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Earnings Analysis: 
Teleflex Lowers Quarterly And Yearly Guidance
Author: Ivaylo Dagnev
123jump.com
Last Update: 9:37 AM EDT June 14 2006



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Teleflex Inc, manufacturer for automotive, medical, and other markets, cut down its estimate for the year''s earnings due to a slower-than-expected recovery in its Medical Segment performance and non-recurring charges. Teleflex now guides Q2 earnings from continuing operations to fall substantially from those of the year-agp period and to advance modestly from Q1.

 
Teleflex Inc, (TFX: chart), reduced its expected range for earnings for the year from continuing operations to $3.65 to $3.80 from a previous estimate of $3.91 to $4.12. The company added it would consolidate more operations in several businesses and expects the restructuring to cost $12 million to $15 million in 2006. It will also take a charge of $3.8 million on the carrying value of a minority-held investment. Q2 will also reflect $2 million of legal and accounting costs tied to a proposed acquisition with which the company determined not to proceed.

National City Corp, (NCC: chart), banking and financial-services company, reported that based on April and May results, its Q2 net interest margin and net interest income will be slightly below those of Q1. In a Securities and Exchange Commission Form 8-K, NCC announced that commercial and commercial real estate loans have grown. The bank added that core deposits, excluding escrow balances, continue to show steady growth. The bank saw no unusual trends in fee income or non-interest expense in April and May. Commercial- and consumer-credit-quality trends were stable.

SkyWest Inc, (SKYW: chart), airline, announced that its May load factor was 76.9%, 6.2 points higher. The company reported a 117.6% rise in revenue passenger miles for May, when available seat miles more than doubled from the same period last year.

Progressive Corp, (PGR: chart), insurance provider, reported net income of $125.8 million, or 16 cents a share, for the month of May, slightly below a profit of $126.1 million, or 16 cents a share a year-ago. The company added its net premiums written advanced 3% for the month to $1.1 billion from $1.07 billion a year ago. Net premiums earned also rose 3% to $1.1 billion from $1.06 billion a year ago.
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