Among the companies reporting on Monday were Verizon Communications Inc. (NYSE: VZ), SanDisk Corp. (NASDAQ: SNDK), and Tyson Foods Inc. (NYSE: TSN).
Verizon reported fourth-quarter earnings that were in line with expectations of analysts surveyed by Thomson Financial. The company earned $1.07 billion, or 37 cents per share, in the period ending in December, compared to $1.03 billion, or 35 cents per share, in the same period a year earlier. Excluding charges for severance costs related to layoffs and a loss on the sale of Verizon's operations in the Dominican Republic, the latest earnings were 62 cents per share.
Revenue for the fourth quarter was $23.8 billion, up 5.5% from $22.6 billion a year ago. The average analyst forecast had been $23.96 billion. For all of 2007, Verizon earned $5.5 billion, or $1.90 a share, on $93.5 billion in revenue, compared to a profit of $6.2 billion, or $2.12 a share, on $88.2 billion in revenue the year before.
Shares were up almost 1% on Monday, to close at $38.11. Shares were at 52-week low of $35.40 last week.
SanDisk announced that it swung to a profit in the fourth quarter. Net income was $106 million, or 45 cents per diluted share, compared to a net loss of $35 million, or 17 cents per diluted share in the fourth quarter of 2006, which included a write-off of acquired in-process technology. Fourth-quarter revenue came to $1.25 billion, up 7% on a year-over-year basis.
Analysts surveyed by Thomson Financial had expected earnings of 64 cents per share, or $1.67 for the year.
Net income for fiscal 2007 was $218 million, or 93 cents per diluted share, compared to net income of $199 million, or 96 cents per diluted in fiscal 2006. Total revenue for fiscal 2007 of $3.89 billion increased 20% from $3.26 billion in 2006.
Shares rose a bit more than 1% to close Monday at $25.89. Shares were at 52-week low of $24.29 last week.
Tyson reported that its first-quarter profit fell 40%, and it lowered its earnings guidance on a plan to increase prices to offset rising costs of feed for cattle, chickens, and pigs. The company earned $34 million, or 10 cents a share, in the period ending December 29, down from $57 million, or 16 cents a share, in the year-ago quarter.
Analysts surveyed by Thomson Financial had forecast earnings of 4 cents per share. The quarter included an $18 million one-time gain and a $6 million charge. Tyson had revenue of $6.8 billion for the quarter, up from $6.6 billion a year ago.
Shares were up 5.5% Monday, to close at $13.99. Shares were at 52-week low of $12.81 last week.
See also:
McDonald's hit by weak U.S. sales
Halliburton (HAL) profit rises 5% in fourth-quarter
Black & Decker (BDK) doesn't see housing recovery soon
Why do we have a weak dollar?
Holiday hiring slow for retailers
Closing Bell: What sell-off? (AIG, ABK, EPR, MBI, JAVA, ORCL, ERTS)
