Post-Market Earnings Wrap (GOOG, AMD, COF, WIT, ED)
The companies that reported earnings after the markets close on Thursday are: Google, AMD, Capital One, International Game Technology, Wipro, Consolidated Edison, Maxim Integrated, Flextronics, Intuitive Surgical, Polycom, Emulex, Tempur Pedic, Synaptics, EZCORP, Cubist, J&J Snack Foods, Associated Banc-Corp, Interactive Brokers Group, Matrixx Initiatives, City National, Electronics for Imaging, Matthews, NetScout Systems, People's United Financial, Skyworks Solutions, and SVB Financial.
Shares of Google Inc. (NASDAQ: GOOG) gained 1.31 percent to $635 in the after-hours trading, following its better-than-expected fourth quarter earnings and appointment of Larry Page as chief executive officer. Adjusted profit was $2.9 billion or $8.75 a share, up from $2.2 billion or $6.79 a share last year. Revenue rose 26 percent to $8.4 billion. Excluding traffic acquisition costs, revenue grew about 29 percent to $6.4 billion. Analysts had expected profit of $8.09 a share on revenue of $6.06 billion.
In addition, Google said its co-founder, Larry Page, will take charge of the company's day-to-day operations as chief executive officer effective April 4, replacing Eric Schmidt who will assume the role of executive chairman. Google's Co-Founder Sergey Brin would devote to strategic projects, in particular working on new products. Internally, Schmidt would continue to act as an advisor to Larry and Sergey.
Google said in an SEC filing that Schmidt has established a stock trading plan, allowing him to sell 534,000 shares of Class A common stock over the next year. If Schmidt completes all the planned sales under this trading plan, his stake in Google would be reduced to 2.7 percent from 2.9 percent.
Advanced Micro Devices, Inc. (NYSE: AMD) stock moved down 0.25 percent to $8 in the after-market trading, following its 68 percent decline in fourth quarter earnings. Profit was $375 million or $0.50 a share, down from $1.2 billion or $1.52 a share last year. Adjusted profit was $106 million or 14 cents a share, up from $80 million or 11 cents a share. Revenue remained flat with last year at $1.65 billion. Analysts had expected profit of 11 cents a share on revenue of $1.63 billion. The company expects first quarter revenue to be flat to slightly down sequentially.
Capital One Financial Corp. (NYSE: COF) stock declined 0.93 percent to $46.81 in the after-hours session. Profit for the fourth quarter was $697 million or $1.52 a share, up from $376 million or $0.83 a share last year. Net interest income rose to $3.02 billion from $1.95 billion, while non-interest income declined to $0.93 billion from $1.41 billion. Analysts had expected profit of $1.28 a share on revenue of $3.87 billion.
Shares of International Game Technology (NYSE: IGT) fell 5.79 percent to $17.26 in the after-market session. Adjusted income from continuing operations for first quarter was $62.1 million or 21 cents a share, compared to $75.3 million or 26 cents a share last year. Revenue declined 10 percent to $464.8 million. Analysts had expected profit of 20 cents a share on revenue of $489.56 million.
Wipro Ltd. (NYSE: WIT) reported third quarter profit of $294 million or 12 cents a share on gross revenue of $1.75 billion under International Financial Reporting Standards. Analysts had expected profit of 12 cents a share on revenue of $1.72 billion. The company expects fourth quarter revenue from its IT services business of $1.384 billion to $1.411 billion.
The Bangalore, India-based Wipro posted profit of 13.19 billion Indian Rupees or 5.37 a share Indian Rupees, up from 12.03 billion Indian Rupees or 4.91 a share Indian Rupees last year. Adjusted profit was 13.09 billion Indian Rupees or 5.37 a share Indian Rupees. Revenue rose 12 percent to 78.29 billion Indian Rupees. The company has appointed TK Kurien as chief executive officer of IT Business and Executive Director, Wipro effective Feb. 1.
Consolidated Edison Inc. (NYSE: ED) posted its fourth quarter earnings from continuing operations of $201 million or 69 cents a share, up from $184 million or 67 cents a share last year. Revenue declined to $3.14 billion from $3.27 billion. Analysts had expected profit of 70 cents a share on revenue of $3.47 billion. The company expects full year 2011 earnings from ongoing operations of $3.45 to $3.65 a share, while analysts forecast $3.50 a share.
Maxim Integrated Products Inc. (NASDAQ: MXIM) stock gained 2.54 percent to $26.25 in the after-market trading, following its higher-than-expected second quarter earnings. Adjusted profit was $132.4 million or 44 cents a share, up from $76.1 million or 25 cents a share last year. Revenue rose to $613 million from $473.5 million. Analysts had expected profit of 41 cents a share on revenue of $607.71 million. The company expects third quarter revenue of $590 million to $620 million, higher than analysts forecast of $585.02 million.
Flextronics International Ltd. (NASDAQ: FLEX) reported its third quarter adjusted profit of $193 million or 25 cents a share, up from $138 million or 17 cents a share last year. Sales rose 19 percent to $7.8 billion. Analysts had expected profit of 24 cents a share on revenue of $7.61 billion. The company expects fourth quarter adjusted profit of 21 cents to 23 cents a share and revenue of $7.1 billion to $7.4 billion, while Street expects profit of 21 cents a share on revenue of $6.96 billion.
Shaers of Intuitive Surgical, Inc. (NASDAQ: ISRG) soared 12.04 percent to $324.72 in the after-hours trading, following its better-than-expected fourth quarter earnings. Profit was $121 million or $3.02 a share, up from $78 million or $1.95 a share last year. Revenue rose 21 percent to $389.3 million, on continued robotic procedure adoption and higher da Vinci Surgical System sales. Analysts had expected profit of $2.24 a share on revenue of $367.65 million.
Polycom, Inc. (NASDAQ: PLCM) stock increased 8.83 percent to $41.55 in the after-hours session, following its better-than-expected fourth quarter earnings. Adjusted profit was $43.2 million or 49 cents a share, up from $28.4 million or 33 cents a share last year. Revenue rose to $339.6 million from $267.9 million. Analysts had expected profit of 43 cents a share on revenue of $327.45 million.
Shares of Emulex Corp. (NYSE: ELX) fell 4.51 percent to $11.22 in the after-hours trading. Adjusted profit for the second quarter was $13.4 million or 15 cents a share, down from $14.3 million or 18 cents a share last year. Revenue rose to $114 million from $108.3 million. Analysts had expected profit of 13 cents a share on revenue of $113.44 million. The company expects third quarter adjusted earnings of 8 cents to 11 cents a share and revenue of $108 million to $112 million, while Street forecasts profit of 11 cents a share on revenue of $110.52 million.
Tempur Pedic International Inc. (NYSE: TPX) shares rose 2.94 percent to $40.56 in the after-market trading, following its better-than-expected fourth quarter earnings. Profit was $46.3 million or 66 cents a share, up from $29.1 million or 38 cents a share last year. Sales rose to $292.7 million from $244.8 million. Analysts had expected profit of 57 cents a share on revenue of $292.33 million. The company expects fiscal 2011 earnings of $2.60 to $2.75 a share and revenue of $1.23 billion to $1.28 billion, while Street projects profit of $2.49 a share on revenue of $1.23 billion.
Synaptics Inc. (NASDAQ: SYNA) stock decreased 2.56 percent to $31.23 in the after-market session. Adjusted profit for second quarter was $25.4 million or 72 cents a share, up from $21.7 million or 62 cents a share last year. Revenue rose 20 percent to $159.6 million. Analysts had expected profit of 68 cents a share on revenue of $158.34 million. The company expects third quarter revenue of $136 million to $146 million, while analysts project $135.74 million.
Shares of EZCORP Inc. (NASDAQ: EZPW) gained 1.16 percent to $28.85 in the after-market trading. Profit for first quarter was $27.4 million or 55 cents a share, up from $25.7 million or 52 cents a share last year. Excluding one-time items, earnings was 69 cents a share, up 33 percent from last year. Revenue rose 18 percent to $218.8 million. Analysts had expected profit of 62 cents a share on revenue of $213.36 million. The company increased its fiscal 2011 adjusted profit guidance to $2.40 a share from previous estimate of $2.35 a share, while Street expects $2.35 a share.
Cubist Pharmaceuticals Inc. (NASDAQ: CBST) reported fourth quarter adjusted earnings of $36.2 million or 50 cents a share, down from $45.2 million or 68 cents a share last year. Revenue declined to $161.8 million from $166.7 million, due to the ending of Cubist's exclusive agreement with AstraZeneca. Analysts had expected profit of 34 cents a share on revenue of $163.9 million.
J&J Snack Foods Corp. (NASDAQ: JJSF) reported first quarter earnings of $7.094 million or 38 cents a share, compared to $7.091 million or 38 cents a share last year. Sales rose 4 percent to $155.6 million. Analysts had expected profit of 40 cents a share on revenue of $154.7 million.
Associated Banc-Corp (NASDAQ: ASBC) posted its fourth quarter earnings of $6.6 million or 4 cents a share, compared to a loss of $180.6 million or $1.41 a share last year. Net interest income declined to $151 million from $178.3 million, while non-interest income remained flat with last year at $84.7 million. Analysts had expected profit of 5 cents a share on revenue of $239.5 million.
Interactive Brokers Group, Inc. (NASDAQ: IBKR) reported a fourth quarter loss of $28.1 million or 66 cents a share, compared to profit of $2.3 million or 6 cents a share last year. Revenue declined to $186.3 million from $200.4 million. Analysts had expected profit of 17 cents a share on revenue of $251.20 million.
Matrixx Initiatives Inc. (NASDAQ: MTXX) stock declined 2.95 percent to $8.22 in the after-hours session, following a loss in third quarter. Loss was $11.3 million or $1.21 a share, compared to profit of $3.8 million or $0.41 a share last year. Sales declined 29 percent to $20.3 million. The company expects full year revenue to increase 3 percent to 5 percent above $67.3 million revenue achieved in fiscal 2010.
City National Corp. (NYSE: CYN) reported its fourth quarter earnings of $39.7 million or 74 cents a share, up from $19.7 million or 38 cents a share last year. Adjusted profit totaled $47.1 million or 88 cents a share. Revenue rose to $280 million from $274 million. Analysts had expected profit of 69 cents a share on revenue of $261.20 million. The company increased its quarterly common stock cash dividend to 20 cents a share, payable Feb. 16 to stockholders of record Feb. 2.
Electronics for Imaging, Inc. (NASDAQ: EFII) reported its fourth quarter adjusted profit of $13.3 million or 28 cents a share, up from $2.3 million or 5 cents a share last year. Revenue rose to $145 million from $114 million. Analysts had expected profit of 22 cents a share on revenue of $136.28 million.
Matthews International Corp. (NASDAQ: MATW) posted its earnings for the first quarter of $13.2 million or 45 cents a share, up from $12.99 million or 43 cents a share last year. Sales rose 7.4 percent to $207.3 million. Analysts had expected profit of 44 cents a share on revenue of $200.44 million. The company's board declared a dividend of 8 cents a share on its common stock, payable Feb. 14 to stockholders of record Jan. 31.
NetScout Systems Inc. (NASDAQ: NTCT) stock moved up 0.67 percent to $22.55 in the after-market trading. Adjusted earnings for the third quarter were $13.3 million or 31 cents a share, up from $10.3 million or 25 cents a share last year. Revenue rose to $76.3 million from $70.7 million. Analysts had expected profit of 29 cents a share on revenue of $76.99 million.
NetScout expects fourth quarter adjusted earnings of 26 cents to 30 cents a share and revenue of $78 million to $72 million, while analysts project profit of 22 cents a share on revenue of $78.88 million. The company anticipates fiscal 2011 adjusted profit of $1.01 to $1.05 a share and revenue of $290 million to $294 million, while Street expects profit of $0.86 a share on revenue of $292.04 million.
People's United Financial Inc. (NASDAQ: PBCT) stock fell 2.14 percent to $13.40 in the after-market trading. Adjusted earnings for fourth quarter were $36.7 million or 10 cents a share, up from $28 million or 8 cents a share last year. Net interest income rose to $189.8 million from $147.5 million, while non-interest income increased to $75.9 million from $71.7 million. Analysts had expected profit of 10 cents a share on revenue of $259.62 million.
Separately, People's United said it agreed to acquire Danvers Bancorp, Inc. (NASDAQ: DNBK) in a cash and stock deal valued at $23.00 a share or total consideration of about $493 million. The transaction is expected to close late in the second quarter of 2011. Danvers Bancorp shareholders can elect to receive either $23.00 in cash, or 1.624 shares of People's United Financial stock for each Danvers Bancorp share held.
Shares of Skyworks Solutions Inc. (NASDAQ: SWKS) rose 0.40 percent to $30.15 in the after-hours trading. Profit for first quarter was $60.9 million or 32 cents a share, up from $28 million or 16 cents a share last year. Adjusted earnings grew 67 percent to 45 cents a share. Revenue rose 37 percent to $335.12 million. Analysts had expected profit of 44 cents a share on revenue of $334.04 million. The company expects second quarter adjusted profit of 38 cents to 40 cents a share and revenue of $310 million to $320 million, while Street projects profit of 37 cents a share on revenue of $306.48 million.
SVB Financial Group (NASDAQ: SIVB) posted its fourth quarter adjusted earnings of $17.5 million or 41 cents a share, compared to $17.5 million or 47 cents a share last year. Adjusted revenue rose to $157.1 million from $136.7 million.. Analysts had expected profit of 52 cents a share on revenue of $154.38 million.
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