MetLife, Inc. (MET: chart) reported after the bell Wednesday quarterly earnings that handily surpassed analysts’ expectations, driven by increases in premiums and fees, and strong interest spreads. The New York-based insurer said that its fiscal 2004 second-quarter net profit surged 45% to a record $842 million, or $1.11 per share, compared with a net profit of $580 million, or 79 cents per share, for the corresponding period a year ago. Excluding unusual items, MetLife reported an operating profit of $668 million, or 88 cents per share, against $620 million, or 84 cents per share, last year. Wall Street’s consensus forecast was for second-quarter earnings before items of 77 cents per share. For the quarter ended June 30, revenue edged up 9% to $9.69 billion from $8.86 billion, a year earlier. Total premiums and fees in the quarter were up 7% to $6.1 billion. The company completed the sale of Sears Tower in the quarter, which resulted in an after-tax gain of $85 million. For the first half of 2004, net income advanced to $1.37 billion, or $1.80 per share, from $942 million, or $1.29 per share, in 2003.

MetLife shares closed Wednesday at $34.30, up 8 cents, or 0.23%.

JDS Uniphase Corporation (JDSU: chart) said Wednesday that it narrowed its quarterly loss, aided by higher revenue. The San Jose, California-based maker of fiber-optic components reported a net loss of $24.3 million, or 2 cents a share, for its fiscal fourth quarter, in contrast to a net loss of $61.6 million, or 4 cents a share, in the 2003 equivalent. Excluding items, loss was $14.5 million, or 1 cent a share, for the quarter ended June 30, in line with analysts’ estimates. Quarterly revenue climbed 8.7% to $174.5 million from $160.6 million in 2003, boosted by strong bookings.

The stock inched down 3 cents to $3.00 at market close Wednesday. JDS shares surged 7.33% to $3.22 in after-hours trading.

Comcast Corporation (CMCSA: chart) of Philadelphia, Pennsylvania, announced Wednesday that it swung to a net profit of $262 million, or 12 cents per share, in its fiscal second quarter, from a prior-year net loss of $22 million, or a penny per share. The earnings of the U.S. leading cable operator topped analysts’ projections by 2 cents a share. Revenue in the quarter climbed 10.3% to $5.07 billion. The company said growth in high-speed Internet customers helped boost its earnings.

Comcast shares dipped 4.11% on Wednesday to $27.56. The stock gained 29 cents to $27.85 in after-market trade.

Time Warner Inc. (TWX: chart) posted Wednesday second-quarter net income of $777 million, or 17 cents a share, down 27% from net income of $1.06 billion, or 23 cents a share, a year ago, when results were fuelled by one-time gains. Excluding items, the New York-based world’s No.1 media company said it earned 19 cents per share in the quarter, up from 11 cents per share, in 2003, and 4 cents ahead of the average analysts’ view. Quarterly revenues improved 10% to $10.89 billion due to higher television networks revenue and its latest 'Harry Potter' movie.

The stock slipped 1.54% to close Wednesday at $16.65. Company shares inched up 3 cents to $16.68 in the extended session.

Electronic Data Systems Corporation (EDS: chart) of Plano, Texas, on Wednesday turned in quarterly net profits that tripled from a year earlier, after the world's No.2 computer services company sold a software unit and terminated a money-losing contract. EDS reported second-quarter net earnings of $270 million, or 54 cents a share, compared with $88 million, or 18 cents a share, generated in the same quarter a year ago. Excluding items, the company posted a loss of 3 cents a share for its second quarter, matching Wall Street’s forecasts.

EDS shares dropped 3 cents to $17.27 at market close Wednesday. The stock soared 5.96% to $18.30 in after-hours trading.

Biogen Idec Inc. (BIIB: chart), which was created from the merger of Biogen and Idec Pharmaceuticals in November, said Wednesday that it earned $827,000, or nil per share, in its fiscal second quarter, helped by strong demand for its multiple sclerosis drug Avonex. The results are incomparable with prior-year figures, as the two companies were still operating separately. Excluding items, the Cambridge, Massachusetts-based drug maker posted a profit of 34 cents a share, against the mean analysts’ estimate of 32 cents a share. Revenue in the quarter was $539 million. The combined revenue of Biogen and Idec a year ago was $447 million.

The stock closed Wednesday up $1.94, or 3.43%, at $58.45.

Allergan, Inc. (AGN: chart) of Irvine, California, reported Wednesday a quarterly profit, rebounding from a loss a year earlier, when one-time items weighed on results. The maker of health-care products rolled out net income of $91.8 million, or 69 cents a share, for its second quarter, compared to a year-ago net loss of $107.9 million, or 83 cents a share. Excluding items, earnings came to 64 cents a share, beating the mean analysts’ estimate by 2 cents a share.

Allergan shares rose 1.32% to close Wednesday at $72.95.

Boosted by rising prices, Amerada Hess Corporation (AHC: chart) announced Wednesday second-quarter net income of $288 million, or $2.84 a share, a 14% increase from net income of $252 million, or $2.83 a share, in the same period of 2003. The New York-based oil and gas company recorded sales of $3.8 billion in the quarter, up 19% from $3.2 billion, a year ago.

The stock gained 66 cents on Wednesday to $82.57.