Shares of the Issaquah, Washington-based Costco Wholesale Corp. (COST: chart) plunged 10% Friday after the warehouse-club retailer blamed gasoline sales for big shortfalls in profit projections for the third and fourth quarters.

Wholesale club operator Costco’s shares were trading at $39.95, off $4.05, in recent dealings.

The company aims at 3Q earnings in a range of 41 cents to 43 cents a share, far below the 47 cents a share guidance Costco previously proposed.

In 4Q Costco forecasts earnings in a range of 63 cents to 67 cents a share and 2005 profit of $1.98 to $2.04 a share.

Appliance maker Maytag Corp. (MYG: chart) reported Friday that profit dipped in 1Q on lessening sales and growing costs. Quarterly income plunged to $7.7 million, or 10 cents per share, for the three months ended April 2 from $38.7 million, or 49 cents, in the year-earlier period.

Sales lost 4% to $1.17 billion from $1.22 billion a year ago, missing targets.

Maytag sees full-year earnings of 45 cents to 55 cents per share, including about 10 cents worth of restructuring expenses. That estimate is below earlier estimates of $1.10 to $1.30 per share.

Forest products company International Paper Co. on Friday said 1Q earnings surged more than 5% on higher prices for the company’s in North America.

Net income climbed to $77 million, or 16 cents per share vs. $73 million, or 15 cents per share, a year earlier. Sales gained $6.6 billion from $6.1 billion, the highest 1Q level in four years. Analysts forecast the company to report earnings of 30 cents, excluding items, with revenue totaling $6.57 billion.

The company expects 2Q earnings to be stronger.

The Thousand Oaks, California-based biotech giant Amgen Inc. (AMGN: chart) posted strong increase in 1Q revenue and profit, and boosted estimates for the full year.

The company said net income climbed 24% to $854 million, or 67 cents a share vs. $690 million, or 52 cents a share, a year earlier. Revenue increased 21% to $2.83 billion.

Amgen expects 2005 revenue to climb in the range of 11% to 16%, up from its previous estimates of 8% to 13%. The company forecast EPS of $2.80 to $2.90, up from an earlier range of $2.70 to $2.85.

India's third largest computer software exporter Wipro Ltd. (WIT: chart) reported Friday its profit surged 58% to $363 million in 2004 due to growing demand for software and services. Revenues climbed 39% to $1.87 billion in the fiscal year ending March 31 from $1.35 billion a year ago.

Wipro's revenues from outsourcing services for Western companies alone totaled $1.39 billion, up 40 percent from $999 million last year.

Specialty chemicals maker Lubrizol Corp. (LZ: chart) on Friday said its first-quarter profit jumped 29%. The company, which produces additives for engine oils, gasoline, and food and beverage companies, reported earnings of $48.5 million, or 71 cents per share vs. $37.5 million, or 72 cents per share, in the year-earlier comparable quarter. Sales for the quarter rose 68 percent to $970.1 million.

Excluding items, Lubrizol reported earnings of 78 cents per share vs. 64 cents per share a year earlier.
Wall Street's forecast for 1Q was 70 cents per share.

Lubrizol also backed its 2005 earnings guidance of between $2.65 to $2.80 per share including restructuring charges of about 10 cents per share. The company expects to report 2005 earnings between $2.75 to $2.90 per share.

The Lincolnshire, Illinois-based Fortune Brands Inc.'s (FO: chart) earnings soared 9.3% helped by the strong demand for the company's household-cabinet brands, golf products and Starbucks Coffee Liqueur.

The consumer-product company's 1Q income jumped to $152.7 million, or $1.02 a share vs. $139.7 million, or 92 cents a share, a year ago.

Sales rose 5% to $1.79 billion from $1.71 billion a year earlier. Excluding items, Fortune earned $4.68 a share in 2004, and analysts expect it to earn $5.23 a share in 2005. The company earned $1.28 a share before extraordinary items in the 2Q a year earlier, while analysts expected it to gain $1.44 a share in the quarter.

For 2Q and full year the company forecasts double-digit growth in per-share earnings excluding items.