Tag Archive | "profit"

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Cullen/Frost profit rises in line with forecasts


Cullen/Frost Bankers Inc. CFR, -0.33% on Wednesday said its profit rose 16% in the most recent period, as net interest income and average deposits rose.

The San Antonio financial holding company also unveiled changes in its executive ranks, as Phil Green moves on from his nearly 20-year tenure as financial chief to president. Mr. Green will replace Dave Beck, who will retire this year after 39 years with the company, Cullen/Frost said.

Jerry Salinas, the company’s treasurer for 18 years, will become the new chief financial officer.

Meanwhile, Cullen/Frost boasted that the Texas economy outpaced the growth in the broader U.S. last year, resulting in strong loan growth and record earnings.

“As the economy recovers, we are reaping the benefit of our consistent and focused efforts to grow the company through the downturn,” Dick Evans, the company’s CEO, said in a news release.

Cullen/Frost posted fourth-quarter earnings of $72.7 million, or $1.11 a share, up from $62.6 million, or 99 cents a share, a year earlier.

Analysts had projected $1.11 a share in earnings.

Net interest income on a taxable-equivalent basis rose 15% to $212.6 million in the period. Average loans rose 17% to $10.9 billion, while average deposits surged 18% to $23.7 billion.

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SOURCE: http://www.marketwatch.com/story/cullenfrost-profit-rises-in-line-with-forecasts-2015-01-28

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Progressive profit jumps on higher net premiums


Progressive Corp. said its fourth-quarter earnings rose 23% as the home and auto insurer benefited from higher net premiums and paid out a smaller portion of those premiums to cover claims.

The company has largely posted solid results lately, with higher net premiums written and more aggressive advertising spending helping the bottom line.

Progressive is the fourth-largest auto insurer in the country and offers coverage for cars, trucks, boats and recreational vehicles. Last month, Progressive said it planned boost its stake in American Strategic Insurance and eventually acquire the entire company, as part of the auto insurer’s efforts to expand its home insurance offerings.

Overall, Progressive reported a profit of $370.2 million, or 63 cents a share, up from $299.8 million, or 50 cents a share, a year earlier.

The latest period included net realized investment gains of $26.2 million, while the year-earlier period included net realized investment gains of $77 million.

Net premiums written reached $4.61 billion, while net premiums were $4.94 billion, an increase of 14% for each. Excluding an additional week in the latest period, the growth on both measures was 6%.

Analysts polled by Thomson Reuters expected per-share profit of 45 cents and net premiums written of $4.47 billion.

Progressive’s combined ratio, or the portion of premiums used to cover claims, fell to 90.9% from 93.8%.

For December, Progressive reported that the number of policies in force rose 2% for both its auto and personal lines from the year-earlier period.

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SOURCE: http://www.marketwatch.com/story/progressive-profit-jumps-on-higher-net-premiums-2015-01-28

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Linear Technology profit rises 18%


Linear Technology Corp. said its earnings rose 18% with a boost from stronger revenue in the quarter ended December.

The chip maker’s shares rose 2.9% to $46.50 in recent after-hours trading as earnings beat expectations.

Linear Technology is a maker of analog chips. Such chips are designed for specific tasks, such as monitoring temperature or regulating voltage, and used in a broad range of sectors.

The Milpitas, Calif., company’s bookings declined slightly although they improved as the quarter progressed, Chief Executive Lothar Maier said. Linear Technology’s industrial end-market showed the most strength, he added.

Mr. Maier said “As is typical, we expect our major end-markets to improve during the second half of our fiscal year,” which ends in June.

For the period ended Dec. 28, Linear Technology reported a profit of $123.6 million, or 51 cents a share, up from $104.8 million, or 44 cents a share, a year earlier. Analysts polled by Thomson Reuters expected per-share profit of 49 cents.

Revenue increased 5.4% to $352.6 million. The company had expected growth of 4% to 8%.

Gross margin edged up to 75.4% % from 75.3%.

For the quarter ending in March, Linear Technology forecast revenue growth of 4% to 7% over the latest quarter, implying a range between $366.7 million and $377.3 million. Analysts polled by Thomson Reuters expected revenue of $364 million.

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SOURCE: http://www.marketwatch.com/story/linear-technology-profit-rises-18-2015-01-13-174855144

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Acuity Brands sales, profit jump on LED demand


Acuity Brands Inc. said its earnings rose in the most recent period as demand for LED lights continued to bolster the company’s sales.

The results topped analysts’ expectations.

Strong demand for renovations and retrofits has helped buoy the company’s results. Chief Executive Vernon J. Nagel said in a news release Friday that the company’s performance through December reflected overall positive trends in the industry.

With construction improving in U.S. nonresidential markets, Acuity could also see increased business for new lighting projects and energy-efficient lighting.

Sales of LED products rose more than 70% in the most recent period compared with the year-ago period, and they accounted for about 42% of total sales.

For the quarter ended Nov. 30, the company posted earnings of $51.1 million, or $1.17 a share, up from $44.5 million, or $1.03 a share, in the prior-year period.

Revenue rose 13% to $647.4 million.

Analysts had projected $1.13 a share in earnings for the fiscal first quarter and $639 million in revenue, according to Thomson Reuters.

Acuity said sales volume grew 14% thanks to broad-based growth across the company’s categories. The growth was offset slightly by an unfavorable change in the mix of products sold and product prices, the company said, adding that foreign-exchange pressures had a negative impact to a smaller degree.

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SOURCE: http://www.marketwatch.com/story/acuity-brands-sales-profit-jump-on-led-demand-2015-01-09

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Micron profit soars on stronger sales, margins


Micron Technology Inc. said its earnings surged as the memory-chip maker benefited from stronger sales and margins, as well as lower costs, during its quarter ended Dec. 4.

Micron shares, however, fell 5.8% to $30.95 in recent after-hours trading as revenue missed analysts’ expectations, though it was in line with company estimates. Through Tuesday’s close, the shares have risen 59% in the past 12 months.

The company, based in Boise, Idaho, is widely known as the last U.S. maker of dynamic random access memory, or DRAM, which is a key component in personal computers. With the acquisition of Elpida Memory Inc. in 2013, Micron became the second-largest DRAM producer in the world after Samsung Electronics Co.

Micron also supplies NAND flash memory chips, which are used in smartphones, digital cameras and tablets to store photos.

Industry consolidation and an increasing array of products that use memory chips have benefited Micron’s businesses.

Chief Executive Mark Durcan said favorable market conditions contributed to a strong performance in the latest quarter, with record revenue and operating cash flows.

For the first quarter, Micron reported a profit of $1 billion, or 84 cents a share, up from $358 million, or 30 cents a share, a year earlier. The year earlier period included a litigation-settlement related charge of $233 million. Excluding debt-restructuring losses and other one-time items, earnings rose to 97 cents from 77 cents a share. Analysts polled by Thomson Reuters expected per-share profit of 92 cents.

Revenue increased 13% to $4.57 billion in line with the company’s estimate of $4.45 billion to $4.7 billion. Analysts had expected revenue growth of 14% to $4.61 billion.

Gross margin rose to 35.8% from 31.7%.

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SOURCE: http://www.marketwatch.com/story/micron-profit-soars-on-stronger-sales-margins-2015-01-06-164854551

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Paychex profit rise, top expectations


Paychex Inc. said higher revenue thanks to a new health-insurance product in its human-resources segment helped drive results in the second quarter, a sign the company’s strategy to diversify its service offerings is paying off.

The results beat Wall Street expectations.

The Rochester, N.Y., company, which provides payroll services to small companies, has sought to broaden its offerings. This includes a suite of payment-processing solutions, which it launched in January, and a cloud accounting system rolled out last year. Earlier this year, Paychex acquired cloud-based time-and-attendance-data provider Nettime Solutions LLC.

“We have experienced strong demand for our comprehensive suite of human resource outsourcing services, while payroll-services revenue continues to advance,” said Chief Executive Martin Mucci. In the most recent quarter, the company also introduced Paychex Flex, which streamlines workforce management.

For the period ended Nov. 30, Paychex reported a profit of $173 million, or 47 cents a share, up from $159 million, or 43 cents a share, a year earlier. Revenue grew 10% to $676 million.

Analysts polled by Thomson Reuters expected per-share profit of 46 cents and revenue of $674 million.

Payroll-service sales increased 3.9% to $411 million on growth in revenue per check and in client base.

Human-resources revenue grew 21% to $255 million. Results were helped by the new product offering, a minimum-premium health insurance, introduced in the second half of the previous year. This new product accounted for about 7% of human-resource revenue in the second quarter.

Human-resources revenue increases were also helped by more plans being sold in the retirement-services area, and higher average asset value of participant funds.

Paychex affirmed its fiscal year outlook.

Shares, which inched up slightly in premarket trading, are up about 5% this year through Thursday’s close.

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SOURCE: http://www.marketwatch.com/story/paychex-profit-rise-top-expectations-2014-12-19

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Carnival beats profit estimate, but sales miss


Carnival Corp. swung to a loss in its November quarter as improvements to ticket prices and onboard spending were wiped out by a heavy fuel derivative charge.

Still, Carnival gave an outlook for its newly started fiscal year that met Wall Street’s expectations, forecasting that benefits from falling fuel costs would be offset in part by unfavorable foreign exchange rates.

Carnival said it expects to post per-share earnings of $2.30 to $2.60 a share for the year. Analysts polled by Thomson Reuters had forecast $2.34 a share in earnings. For the current quarter, Carnival forecast per-share earnings of 7 cents to 11 cents. Analysts polled by Thomson Reuters had expected 10 cents a share.

The cruise ship company, which operates Carnival Cruise Lines as well as the Princess, Cunard and Holland America lines, among others, has benefited in recent quarters on broad-based booking strength and firmer pricing. Carnival said Friday that advance bookings for the first three quarters of 2015 are ahead of the prior year at slightly higher prices.

For the period ended Nov. 30, Carnival posted a loss of $102 million, or 13 cents a share, compared with a profit of $66 million, or 8 cents a share, a year earlier. Excluding a $277 million fuel derivative cost and other items, per-share earnings were 27 cents.

Carnival had expected to post per-share earnings of 15 cents to 19 cents.

Revenue climbed 1.6% to $3.72 billion, led by a 1.8% increase in passenger ticket revenue to $2.75 billion.

Analysts polled by Thomson Reuters had expected $3.81 billion in revenue.

Net revenue yields–a measure of revenue relative to capacity–improved 2.8%, excluding currency fluctuations, topping Carnival’s expectations for a 1.5% to 2.5% increase. Net cruise costs, excluding fuel, fell 1.7%, compared with forecasts for a decline of 1% to 2%.

Fuel prices fell 13% in the quarter, as consumption fell 4.8% from the prior-year period.

On Wednesday, the company named travel industry veteran Christine Duffy president of Carnival Cruise Lines, its largest cruise brand.

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SOURCE: http://www.marketwatch.com/story/carnival-beats-profit-estimate-but-sales-miss-2014-12-19

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Whirlpool cuts profit view for 2014


Whirlpool Corp. cut its financial forecast for the year and offered a weak forecast for 2015, citing integration costs related to recent acquisitions.

The world’s largest home-appliance manufacturer by sales said it now expects to close the year with a profit of $8 to $8.20 a share, down from $9.40 to $9.90 a share, largely due to the impact of new laundry products and costs associated to the integration of Italy’s Indesit Co. and Chinese home-appliances maker Hefei Rongshida Sanyo.

In 2015, Whirlpool said it expects to make $10.75 to $11.75 a share, including integration costs and a pension-settlement charge.

Analysts surveyed by Thomson Reuters projected a profit of $11.65 a share for 2014 and $14.50 for 2015.

The release comes ahead of Whirlpool’s Investor Day on Wednesday.

The Benton Harbor, Mich., company’s majority stakes in both companies mark its bold expansion in Europe and Asia. Whirlpool is expected to double sales in both markets.

On Monday, however, Whirlpool didn’t release a sales forecast.

Shares rose 1% to $185.88 in recent after-hours trading.

Through Monday’s closing, the company’s stock was up 17% for the year.

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SOURCE: http://www.marketwatch.com/story/whirlpool-cuts-profit-view-for-2014-2014-12-15

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Sage net profit rises as subscriptions increase


LONDON–Business software group Sage Group PLC (SGE.LN) reported Wednesday a rise in full-year net profit as an increase in subscriptions to its products boosted margins.

Sage, which competes with New Zealand’s Xero Ltd. (XRO.NZ) and U.S. firm Intuit Inc. (INTU) in areas such as accountancy and bookkeeping software, said full-year net profit rose to 186.8 million pounds ($292.8 million) from GBP46.4 million, while revenue fell sightly to GBP1.31 billion from GBP1.38 billion.

“The group remains confident of achieving the targets of 6% organic revenue growth and organic operating profit margin of 28% in 2015,” said Sage.

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SOURCE: http://www.marketwatch.com/story/sage-net-profit-rises-as-subscriptions-increase-2014-12-03

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Abercrombie cuts full-year profit outlook


Abercrombie & Fitch Co. slashed its outlook for the year ending in January as weakness across several parts of its business and general retail-industry malaise continue to weigh on the teen retailer.

Abercrombie said it expects to post per-share earnings for the year of $1.50 to $1.65, well below its previous guidance of $2.15 to $2.35 a share. Analysts polled by Thomson Reuters had already lowered their target to $1.74 a share.

After reporting a preliminary 12% drop in third-quarter sales last month, Chief Executive Mike Jeffries expressed his disappointment with the company’s performance in the quarter ended Nov. 1, citing tepid store traffic, particularly in Europe, and continued underperformance in its Hollister Co. brand.

He said Wednesday that sales improved somewhat in November and that trend held through the Black Friday weekend. However, he warned conditions will remain difficult through the balance of the fourth quarter.

Abercrombie forecast a mid-to-high single-digit percentage drop in comparable sales for the period.

Pricing at once-hot teen stores has been hurt by the rise of fast-fashion chains such as Hennes & Mauritz’s H&M and Forever 21, which sells jeans for less than $8. Abercrombie has had to discount aggressively to keep up, dragging down its margins.

In the latest quarter, Abercrombie’s gross profit rate fell 0.8 points to 62.2%, offset in part by cost reductions.

Meanwhile, clothing with logos, which was once core to Abercrombie’s success has fallen out of style with teens who now seek cheaper, unmarked gear that they can use to put together their own individual styles. In August, Abercrombie said it would stop putting logos on its clothes in North America by spring.

Abercrombie has also launched efforts to reduce expenses and adjust its product assortment to regain relevance with its customer base. It expects to close 60 stores in the U.S. this year.

Overall, Abercrombie reported a profit of $18.2 million, or 25 cents a share, compared with a loss of $15.6 million, or 20 cents a share, a year earlier. The company’s marketing, general and administrative expenses fell 17%, while its stores and distribution expense fell 14%.

Excluding charges related to store closures and restructuring efforts, among other items, earnings fell to 42 cents a share from 52 cents a year earlier. Abercrombie had projected 40 cents to 42 cents in per-share earnings in November.

Sales at existing locations, including direct-to-consumer sales, fell 10%, led by a 15% decrease in international sales. By brand, sales ticked down 6% for Abercrombie & Fitch, 10% for Abercrombie Kids and 12% for Hollister.

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SOURCE: http://www.marketwatch.com/story/abercrombie-cuts-full-year-profit-outlook-2014-12-03

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