Pulte's strong beginning cash position, anticipated tax refunds, and expected positive operating cash flow in 2009 leave us well positioned to capitalize on opportunities once stability in the housing sector begins to materialize." Pulte Homes retreated 2.59% in late trading.
Sunoco (NYSE: SUN) registered a fourth-quarter net income of $204 million, or $1.74 a share compared to a loss of $9 million, or 8 cents a share in the same period, a year ago. Revenue declined to $9.14 billion from $13.16 billion. On an adjusted basis, the company earned $2.68 a share. Revenue dropped 31% to $9.14 billion from $13.16 billion. Analysts expected the company to earn $1.93 a share. Chief Executive Lynn Elsenhans said in a statement” As we enter 2009, we expect a challenging market for petroleum and chemical products that reflects continued economic weakness and additional global supply." Shares of the company were down 2.03% in extended trading.
THQ Inc. (NASDAQ: THQI) announced that it swung to third quarter loss of $191.8 million, or $2.86 a share, compared to earnings of $15.5 million, or 23 cents a share in corresponding quarter, a year ago. Excluding certain charges, the company lost $9.6 million, or 14 cents a share. Revenue plunged 30% to $357.3 million. Analysts had predicted earnings of 7 cents a share on revenue of $403.4 million. President and CEO commented "We delivered high quality games to market this holiday season but fell short of our revenue and profit targets in this challenging environment. We are taking highly targeted actions with the objective of investing in games with the highest franchise potential and returning to profitability. We have executed on our previously announced plan to reduce our cost structure by $120 million. Given continued economic weakness, we plan to reduce costs by an additional $100 million." THQ sank 14.98% in post-market trading.
Visa Inc. (NYSE: V) reported that fiscal first-quarter net income rose 35% to $574 million, or 74 cents from $424 million, or 55 cents a share. Adjusted net income came at $599 million or 78 cents per class A common share, which exceeded the Wall Street estimates of 67 cents a share. Total operating revenue surged 17% to $1.7 billion. Commenting on the latest results, Chief Executive Joseph Saunders said "We are very pleased with our fiscal first quarter earnings results and our ability to deliver strong operating performance. Despite the increasingly challenging economy, processed transaction growth, the strength of debit, and the global diversity of our business continue to highlight the resilience of our business model. Even though we now foresee tougher economic trends in the second half of fiscal 2009 with resulting net revenue growth likely in the low single digits, we remain stead-fast in our ability to meet our 2009 EPS guidance. He added "Rationalizing our expense structure and further leveraging operational efficiencies within the organization remain priorities. These directives, coupled with providing innovative products and services along with the global expansion of our business, will further support our long-term success." Shares of the company rallied over 7% in after hours trading.
Disclosure: Author does not own any of the stocks discussed here.
