Earnings Reports for July 27
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Celera Losses Widen as Sales Triple
Celera Genomics, whichlast month made history by announcing it had finished a roughdraft of the human genome, said fiscalfourth-quarter loss widened 25 percent despite a near triplingof sales for its genetic subscription business.
The company, which sells genetic data and related servicesto large drug makers, said its net loss in the three monthsended June 30 rose to $24.9 million, or 43 cents a share, from$19.9 million, or 39 cents a share, a year earlier.
Analysts, on average, were forecasting a loss of 35 cents ashare, according to First Call/Thomson Financial.
Revenues, meanwhile, rose to $15 million from $5.1 million,a year ago.
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Dow Chemical Earnings Up 26%
Dow Chemical Co. said second-quarterprofits rose 29 percent despite higher raw materials costs. The Midland, Mich.-based chemical giant said net income climbed to $527 million, or 77 cents per dilutedshare, from $410 million, or 61 cents per diluted share a yearago.
The quarterly figures beat Wall Street’s average estimate of74 cents a share, according to a survey of analysts by FirstCall/Thomson Financial.
Sales rose 22 percent to $5.63 billion from $4.62 billion,helped by a 13 percent jump in prices and a 9 percent increasein volume.
Dow, which is acquiring rival Union Carbide Corp. in a dealthat will make it second only to DuPont Co. in worldwide sales,said it was helped in the quarter by its a diverse business mix,both in terms of products and geography. Dow’s takeover of Union Carbide is expected to be completedin the third quarter, later than originally thought.
In its so-called performance chemical and performanceplastics businesses, the company saw sharply higher volumesduring the quarter.
Crude oil, one of the main raw materials in the industry,averaged about $28 in the quarter, about $10 a barrel higherthan the same period last year, but have recently showed signsof slipping because of additional production.
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Earthlink Losses Less Than Expected
EarthLink Inc. said it lost less moneythan expected in the second quarter, thanks to a 47 percent jump inthe number of customers for its Internet service.
Atlanta-based EarthLink, the country’s second-largest Internetservice provider after America Online, reported a $35.2 millionloss in the April-June period, or 29 cents per share not countingone-time items. That was better than the 36 cent-per-share lossanticipated by analysts surveyed by First Call/Thomson Financial.
Including the one-time items, EarthLink lost $63.7 million, or52 cents a share, compared with a loss of $39.7 million, or 35cents a share, in the same quarter last year.
The quarter’s primary expense was EarthLink’s $300 millionpurchase last month of OneMain.com, a Virginia ISP with 762,000subscribers. EarthLink estimates it will have 5 million subscribersby the end of the year.
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