(By Salman - iStockAnalyst Writer)
Late on Thursday, Bankrate Inc (NASDAQ: RATE) announced that fourth quarter net income declined 34% to $2.7 million or 14 cents a share from $4.1 million or 21 cents a share in the year ago quarter. Revenues jumped 59% to $40.2 million. On an adjusted basis, the company earned 33 cents a share. Analysts on average were looking for adjusted earnings of 34 cents a share on revenue of $42 million. President and CEO Thomas R. Evans stated "In spite of the difficult economic conditions for financial companies, we reported another record year for revenue, growth, traffic and profitability. Consumers continue to come to Bankrate in record numbers, looking for the best information and financial products available. We are pleased with our performance and believe we are well-positioned going forward. He added "Given the continued uncertainty and the lack of visibility in the financial environment, we feel it is wise to refrain from issuing guidance for 2009. However, we remain confident that our business is well-positioned, fundamentally strong and will continue to grow. We have a strong balance sheet, no debt and continue to generate cash on a monthly basis. It's just impossible to predict how the macro-economic environment will play out over the course of the year and how it will impact our business." Shares of the company plummeted 13.04% in extended trading.
ESCO Technologies Inc. (NYSE: ESE) said that its first-quarter net income climbed to $5.8 million or 22 cents a share from $2.8 million or 11 cents a share in the same quarter, a year ago. Sales grew to $149.2 million from $135.0 million. Analysts on average expected the company to report earnings of 30 cents a share on sales of $148.57 million. Looking ahead, for the second quarter, the company expects to earn in 34 cents-40 cents a share. Analysts are currently expecting the company to report earnings of 40 cents share for fiscal second quarter. Esco reaffirmed fiscal 2009 earnings guidance in the range of $2.00-$2.15. On an Adjusted basis, the company expects to earn in the range of $2.42-$2.57 a share. Analysts currently expect earnings of $2.01 a share. ESCO confirmed fiscal 2009 revenue guidance in the range of $680 million-$690 million. Analysts expect $677.33 million. Chairman and Chief Executive Officer Vic Richey stated "While I am pleased with our operating performance in the first quarter in what was a very challenging economic environment, we did have a few utility customer projects move to the right relative to the expected timing within our original quarterly profile. We will continue our disciplined approach and diligence so that we can execute to our 2009 Plan and demonstrate ESCO's resiliency in these challenging economic times." Esco fell 2.52%n evening trade.
Hartford Financial Services Group Inc. (NYSE: HIG) swung to a fourth quarter net loss of $806 million or $2.71 a share, compared to net income of $595 million or $1.88 share in the prior year quarter.
