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| Netgear Inc. |
Revenue jumped 32% to $278.8 million. In February, the company predicted $250 million to $260 million. Profit of the company $ 21.2 million, or 57 cents a share, from $13.7 million, or 38 cents a share. Excluding items like stock-based compensation, earnings rose to 65 cents a share from 48 cents. Analysts surveyed by Thomson Reuters were expecting 52 cents a share. Gross margin fell to 31.5% from 34.4%.
For current quarter, guidance from the company was $ 270 million to $ 280 million, while analysts' average estimate was $241 million.
Thursday, Chairman and Chief Executive Patrick Lo said new products continue to exceed the company's expectations and enable it to gain market share. In the previous period, Netgear's revenue climbed on higher-than-expected sales of new products, although its earnings were short of the consensus estimate.
Overall, the tech sector sector experienced a recovery last year as demand rebounded from marked weakness in the recession. In recent quarters, the improvement appears to be cooling, based on such signs as easing consumer demand.
Overall, the tech sector sector experienced a recovery last year as demand rebounded from marked weakness in the recession. In recent quarters, the improvement appears to be cooling, based on such signs as easing consumer demand.
(Source: Dow Jones NewsWire )
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| OfficeMax Inc |
OfficeMax Inc. said Thursday its first-quarter earnings fell to $13.2 million, or 13 cents a share, from $26.3 million, or 29 cents a share, in the year-ago period.Shares of OfficeMax were indicated lower in premarket trading and down as much as 10 % with abnormally high volumes.
Sales fell to $1.86 billion from $1.92 billion. Analysts surveyed by FactSet Research were looking for earnings of 27 cents a share, on average, with sales of $1.86 billion. The retailer said recent results were hurt by increased promotional activity, an unfavorable product sales mix and a "deleveraging of fixed expenses." OfficeMax said second-quarter sales would be about flat from a year ago.
Source : Marketwatch
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| Akamai Technologies Inc |
Akamai Technologies Inc ( NASDAQ:AKAM )1Q beats Street but outlook disappoints share plunged 15 % in early morning trade.
Net income in the quarter ended march 31 fell to $50.6 million, or 26 cents per share, from $40.9 million, or 22 cents per share, a year earlier. Adjusted earnings, excluding items such as stock based compensation costs, was 38 cents per share narrowly beating the estimate of 37 cents per share.
Revenue grew 15 percent to $276.0 million from $240.0 million a year ago. That also beat the $272.5 million expected by analysts.
The company said on a conference call that it expects second-quarter revenue of $270 million to $280 million and adjusted earnings per share of 34 cents to 37 cents. Analysts had been looking for second-quarter revenues of $280.4 million and adjusted earnings of 38 cents per share.
( Source: Forbes )
Europe's largest oil and gas company by market value said on Thursday current cost of supply (CCS) net income rose to $6.9 billion in the first three months of the year.
The result was $6.29 billion, compared with a forecast for $5.87 billion in a Reuters poll.Brent crude was 38 percent higher in the first quarter compared to the 2010 period, while global refining benchmarks tripled.
Also, company has announced that the Board has declared a first quarter 2011 dividend of $0.42 per share on April 28, 2011 unchanged from same period in 2010. . These dividends are payable on June 27, 2011. In the case of the Class B shares, the dividends will be payable through the dividend access mechanism and are expected to be treated as UK-source rather than Dutch-source. Ex-dividend date is May 11, 2011, record date is May 13, 2011
Rival BP posted a 2 percent fall in replacement cost net profit on Wednesday, on the back of an 11 percent fall in production after selling assets to pay for the Gulf of Mexico oil spill.
Italian rival Eni reported a 6 percent rise in replacement cost profit, although the result was muted by the weak dollar and a fall in output due to the conflict in Libya.
Industry leader Exxon Mobil was due to announce first-quarter earnings on Thursday and was expected to post a 59 percent jump in net income, according to I/B/E/S estimates.
Rival BP posted a 2 percent fall in replacement cost net profit on Wednesday, on the back of an 11 percent fall in production after selling assets to pay for the Gulf of Mexico oil spill.
Italian rival Eni reported a 6 percent rise in replacement cost profit, although the result was muted by the weak dollar and a fall in output due to the conflict in Libya.
Industry leader Exxon Mobil was due to announce first-quarter earnings on Thursday and was expected to post a 59 percent jump in net income, according to I/B/E/S estimates.
( Source: Reuters )
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| Proctor & Gamble |
The group earned 96 cents per share in its fiscal third quarter, one penny shy of analysts' estimates.
Third-quarter revenue came in at $20.2 billion, just below expectations of $20.3 billion.
Stock of the company was down 1.28% in pre market trading.
( Source: CNBC )
( Source: CNBC )
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| Questcor Pharmaceuticals Inc. |
Questcor Reports Record First Quarter Net Sales
-Expanded Sales Force Drives Record 508 Paid Acthar Prescriptions for MS, up 120% from Year Ago Period and up 44% from Fourth Quarter 2010-
-Initial Sales Efforts in Nephrotic Syndrome Deliver Encouraging Results-
-Q1 Net Sales a Record $36.8 Million, up 40% from Prior Year Period-
-Q1 GAAP Net Income Per Diluted Share $0.17-
-Q1 non-GAAP Net Income Per Diluted Share $0.20-
ANAHEIM, Calif., April 26, 2011 /PRNewswire/ -- Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) today reported financial results for its first quarter ended March 31, 2011. Net sales totaled a record $36.8 million for the quarter compared to $26.2 million for the quarter ended March 31, 2010, and$29.3 million for the quarter ended December 31, 2010.
The Company's financial performance was driven by a 120% year-over-year increase in the number of new paid prescriptions of H.P. Acthar® Gel (Acthar) for the treatment of multiple sclerosis (MS) exacerbations. In the first quarter, paid Acthar prescriptions for the treatment of nephrotic syndrome (NS) increased to 18 while prescriptions for the treatment of infantile spasms (IS) were 89, which is within the historic range for IS.
"Our strategy to expand the sales force is clearly paying off," said Don M. Bailey, President and CEO of Questcor. "Paid MS prescriptions are up sharply from last quarter. March was a particularly strong month and this momentum has continued so far in April. We believe that Acthar is filling an increasingly important role in the treatment of exacerbations associated with MS and, looking forward, we expect to continue to grow sales in this important therapeutic area."
Mr. Bailey added, "We are also encouraged by the early positive results from our small, dedicated nephrology sales team, which initiated selling efforts at the beginning of March. The number of nephrologists who are using Acthar to treat patients with nephrotic syndrome is increasing. In addition, during the second quarter we will initiate a company-sponsored Phase IV trial to study Acthar in the treatment of NS associated with idiopathic membranous nephropathy. Acthar is indicated 'to induce a diuresis or a remission of proteinuria in the nephrotic syndrome without uremia of the idiopathic type or that due to lupus erythematosus'."
Non-GAAP and GAAP Net Income
Non-GAAP net income for the quarter ended March 31, 2011 was $12.8 million, or $0.20 per diluted common share. Non-GAAP net income for the quarter ended March 31, 2010 was $8.6 million, or $0.14 per diluted common share.
On a GAAP basis, net income for the first quarter of 2011 was $11.2 million or $0.17 per diluted common share. Net income for the first quarter of 2010 was $7.9 million, or $0.12 per diluted common share.
The Company believes it is important to share these non-GAAP financial measures with shareholders as they represent the ongoing economics of the business and reflect how we manage the business. Accordingly, management believes investors' understanding of the Company's financial performance is enhanced as a result of our disclosing these non-GAAP financial measures. Non-GAAP net income should not be viewed in isolation, or as a substitute for, or as superior to, reported GAAP net income. The reconciliation between GAAP and non-GAAP net income is provided with the financial tables included with this release.
Prescription Trend Information for MS, NS and IS
During the first quarter of 2011, Questcor shipped 2,010 vials of Acthar compared to 1,446 vials in the first quarter of 2010. The Company's quarterly vial shipments continue to be subject to significant variation due to the size and timing of individual orders from our distributor, and the timing of these orders can significantly affect net sales and net income in any particular quarter. For this reason, as well as other factors causing quarter-to-quarter variability in Questcor's operating results, the Company believes that investors should consider the Company's results over several quarters when analyzing the Company's performance.
Because Acthar prescriptions are filled at specialty pharmacies, the Company does not receive complete information regarding either the number of prescriptions or the number of vials by therapeutic area for all of the patients being treated with Acthar. However, Questcor is able to monitor trends in payer mix and areas of therapeutic use for new Acthar prescriptions based on data it receives from its reimbursement support center. Questcor estimates that over 90% of new Acthar prescriptions are processed by this support center, but believes that very few refill prescriptions are processed there.
"Our expanded sales force is gaining traction in the MS market faster than we expected," commented Steve Cartt, Executive Vice President and Chief Business Officer. "We believe the increased physician call activity, as well as further productivity gains by our sales personnel will drive continued MS sales growth throughout 2011."
"During March, we initiated a limited selling effort in nephrology and a peer-reviewed journal published the first clinical data supporting the use of Acthar in the treatment of nephrotic syndrome. Our NS sales team has generated encouraging early Acthar prescription activity and we are now beginning to explore options for increasing our sales effort in this market," concluded Mr. Cartt.
Sales Reserves
Questcor's sales reserves during the quarter ended March 31, 2011, including the Company's reserves for Medicaid rebates, represented 24.3% of Gross Sales of $48.6 million for the quarter ended March 31, 2011.
As required by federal regulations, Questcor provides rebates to state Medicaid programs for Acthar dispensed to Medicaid patients covered underMedicaid rebate-eligible insurance plans. Since the Company does not receive rebate claims from the various state Medicaid agencies until well after the close of the quarter in which the underlying sales took place, the Company establishes reserves for expected rebate claims on a quarterly basis. As a result of the adoption of health care reform, for periods after March 23, 2010, the Company has also included in this reserve an estimate for the liability due to states related to prescriptions of Acthar for patients covered under state Medicaid Managed Care Organizations (Medicaid MCO), which prescriptions were not previously rebate eligible.
Operating Expenses
Operating expenses were $18.6 million for the quarter ended March 31, 2011, compared to $12.2 million for the quarter ended March 31, 2010. The year-over-year growth in expenses was principally due to increased headcount-related costs, including sales commissions, and expenses associated with marketing programs. In addition, the Company incurred an expense of approximately $0.3 million for the write-off of goodwill associated with a 1999 acquisition.
The Company expects operating expenses to continue to increase during 2011, due to increased spending associated with its Phase IV clinical study of the use of Acthar in the treatment of NS associated with idiopathic membranous nephropathy and increased selling and marketing expenses.
Cash and Share Repurchase Program
As of April 22, 2011, Questcor's cash, cash equivalents and short-term investments totaled $128 million.
During the first quarter, the Company used $11.5 million to repurchase 884,300 shares of its common stock in open market transactions. These repurchases brought the total expenditures for the repurchase of common and preferred shares to over $78 million since this effort began in 2008. As of March 31, 2011, Questcor had 61.7 million shares of common stock outstanding, with 4.3 million shares remaining under its common stock repurchase program.
( Source: Questcor Pharmaceutical Inc )
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| WATERS CORP. |
MILFORD, Mass., Apr 26, 2011 (BUSINESS WIRE) -- Waters Corporation (NYSE/WAT) reported first quarter 2011 sales of $428 million, an increase of 16%, from sales of $368 million in the first quarter of 2010. In the quarter, foreign currency translation added 2% to sales growth. On a GAAP basis, earnings per diluted share (E.P.S.) for the first quarter were $1.01, compared to $0.79 for the first quarter of 2010. On a non-GAAP basis, including the adjustments in the attached reconciliation, E.P.S. grew 28% to $1.04 from $0.81 in the prior year quarter.
Commenting on the Company's performance, Douglas Berthiaume, Chairman, President and Chief Executive Officer said, "Our strong performance in the quarter is indicative of broad customer acceptance of our new system offerings, continuing expansion of our key Asian businesses and an overall healthier spending environment in our pharmaceutical end-markets."
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| Ford Motor Company ( NYSE:F ) |
Lewis Booth, Ford's chief financial officer, said on Tuesday that last month's earthquake in Japan had "minimal" impact on its business and so far the automaker has lost about 12,000 to 14,000 vehicles of production in Asia, where it has shut several plants temporarily.
Ford beat expectations on Tuesday, which helped send the company's share up 3.5 percent to $16.09. Its fourth quarter 2010 results missed analyst expectations by a wide mark. Net income rose to $2.55 billion, or 61 cents a share, compared with $2.09 billion, or 50 cents a share, in the year earlier period. It was the highest first-quarter net income since 1998. Excluding one-time items, it earned 62 cents a share, easily topping the 50 cents analysts polled by Thomson Reuters had expected. It was the seventh straight quarter of operating profit. Revenue rose to $33.1 billion from $28.1 billion last year. Analysts had expected $29.7 billion.
Apple Inc. one again reported quarterly results which blew analysts' estimates due to mainly its iPhones and Macs. Apple has reported a net profit of $5.99 billion, or $ 6.40 a share in second quarter of January to March 2011. When compared with a same quarter of 2010 the net profit was $3.33 a share which almost doubled in a year due to mainly Iphones and Macs sales.
Other Standalone figures are $24.67 billion in revenue ( 83 % higher than last year that was $13.499 billion) According to Thomson Reuters, expectation was a profit of $ 5.37 a share and sales of 22.383 billion.
Apple's gross margin for the second quarter was 41.4 percent, outlook for June quarter on sales will be around $23 billion or $5.03 per share.Apple will start shipping fast processing Iphone 5 from september, according to the sources.
The excitement about the surprises in every quarter by Apple Inc is due to their conservative guidance for results, because as we know that miss the expectations would crush the stock of any company and Apple's strategy works every time as they keep beating the Analyst's expectations. Company is moving so fast with innovation in electronic gadgets, which keep Apple a brand not a PC maker or Notebook maker.
( Sources: CNBC)
