Earnings Reports 04/24/07
Reach out and touch someone... ATT (T) the 1st major telecom to report, doubled net income, adjusted EPS +25%, revenues +84%.
T disappointed with less than expected wireless customer growth, revenue and a worse than expected revenue decline (-3.2%) in fixed line business for Q1. Operating expenses +79%; cost of sales +53%.
Box cars... Burlington Northern (BNI) railway net income fell 15% in Q1 on a 5.3% sales increase.
The #2 US railway suffered increased operating costs +11%; fuel costs +16%; and flat shipment volumes because of declines in automotive and housing related cargo. BNI gave lowered forward guidance.
Forex sales... DuPont (DD) Q1 earnings +15% on increased sales +6%, (2% from higher volume, 2% from higher local currency selling prices, 2% from favorable foreign currency effect.)
DD benefited from its strong seeds business as well as solid overall growth outside the U.S. (59% of its business).
This served to offset the impact of lower sales to the U.S. residential construction and OEM motor vehicle markets; and a 3.9% increase in cost of goods sold.
Forward march... Forward Air (FWRD) a transportation and logistics company reported Yoy Q1 net earnings -6.5% and operating revenue +6.1%.
However, weight volume for the quarter was flat. Yoy operating income -6.5% and as a % of operating revenue; operating income -18.2% Yoy.
"increased costs drove lower operating margins for the quarter than we had anticipated”
Bluer than Blue... JetBlue Air (JBLU) Q1 revenues +24% on higher fares as load factors declined 3.6%.
Reduced operating margin for Q1 -2.2%; Yoy -5.2% as total operating expenses +20.5%; the #8 US airline posted a net loss of ($22M) vs ($32M) in Q4.
Bleeding over... Lexmark (LXK) Q1 net income +7.2% on 1% revenue decline. Excluding charges Yoy earnings down 6.8% as the consumer printer division saw a 11% delince in revenue.
Lexmark disclosed that it had to face challenging market environment with OEM unit and inkjet supply sales witnessing downside and pricing pressures on hardware,
We dig... Lockheed Martin (LMT) Q1 net earnings +16.8% Yoy; net sales +1% Yoy.
The #1 US military contractor neglected to report sequential results. Our review concludes on a sequential basis: net earnings -5.3%; net sales -13.8%.
Roger that... Northrop Gruman (NOC) Yoy profit +8%; sales +4%. Q1 net income dropped 14.5% and Q1 sales dropped 8.2% sequentially on lower integrated systems (-10%) and aerospace (-5%) sales.
Sweet Costs... Pepsi Bottling (PBG) despite a 4% rise in revenues, reporting a 14.7% slide in Q1 earnings on +5% cost of goods sold increase.
Tell me... Tellabs (TLAB) a communications products manufacturer reported -50% net income; -66% operating income; -12% revenue all on lower margins and falling prices.
Rolled... US Steel (X) Q1 profit +6.6% on a 65% jump in European sales. Income from operations -6.2% on declining US operations and flat Q2 guidance.
Caught in the vortex... Whilrpool (WHR) despite a 24% revenue; 24% sales and 5% earnings increase, a 1% Q1 profit decline while EPS shrank 14% on lower North American industry demand.
Despite North American revenue rising 27% Yoy, shipments of major appliances declined 9.5% in Q1 and operating profit 18.8% from the prior year.
T disappointed with less than expected wireless customer growth, revenue and a worse than expected revenue decline (-3.2%) in fixed line business for Q1. Operating expenses +79%; cost of sales +53%.
Box cars... Burlington Northern (BNI) railway net income fell 15% in Q1 on a 5.3% sales increase.
The #2 US railway suffered increased operating costs +11%; fuel costs +16%; and flat shipment volumes because of declines in automotive and housing related cargo. BNI gave lowered forward guidance.
Forex sales... DuPont (DD) Q1 earnings +15% on increased sales +6%, (2% from higher volume, 2% from higher local currency selling prices, 2% from favorable foreign currency effect.)
DD benefited from its strong seeds business as well as solid overall growth outside the U.S. (59% of its business).
This served to offset the impact of lower sales to the U.S. residential construction and OEM motor vehicle markets; and a 3.9% increase in cost of goods sold.
Forward march... Forward Air (FWRD) a transportation and logistics company reported Yoy Q1 net earnings -6.5% and operating revenue +6.1%.
However, weight volume for the quarter was flat. Yoy operating income -6.5% and as a % of operating revenue; operating income -18.2% Yoy.
"increased costs drove lower operating margins for the quarter than we had anticipated”
Bluer than Blue... JetBlue Air (JBLU) Q1 revenues +24% on higher fares as load factors declined 3.6%.
Reduced operating margin for Q1 -2.2%; Yoy -5.2% as total operating expenses +20.5%; the #8 US airline posted a net loss of ($22M) vs ($32M) in Q4.
Bleeding over... Lexmark (LXK) Q1 net income +7.2% on 1% revenue decline. Excluding charges Yoy earnings down 6.8% as the consumer printer division saw a 11% delince in revenue.
Lexmark disclosed that it had to face challenging market environment with OEM unit and inkjet supply sales witnessing downside and pricing pressures on hardware,
We dig... Lockheed Martin (LMT) Q1 net earnings +16.8% Yoy; net sales +1% Yoy.
The #1 US military contractor neglected to report sequential results. Our review concludes on a sequential basis: net earnings -5.3%; net sales -13.8%.
Roger that... Northrop Gruman (NOC) Yoy profit +8%; sales +4%. Q1 net income dropped 14.5% and Q1 sales dropped 8.2% sequentially on lower integrated systems (-10%) and aerospace (-5%) sales.
Sweet Costs... Pepsi Bottling (PBG) despite a 4% rise in revenues, reporting a 14.7% slide in Q1 earnings on +5% cost of goods sold increase.
Tell me... Tellabs (TLAB) a communications products manufacturer reported -50% net income; -66% operating income; -12% revenue all on lower margins and falling prices.
Rolled... US Steel (X) Q1 profit +6.6% on a 65% jump in European sales. Income from operations -6.2% on declining US operations and flat Q2 guidance.
Caught in the vortex... Whilrpool (WHR) despite a 24% revenue; 24% sales and 5% earnings increase, a 1% Q1 profit decline while EPS shrank 14% on lower North American industry demand.
Despite North American revenue rising 27% Yoy, shipments of major appliances declined 9.5% in Q1 and operating profit 18.8% from the prior year.
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