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Video: Bloomberg’s Son Discusses AIG’s $1.45 Billion Profit: Video

by on May 7, 2010

May 7 (Bloomberg) — Bloomberg’s Hugh Son talks with Betty Liu about the outlook for American International Group Inc. AIG posted a first-quarter net income of $1.45 billion, or $2.16 a share, compared with a loss of $4.35 billion, or $39.67 a share, a year earlier. Profit excluding some investments was $1.21 a share, beating the average 48-cent estimate of two analysts surveyed by Bloomberg. Leuthold Weeden Capital Management’s Steven Leuthold also speaks. (Source: Bloomberg)

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Video: Bloomberg’s Son Discusses AIG’s $1.45 Billion Profit: Video

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Electronic Arts Falls as Game Maker’s Full-Year Forecast Trails Estimates

by on February 8, 2010

By Adam Satariano Feb. 8 (Bloomberg) — Electronic Arts Inc. , the world’s second-largest video-game publisher, tumbled in extended trading after its full-year forecast trailed some analysts’ estimates. Fiscal 2011 profit, excluding some items, will be 50 cents a share to 70 cents a share, the Redwood City, California-based company said today in a statement. That’s less than the $1 a share projection of Michael Pachter , an analyst at Wedbush Morgan Securities. Sales will be $3.5 billion to $3.7 billion, missing Pachter’s $4.5 billion estimate. The maker of “Madden NFL,” which has cut more than 2,500 jobs since 2008, missed its last two annual profit targets after disappointing holiday sales. Chief Executive Officer John Riccitiello aims to boost profit by releasing fewer titles, cutting costs and expanding online and mobile offerings. Electronic Arts fell $1.33, or 7.6 percent, to $16.16 at 4:34 p.m. after the announcement. The shares, which gained 11 percent last year, rose 23 cents to $17.49 in regular Nasdaq Stock Market trading. The company reported its third-quarter net loss narrowed to $82 million, or 25 cents a share, from a loss of $641 million, or $2 a share, a year earlier. Excluding some items, profit was 33 cents, compared with the 31-cent estimate of 23 analysts surveyed by Bloomberg. Sales fell 23 percent to $1.3 billion. Riccitiello said last month that fiscal 2010 earnings would be lower than expected because of weak holiday sales . The company expects to have a fourth-quarter profit of 2 cents to 6 cents a share after releasing new games including “Mass Effect 2.” Activision Blizzard Inc. , the world’s largest video-game publisher, reports fourth-quarter results on Feb. 10. (Electronic Arts will hold a conference call at 5 p.m. New York time. To listen, go to http://investor.ea.com .) To contact the reporter on this story: Adam Satariano in San Francisco at asatariano1@bloomberg.net .

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J&J Net Rises on Medical-Device Sales, Cost Cuts; Revenue Misses Estimates

October 13, 2009

By Meg Tirrell Oct. 13 (Bloomberg) — Johnson & Johnson , the world’s largest health products company, said profit rose 1.1 percent as cost-cuts offset declining sales. Revenue fell more than analysts expected, and the shares decreased. Third-quarter net income rose to $3.35 billion, or $1.20 a share, from $3.31 billion, or $1.17 a share , a year earlier, the New Brunswick, New Jersey-based company said today in a statement. Profit excluding some items beat analyst estimates by 7 cents. Revenue fell 5.3 percent to $15.1 billion, below the $15.2 billion anticipated by 14 analysts surveyed by Bloomberg. Sales of medical devices didn’t rise enough to counter slowing sales of drugs and consumer items. J&J said in April it would cut 900 jobs as competition from cheaper generics eroded sales of former top-sellers, the migraine drug Topamax and the antipsychotic Risperdal. “Revenue was a little bit light, which was a bit of a concern,” said Jeff Jonas, an analyst with Rye, New York- based Gabelli & Co., in a telephone interview today. “It was the pharmaceuticals business, where they have a couple big patent expirations.” J&J shares fell 2.4 percent to $61.03 as of 8:39 a.m. in early trading, after closing yesterday at $62.53 yesterday in New York Stock Exchange composite trading. The stock gained 4.5 percent in 2009 through yesterday. J&J raised its 2009 earnings forecast to $4.54 to $4.59 a share, excluding adjustments from special items, up from $4.45 to $4.55 a share. Global consumer product sales fell 2.7 percent to $4 billion. Pharmaceutical revenue fell 14 percent to $5.3 billion. To contact the reporter on this story: Meg Tirrell in New York at mtirrell@bloomberg.net .

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Monsanto Profit Tops Analysts’ Estimates on Sales of Corn, Vegetable Seed

October 7, 2009

By Jack Kaskey Oct. 7 (Bloomberg) — Monsanto Co. , the world’s largest seed producer, reported fourth-quarter profit that exceeded analysts’ estimates because of higher corn and vegetable seed sales. The company maintained its forecast for 2010 earnings. Profit in the three months that ended Aug. 31 was 2 cents a share, excluding some items, St. Louis-based Monsanto said today in a statement. The average estimate of 13 analysts in a Bloomberg survey was for profit of 1 cent. The net loss widened to $233 million, or 43 cents a share, from $172 million, or 31 cents, a year earlier, largely because of restructuring costs. Chief Executive Officer Hugh Grant is cutting 8 percent of the workforce as farmers spend less and Chinese competitors sell cheaper generic versions of the company’s Roundup herbicide. Monsanto repeated its 2010 earnings forecast after two earlier cuts in the outlook for the glyphosate-based weed killer. “We expect continued growth in seeds and genomics gross profit, offset by a sharp decline in Roundup/glyphosate,” Donald Carson , a New York-based analyst at UBS AG, said in an Oct. 5 report. “We anticipate a cautious start to fiscal 2010.” He rates the shares “buy.” Earnings in the year begun Sept. 1, excluding some items, will be $3.10 to $3.30, Monsanto said, repeating a Sept. 10 forecast. Profit was projected to be $3.42 a share, the average estimate of 15 analysts surveyed. The company didn’t provide a first-quarter earnings forecast. Monsanto rose $1.42, or 1.9 percent, to $77.05 at 8:23 a.m. before the start of regular trading on the New York Stock Exchange. The shares gained 7.5 percent this year through yesterday. Fourth-quarter sales fell 8.4 percent to $1.88 billion because of lower herbicide sales, Monsanto said. That trails the $1.99 billion average estimate of six analysts in the survey. To contact the reporter on this story: Jack Kaskey in New York at jkaskey@bloomberg.net .

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