Profit up, Genzyme boosts its forecast

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Genzyme Corp. said profit increased 4.1 percent on higher sales of medicines for kidney disease and rare genetic disorders. The drug maker raised its 2007 forecast.

Second-quarter net income rose to $139.9 million, or 51 cents a share, from $134.5 million, or 49 cents, a year earlier, the Cambridge company said. Excluding costs, Genzyme beat analysts' estimates by 7 cents.

Revenue jumped 18 percent to $933.4 million on the strength of therapies for inherited conditions such as Cerezyme for Gaucher disease and Myozyme, Genzyme's newest drug, for Pompe disease. Chief executive Henri A. Termeer has made acquisitions to broaden the company's range of products and forecast compound earnings growth of 20 percent over the next five years.

The company raised its 2007 earnings forecast to $3.35 to $3.40 a share, from $3.20 to $3.30. (Bloomberg)

Times Co. profit rises, revenue falls

The New York Times Co. said quarterly profit rose, helped by a one-time gain from the sale of its broadcast operations, but revenue fell because of weaker newspaper advertising sales.

Newspaper firms are suffering from a downturn in print advertising as more people spend their time on the Internet and economic factors like the weakened US housing sector crimp marketing budgets.

Times Co., home to the Times newspaper and The Boston Globe, said second-quarter net income rose to $118.4 million, or 82 cents a share, compared with $59.6 million, or 41 cents, a year ago.

Earnings from continuing operations before special items were 34 cents a share, down from 37 cents a year ago but ahead of the Wall Street forecast of 31 cents.

Revenue fell 3.7 percent to $788.9 million. Ad revenue at its news media group fell 6.9 percent and circulation revenue fell 0.5 percent. Operating profit fell 48.7 percent at the group.

Analysts saw a slowdown in the pace of Internet revenue growth at Times Co., to 23 percent from 34 percent a year ago.

The company is trying to cut costs as it deals with the advertising downturn, and expects to save $230 million in 2008 and 2009. About $130 million would come in 2008, it said. (Reuters)

Apple profit rises 73% on orders

Apple Inc. said third-quarter profit rose 73 percent on record orders for Macintosh notebook computers.

Net income rose to $818 million, or 92 cents a share, from $472 million, or 54 cents, a year earlier, Cupertino, Calif.-based Apple said. Sales rose 24 percent to $5.41 billion in the quarter.

Analysts expected Apple to report earnings of 72 cents per share on sales of $5.28 billion.

Apple sold 270,000 iPhones in the product's first two days, the last two days of the quarter, and said it expects to sell at least 730,000 this quarter. That's less than the 1 million estimated by Gene Munster, an analyst at Piper Jaffray Cos.

Profit this quarter will be 65 cents a share on sales of $5.7 billion, Apple said. Analysts forecast profit of 84 cents a share on $6.18 billion in sales. (Bloomberg)

Earnings, income are up at AMG

Affiliated Managers Group Inc. said second-quarter earnings rose 24 percent on gains by its hedge fund and international-equities units.

Net income advanced to $41.9 million, or $1.04 a share, from $33.9 million, or 86 cents, a year earlier, the Beverly company said. After reporting profit that beat analysts' estimates, Affiliated raised its earnings target for all of 2007, citing rising performance fees from managing hedge funds.

Revenue climbed 17 percent to $331.5 million.

Cash earnings, which exclude some expenses, were $1.52 a share, exceeding the $1.49 estimate of analysts.

On that basis, earnings for 2007 will probably rise to $6.75 to $7.30 a share, the firm said. The forecast assumes a 2 percent quarterly growth in stock markets, he said. Affiliated's previous target, set in April, was $6.65 to $7.15 a share. (Bloomberg)

Tax benefit boosts Parametric profit

Parametric Technology Corp. said its third-quarter profit grew more than fivefold, because of a large tax benefit.

Profit for the quarter was $87.2 million, or 74 cents per share, up from $16.9 million, or 15 cents per share, for the third quarter of 2006. Revenue for the quarter was $225.1 million, up from $216.7 million in the year-ago period.

During the quarter, the company recorded a $65.5 million tax benefit. Excluding certain expenses, the company earned $18.7 million, or 16 cents per share.

Analysts expected earnings of 21 cents per share on $224.8 million in revenue. (AP)

Use of Web video helps Akamai

Akamai Technologies Inc. said second-quarter profit almost doubled as customers upgraded websites to carry more video.

Profit rose to $21.6 million, or 12 cents a share, from $11.3 million, or 7 cents, a year earlier, Cambridge-based Akamai said. Excluding some items, profit of 30 cents met the average of 14 analyst estimates compiled by Bloomberg.

Sales jumped 52 percent to $152.7 million. (Bloomberg)

Expenses widen loss at IRobot

IRobot Corp.'s second-quarter loss widened to $4.78 million, or 20 cents a share, from $1.78 million, or 8 cents a share, a year earlier, hurt by increased selling and marketing expenses as well as the cost of product revenue.

The Burlington robotics company's revenue rose 36 percent to $47 million from $34.6 million. Analysts expected, on average, a loss of 20 cents a share on revenue of $41.5 million.

For 2007, the firm sees revenue of $233 million to $243 million. IRobot had forecast revenue of $225 million to $235 million.

Analysts are looking for $228.2 million in revenue. (Dow Jones)

Cabot profit falls on volatile costs

Cabot Corp.'s third-quarter earnings fell 20 percent to $20 million, or 30 cents a share, from $25 million, or 37 cents a share, a year earlier, hampered by volatility in carbon black feedstock costs, a slowdown in the electronics industry and weakness in the company inkjet after-market segment.

The most recent quarter included charges of 5 cents a share from certain items and discontinued operations.

The Boston chemical and specialty material holding firm said that revenue fell 2.6 percent to $649 million from $666 million a year earlier.

Analysts expected revenue of $679 million. (Dow Jones)