(By Arun - iStockAnalyst Writer)
The markets continue to be a witness of bloodshed in most parts of the economy, noting a few examples of results on Friday are as follows:
Schlumberger Limited (NYSE:SLB) reported a net earnings rise of 12.7%, to $1.5Bn, or $1.25 a share, from $1.4Bn, or $1.09 a share, in the similar period a year ago. Earnings per share met the mean estimate of analysts polled by Thomson Reuters. Sales shot up 22.0%, to $7.3Bn, during the quarter, from $5.9Bn a year ago, surpassing analysts' estimates for sales of $7Bn. The company has put in a clear gloomy picture in its outlook statement. The management oversees deterioration in business environment clearly affecting the company’s earnings. The company said the impact of the hurricane season reduced earnings by 4 cents a share. Without this, earnings would have been $1.29 a share.
Washington Federal (NASDAQ:WFSL) the parent company of Washington Federal Savings, affirmed its previously announced net loss of $39.3Mn or $.45 per diluted share for the quarter ended September 30, 2008, compared to net income of $33.8Mn or $.39 per diluted share for the quarter ended September 30, 2007. For the year ended September 30, 2008 earnings were $62.3Mn or $.71 per diluted share, compared to $135.017Mn or $1.54 per diluted share for the year ended September 30, 2007, a 54% decrease in earnings. The company remains to be one of the few well capitalized banks in the sector and hence has managed to pay its shareholders a dividend of $0.21. This is the company’s 103rd consecutive dividend announced.
Administaff (NYSE:ASF) third-quarter revenues grew 10% to $422Mn, while gross profit rose 14% to $86Mn and earnings per share came in at $0.46 for the quarter. Paul Sarvadi, chairman and chief executive officer, said, "Administaff continues to perform well in spite of uncertainty in the marketplace and the disruption of Hurricane Ike. While we do not expect to be unaffected by the recent market turmoil, we are positioned to remain opportunistic with no debt and a strong balance sheet." Sure enough the de-leveraged position of the company puts it in good stead against its peers and has also enabled it to carry out a share repurchase program successfully.
We still have a lot of action ahead from market leaders including Banc of America / Texas Instruments / SanDisk Corp and Logitech among many others who are yet to bring out their results.
Disclosure: The author does not own any stocks mentioned in this article.
