New York, NY - The earnings report posted Tuesday may reflect mixed outlook in different sectors, but November 4 is likely to be crucial for investors as the fate of presidential election may determine the sentiment of overall market.
Dean Foods Co. New (NYSE: DF):
Milk and dairy products distributor Dean Foods Co. reported third quarter gians on Tuesday on lower dairy costs. But the company cautioned about its 2009 profit outlook. Dean Foods posted net income for the third quarter of 2008 to be at $37.8 million, or 24 cents a share, compared with $6.5 million or 5 cnts a share, in the prior year's third quarter. Excluding costs from special items, net income rose to 28 cents a share, which is within the company's previous estimate of 26 cents to 31 cents a share. Total net sales for the third quarter was 3 percent higher to $3.2 billion, compared to the total net sales in the third quarter of 2007. The market analysts on Wall Street were expecting the firm to post earnings of 31 cents on revenue of $3.22 billion. The DSD Dairy segment reported 21 percent higher income in the third quarter compared to the last year, while fluid milk volumes were over 3 percent higher this quarter. The WhiteWave-Morningstar segment reported third quarter net income decline to $41.3 million, compared to $43.1 million in the third quarter of 2007. "Despite these challenges, the momentum in the business, combined with our ongoing efforts to drive out costs, give us confidence that we will be able to deliver earnings per share growth in the mid-teens for 2009," Jack Callahan, Dean Foods Chief Financial Officer, said in a statement. The market analysts expect the company to post 26 per growth to $1.59 earnings per share. Shares of the company had closed 30 cents higher or 1.37 percent at $22.16 on Monday.
Myriad Genetics Inc (NASDAQ GS: MYGN):
Myriad posted better-than-expected first quarter earnings led by its molecular diagnostics operations. The Company reported a net profit of $14.5 million, or 30 cents per share, compared to a net loss of $8.0 million and loss per share of 18 cents in the same quarter of the prior year. Quarterly revenue jumped by 53 percent to $73.6 million from $48.3 million in the same three months in 2007. Its molecular diagnostics business reported net operating margin of 46 percent for the three-month period ended September 30, compared to 40 percent reported for the same three-month period in 2007. Growth in its molecular diagnostic also boosted its revenue by 52 percent in the quarter. The market analysts on Wall Street expected earnings for 16 cents a share on revenue of $70.7 million. Research and development expenses for the three months ended September 30, were down by 34 percent to $17.1 million, compared with $26.0 million for the same period last year. The company said it has strong financial condition, with around $443 million in cash, cash equivalents and marketable investment securities, as of September 30, 2008. The stock of the firm had closed down by 96 cents or 1.52 percent at $62.13 on Monday.
Marvel Entertainment Inc (NYSE: MVL):
The global character-based entertainment and licensing company reported higher earnings by 39 percent to $50.6 million, or 64 cents per share in the third quarter, from $36.3 million, or 45 cents, a year earlier period. The company's net sales jumped by 48 percent to $182.5 million, compared to net sales of $123.6 million in the third quarter a year earlier. The market analysts on Wall Street were expecting the firm to post earnings of 45 cents on revenue of $146.1 million. "The increase announced today in our financial guidance for 2008 as a result of earlier-than-expected revenue from Iron Man box office and DVD sales causes an offset in our expected 2009 revenue," Marvel's Chairman, Morton Handel, said in a statement on Tuesday. The company raised the outlook for 2008 to between $2.45 to $2.65 per share on revenue of $640 million to $670 million, compared to its previous forecast of between $1.55 to $1.75 per share on revenue of $450 million to $480 million.
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