Viacom's profit beats the forecasts

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Viacom Inc.'s second-quarter profit exceeded analysts' estimates as the owner of MTV and Paramount Pictures increased cable sales and "Blades of Glory" bolstered box-office returns.

Net income fell to $434 million from $437.3 million a year earlier, New York-based Viacom said. Per-share earnings rose to 63 cents, from 61 cents, because of fewer shares outstanding. Profit totaled 54 cents, excluding a gain from selling an MTV Russia stake and an investment write-off, topping the 50-cent forecast of analysts.

Sales at the MTV and Nickelodeon cable networks gained 10 percent. Paramount increased sales by 20 percent. The studio, helped by the purchase of DreamWorks SKG, set a box-office record by reaching $1 billion in domestic sales sooner than any competitor. (Bloomberg)

Alkermes shifts back into black ink

The biotechnology company Alkermes Inc. said it swung to a first-quarter profit as a nearly 34 percent jump in revenue easily outpaced an uptick in expenses.

The Cambridge company reported net income of $8.7 million, or 8 cents per share, compared with a loss of $715,000, or a penny per share, in the year-earlier period.

Revenue rose to $68.9 million from $51.5 million.

Analysts expected a profit of 4 cents per share on revenue of $62.3 million.

Total expenses rose 12.6 percent to $58.2 million, from $51.7 million. (AP)

Earnings surge at CVS-Caremark

CVS Caremark Corp. reported second-quarter profit and sales that rose more than analysts estimated on contributions from pharmacy-benefits manager Caremark RX Inc., which CVS bought for $27 billion in March.

Net income more than doubled to $723.6 million, or 47 cents a share, from $337.9 million, or 40 cents, a year earlier. Sales increased 96 percent to $20.7 billion.

Woonsocket, R.I.-based CVS said third-quarter per-share earnings will jump as much as 33 percent, and repeated its annual profit outlook. CVS, the second-biggest US drugstore chain, bought Caremark to add mail-order pharmacies to its network of stores. The second quarter was the first to include a full three months of Caremark results.

Analysts estimated profit of 46 cents a share, the average of 14 projections compiled by Bloomberg. (Bloomberg)

Profit, revenue rise at Haemonetics

Haemonetics Corp., a Braintree maker of blood-processing devices, said its profit and revenue rose in the first quarter, ended June 30, on sales gains across nearly all of its product lines.

Net income rose 14 percent to $12.7 million, or 46 cents per share, from $11.2 million, or 40 cents per share, a year earlier.

Revenue rose 10 percent to $121.9 million, from $110.7 million. (Dow Jones)

Dispute's costs lead to a loss

American Tower Corp., the second-largest wireless-tower company in the United States, posted a loss in the second quarter after costs to settle a bankruptcy dispute. Sales topped analysts' estimates as the company collected more rental fees.

The net loss was $20 million, or 5 cents a share, after net income of $7.66 million, or 2 cents, a year earlier, the Boston company said. Sales rose 10 percent to $358.4 million, beating the $354.8 million average of estimates compiled by Bloomberg.

American Tower had a $32 million loss on discontinued operations after recording an estimated liability to settle disputes over the 2003 Verestar Inc. bankruptcy. Excluding that, profit rose 57 percent to $12 million, or 3 cents a share.

Analysts expected a profit of 5 cents a share. The company said in May it plans to make as much as $1.42 billion this year from tower rentals, which account for about 98 percent of sales. (Bloomberg)

Loss widens at ArQule

ArQule Inc.'s second-quarter loss widened to $13.4 million, or 36 cents a share, from a loss of $7.57 million, or 21 cents, in the year-earlier period.

The Woburn-based biotechnology company said the increased losses relate to higher research and development costs incurred in connection with clinical trials.

ArQule's second-quarter revenue rose 35 percent to $2.24 million, from $1.65 million last year.

Analysts expected a second-quarter loss of 41 cents a share on revenue of $2.46 million.

For the fiscal year, ArQule expects revenue of $9 million to $9.5 million and a loss of $60 million to $65 million, or $1.50 to $1.62 a share.

Wall Street is looking for a fiscal-year loss of $1.70 a share on revenue of $9.16 million. (Dow Jones)

Timberland's red ink grows

Timberland Co. posted a wider quarterly loss, in line with expectations, as the shoe and clothing company was hurt by restructuring costs, greater markdowns, and declining sales of its children's products and signature work boots.

Timberland posted a second-quarter net loss of $19.2 million, or 31 cents a share, compared with a loss of $16.6 million, or 26 cents, a year earlier.

Excluding restructuring costs, the loss was 30 cents per share, in line with analysts' average forecast.

The Stratham, N.H., company said gross profit was pressured by increased markdowns and higher product costs.

Second-quarter revenue fell 1 percent, to $224.1 million, despite a boost from foreign currency exchange rates.

The company cited falling sales of apparel, boots, and children's products. (Reuters)