Prudential Financial, Inc. (
PRU: chart) announced after market close Tuesday quarterly earnings that quadrupled from last year, driven by acquisitions and strong international sales. The financial services titan rolled out net income of $519 million, or $1.02 a share, for the second quarter of fiscal 2004, in contrast to net income of $127 million, or 25 cents a share, for the prior-year equivalent. Excluding items, the company recorded adjusted operating income of $495 million, or 97 cents a share, for the quarter ended June 30, compared with operating income of $357 million, or 66 cents a share, a year ago. The earnings blasted past the average analysts’ forecast of 78 cents a share. Newark, New Jersey-based Prudential said that its international insurance and investments unit delivered adjusted operating income of $262 million for the second quarter, a 21% jump from $217 million a year earlier. For the first six months of 2004, profit rose to $809 million, or $1.59 a share, from $324 million, or 63 cents a share, in the first half of 2003. Annual revenue climbed 4.7% to $9.76 billion.
Company shares dropped 34 cents to close Tuesday at $45.76.
priceline.com Incorporated (
PCLN: chart) said Monday that its quarterly profits surged 48% from last year, citing expansion of its product line, acquisitions and strong demand for airline ticket and vacation packages. The Norwalk, Connecticut-based online travel service reported net income of $11.4 million, or 29 cents a share, in the second quarter, compared with net income of $7.7 million, or 20 cents a share, a year ago. Excluding items, earnings came to 32 cents a share, topping by a penny the mean analysts’ estimate. Quarterly revenue was up to $259.4 million from $239.6 million, in 2003.
The stock inched up 5 cents to $23.73 at market close Monday. Company shares plummeted 13.11% to $20.62 in after-market trade.
Macrovision Corporation (
MVSN: chart) of Santa Clara, California, on Monday rolled out a second-quarter net profit of $8.8 million, or 18 cents per share, in contrast to a profit of $4.6 million, or 9 cents per share, for the 2003 comparable period. Excluding items, the developer of copyright protection reported earnings of $9.5 million, or 19 cents per share, for the quarter, up from $8.4 million, or 17 cents per share, a year ago, and a penny a share ahead of analysts’ projections. The company said results were boosted by higher revenue, which jumped 22% to $35.7 million from $29.2 million.
Macrovision shares shed 59 cents to close Monday at $21.05. The stock soared 6.32% to $22.38 in the extended session.
Principal Financial Group, Inc. (
PFG: chart) announced Monday that its quarterly profits tumbled 41% from a year ago, due to weakness at its mortgage banking business. The Des Moines, Iowa-based financial services company posted net income of $119.7 million, or 37 cents a share, for its second quarter, against net income of $202.2 million, or 62 cents a share, for the 2003 equivalent. Earnings, excluding items, rose to 54 cents a share in the second quarter, from 51 cents a share, a year earlier. Analysts were looking for a profit before items of 59 cents a share.
The stock gained 37 cents on Monday to $34.36.
ABN AMRO Holding N.V. (
ABN: chart) said Monday that its second-quarter net earnings jumped 26% to €987 million ($1.18 billion) from net earnings of €782 million, for the same period in fiscal 2003. The Netherlands-based bank recorded sales of €4.77 billion ($5.72 billion) in the quarter, up 4% from last year. ABN Amro cited strength in its Brazilian unit and its wholesale and private client operations as main factors for the improvement.
Company shares closed Monday at $20.91, up 5 cents, or 0.24%.
BNP Paribas ((BNP.PA)), the France-based bank, reported Monday net income of €1.35 billion ($1.63 billion) for its fiscal 2004 second quarter, a 50% increase from €902 million in the prior-year corresponding quarter. For the first six months, earnings rose 40% to €2.61 billion ($3.16 billion). BNP Paribas attributed the results to strong retail banking performance.
Entergy Corporation (
ETR: chart) of New Orleans, Louisiana, posted Monday higher quarterly profits, aided by strong results at its utility and nuclear business. The utility holding company announced earnings of $271 million, or $1.14 a share, for its second quarter, up 29% from prior-year earnings of $211.5 million, or 89 cents a share. Results were in line with Wall Street’s expectations. Quarterly revenue edged up 5.6% to $2.49 billion.
The stock rose 1.83% to close Monday at $58.55. Entergy shares added a penny to $58.56 in after-hours trading.
Unocal Corporation (
UCL: chart) on Monday turned in a net profit of $341 million, or $1.25 a share, for its second quarter, in contrast to a profit of $177 million, or 68 cents a share, for the same quarter in 2003. The El Segundo, California-based oil and gas company said that second-quarter earnings, excluding items, were $231 million, or 86 cents a share, compared to $191 million, or 73 cents a share, last year. The mean estimate of analysts was for earnings of 83 cents a share. Unocal attributed the results to higher commodity prices and lower exploration costs.
Unocal shares dipped 4.41% on Monday to $37.05.
Bolstered by higher output,
EOG Resources, Inc. (
EOG: chart) of Houston, Texas, announced Monday a 34% rise in its quarterly earnings. The oil and gas producer posted a second-quarter profit of $142.2 million, or $1.20 cents a share, compared with a year-earlier profit of $106 million, or 91 cents a share. Excluding items, earnings totaled $1.04 cents a share, surpassing the average analysts’ forecast of 97 cents a share.
The stock dropped a penny to $63.54 at market close Monday.
Adobe Systems Incorporated (
ADBE: chart) lifted Monday its third-quarter financial outlook, due to stronger demand for its Photoshop, Creative Suite and Acrobat products. The San Jose, California-based software company said that it now sees third-quarter earnings of 36 cents to 41 cents per share, on sales of $380 million to $400 million. That compares to the company’s previous guidance for earnings of 31 cents to 36 cents per share and sales of $360 million to $380 million.
Adobe shares dropped 21 cents to close Monday at $41.97. The stock surged 5.74% to $44.38 in after-market trade.