Company Earnings: Centex Corp, Circuit City, MedImmune
Homebuilder Centex Swings to Q4 LossU.S. homebuilder Centex Corp (CTX) reported a Q4 loss as the housing downturn continues to hit revenue. The company posted a loss from continuing operations of $22.3 million versus its earlier forecast of break-even. Last year the company earned $369 million in Q4. The results do not reflect earnings from discontinued operations of $221.1 million related to the company's construction services business, sold off in March, and some home equity operations. Including those profits, the company posted net income of $198.9 million, down from $391.8 million a year earlier. Revenue dropped 11% in the quarter to $3.67 billion against analyst expectations of $3.34 billion. Shares dropped 2.7% yesterday and were down another 1% in AH trading to $44.77.
Circuit City Shares Fall
Circuit City (CC) restated earnings for the past 2 quarters and revised its guidance for 2008. Restatement of earnings along with poor sales of large flat panel and projection TV, will result in a loss from continuing operations before taxes of $80 million - $90m for Q1'08. Circuit City said if business trends improve and restructuring efforts are effective, then it expects 2008 earnings at the low end of its prior forecast of 1.4% to 1.8%. Shares of Circuit City lost 2.7% to $17.45 in normal trading and dropped 8% to $16.05 in the after-hours on volume of almost 1.07 million.
MedImmune Inc Beat Quarter
MedImmune Inc. (MEDI) reported that its 1Q 07 profit more than tripled on increased sales of its respiratory drug. MedImmune posted a net profit of $160 million. Sales were up $574.8 million, from $498 million last year. Analysts were looking for revenue of $553.5 million. Worldwide sales of their drug grew 9% to $507 million, up from $463 million last year. MedImmune agreed last month to be bought by AstraZeneca (AZN) for more than $15 billion. Shares climbed $0.82 to $57.50 after hours.
(Source: Seeking Alpha, MarketWatch, Reuters)
Circuit City (CC) restated earnings for the past 2 quarters and revised its guidance for 2008. Restatement of earnings along with poor sales of large flat panel and projection TV, will result in a loss from continuing operations before taxes of $80 million - $90m for Q1'08. Circuit City said if business trends improve and restructuring efforts are effective, then it expects 2008 earnings at the low end of its prior forecast of 1.4% to 1.8%. Shares of Circuit City lost 2.7% to $17.45 in normal trading and dropped 8% to $16.05 in the after-hours on volume of almost 1.07 million.
MedImmune Inc Beat Quarter
MedImmune Inc. (MEDI) reported that its 1Q 07 profit more than tripled on increased sales of its respiratory drug. MedImmune posted a net profit of $160 million. Sales were up $574.8 million, from $498 million last year. Analysts were looking for revenue of $553.5 million. Worldwide sales of their drug grew 9% to $507 million, up from $463 million last year. MedImmune agreed last month to be bought by AstraZeneca (AZN) for more than $15 billion. Shares climbed $0.82 to $57.50 after hours.
(Source: Seeking Alpha, MarketWatch, Reuters)
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