Late on Wednesday, San Jose, California based Cisco Systems Inc.(NASDAQ: CSCO) reported that its first-quarter net income was little changed at $2.2 billion or 37 cents a share , compared with a net profit of $2.2 billion or 35 cents in the corresponding quarter, a year ago. Adjusted income was 42 cents a share compared to 42 cents in the year ago period. Sales rose marginally by 8% to $10.3 billion, from $9.6 billion last year. Analysts were looking for earnings of 39 cents a share on revenue of $10.3 billion. Cisco CEO Chambers said the results showed it delivered solid growth "in what is clearly a very challenging global economy." Chambers said further "We do believe that the challenges that initially affected the U.S. have spread to other countries around the world." Second-quarter sales may decline in the range of 5- 10% from a year earlier. "It is the second most difficult time in my career in terms of the forecast," Chambers said. Shares of the company fell 5.98% in extended trading.

Carmel, Indiana based Conseco Inc. (NYSE: CNO) reported third-quarter net loss of $182 million, or 98 cents a share, compared to a loss of $52.7 million, or 28 cents a share, in the year ago period. The company recorded net operating profit of $58.9 million, or 32 cents a share, compared to a loss of $21.7 million, or 12 cents a share, in the same quarter last year. In a statement CEO Jim Prieur "We are pleased with the performance of our core businesses during the quarter." Shares of Conseco were unchanged in after hours session.

Icahn Enterprises LP (NYSE: IEP) announced its third-quarter net income fell to $23.3 million, 32 cents a unit, from $23.9 million, or 52 cents a unit, in the same quarter in 2007. Income from continuing operations rose to $24.7, from $6.8 million in the same period in previous year while loss from discontinued operations was $1.4 million, compared to income of $17.2 million a year ago. Revenue rose to $1.8 billion from $414.5 million in the same period in 2007.

Houston, Texas based engineering and construction company McDermott  International (NYSE: MDR) said its third-quarter net income fell to $85.6 million, or 37 cents a share, from $140.4 million, or 61 cents, in the third quarter in 2007. Operating income was $92.0 million for the quarter, compared to $155.2 million in the year ago period. The company attributed the fall in profit to higher costs for its offshore oil and gas construction business, especially in the Middle East. Revenue rose 26% to $1.32 billion. Analysts had forecast earnings of 71 cents a share on revenue of $1.88 billion in revenue. Shares of McDermott International sank 18.38% in after-market trading.

News Corp. (NYSE: NWS) announced that its first-quarter profit fell 30% to $515 million, or 20 cents a share, from a profit of $732 million, or 23 cents a share, in the same quarter in 2007. Operating profit declined 9% to $953 million in the quarter ended Sept. 30. The profit was primarily impacted by drop in advertising. Sales climbed 6.3% to $7.51 billion. Analysts on an average expected the media company to earn 23 cents a share on sales of $7.66 billion. Chairman and Commenting on the results, Chief executive Rupert Murdoch said “All media companies are being tested and the year ahead will be difficult." He said further "The businesses across the board are challenged right now by weakening markets, and our group-wide results are further impacted by progressively weak foreign currencies when translating these to U.S. dollars."Shares of the company plunged 11.38% in after hours session.

Philadelphia based independent oil refiner Sunoco Inc. (NYSE: SUN) said its third-quarter net income rose by 154% to $549 million, or $4.70 a share, from $216 million, or $1.81 a share, in the corresponding quarter, a year ago. Revenue rose 40% to $16.1 billion from $11.5 billion. Analysts expected the company to earn $2.50 on revenue of $12.84 billion. Chief Executive Officer and President Lynn Elsenhans said in a statement."After an extremely challenging market environment in the first half of 2008, very strong margins in our Refining and Supply and Retail Marketing businesses led to a record result in the third quarter." Shares of the company climbed over 5% in extended trading on Wednesday.

Disclosure: Author does not own any of the stocks discussed here.