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UPS Boosts Quarterly Profit
United Parcel Service,boosted by growth in both its international and domestic U.S.package markets, reported today a 22-percent rise inquarterly profits, beating Wall Street expectations.
Atlanta-based UPS, the world’s largest package deliverycompany, earned $702 million, or 60 cents per share, in this year’s thirdquarter, compared with a profit of $577 million, or 52cents, in the same period last year.
Analysts on average had expected UPS to earn 58 cents in thethird quarter, according to First Call/Thomson Financial, whichtracks such forecasts.
UPS’ global volumes, a key measure of financial health in thepackage delivery industry, averaged 13.5 million pieces a day inthe quarter, up 6.2 percent from the same period last year.
UPS averaged volumes of about 1.1 million pieces a day for itsentire international service, a 14.9-percent gain from last year.Volumes for the company’s U.S. domestic package business averaged12.3 million pieces a day, a 5.4-percent rise over the yearearlier period.
“I think it was an exceptionally solid quarter,” said EdwardWolfe, analyst with U.S. brokerage Bear Stearns, who noted thatUPS’ international and domestic ground volumes were particularlystrong in the third quarter.
Wolfe, who has a rating of attractive with a 12-month pricetarget of $64 a share on UPS, said the stock would likely see somebuying if U.S. stock markets had a “normal” trading session.
UPS, which has traded at a high of $76-10/16 and a low of$49-8/16 during the past year, closed at $53-1/16 on Wednesday onthe New York Stock Exchange.
The package deliverer also said today it was confidentit would enjoy a solid fourth quarter, which includes the busyholiday season. Holiday volume is expected to produce a one-daypeak exceeding 19 million deliveries, it said.
“We are successfully executing our strategy and growing everysegment of our business,” UPS Chairman and Chief Executive OfficerJim Kelly said in a statement accompanying the earnings results.
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Sears Beats the Street
Retail giantSears Roebuck reported today an 18 percentincrease in third-quarter income that beat Wall Streetforecasts, as fewer outstanding shares and a good performancefrom its credit operations boosted results.
Sears, the No. 2 retailer behind Wal-Mart Stores Inc.,reported net income in the third quarter rose to $278 million,or 81 cents a diluted share, compared with $236 million, or 62cents, in the same quarter a year ago.
Third-quarter 1999 earnings included a non-comparable chargeof $29 million, or 7 cents per share, for staff reductions andthe exit from certain automotive retail markets.
On average, analysts polled by First Call/Thomson Financialhad expected the retailer to report a profit of 80 cents ashare.
Sears repurchased 6.4 million shares during the quarter.
Total revenues in the quarter climbed to $9.63 billion from$9.20 billion a year ago. The revenue increase was primarily dueto improvements in Sears department stores and Sears Canada.Domestic comparable store sales increased 3.5 percent.
“Our credit business contributed very strong growth inoperating income,” Alan Lacy, Sears president and chiefexecutive, said in a statement. “We are pleased with the qualityof our credit portfolio and our ongoing productivityimprovements. Retail results reflect strong sales performanceacross several important businesses and investments in newretail growth initiatives such as The Great Indoors.”
Consolidated gross margin as a percentage of merchandisesales and services fell to 25.6 percent from 26.5 percent in thethird quarter of 1999. Both domestic and international marginsdeclined. The decline in domestic retail margins is due to increased apparel markdowns and a higher mix of hardlinesproducts, Sears said.
Credit operating income increased by about 22 percent to$385 million mostly due to substantial reductions in selling andadministrative expense.
Excluding 1999 non-comparable items, retail operating incomeincreased by 2.3 percent to $44 million.
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R.J. Reynolds Earnings Rise 6%
R.J. Reynolds Tobacco Holdings, parent of No. 2 U.S. cigarette maker R.J. ReynoldsTobacco Co., reported today a 6 percent rise inthird-quarter profits, just topping analysts’ estimates.
The Winston-Salem, N.C.-based maker of Camel, Doral,Winston and Salem cigarettes said quarterly profits rose to$117 million, or $1.16 per diluted share, from $110 million, or$1.01, in the year-ago period. Analysts polled by FirstCall/Thomson Financial on average were forecasting earnings of$1.15 per share.
Third-quarter net sales climbed 6 percent to $2.12 billionfrom $1.99 billion in the year-earlier quarter. Cigaretteshipment volume dropped 3.3 percent percent to 24.7 billionunits, against an industry decline of 3.5 percent, R.J.Reynolds said.
The company said it sees full year net income rising 6 to 8percent, to between $390 million and $400 million, resulting indiluted earnings per share between $3.85 and $3.95, an increaseof 13 to 16 percent from 1999. Cash net income per dilutedshare is seen rising 10 to 12 percent to between $7.05 and$7.15 while Reynolds Tobacco shipment volumes are seen downabout 1 percent.
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Higher Premiums Help Allstate
Allstate, theU.S. No. 2 car and home insurer, said today third-quarteroperating earnings rose a greater-than-expected 34 percent, asincreased premiums offset higher loss costs.
The Northbrook, Ill.-based company, second only to giantmutual State Farm in the United States car and home insurancemarket, said operating earnings, excluding a restructuringcharge and capital gains, rose to $537 million, or 72 cents pershare, from $401 million, or 51 cents, in the year-earlierquarter.
The results beat analysts’ average forecast of 70 cents pershare, according to market research firm First Call/ThomsonFinancial.
Net profits for the quarter, including a $12 millionrestructuring charge and $129 million in realized capitalgains, rose 31 percent to $644 million, or 87 cents per share,from $490 million, or 62 cents, in the same quarter a year ago.Overall revenues rose 14 percent to $7.45 billion.
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BMY Posts Double-Digit Growth
Pharmaceutical companyBristol-Myers Squibb, which late last month announced a restructuring, reported today a 13 percent rise inthird-quarter net profits on strong double-digit sales growthin key drugs.
Bristol-Myers, the No. 3 U.S. drugs maker which producesthe Glucophage/Glucovance family of diabetes drugs andcholesterol drug Pravachol, posted net income of $1.24 billion,or 62 cents per share, compared with $1.09 billion, or 54cents, in the year-ago period. Excluding beauty care and Zimmeroperations, which it plans to divest, earnings per share jumped16 percent to 57 cents from a year-ago profit of 49 cents.
Analysts on average had estimated the company — which saidon Sept. 28 it would divest its Clairol beauty products unitand its Zimmer orthopedic device division in the next six to 12months — would earn 61 cents per share, according to FirstCall/Thomson Financial.
The company said total pharmaceutical sales for the periodrose 12 percent to $3.6 billion, driven by an 18 percent jumpin U.S. prescription drug sales. Pravachol sales climbed 16percent to $446 million, breaking out of a trend in recentquarters of relatively flat growth. Sales of Glucophage rose 25percent to $435 million, while sales of its Taxol drug forbreast cancer rose 11 percent to $417 million.
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EBay Surpasses Estimates
The popular Internetauction site eBay Inc. reported third quarterearnings that surpassed Wall Street expectations.
The San Jose-based company earned $15.2 million, or 5 cents pershare, for the three months ended Sept. 30, compared with $1.2million, or 1 cent per share, in the same period last year.
The earnings consensus of analysts polled by First Call/ThomsonFinancial was 4 cents per share.
During a conference call with analysts, eBay executivessaid they expected eBay’s robust growth to continue in the monthsahead.
The company said it is comfortable with Wall Street’sexpectation for a fourth quarter profit of 6 cents per share andforecast 2001 revenue of $630 million, roughly 50 percent higherthan the projected amount for this year.
EBay is promising $3 billion in annual revenues by 2005.
“The best has yet to come,” eBay CEO Meg Whitman toldanalysts.
In the third quarter, eBay’s revenues totaled $113.4 million, a94 percent improvement from $58.5 million in the prior year.
Through the first nine months of the year, eBay earned $24.4million, or 9 cents per share, on revenue of $297.4 million. Thatcompared to a profit of $5.8 million, or 2 cents per share, onrevenue of $150.8 million in the comparable 1999 period.
EBay’s growth is being propelled by its steadily growingpopulation of online traders. As of Sept. 30, eBay boasted 18.9million registered users, up from 16 million as of June 30 and a146 percent increase from the 7.7 million users signed up for theauction service in September 1999.
The service has become so pervasive that the eBay has become apiece of popular culture, getting almost daily mention in a widerange of media, from specialty publications to prime-time networkTV dramas. eBay is now negotiating to broadcast its own TV show.
Perhaps the biggest danger facing eBay is that people willbecome bored with online auctions, warned Prudential Securitiesanalyst Mark J. Rowen in a recently released report.
“While early indications appear to signal that the onlineauction format is here to stay, it is possible that in hindsight,we will view it as a passing fad,” Rowen wrote.
Rowen doubts that will happen though. He is recommending thatinvestors buy the stock with a price target of $125.
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Eli Lilly’s Net Income Up 15%Pharmaceutical giant Eli Lilly, whose stock tumbled in August after it lost a patent battle over its antidepressant Prozac, reported today a15 percent rise in third-quarter net income on strong sales ofdrugs for schizophrenia, cancer and osteoporosis.
The Indianapolis-based company said net income rose to$778.8 million, or 71 cents per diluted share, excluding aone-time gain.
Analysts on average had predicted Lilly would earn 71 centsper share, according to First Call/Thomson Financial. Thecompany said on Aug. 9 that it expects single-digit earningsgrowth in 2001 and 2002, primarily because of a court rulingthat would trigger expiration of patent protection over Prozacin mid-2001, opening the way to generic competition.
Lilly reported a 9 percent increase in third-quarterrevenues, to $2.812 billion, led by sales of the schizophreniadrug Zyprexa, the cancer drug Gemzar, and the osteoporosis drugEvista. Separately, Sepracor said Lilly had terminated alicensing deal involving the drug R-fluoxetine, closely relatedto the active ingredient in Prozac, and had returned the rightsto the product to Sepracor.
Shares of Lilly, which were trading at a year high of$108-15/16 in August before falling 31 percent on a federaljudge’s ruling on Prozac, closed at $89-1/4 Wednesday on theNew York Stock Exchange. Lilly’s 52-week low is $54.
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Equifax Up 11% on Revenue
Equifax, a provider ofconsumer credit information, said today third-quarter netincome rose 11 percent as revenues from payment servicesincreased.
Equifax reported net income of $64.3 million, or 47 centsper diluted share, compared with $58.1 million, or 42 cents, inthe year-earlier period. The results edged ahead of analysts’average expectations of 46 cents a share, according to marketresearch firm First Call/Thomson Financial.
Total revenues rose 17 percent to $517.9 million. NorthAmerican payment services revenues rose 11 percent to $194.2million.
Equifax, which on Oct. 2 said it would spin off its paymentservices division to shareholders, also said it has sold itscollection services businesses in the United States, Canada andEngland for about $150 million. The company said it will usethe net cash proceeds of the deal, about $100 million, to paydown debt.
Equifax said it sold the U.S. unit of Equifax RiskManagement Services to Atlanta-based Risk ManagementAlternatives Parent Inc. IntelliRisk Management Corp., based inColumbus, Ohio, bought the Canadian and British operations,Equifax said.BACK TO TOP
First Union Tops Estimates
First Union, theNo. 6 U.S. bank holding company, said today itsthird-quarter profits rose 6 percent, topping estimates, as itturns around its operations after prior unwieldy acquisitions.
The Charlotte, N.C.-based bank, which has about$260 billion in assets and more than 2,200 branches, earned $852million, or 86 cents a diluted share in the quarter, comparedwith $802 million, or 84 cents a share, a year ago. Excludinggains and restructuring charges, the company earned $702million, or 71 cents a share, in the quarter.
Wall Street had expected the bank to earn 69 cents a sharein the quarter, according to First Call/Thomson Financial, whichtracks analysts’ consensus earnings forecasts.
First Union is in the midst of a $3 billion restructuringplan, announced at the end of June, to revive revenue growthafter troubles integrating a string of acquisitions. Its stockhas tumbled about 40 percent from its 52-week high of $44-5/16hit last November.
Many U.S. regional banks face slower revenue growth after aseries of interest rate increases that have put pressure onlending profits. Higher rates make it more costly for banks toborrow to fund loans and sometimes make borrowers default.
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UAL Posts $64 Million Loss
UAL, parent of UnitedAirlines, the world’s largest airline, said today it losta greater-than-expected $64 million in the third quarter, beforeone-time items, as flight cancellations, delays and higher costsfor jet fuel and wages hurt results.
Chicago-based UAL said the $64 million loss amounted to$1.29 a share, compared with a profit of $359 million, or $2.89a share, a year earlier. The last time the company lost moneywas in 1993.
Analysts on average had forecast a loss of 54 cents,according to First Call/Thomson Financial, with estimatesranging from a loss of $1.15 to a loss of 20 cents.
Including a loss on warrants the company owns inPriceline.com, a charge for planned early retirement of fourleased aircraft and a loss associated with the early retirementof debt, UAL lost $116 million, or $2.30 a share.
Revenues rose 1.2 percent to $4.91 billion from $4.85billion a year earlier.
UAL, which has agreed to acquire US Airways Group Inc. for$4.3 billion, had warned twice during the third quarter that itsresults would fall short of analysts’ earnings forecasts for thesecond half of the year. Prior to the last warning in September,analysts had expected the company to earn 97 cents a share forthe quarter.
UAL said reduced capacity levels to address operationalproblems will continue to hurt its fourth-quarter performance.Additional costs from its new pilot contract, expected to beratified this month, and from other labor contracts beingnegotiated and higher fuel prices, will likely cause it to losemoney in the fourth quarter, the company said.BACK TO TOP
E*Trade Profitable in Q4
E*Trade,the No. 2 U.S. Internet broker, posted today a quarterlyprofit compared to a loss in the year-ago period as it soldinvestment assets and kept a lid on advertising spending.
The Menlo Park, Calif.-based company, which has 3.3 millioncustomers, reported a net profit of $47.7 million, or 15 centsper share, for the fiscal fourth quarter ended Sept 30. Thatcompared with a net loss of $28.0 million, or a loss of 10cents per share, in the same period last year. Net revenue rose76 percent to $340 million.
Excluding merger costs and other items, E*Trade posted aprofit of $7.2 million, or 2 cents per share. The operatingresults beat Wall Street’s lowered expectations calling for thebrokerage to break even with zero cents per share. Analystshave cut their profit forecasts for Web brokers because of adecline in the Nasdaq stock market and an estimated 10 percentdrop in share trading volumes during the quarter.
E*Trade opened 337,000 new brokerage and banking accountsin the period, similar to the 340,000 accounts it opened ayear-ago and the 330,000 it opened in the fiscal third quarter.The company spent $91.8 million on advertising and marketing inthe quarter, up a nominal 5 percent from $87.0 million lastyear, but sharply lower than the $115 million it spent in thefiscal third quarter.
The company said it processed an average of 150,000 tradesper day during the period, up 84 percent from 81,000 in theyear-ago period but down from 169,000 last quarter. Totalcustomer assets more than doubled to $66 billion from $28billion a year ago, helped by E*Trade’s purchase of thebrokerage accounts of Wit Capital.
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McDonald’s In Line with Estimates
No. 1 restaurant companyMcDonald’s said today its third-quarter profit rose 1 percent, meeting expectations, as a weakened euro continued tohurt results.
The global fast-food restaurant chain said its net income rose to $548.5 million, or41 cents a share, from $540.9 million, or 39 cents, in theyear-earlier period.
On average, analysts polled by research firm FirstCall/Thomson Financial had expected earnings of 41 cents ashare.
Sales at the company’s systemwide restaurants, which includecompany-operated and franchised units, rose to $10.512 billionfrom $9.998 billion in 1999.
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Sluggish Sales Cost HasbroHasbro, the No. 2U.S. toy maker, reported today that its profits fell 84percent due to sluggish sales and mounting losses in itsinteractive operations.
Hasbro said net income fell to $13.8 million, or 8 cents adiluted share, compared with $85.2 million, or 43 cents, forthe same quarter a year ago.
Analysts lowered their expectations to 7 cents a share forthe quarter, according to market research firm FirstCall/Thomson Financial. Hasbro warned last week that itsperformance would fall well short of previous estimates largelybecause of a sharp slowdown in sales of Pokemon and Star Warsproducts. It also said it was slashing its work force by about5 percent.
Worldwide net revenues dropped to $1.07 billion from $1.10billion in the year-ago period.
“Even with challenging comparisons against last year’srecord results, I’m not pleased with our third-quarterperformance,” Hasbro Chairman Alan Hassenfeld said in astatement.
Hasbro’s most recent outlook for full-year 2000 earningsper share was 40 cents to 50 cents, before $140 million to $170million in pretax charges.
Hassenfeld said the company was evaluating the fourthquarter before providing a revenue and earnings outlook for2001.
Earnings in the third-quarter included a pretax loss of $6million from Internet games operation Games.com. Itsinteractive division did not live up to already-reducedexpectations, and Hasbro said last week it was exploringstrategic alternatives for the business.
Pokemon toy demand in the U.S. was soft, but stronginternationally, the company said. Revenues from Star Warstoys are expected to be minimal in 2000.
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U.S. Bancorp Meets Estimates
Regional bank U.S. Bancorpsaid today its third-quarter operating earningsrose 0.5 percent, in line with expectations, as loan volumeincreased but expenses did too.
Minneapolis-based U.S. Bancorp, which this month announcedit was being bought by rival Firstar Corp. in a stock dealworth almost $20 billion, earned $410.9 million, or 55 cents adiluted share, in the third quarter, excluding one-time mergercharges and profits from securities sales. That compares with$409 million, or 56 cents a share, in the year-earlier period.
Results met Wall Street forecasts of 55 cents a share,according to market research firm First Call/ThomsonFinancial.
The bank’s net profits, including $9.6 million in mergercharges and one-time securities transactions, rose to $401.3million, or 54 cents per share, from $396.4 million, also 54cents per share.
U.S. Bancorp’s provision for loan losses in the thirdquarter rose 22 percent to $173 million. Net interest income,which includes the profit the bank makes from loans, rose 4.5percent to $883 million as loan volume continued to growdespite higher interest rates.
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Quaker Oats Q3 Profit Up 16%
Quaker Oats, maker of hotand cold cereals, said today its third-quarter earningsrose 16 percent, beating the average analyst forecast, oncontinued robust demand for its Gatorade sports drink.
The company also said it expects full-year 2000 earnings pershare growth before items in the range of 20 percent or slightlybetter.
The Chicago-based food company, whose stable of productsincludes breakfast bars, Rice-A-Roni side dishes and Aunt Jemimapancake mixes and syrup, said earnings rose to $159.2 million,or $1.15 per diluted share, in the quarter. That compares with$137.3 million, or $1.01 a diluted share, excluding unusualitems in the same period a year ago.
Analysts on average had expected the company to earn $1.11 ashare, according to First Call/Thomson Financial, which tracksearnings data.
Third-quarter net sales rose to $1.48 billion from $1.38billion a year ago.
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Gillette’s Profits Fall; Names New CEO
Gillette today reportedits third-quarter earnings fell 1 percent, meeting WallStreet’s estimates, as currency problems plagued the consumerproducts giant.
The Boston-based maker of razors and blades, Oral Btoothbrushes and Duracell batteries, also said Chairman andChief Executive Michael Hawley was retiring immediately. EdwardDegraan was named acting chief executive and Richard Pivirottowas named non-executive chairman of the board.
Gillette posted third-quarter earnings of $350 million, or33 cents a share, from continuing operations, compared withearnings of $355 million, or 32 cents per diluted share for thesame period in 1999.
Analysts surveyed by First Call/Thomson Financial hadestimated Gillette would earn 33 cents a share in the thirdquarter.
The company has had a string of disappointing earningsreports dating back to 1999, blaming a combination of foreignexchange rates and proper inventory stocking.
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AHP’s Profits Rise 18% Before Charge
American Home Products posted today a steep rise in quarterly operating profits,matching analyst expectations, but the No. 5 U.S. drug makersaid it would have to set aside additional funds for its dietdrug settlement for which it has already paid billions in the“fen-phen” case.
The Madison, N.J.-based maker of Advil, Robitussin and theoestrogen replacement drug Premarin reported net income of $762million, or 58 cents per share, in the third quarter vs. a netloss of $2.87 billion, or $2.20 cents, in the year-ago period.
The year-ago loss mainly reflected a $4.75 billionlitigation charge for a settlement related to the diet drugsRedux and Pondimin. Excluding this charge from the 1999third-quarter results, income from continuing operations in thelatest quarter increased 18 percent to $762 million from $645million.
Analysts on average had estimated that the company, whoseWyeth-Ayerst unit will pay the U.S. government $30 million forviolations at two plants, would post earnings of 58 cents pershare, according to research firm First Call/ThomsonFinancial.
Looking forward, AHP said it expects additional reserveswill be required in the diet drug settlement. It said thatthough it is still unclear how much that will amount to, AHPexpects it to be lower than the $4.75 billion recorded in the1999 third quarter.
A spokesman for the company declined to specify a range ofthe amount of reserves that would be used.
Patients typically combined either Pondimin or Redux withanother diet suppressant called phentermine to make the“fen-phen” diet cocktail. AHP recalled Pondimin and Redux in1997 after some of the 6 million Americans who had takenfen-phen developed heart problems, including leaky valves.
Overall net sales increased 13 percent from the samequarter last year.
Worldwide pharmaceutical sales increased 14 percent for thequarter, sparked by higher revenues from recently approvedpneumococcal vaccine Prevnar, meningitis treatment Meningitic,arthritis treatment Enbrel and ulcer medicine Protonix. Salesof Effexor XR, for which American Home Products received anexpanded indication, also showed strong growth.
Excluding the negative impact of foreign exchange rates,worldwide pharmaceutical sales increased 17 percent for the2000 third quarter.
Global consumer health care sales increased 7 percent forthe quarter, as sales of the Centrum family of vitamin productsrose. However, the company experienced a sales slowdown forcold, cough and allergy products, as well as for pain relieverAnacin.
Excluding the effect of weak foreign currencies, worldwideconsumer health care sales increased 8 percent for thequarter.
“The double-digit sales and earnings growth through thefirst three quarters of 2000 have been driven by increaseddemand for franchise products and enhanced by an impressivenumber of new products introduced into the marketplace,” saidChairman and Chief Executive Officer John Stafford in astatement.BACK TO TOP
Raytheon Meets Expectations
Raytheon’s third-quarter earningsmet Wall Street’s expectations, reversing a loss from the year-agoperiod, helped by an increase in aircraft deliveries.
For the three months ended Sept. 30, Raytheon earned $105million, or 31 cents per share, up from a loss of $163 million, or48 cents per share in the year-ago period.
Earnings from continuing operations were $133 million, or 39cents per share, in line with a consensus estimate from analystssurveyed by First Call/Thomson Financial.
The Lexington, Mass.-based aerospace and defense company lost $89 million, or 26 cents pershare, from continuing operations in the year-ago period, in partdue to charges of $464 million, or 84 cents per share.
Revenue rose to $4.16 billion, up from $4.12 billion a year ago.
Sales in most divisions were similar to a year ago. TheElectronic Systems division reported sales of $1.9 billion, downfrom $2.0 billion.
Raytheon Aircraft Company, a division the company is reportedlytrying to sell to reduce its debt burden, recorded sales of $749million, up 6 percent from a year ago due to higher aircraftdeliveries.
For the nine months ending Oct. 1, Raytheon recorded net salesof $12.56 billion, down 4 percent from $13.02 billion over the sameperiod last year. Raytheon has a net loss for the first nine monthsof the year of $23 million, compared with earnings of $332 millionin the year-ago period.
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Mattel’s Profits Fall
Mattel, in the midst of arestructuring and under new leadership, said its profit fell 22percent in the third quarter because of declining sales.
The company said today it earned $174.3 million, or 41 centsper share, from continuing operations in the quarter ended Sept. 30as compared with profits of $222.2 million, or 52 cents per sharein the same period last year.
The results were in line with estimates of analysts surveyed byFirst Call/Thomson Financial.
Sales increased by 2 percent in the United States, but fell 5percent in international markets, the company reported. Sales ofthe company’s two largest brands — Barbie and Fisher-Price —increased during the quarter.
Mattel reported its earnings the day after the sale of itsmoney-losing interactive toy division, The Learning Co.
Mattel took a one-time charge of $441 million as the result ofthe sale, but said the sale would save it $1 million a day inoperating losses.
The company’s disastrous experience with The Learning Co. costformer chief executive Jill Barad her job. Barad was replaced inMay by chief executive Robert A. Eckert.
The company also took a restructuring charge of $74 million, or18 cents per share. Including one-time charges, the company lost$336.8 million, or 79 cents per share, in the quarter.
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