Posts tagged reports
Facebook Co-Founder Evading Taxes, U.S. Senators Not Happy
May 18th
Co-founder of the social network giant Facebook will be saving some money once the company goes public today.
Eduardo Saverin will save at least $67 million in taxes once people start buying shares of the company. This is because he dropped his U.S. citizenship in September and lives in Sinapore where there is no capital gains tax.
His savings could increase as Facebook shares rise in trading today. Currently his around 4% stake in Facebook may be worth as much as $2.89 billion.
Government officials are not happy with this news. At a press conference, U.S. senators Chuck Shumer and Bob Casey said they would stop at nothing to get Saverin to pay up. They plan on passing legislation that would tax expatriates even after they left the country.
Their so called “Ex-Patriot Act” would impose a mandatory 30% tax on American investments for those who renounce their citizenship and would prevent those renouncing their citizenship from re-entering the country.
No matter what happens though, Saverin is set to make billions of dollars off his stake once Facebook starts trading.
Foot Locker Tops Estimates As Comp Sales Rise 9.7%
May 18th
Foot Locker (NYSE:FL) reported Q1 EPS of $0.83, topping estimates of $0.74.
Revenues in the quarter came in at $1.58 billion, also beating estimates of $1.55 billion. The company reported its Q1 comp-store sales rose 9.7%, up from 7.5% the same period last year.
Ken C. Hicks, Chairman of the Board and Chief Executive Officer of Foot Locker, Inc. said, “2012 has gotten off to an outstanding start, with our first quarter results representing the highest level of quarterly earnings in the Company’s history as an athletic business. The first quarter continued our recent track record of meaningful sales and profit increases over the comparable prior-year periods. We remain focused on executing the initiatives of our updated strategic plan and objectives in order to continue to drive our strong financial performance.”
Investors are liking this stock after the opening today. Currently, Foot Locker is trading more than 13% higher at $31.53.
JP Morgan Slides As Trading Loss Widens: NYT
May 17th
It keeps getting worse for JP Morgan Chase. The big bank is currently down over 3% in early trading on news their trading loss might increase.
According to the New York Times, the originally reported $2 billion trading loss has surged by at least $1 billion.
JP Morgan CEO Jamie Dimon said that the $2 billion in losses announced last week could double within the next few quarters depending to day-to-day market fluctuations.
The overall health of the bank is currently strong, even with the additional losses. However, shareholders are worried that JP Morgan will cut its annual dividend to make up for losses. As of right now, the bank says there is no plan to do that.
However, bank analysts are saying that if losses continue to rise the bank might not have a choice.
Alkermes Reports Narrower-Than-Expected Loss
May 17th
Alkermes (NASDAQ:ALKS) reported a fiscal Q4 loss of $0.14 per share, beating estimates of a loss of $0.16 a share.
Revenues in the quarter rose 155% year-over-year to $130.5 million, above expectations of $125.88 million.
Richard Pops, Chief Executive Officer of Alkermes commented on the earnings, “During fiscal 2012, we laid the groundwork to build a major biotech company and are now in a position that few biotech companies ever achieve: we have a financial engine that is generating cash, a pipeline of several promising late-stage candidates and an efficient corporate structure,” “Looking forward, we expect to generate significant cash flow while also advancing our most promising late-stage pipeline assets.”
For the 2013 fiscal year the company expects a non-GAAP diluted EPS in the range of $0.62 to $0.77.
Alkermes is currently trading down close to 3% to $17.69.
Diamond Offshore Lands $655 Million Drillship Contract With Hyundai
May 11th
5-10-12-Diamond Offshore (NYSE:DO) announced that its subsidiary landed a turnkey contract with Hyundai Heavy Industries for construction of a new ultra-deepwater drillship. The delivery of the ship is scheduled for the fourth quarter of 2014. Total cost of the contract is expected to be approximately $655 million. The new drillship, to be named Ocean BlackLion, will be of the same design as Diamond Offshores three units currently on order with Hyundai. All four drill ships currently under construction will be equipped with an additional blowout preventer for use as a spare to improve the reliability of the rigs.
Molson Coors Reports Mixed Results As Volume Slides
May 8th
Molson Coors (NYSE:TAP) reported Q1 EPS of $0.47, topping estimates of $0.43.
Revenues in the quarter came in at $691.4 million, missing estimates of $703.5 million.
The company said its worldwide beer volume was down 0.4% and sees annual underlying tax rate of 17%-21%.
Molson Coors’ Coors Light sales to retail rose 4%, driven by volume growth and market share gains in Canada the U.S. and the U.K.
Molson Coors president and chief executive officer Peter Swinburn said, “In the first quarter, underlying earnings per share grew 9.3 percent on positive beer pricing and sales mix across our company, along with continued results from cost-savings initiatives and stock repurchases in the second half of last year. By segment, the U.S. posted a strong quarter, with underlying earnings growing nearly 17 percent, while U.K. and Canada underlying pretax income declined from a year ago. The U.S. benefited from its strongest net sales per hectoliter quarter in three years. In Canada and the U.K., we faced margin pressure from higher pension and input inflation, as well as increased marketing investments in the U.K. and cycling one-time costs in Canada. Despite the challenges, we continued to invest in our key brands across our company and to fill our innovation pipeline.”
Molson Coors is down over 2% in early trading $41.04.
Estee Lauder Tops Estimates But Sandbags Q4 Guidance (EL)
May 4th
Estee Lauder (NYSE:EL) reported Q3 EPS of $0.38, topping estimates by $0.04. Revenues in the quarter came in at $2.25 billion, vs. its growth forecast of 4% – 5%, which implies $2.25 billion – $2.27 billion, vs. estimates of $2.25 billion. The company sees Q4 EPS ex-items of 11c-16c, vs. estimates of 20c. The company sees revenue growth 10%-11%, vs. estimates of $2.19 billion implies growth 6%. The company sees $140 million – $160 million in savings from strategic plan, initiatives in FY2012. Estee Lauder raised its FY2012 EPS forecast to $2.21-$2.26, having seen $2.16-$2.23 in February, vs. estimates of $2.26; the company sees revenue growth 10%, vs. its prior guidance of 9%-10% implying $9.60 billion – $9.69 billion, vs. estimates of $9.66 billion.
Warner Chilcott Reports Mixed Results, Cuts Guidance (WCRX)
May 4th
Warner Chilcott (NASDAQ:WCRX) reported Q1 EPS of $1.16, topping estimates of $0.17. Revenues in the quarter fell 9.5% year-over-year to $685 million, missing estimates by $37 million. Warner Chilcott sees FY 2012 adjusted CNI per share $3.30-$3.40, vs. its prior guidance of $3.60-$3.70. The company sees revenues of $2.4 billion – $2.5 billion, vs. its prior guidance of $2.5 billion – $2.6 billion. SmarTrend is bullish on shares of Warner Chilcott and our subscribers were alerted to buy on April 25, 2012 at $17.30. The stock has risen 25.1% since the alert was issued. Warner Chilcott PLC is a pharmaceutical company. The Company is focused on marketing, selling, developing and manufacturing branded prescription pharmaceutical products in women’s healthcare and dermatology in the United States.
Clorox Reports Positive Sales Growth, Weak EPS
May 2nd
Clorox released its third quarter earnings this morning, posting a diluted EPS of $1.02, below consensus estimates of $1.03 a share.
Volume for the quarter of fiscal year 2012 increased 4 percent and sales grew 7 percent, with both delivering gains in all four of the company’s reportable segments.
Chairman and Chief Executive Officer Don Knauss commented on the earnings saying, “I’m very pleased with our top-line growth in the third quarter. We delivered our highest year-over-year sales growth in more than three years. In our U.S. business, sales grew more than 8 percent, and were up more than 6 percent excluding acquisitions. Our categories continued to recover and our market share reached an all-time high. At the same time, margin results were below expectations and remain an area of focus. Looking ahead, we expect margins to begin stabilizing next fiscal year.”
Master Card Reports Higher Profits and Transaction Volume
May 2nd
MasterCard reported its first quarter financial results this morning, posting an EPS of $5.36, beating estimates of $5.30 a share.
Revenue for the quarter rose 17% year over year to $1.8 billion, also beating consensus estimates of $1.73 billion.
The company also reported that processed transactions increased 29% to 7.7 billion.
Ajay Banga, MasterCard president and chief executive officer commented on the earnings, “We had a good start to the year with solid first quarter results driven by an increase in processed transactions, the highest quarterly growth rate since our IPO, as well as positive volume growth in all regions as consumers continue to adopt electronic payments. We are leveraging opportunities around the world. In the U.S., we have significantly improved our position in debit and now have the capability to process transactions on about half of all U.S. debit cards. Outside of the U.S., the acquisitions of DataCash and Access Prepaid Worldwide are delivering growth, both showing roughly 25% operational increases.”
Even with these positive earnings though, MasterCard is down 1.75% to $448.24 in earning morning trading.
