Earnings roundup

0 Comments | Deseret News (Salt Lake City), Jul 21, 2006 | by Deseret Morning News

Several companies, including a few with Utah connections, reported quarterly financial results on Thursday.

Ford Motor Co.

Ford Motor Co. dashed Wall Street's hopes for a profitable second quarter Thursday, blaming its dependence on high-margin SUVs for a $123 million loss as consumers shifted toward gas-sipping cars.

The company's loss of 7 cents per share for the April-June period contrasted with a profit of $946 million, or 47 cents per share, in the second quarter of last year. Revenue fell 6 percent to $41.97 billion from $44.55 billion.

Excluding special items, Ford's second-quarter loss from continuing operations was 3 cents a share. Wall Street had been expecting a profit of 12 cents per share, according to a survey of analysts by Thomson Financial.

Ford's shares fell 14 cents, or 2.2 percent, to close at $6.19 on the New York Stock Exchange.

Utah Medical

Salt Lake-based Utah Medical Products Inc. reported net income of $2 million, or 51 cents per share, for the second quarter. That compares with $1.9 million, or 45 cents per share, for the same quarter a year earlier.

Sales totaled $7.3 million in the quarter ended June 30, up from $7 million in the prior-year period.

The company develops, manufactures, assembles and markets specialty medical devices.

Utah Medical stock rose 8 cents Thursday to close at $29.90 per share on Nasdaq. During the past year, the price has ranged from $21.93 to $33.50.

Fairchild

Maine-based Fairchild Semiconductor, which has a manufacturing facility in West Jordan, reported net income of $23 million, or 18 cents per share, for the second quarter ended July 2. That compares with $26.6 million, or 21 cents per share, for the same quarter in 2005.

The most recent quarter included $7.6 million in equity-based compensation.

Wall Street analysts' consensus expectation was for the company to have earnings of 20 cents per share for the quarter.

Fairchild supplies products for the computing, communications, consumer, industrial and automotive segments.

Fairchild stock fell $1.47, or 8.5 percent, Thursday to close at $15.82 per share on the New York Stock Exchange. During the past year, the price has ranged from $13.90 to $21.95.

Honeywell

Aerospace and high-tech manufacturer Honeywell International Inc., which has an automotive filter plant in Clearfield, said second-quarter profit surged 73 percent on strong sales and raised full-year earnings guidance.

Second-quarter net income was $521 million, or 63 cents per share, beating Wall Street's expectations by 2 cents per share. That's compared with year-ago results of $302 million, or 36 cents per share, which included an 18 cent charge for cash repatriation and income from discontinued operations of 3 cents.

Revenue for the company, based in Morris Township, N.J., climbed 12 percent to $7.9 billion from $7.03 billion.

Analysts surveyed by Thomson Financial had forecast a quarterly profit of 61 cents per share on sales of $7.65 billion.

Honeywell stock fell $1.62, or 4.2 percent, Thursday to close at $36.62 per share on the NYSE. During the past year, the price has ranged from $32.68 to $44.48.

Contributing: Associated Press