Earnings Reports Update 04/20/07
"AMD sinking"... #2 US Semiconductor Co. (AMD) -2.6%; reported a Q1 loss of $611 M vs a loss of $585 M in Q4 vs profit of $185 M a year ago.
Revenue vs Q4 -30%; Yoy -7% as AMD noted significantly lower microprocessor unit shipments and lower microprocessor average selling prices.
Gross margins shrinking to 28% from Q4 36% & Yoy from 58%; Q2 guidance, AMD expects revenue to be flat to slightly up.
Yesterday, drugsters Scherling Plough and Merck handily beat the number... today...
"Generic Disorder"... Pfizer (PFE) -0.63%, beat the number on increased revenue +6%; however, Q1 profit fell 18% Yoy, income -16% Yoy,
PFE cut its 2007 forecast on plunging demand for hypertension drug Norvasc -10% in the face of generic competition and warned of potentially lower sales of cholesterol fighter Lipitor +8%.
The company noted that revenue growth was achieved despite a revenue loss in the U.S. for products that recently lost U.S. exclusivity.
Celebrex +22%; Zoloft -81%; Zithromax -49%. PFE expects no revenue growth through at least 2008, but aims to deliver some profit growth by cutting 10,000 jobs by 2008.
"Cats-up"... Caterpillar (CAT) +4.8%, reported better than expected quarterly earnings; sales and revenue +7%.
The increases despite US sales falling -13%; and operating profit -6% and net profit declining -3%.
The decline in sales volume in North America was attributed to the reduction of inventories by dealers, a significant decline in housing construction and lower coal production.
Operating profit for the machinery segment declined 14% and North American engine sales suffered a 53% drop for on highway truck applications.
Caterpillar raised its outlook saying "exceptional growth" outside North America was offsetting weakness in the U.S. residential housing and on highway engine markets.
In 2007, CAT expects Machinery and Engines sales in North America, which includes the U.S. and Canada, to decrease 11% and North American on-highway truck industry to decline 40%.
CAT also expects housing construction to decline in the U.S. Do ya think?
"Home Honey, I'm Hi".... Honeywell (HON) +3.3%, despite slumping US sales, beating on European and Middle East sales.
HON net income +20%; sales +11%; aerospace sales +8%; automation & control sales +18%.
The worlds #1 maker of cockpit electronics also raised forward guidance, stating "we'll continue to have softening in the US economy." Honeywell plans to generate at least 50% of revenue from outside the US.
"Spend, spend, spend"... #3 US Credit Card American Express (AXP) +2.6%, Q1 profit +21%, revenues +14%, Yoy earnings +26% on card member spending +15% and loan volumes +29%.
"Thou shalt not lend subprime"... #2 US Credit Card Capital One (COF) with a 23.6% decline in net income despite a Yoy revenue increase of +11.9%.
Operating expenses +36.8% as provisions for bad loans doubled Yoy. Forward guidance was lowered due to "revised expectations" from its mortage banking unit which posted a loss.
"Copy that"... Xerox (XRX) +2.3% on net income +17%, earnings +20%; Yoy revenue +4%, improved margins and upbeat forward guidance.
The company stated that its focus on accelerating its activities in key markets and the continued fall in pricing put pressure on equipment sales, which fell 2% despite 2 point gains from currency.
The cows, "hatin it" ... (MCD) -1%, McDonalds beat the number, revenue +11%; same store sales +6.3%, net income +22%.
In Q2 Mickey D's will take a $1.6 Billion charge on the divestiture of 1600 company owned restaurants in Latin America prompting a decline from an all time high.
Revenue vs Q4 -30%; Yoy -7% as AMD noted significantly lower microprocessor unit shipments and lower microprocessor average selling prices.
Gross margins shrinking to 28% from Q4 36% & Yoy from 58%; Q2 guidance, AMD expects revenue to be flat to slightly up.
Yesterday, drugsters Scherling Plough and Merck handily beat the number... today...
"Generic Disorder"... Pfizer (PFE) -0.63%, beat the number on increased revenue +6%; however, Q1 profit fell 18% Yoy, income -16% Yoy,
PFE cut its 2007 forecast on plunging demand for hypertension drug Norvasc -10% in the face of generic competition and warned of potentially lower sales of cholesterol fighter Lipitor +8%.
The company noted that revenue growth was achieved despite a revenue loss in the U.S. for products that recently lost U.S. exclusivity.
Celebrex +22%; Zoloft -81%; Zithromax -49%. PFE expects no revenue growth through at least 2008, but aims to deliver some profit growth by cutting 10,000 jobs by 2008.
"Cats-up"... Caterpillar (CAT) +4.8%, reported better than expected quarterly earnings; sales and revenue +7%.
The increases despite US sales falling -13%; and operating profit -6% and net profit declining -3%.
The decline in sales volume in North America was attributed to the reduction of inventories by dealers, a significant decline in housing construction and lower coal production.
Operating profit for the machinery segment declined 14% and North American engine sales suffered a 53% drop for on highway truck applications.
Caterpillar raised its outlook saying "exceptional growth" outside North America was offsetting weakness in the U.S. residential housing and on highway engine markets.
In 2007, CAT expects Machinery and Engines sales in North America, which includes the U.S. and Canada, to decrease 11% and North American on-highway truck industry to decline 40%.
CAT also expects housing construction to decline in the U.S. Do ya think?
"Home Honey, I'm Hi".... Honeywell (HON) +3.3%, despite slumping US sales, beating on European and Middle East sales.
HON net income +20%; sales +11%; aerospace sales +8%; automation & control sales +18%.
The worlds #1 maker of cockpit electronics also raised forward guidance, stating "we'll continue to have softening in the US economy." Honeywell plans to generate at least 50% of revenue from outside the US.
"Spend, spend, spend"... #3 US Credit Card American Express (AXP) +2.6%, Q1 profit +21%, revenues +14%, Yoy earnings +26% on card member spending +15% and loan volumes +29%.
"Thou shalt not lend subprime"... #2 US Credit Card Capital One (COF) with a 23.6% decline in net income despite a Yoy revenue increase of +11.9%.
Operating expenses +36.8% as provisions for bad loans doubled Yoy. Forward guidance was lowered due to "revised expectations" from its mortage banking unit which posted a loss.
"Copy that"... Xerox (XRX) +2.3% on net income +17%, earnings +20%; Yoy revenue +4%, improved margins and upbeat forward guidance.
The company stated that its focus on accelerating its activities in key markets and the continued fall in pricing put pressure on equipment sales, which fell 2% despite 2 point gains from currency.
The cows, "hatin it" ... (MCD) -1%, McDonalds beat the number, revenue +11%; same store sales +6.3%, net income +22%.
In Q2 Mickey D's will take a $1.6 Billion charge on the divestiture of 1600 company owned restaurants in Latin America prompting a decline from an all time high.
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