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Hovnanian Enterprises Inc (HOV)
Home builder Hovnanian Enterprises said it posted a fiscal fourth quarter loss of $250.8 million, or $3.21 a share, compared with a year-earlier loss of $450.5 million, or $5.79 a share. It was the company's 13th consecutive loss. The latest results included $146.4 million in land related-charges, down from $319.9 million a year earlier.
Revenue tumbled 39% to $437.4 million. It expects a tax refund between $275 million and $295 million sometime next year.
Dec 17 · 12:01:00 PM · Source: Company News
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by Larry Etter
Rite Aid Corporation (RAD)
Rite Aid said it posted a third quarter loss of $83.9 million, or 10 cents a share, compared with a prior-year loss of $243.1 million, or 30 cents a share. Revenue declined 1.8% to $6.35 billion primarily because of store closings and a drop in front-of-the-store sales.
The loss was smaller than analysts had expected.
Dec 17 · 11:41:00 AM · Source: Company News
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by Larry Etter
Crane Company (CR)
Crane Co. announced today it has sold General Technology Corporation, a subsidiary of Crane Co., to IEC Electronics Corp. for $14.2 million. GTC, also known as Crane Electronic Manufacturing Services, has revenue of approximately $25 million. Crane Co. expects to record a tax benefit of approximately $0.09 per share resulting from this divestiture. This benefit was not included in the Company’s earnings guidance issued on October 26, 2009, of GAAP EPS for the full year 2009 of $1.90-$2.05.
Dec 17 · 11:23:00 AM · Source: Company News
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by Larry Etter
Pier 1 Imports, Inc. (PIR)
Pier 1 said Thursday that its fiscal third quarter net income was $39 million, or 37 cents a share, compared with a year-earlier loss of $37 million, or 41 cents a share. Excluding items, the company's profit was 2 cents a share. Sales rose 8.7 percent to $327.1 million.
Sales at stores open at least a year rose 13.7 percent.
The profit was a surprise, as analysts had been expecting a loss of 5 cents.
Dec 17 · 11:08:00 AM · Source: Company News
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by Larry Etter
General Mills (GIS)
Cereal maker General Mills said its fiscal second quarter profit rose to $565.5 million, or $1.66 a share, from $378.2 million, or $1.09 a share, a year earlier. Excluding a gain from commodity hedges, earnings were $1.54 a share. Sales rose 1.7 percent to $4.08 billion as a 4 percent increase in the U.S. retail segment, the company's largest business, helped offset a 16 percent decline in the bakeries and food service unit.
Earnings were above analyst expectations.
Dec 17 · 11:04:00 AM · Source: Company News
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by Larry Etter
Discover Financial Services (DFS)
Discover Financial Services said Thursday that earnings from continuing operations for the fiscal fourth quarter ended Nov. 30 were $371 million, or 63 cents, compared with $444 million, or 92 cents, a year earlier. The company said its net yield on credit cards fell to 9.37 percent from 9.9 percent in the previous quarter as Discover implemented changes mandated by the Credit Card Accountability Responsibility and Disclosure Act.
Dec 17 · 10:59:00 AM · Source: Company News Release
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by Larry Etter
FedEx (FDX)
Federal Express said Thursday that its fiscal second quarter net profits totalled $345 million, or $1.10 a share, down from $493 million, or $1.58 a share, earned in the year-ago second quarter. Quarterly revenue fell 10% to $8.6 billion.
Fedex did say it expects stronger demand in the second half of the fiscal year.
Dec 17 · 10:54:00 AM · Source: Company News Release
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by Larry Etter
Unemployment
Initial jobless claims rose by 7,000 to 480,000 in the week ended Dec. 12, from a revised 473,000 the prior week, the U.S. Labor Department said Thursday. The number of people receiving unemployment insurance was little changed in the prior week, while those getting extended payments increased.
The 473,000 number was more than anticipated, a reminder that the labor market will take time to strengthen.
Dec 17 · 10:49:00 AM · Source: U.S. Labor Dept.
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by Larry Etter
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