DOW JONES NEWSWIRES
Below is a synopsis of major earnings releases from Monday
morning:
Gannett Earnings Fall 53%, Top Boosted Estimates
Gannett Co.'s (GCI) third-quarter profit tumbled 53% amid an
advertising slump, but the newspaper publisher's results beat its
heightened expectations, helped by cost cuts. Chief Financial
Officer Gracia Martore said newsprint expense slumped 43% and she
expects newsprint prices to remain under pressure into 2010. Shares
rose 6%.
Hasbro Income Up 8.8% On Higher Margins, Movie Toys
Hasbro Inc.'s (HAS) profit climbed a bigger-than-expected 8.8%
on higher margins and as the company's line of
entertainment-related toys continued to buoy sales during the
economic downturn. President and Chief Executive Brian Goldner
added that revenue growth for the year is possible if consumer
trends continue "to improve in line with recent fourth quarter
trends." Still, shares fell 4% as third-quarter sales missed
analysts' estimates.
Eaton Earnings Down 39% Amid Demand Slump
Eaton Corp.'s (ETN) profit plunged 39%, as cost cuts failed to
offset the impact of the auto-industry slump. But results handily
topped the company's target, as Eaton boosted its full-year
earnings view and gave an upbeat forecast for the current quarter.
Chairman and CEO Alexander Cutler said the diversified industrial
company is beginning to see signs of recovery in some markets and
expects the improvement to continue and gain momentum in the fourth
quarter. Its stock jumped 8%.
Weatherford Profit Down 79% As North America Woes Persist
Weatherford International Ltd.'s (WFT) earnings slumped 79% amid
weak demand, primarily in North America. International results have
been stemming some of those woes and CEO Bernard J. Duroc-Danner
said he expects the company's international business to grow 30%
next year. Shares fell 3%.
PetMed Shares Fall On Weak Sales, Margins
PetMed Express Inc.'s (PETS) fiscal second-quarter profit rose
8.6% as the online pet pharmacy continued to add customers and cut
costs. But sales missed analysts' expectations and gross margin
fell, helping send its stock down 12%.
McMoRan Exploration Loss Widens On Commodity-Price Tumble
McMoRan Exploration Co.'s (MMR) third-quarter loss widened more
than expected amid slumping natural gas prices and prior-year
hedging gains. Average daily production fell 4.4% amid the price
slump, which included 68% for natural gas. But its shares still
rose 5%.
BB&T Income Down 58% Amid Surge In Credit Costs
BB&T Corp.'s (BBT) earnings fell 58% on a big jump in
credit-loss provisions as the Mid-Atlantic and Southeast regional
bank took over a failed rival. Credit-loss provisions soared 95%
while loans in danger of going bad rose from the second quarter.
But net charge-offs dipped sequentially. Shares fell 4%.
A. Schulman Posts Loss On Restructuring, Tops Views
A. Schulman Inc. (SHLM) swung to a loss for its fiscal fourth
quarter as sales for the plastics and resins supplier slid and the
company took a $13 million restructuring charge. However, its stock
rose 4% as the latest results topped analysts' expectations.
-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354;
kevin.kingsbury@dowjones.com