Aircraft unit sale boosts Raytheon
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Raytheon Co. of Waltham reported a sharply higher second-quarter profit on the sale of its aircraft unit as well as streamlined operations, and became the fourth defense contractor this week to raise its earnings expectations for the full year.
Raytheon's profit and revenue beat Wall Street expectations even without the company's $986 million gain from the sale of the former Raytheon Aircraft Co.
The world's fifth-largest defense contractor earned nearly $1.34 billion, or $2.97 per share, for the April-June period. The profit was more than four times the size of Raytheon's net income of $310 million, or 69 cents per share, in last year's second quarter.
Not counting one-time items such as the aircraft unit sale completed in March, Raytheon reported net income of $356 million, or 79 cents per share -- a 29 percent increase from Raytheon's continuing operations profit of $276 million, or 61 cents per share, in the year-ago quarter.
Raytheon's revenue rose 9 percent to $5.42 billion in the latest quarter, up from $4.97 billion a year ago.
Analysts forecast a profit of 68 cents per share in the latest quarter on revenue of $5.3 billion, on average, excluding one-time items. (AP)
Millennium's loss matches prior year
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Biotechnology company Millennium Pharmaceuticals Inc. said its second-quarter loss remained flat as the company maintained spending on research and development programs.
The Cambridge company lost $17.7 million, or 6 cents per share, matching the loss during the same period a year prior. Revenue fell 6 percent to $113.3 million from $120.1 million on a drop in revenue from collaborations.
Millennium included a $5.8 million restructuring charge in its results. Analysts expected a profit of 1 cent per share, excluding stock-based compensation and restructuring charges, on revenue of $113.4 million. (AP)
Thermo Fisher beats estimates
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Thermo Fisher Scientific Inc. reported a sharply higher second-quarter profit that beat Wall Street expectations, and the maker of scientific instruments and laboratory supplies raised its financial expectations for the full year.
The company, which more than doubled in size after the former Thermo Electron acquired Fisher Scientific last November, reported net income for the April-June period of $163.9 million, or 37 cents per share.
The profit was more than triple last year's second-quarter net income of $47.9 million, or 29 cents per share, when Thermo Electron was a standalone company.
Revenue also more than tripled from a year ago, from $713.5 million to $2.39 billion.
Had the two companies been combined in the second quarters of both years, comparable revenue growth was 9 percent.
Excluding one-time gains and expenses, Thermo Fisher's profit in the latest quarter was 65 cents per share, compared with 42 cents per share a year ago, had the companies been combined then. The latest quarter's result beat the forecast of analysts, who expected a profit of 60 cents per share. (AP)
Ford surprises with 1st profit in 2 years
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Ford Motor Co., the second-biggest US automaker, surprised investors with its first quarterly profit in two years, helped by the sale of Aston Martin and reduced spending on pensions and warranties.
Ford earned $750 million, or 31 cents a share, compared with a loss of $317 million, or 17 cents, a year earlier. When the gain for Aston Martin and costs for job cuts are excluded, the profit was $258 million, or 13 cents, versus the average estimate of a 37-cent loss by analysts.
Sales for the quarter rose 5.5 percent to $44.2 billion. Ford achieved $600 million in cost savings during the quarter and $1.1 billion for the first half of the year. Included in the first-half figure were a $700 million reduction in warranty costs and an $800 million drop in pension-related costs. (Bloomberg)
Exxon Mobil ebbs but still ranks high
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Don't let Exxon Mobil Corp.'s 1 percent drop in second-quarter profit fool you. It was still the fourth-best quarterly result for an American company -- ever. And analysts say the company's massive global footprint points to more big quarters.
The world's largest publicly traded oil company said lower natural gas prices and a drop in production hurt results for the April-June period, contributing to a rare miss of Wall Street expectations.
But Exxon Mobil's net income of $10.26 billion was still eye popping and off only slightly from the $10.36 billion it earned in the second quarter of 2006 -- the third-best US quarterly result. It already holds the record for the number one quarterly and annual profits.
On a per-share basis, Irving, Texas-based Exxon Mobil reported earnings of $1.83 a share in the most-recent quarter, up from $1.72 from a year ago, reflecting about 7 percent fewer shares on the market from a year ago because of an ongoing stock buyback program.
Revenue dipped to $98.35 billion from $99.03 billion a year ago.
The earnings fell short of the forecast of $1.96 a share by analysts, but revenue topped the prediction of $97.6 billion. (AP)
Amgen's revenue growth slows
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Biotech giant Amgen Inc. reported slow revenue growth but managed to beat Wall Street estimates for the second quarter after taking nearly $300 million in one-time charges.
Amgen reported net income of $1.02 billion, or 90 cents per share, for the quarter ended June 30, compared with $14 million, or 1 cent a share, in the same period last year.
Revenue grew slightly to $3.73 billion from $3.60 billion in the year-ago period.
The Thousand Oaks, Calif., company said that on an adjusted basis, excluding the cost of expensing stock options and other charges, its net profit was $1.27 billion, or $1.12 per share, compared with $1.24 billion, or $1.05 per share, in the same period last year.
Analysts had expected net profit of $1.06 per share on revenues of $3.7 billion. Analysts consider Amgen's adjusted earnings excluding stock options expense in their estimates. (AP)
PerkinElmer profit higher in period
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Health and industrial sciences company PerkinElmer Inc. said its second-quarter profit rose 38 percent on higher sales of its health sciences products.
The Waltham company earned $33.7 million, or 28 cents per share, compared with profit of $24.5 million, or 19 cents per share, during the same period a year prior. Excluding stock options costs and other expenses, adjusted earnings per share totaled 30 cents.
Revenue rose 16 percent to $437.3 million from $377 million.
Analysts expected profit of 28 cents per share on revenue of $414 million. (AP)
Commerce Group's net income drops
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Commerce Group Inc.'s second-quarter net income dropped 29 percent to $41.5 million, or 63 cents a share, from a year-earlier profit of $58.6 million, or 86 cent a share.
The recent period included net realized investment losses of $6.5 million, or 6 cents a share, compared with no investment gains or losses a year earlier.
The Webster property and casualty company's total revenue grew 11 percent to $500.8 million from $451 million a year earlier. (Dow Jones)
Varian moves lower in 3d quarter
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Varian Semiconductor Equipment Associates Inc.'s fiscal third-quarter net income fell to $23.4 million, or 29 cents a share, from $24.7 million, or 29 cents a share, a year earlier.
Results for the period ended June 29 include a provision for income taxes of $58.8 million from its realignment of its legal entity structure.
Revenue for the Gloucester maker of ion implantation systems jumped 55 percent to $288.8 million from $186.2 million in the year-ago period.
Analysts expected per-share earnings of 67 cents on revenue of $285 million. Analyst estimates typically exclude unusual items. (Dow Jones) 