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Archive for the 'Earnings forecast' Category

Jarden expects 2Q earnings to meet or beat analyst estimates

July
20

Shares of Jarden Corp. rallied yesterday after the Rye-based consumer products company said that it expects to meet or exceed analyst estimates for earnings during the second quarter.

Jarden, which markets Coleman camping equipment, Mr. Coffee brewers and Bicycle playing cards, also expects the quarterly revenues to be in line with or slightly exceed analyst estimates, according to a company regulatory filing.

Jarden is expected to release a full earnings report on Wednesday. Jarden’s stock rose 44 cents to $21.44 today.

Posted by Jay Loomis on Monday, July 20th, 2009 at 3:48 pm |
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Revenues expected to fall at Hudson Technologies

July
16

Cooler weather in the Northeast this summer has hurt sales at Hudson Technologies Inc., a Pearl River-based company that sells products for the air conditioning and refrigeration markets.

The company today released preliminary results for the second quarter that estimated revenues of $8.3 million, down from $13.1 million a year earlier. The company added that it expects to report earnings per share in the range of flat to 1 cent.

“Looking back on the first and second quarter, we see that the combination of an ailing economy and prolonged unseasonably cool weather in the North, particularly in the Northeast, have dramatically impacted our industry,” Kevin J. Zugibe, chairman and chief executive officer, said in a written statement.

Posted by Jay Loomis on Thursday, July 16th, 2009 at 10:57 am |
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Pepsi Bottling raises earnings outlook

June
2

Pepsi Bottling Group Inc., the world’s largest distributor of Pepsi beverage products, said that improved soft drink sales in the United States are one reason why the company is raising its earnings outlook.

The Somers-based company said that it expects to report earnings per share of 70 cents to 74 cents in the second quarter, up 5 cents from earlier estimates. For 2009, the company anticipates earnings per share of $2.30 to $2.40, up 10 cents from a previous forecast. The company also raised its full-year operating free cash flow guidance by $25 million to $525 million.

Pepsi Bottling also cited lower volatility in foreign currencies and decreases in commodity costs for its improved outlook.

“Improving fundamentals in our U.S. and Canada business, coupled with the success of our global pricing strategy, are producing solid results,” Chief Executive Officer Eric Foss said in a written statement. “We’re also delivering significant cost and productivity savings and superior execution at the point of sale.”

Posted by Jay Loomis on Tuesday, June 2nd, 2009 at 12:35 pm |
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ITT reaffirms earnings outlook

May
18

ITT Corp., a White Plains-based defense contractor and diversified manufacturer, reaffirmed its outlook for profits and revenues in 2009. ITT said that it stands by projections that call for earnings from continuing operations of $3.20 to $3.60 per share, excluding the impact of tax and other special items. The company also reaffirmed its full-year revenue guidance of $10.6 billion to $11.0 billion.

Posted by Jay Loomis on Monday, May 18th, 2009 at 12:15 pm |
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Dress Barn cites improved outlook at stores

April
13

Dress Barn Inc., the Montebello-based retailer, said that conditions are improving at its stores early this year as shoppers respond to its merchandise selection.

Dress Barn, which operates more than 1,500 dressbarn and maurices stores across the country, said that it expects to report earnings per share of 30 cents to 32 cents for its fiscal third quarter ending April 25, 2009. The company added that it expects flat sales at stores open for at least a year.

For Dress Barn, that would be an improvement from the holiday shopping season that was a disappointment for a retail industry facing one of the steepest economic downturns since the Great Depression.

Chief Executive Officer David R. Jaffe said Dress Barn is benefiting from efforts to clear inventory and cut costs.

“Our planning continues to assume a challenging market environment, and we will remain vigilant on further improving our business,” Jaffe said in a written statement.

Posted by Jay Loomis on Monday, April 13th, 2009 at 3:37 pm |
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IBM reaffirms 2009 earnings outlook

February
26

IBM Corp., the Armonk-based computer services giant whose business has held up better in the recession than many companies, cheered investors today by reaffirming its earnings guidance for 2009.

IBM projected that it expects earnings per share to total at least $9.20 in 2009 — with a relatively flat performance in the first quarter, according to a filing with the U.S. Securities and Exchange Commission.

The forecast matches the guidance that the company gave in January.

“Regarding the services business, quarter-to-date the company has had year-to-year growth in signings, with strong double-digit growth in long term signings,” the SEC filing read. “Recognizing that it is still early in the quarter, the company expects double-digit growth in long term signings, and growth in total signings in first quarter 2009.”

IBM, which had a cash balance of nearly $13 billion at the end of last year, said that it is is repurchasing its shares in the open market.

In another development, IBM said it has signed a contract extension to provide information technology services to Primagaz, an energy company in France. Under the five-year extension, Armonk-based IBM will manage data processing systems for Primagaz. Financial terms of the contract were not disclosed.

Shares of IBM rose $2.96 to $88.86 in trading today on the New York Stock Exchange.

Posted by Jay Loomis on Thursday, February 26th, 2009 at 3:03 pm |
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Bunge stock falls on weaker outlook

January
14

Shares of Bunge Ltd. dropped 12 percent today after the White Plains-based agribusiness giant lowered its 2008 profit estimates in response to weaker demand for farm products in a slowing world economy.

Bunge is heavily exposed to the ups and downs of the agricultural economy through operations that include supplying fertilizer to farmers in South America, processing soybeans and grains worldwide and producing food products for consumers.

Bunge and other agricultural companies are feeling the effects with the United States suffering through one of the worst recessions since the Great Depression, and international economies also hurting.

“In the fourth quarter, demand fell more than we anticipated,” Chief Financial Officer Jacqualyn Fouse said in a written statement.

Bunge shares fell $5.90 to $42.27 in early afternoon trading on the New York Stock Exchange.
One of Bunge’s most challenging markets was Brazil, which accounts for about 20 percent of the company’s sales. Bunge said that tight credit conditions hurt sales to farmers and slowed fertilizer sales in the Brazilian market.

The company added that its fertilizer business was also affected by foreign exchange losses of about $225 million related to the Brazilian real losing about 18 percent of its value compared to the U.S. dollar during the fourth quarter.

Bunge estimated that 2008 earnings will be $1.06 billion, or $7.70 per share. That is less than Bunge’s previous estimates of $11.60 to $11.90 a share. Bunge also said that it expects to record an after tax charge of $160 million related to potential delinquent bill payments from clients.

Fouse said she is hopeful of a turnaround.

“Periods of soft demand are typically short lived in our industry, and we expect to see fundamentals improve during 2009,” Fouse said.

Fouse added that a recent uptick in commodity prices “has improved farm economics. This is encouraging farmers to sell their crops and should stimulate purchases of crop nutrients during the year.”

Bunge is scheduled to release a full earnings report for the fourth quarter on Feb. 5.

Posted by Jay Loomis on Wednesday, January 14th, 2009 at 1:37 pm |
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Universal American issues earnings guidance

January
13

Universal American Corp., a Rye Brook-based health insurer and managed care company, said that it expects to report earnings per share of $1.47 and $1.57 in 2009. That compares to anayst estimates of $1.53 a share. The company discussed the guidance during the J.P. Morgan 27th Annual Healthcare Conference today in San Francisco.

Posted by Jay Loomis on Tuesday, January 13th, 2009 at 5:40 pm |
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Prestige stock plunges on earnings shortfall

January
13

Shares of Prestige Brands Holdings Inc. dropped nearly 18 percent today after the Irvington-based consumer products company battled a slowing economy and disappointed investors with earnings and sales projections that were below expectations.

Prestige, whose products include Comet cleanser, Murine eye drops and Prell shampoo, said that it expected earnings per share for its fiscal third quarter will be 1 cent to 2 cents below the previous year’s quarter when it reported net income of 17 cents a share.

Prestige blamed the shortfall on flat revenues and increased advertising costs for its key brands. Prestige and other consumer products companies are facing face headwinds from a slowing economy in which budget-strapped shoppers are spending less.

“In today’s challenging economic climate, we are generally satisfied that our total revenues are expected to be even with last year,” Mark Pettie, chairman and chief executive officer, said in a written statement. “Importantly, most of our focus brands performed better than their respective categories during the quarter, resulting in market share gains for those franchises.”

The company is scheduled to release its full results before the market opens on Feb. 5.

Prestige’s shares fell $1.47 to $6.91 in late afternoon trading on the New York Stock Exchange.

Posted by Jay Loomis on Tuesday, January 13th, 2009 at 4:12 pm |
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Jarden boosts revenue outlook

January
7

Jarden Corp., the consumer products company based in Rye, predicted today that its fourth-quarter revenues will be slightly higher than the $1.3 billion estimate provided earlier.

Revenue for all of 2008 is expected to be about $5.35 billion, the company said this morning.
The company also said it finished the year with more than $360 million in cash on its balance sheet. That means the company believes its leverage ratio for bank purposes as of Dec. 31, 2008, will be about 3.7 times.

The company expects to report its fourth-quarter earnings on Feb. 12.

Jarden’s products and brands include Crock-Pot, FoodSaver, Mr. Coffee and Bicycle playing cards.

Posted by Allan Drury on Wednesday, January 7th, 2009 at 5:13 pm |
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ITT stock pops on dividend news

December
16

ITT Corp. of Harrison said that it expects 2009 profits of $3.60 to $4 a share, below this year’s profit range, and said that next year’s revenue would fall from 2 to 6 percent. The stock jumped 8.88 percent on news that executives would recommend a higher dividend.
ITT said that management would recommend an 85-cent a share dividend to the board for fiscal 2009, up 22 percent from this year’s dividend. It reaffirmed its earlier 2008 earnings estimate of $3.97 to $4.03 a share, up 22 percent from 2007.
ITT shares closed yesterday at $46.11, up $3.76. It’s down 30.8 percent for the year.
The company’s 2009 profit estimate included expected restructuring costs, and the revenue estimate included the expected negative impact of foreign currency exchange. Organic revenue, or sales that are generated internally as opposed to generation through acquisitions, would range from a decline of 2 percent to an increase of 1 percent, ITT said.
The board of directors approved the extension of ITT’s $1 billion share repurchase program indefinitely. The program was due to expire in November 2009. ITT has repurchased $431 million in stock since the program was announced two years ago.

Posted by Jerry Gleeson on Tuesday, December 16th, 2008 at 5:24 pm |
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Navigators to report losses from hurricanes

October
15

The Navigators Group Inc., a New York-based insurance holding company with offices in Rye Brook, said that losses from two severe hurricanes will hurt its results for the third quarter.

Navigators said that it expects after-tax losses from Hurricanes Gustav and Ike will be about $18 million, or $1.08 per share. The hurricanes caused widespread damage along the Gulf Coast this summer.

The company also announced that its third quarter net realized capital losses will include impairments of about $4.7 million for declines in the market value of investment securities. The after-tax loss from such impairments will be about $3.1 million, or 18 cents a share, according to the company.

Posted by Jay Loomis on Wednesday, October 15th, 2008 at 5:06 pm |
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Macy’s cuts profit outlook

October
10

Slower consumer spending also is hurting Macy’s Inc., the department store operator with a major presence in the Lower Hudson Valley. Macy’s lowered its 2008 earnings forecast to $1.30 and $1.50 per share, down from earlier expectations of $1.70 and $1.85 per share. Macy’s added that sales at stores open for at least a year have dropped 3.2 percent in 2008.

Posted by Jay Loomis on Friday, October 10th, 2008 at 1:48 pm |
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Atlas Air lowers 2008 guidance

October
10

Atlas Air Worldwide Holdings Inc., the Purchase company that transports cargo in Boeing 747s, has lowered its earnings expectations. The company said it expects pre-tax earnings from operations for the year to be more than $65 million. The company previously said it expected about $85 million.

The estimate does not include a pre-tax gain of $153.3 million the company expects to recognize in the fourth quarter once a long-term contract with DHL Express begins.

Posted by Allan Drury on Friday, October 10th, 2008 at 8:54 am |
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Pepsi Bottling confirms ’08 guidance

September
4

The Pepsi Bottling Group Inc., the Somers company that bottles Pepsi products, today confirmed it expects to earn $2.30 to $2.38 a share this year.

The company said it expects revenues to grow in the mid-single digits. Operating profit growth will be in the low-single digits and operating free cash flow will be about $620 million, according to the company’s projections.

Pepsi Bottling also said that it will earn $1.02 to $1.06 a share in the third quarter. That would be 4 to 7 percent more than last year.

Revenues will rise 3 percent, the company said.

Posted by Allan Drury on Thursday, September 4th, 2008 at 8:27 am |
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Profits slip at Hudson Valley Bank parent

August
6

Hudson Valley Holding Corp. of Yonkers, the parent company of Hudson Valley Bank, said it had lower profits for the first half of fiscal 2008, year over year.
The company had net income of $16.3 million, or $1.59 a share, compared to net income of $16.7 million, of $1.64 a share, in the first half of 2007. Chief Executive Officer James J. Landy said net loans increased $205.3 million, or 15.9 percent in the period, leading the company to increase its loan loss reserve.
As of June 30, assets were $2.3 billion, deposits were $1.7 billion and net loans were $1.5 billion.

Posted by Jerry Gleeson on Wednesday, August 6th, 2008 at 4:26 pm |
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PepsiCo reaffirms 2008 earnings forecasts

June
16

PepsiCo Inc. reiterated today that it expects per-share earnings of $3.72 this year, despite flooding at its Quaker manufacturing plant in Cedar Rapids, Iowa.

The Quaker plant closed Wednesday as the region prepared for record flooding caused by the swollen Cedar River, which crested at 31.1 feet on Friday.

With flood waters having receded, engineers and safety resources have toured the plant and assessment is ongoing, PepsiCo said in a written statement.

The Purchase-based company said it “expects disruptions to normal service over the next few weeks,” which may result in incomplete orders for food and snack items to retailers.

Some production has been redirected to other Quaker plants, PepsiCo said.

The company has insurance covering both the facility and business interruption, it said.

Flooding in many areas of the Midwest has also impacted grain plantings, which could impact the company’s business.

A spokeswoman said, however, that PepsiCo’s “corn costs are secured for the future.”

Posted by David Schepp on Monday, June 16th, 2008 at 5:06 pm |
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PepsiCo still expects to make $3.72 a share

June
10

PepsiCo Inc., the soda and snack food company in Purchase, said this morning its chief financial officer, Richard Goodman, will tell investors at a conference in London next week that the company continues to expect fiscal 2008 earnings of $3.72 a share.

Posted by Allan Drury on Tuesday, June 10th, 2008 at 9:17 am |
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ITT Corp. reiterates earnings forecast for year

May
13

At its annual meeting of shareholders in Tarrytown today, ITT Corp. reiterated it expects to earn $4 to $4.10 a share in 2008 on revenues of about $11.5 billion.

In other business, shareholders re-elected nine of 10 board members on its board of directors, the Harrison-based defense contractor said.

Raymond LeBoeuf, an ITT director since 2000, is retiring from the board and didn’t stand for re-election.

Shareholders also approved Deloitte & Touche LLP as the company’s independent auditor, ITT said.

In afternoon trading, shares of the company were down a fraction to $66.43 a share.

Posted by David Schepp on Tuesday, May 13th, 2008 at 12:44 pm |
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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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