $2.59 per share, while revenues and other income amounted to $137.7 billion.
As the weak customer traffic continues and order size for office supplies remains average, analysts are expecting the office supplies retailer Office Depot Inc. (ODP) to report a loss of $0.10 per share on revenues of $3.07 billion. The company is scheduled to release its third-quarter results before the market opens on October 29. In the prior-year quarter, the company incurred a loss of $0.01 per share, on an adjusted basis, and sales of $3.7 billion.
Credit ratings provider Moody's Corp. (MCO) will issue forth its third-quarter numbers before the market opens Thursday, with analysts expecting earnings of $0.38 per share on revenues of $417.18 million. In the year-ago quarter, the company posted adjusted earnings of $0.45 per share on revenue of $433.4 million. Moody's raised its fiscal 2009 earnings outlook to a range of $1.45 - $1.55 per share from the prior range of $1.40 - $1.50 per share, reflecting stronger performance in the first half.
Automotive retailer AutoNation Inc. (AN), which recently exited from 'Cash For Clunkers' program', will publish third-quarter numbers before the market opens on October 29, with analysts expecting earnings of $0.35 per share on revenues of $3.13 billion. The company posted a loss from continuing operations of $0.25 per share on revenues of $3.5 billion for last year. AutoNation expects a gradual improvement of new vehicle sales beginning in the second half of 2009 and intends to increase its inventory of vehicles in a disciplined manner to meet demand. AutoNation also noted that it remains on track to capitalize on dealer consolidation and the gradual recovery in industry volumes.
Multi-specialty healthcare company Allergan Inc. (AGN) will publicize third-quarter results before the market opens Thursday, with analysts expecting earnings of $0.70 per share on revenues of $1.09 billion. While releasing second-quarter numbers, the company said it expects third-quarter non-GAAP earnings attributable to stockholders of $0.67 - $0.69 per share, on total product net sales of $1.05 billion - $1.1 billion. For the prior-year quarter, the company posted adjusted earnings from continuing operations of $0.65 per share on total product net sales of $1.08 billion.
Allergan further noted that it currently expects full-year GAAP earnings of $1.97 - $2.01 per share and non-GAAP earnings of $2.71 - $2.75 per share. Previously, the company's non-GAAP earnings forecast was in the range of $2.69 - $2.75 per share. Allergen tightened its 2009 total product net sales to a range of $4.2 billion - $4.3 billion from the prior guidance of $4.1 billion - $4.3 billion.
Aetna Inc. (AET), Airgas (ARG), Apache Corp. (APA), Ball Corp. (BLL), BMC Software (BMC), Cincinnati Financial Corp. (CINF), CMS Energy Corp. (CMS), Colgate-Palmolive (CL), DTE Energy Co. (DTE), Eastman Kodak Co. (EK), Expedia Inc. (EXPE), Kellogg Co. (K), McAfee Inc. (MFE), MetLife Inc. (MET), Monster Worldwide (MWW), Motorola Inc. (MOT), Noble Energy Inc. (NBL) are among others set to publish quarterly results on Thursday.
Oct 30
Natural gas and electricity provider Dominion Resources Inc. (D) is likely to issue third-quarter results Friday, with analysts expecting earnings of $0.90 per share on revenues of $3.94 billion. The energy company projects third-quarter operating earnings in a range of $0.88 - $0.93 per share. This compares to operating earnings of $0.94 per share and operating revenues of $4.23 billion in the same period last year. Drivers expected to compare favorably to the year-ago period include higher contributions from the regulated electric utility and gas transmission businesses and a lower effective income tax rate.
For fiscal year 2009, Dominion Resources reaffirmed its outlook for operating earnings in a range of $3.20 - $3.30 per share. The company lowered its fiscal 2010 operating earnings outlook to a range of $3.20 - $3.40 per share, from the prior outlook of $3.33-$3.50 per share. Analysts expect the company to report earnings of $3.23 per share for 2009 as well as for 2010.
Electricity producer Duke Energy Corp. (DUK) will publish third-quarter results at 7:00am ET Friday, with analysts projecting earnings of $0.38 per share on revenues of $3.80 billion. While announcing second-quarter numbers, the company noted that achievement of the employee incentive target will require continued focus on operations and cost management in addition to some improvement in overall economic conditions.
Electric utility Constellation Energy Group Inc. (CEG) will issue forth third-quarter results before the market opens on October 30, with analysts projecting earnings of $1.07 per share on revenues of $4.48 billion. Adjusted earnings for the prior-year quarter totaled $0.33 per share, on operating revenues of $3.51 billion. Constellation Energy increased its earnings guidance for 2009 to $3.10 - $3.30 per share from its previously communicated range of $2.90 - $3.20 per share.
Washington Post Co. (WPO), a diversified education and media company, is set to publish third-quarter paper on October 30. Revenues of print publishers have spectacularly crumbled over the decade as their readers and advertisers have flocked from the printed page to digital content. Although most major offline publishers have launched online versions, most of them have failed to shore up deteriorating revenues.
According to analysts, Forest products provider Weyerhaeuser Co. (WY) is expected to post a loss of 45 cents, on revenues of $1.43 billion for the third quarter. The results are due to be announced before the market opens on October 30. In the year-ago quarter, the company reported earnings of $1.33 per share on net sales of $2.6 billion. While reporting second-quarter numbers, Weyerhaeuser's president and CEO Dan Fulton said, "Although we've begun to experience some recovery in housing sales and starts, it is not yet clear that this improvement is driven by sustainable shifts in market fundamentals, and therefore our timberlands, wood products and real estate businesses continue to operate in an environment of uncertainty." The company continues to reduce costs to make its businesses more competitive, and it continue to adjust harvest and production levels to meet market demand.
Friday's earnings calendar includes results from Alliant Energy (LNT), AMERIGROUP Corp. (AGP), Aon Corp. (AOC), Barnes Group (B), Calpine Corp. (CPN), Coventry Health Care Inc. (CVH), Cummins Inc. (CMI), NYSE Euronext (NYX), Sanofi-Aventis (SNY) and more...
Stay tuned to RTTNews for more updates on latest financial results of the much-anticipated companies.
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