Reliance Steel & Aluminum Co (RS) reported net income of $92.3 million or $1.23 per share in the first quarter of 2011 compared with $44.7 million or 60 cents per share in the prior-year quarter.
In first quarter of 2011, Reliance’s tons sold were up 12% and the average price per ton sold was up 18% compared with the prior-year quarter. Carbon steel sales were 53% of revenues; aluminum sales were 17%; stainless steel sales were 16%; alloy sales were 8%; toll processing sales were 2% and other sales were 4%.
Earnings from continuing operations were $2.52 per diluted share in the first quarter versus $1.43 per share in first quarter 2010.The higher sales volume was attributed primarily to strong end-use demand in packaging, transportation, and other markets and the positive impact of growth initiatives. The increase in selling prices was in response to higher raw material and energy costs.
Revenues for the quarter rose 6% year over year to $143 million, boosted by higher product sales, also surpassing the Zacks Consensus Estimate of $141 million. Product sales climbed 6% year over year to $138.1 million riding on record clinical diagnostic revenues, which cruised 15% year over year to $88.3 million.Revenues from research products and services toppled 24% year over year to $3.1 million, due to sustained weakness in pharmaceutical outsourcing.
In March 2011, Starbucks struck a deal with Green Mountain Coffee Roasters (GMCR)to sell packs of Starbucks, and Tazo coffee and tea for use in Green Mountain’s Keurig single-cup brewers. Starbucks will sell those single-serving coffee and tea packs at its own stores as well as at other North America retailers, starting this fall.
Starbucks is also trying to move beyond café and into consumer products via a planned aggressive expansion of branded consumer product lineup to be distributed through food retailers. And true to its NASDAQ listing, Starbucks has also dabbled in technology by pushing out a cool smart phone mobile payment app in January. The Starbucks Card Mobile app, available for Apple (AAPL) iPhone, RIM Blackberry, and Google’s (GOOG) Android, is linked to a prepaid Starbucks card, and lets customers scan and pay using their smart phones.
Goodrich Corporation (GR) announced first quarter 2011 operating earnings of $1.52 per share versus 86 cents in the year-ago quarter, reflecting a growth of 9.6%.Goodrich's total operating revenue in first quarter 2011 was $1,895.9 million versus $1,695.2 million in the year-ago quarter, reflecting a growth of 12%.
Kia Motors America (KMA) staged the premieres of the all-new 2012 Rio sub-compact sedan and the upgraded 2012 Kia Soul at the New York International Auto Show. The 2012 Rio features all-new ISG (stop-start) technology and fuel economy of up to 40 mpg US highway.
The 2012 Rio platform is longer, wider and lower than the previous generation. Employing high-tensile-strength steel (63%), Rio’s lightweight design offers increased torsional stiffness for improved handling, ride quality and refinement, plus increased crash safety capabilities while reducing overall weight.
Results also came in favorably compared with a loss of 20 cents per share in the prior quarter and a loss of 12 cents per share in the year-ago quarter. First quarter 2011 net income available to common shareholders was $40 million, compared to a loss of $49 million in the prior quarter.
First Horizon’s results significantly benefited from a drop in loan loss provisions and lower expenses. Net loan charge-offs and non-performing assets continued to trend downward. However, this was partially offset by lower-than expected revenue, driven by a drop in net interest income.
On a reported basis, including one-time items, the company posted quarterly earnings of 4 cents a share, down 50% from 8 cents delivered in the year-ago quarter.
The New York Times registered a drop in top-line during the quarter. After declining 2.9% in the fourth quarter of 2010, total revenue slipped 3.6% to $566.5 million in the quarter under review from the prior-year quarter, and also fell short of the Zacks Consensus Estimate of $570 million.
Results also compared favorably with adjusted earnings of 66 cents per share in the prior-year quarter. Consequently, reported net income increased 24% year over year to $832 million.Net interest income for the reported quarter was $2.18 billion, down 1.1% sequentially and 8.5% year over year. Net interest margin climbed 1 basis point sequentially but dipped 30 basis points year-over-year to 3.94%.
Taubman Centers, Inc. (TCO), a real estate investment trust (REIT), reported first quarter 2011 FFO (funds from operations) of 63 cents per share compared to 60 cents in the year-earlier quarter.Total revenues during the reported quarter were $155.5 million compared to $151.5 million in the year-ago quarter. Occupancy of the entire portfolio decreased marginally to 87.9% at quarter-end from 88.2% in the year-earlier period.
EPS in the reported quarter however, excluded a tax benefit of 4 cents related to the favorable resolution of domestic tax position. Including this benefit, EPS in the quarter was reported at 96 cents, up 48% compared with 65 cents in the year-ago quarter.
Revenues posted an improvement of 24% year–over-year to $1.96 billion, topping the Zacks Consensus Estimate of $1.85 billion. An organic growth of 9% and a 4% increase from acquisitions and 1% favorable impact from currency translation were instrumental in revenue growth in the quarter. Revenue increased across all of its segments, particularly led by Fluid Management and closely followed by Electronic Technologies.
QUALCOMM Inc. develops and delivers innovative digital wireless communications products and services based on the company’s CDMA digital technology. The company’s business areas include CDMA integrated circuits and system software; technology licensing; the Binary Runtime Environment for Wireless applications development platform; Eudora e-mail software;digital cinema systems; and satellite-based systems including portions of the Globalstar system and wireless fleet management systems, OmniTRACS and OmniExpress.
Shares of QUALCOMM, Inc. (QCOM) are trading up 2.78% as of 11:45AM EDT, hitting 57.62. QUALCOMM, Inc. has a 52 week low of 31.63 and a 52 week high of 59.84.
Ralcorp Holdings, Inc. is primarily engaged in the manufacturing, distribution and marketing of private label and branded ready-to-eat cereal products and snacks, branded and private label crackers and cookies, and branded baby food and juices.Shares of Ralcorp Holdings, Inc. (RAH) are trading down -0.01% as of 11:41AM EDT, hitting 70.97. Ralcorp Holdings, Inc. has a 52 week low of 53.90 and a 52 week high of 70.97.
Aastrom Biosciences, Inc. develops autologous cell products for the repair or regeneration of multiple human tissues, based on its proprietary Tissue Repair Cell technology. Aastrom’s TRC-based products are a unique cell mixture containing stem and progenitor cell populations, produced from a small amount of bone marrow taken from the patient.Shares of Aastrom Biosciences, Inc. (ASTM) are trading up 0.77% as of 11:50AM EDT, hitting 2.70. Aastrom Biosciences, Inc. has a 52 week low of 1.32 and a 52 week high of 4.45.
Campbell is highly leveraged, which could adversely affect its credit worthiness and make it more susceptible to macro-economic factors and competitive pressures. Additionally, intense competition from other established players and exposure to unfavorable foreign currency translations undermines the company's growth prospects.
Consequently, we have downgraded our recommendation on the stock to Underperform from Neutral. Our long-term Underperform recommendation on the stock indicates that it will perform well below the broader market. Our target price is $30.00 or 12.4x of 2011 EPS.
Travelzoo, Inc. is an Internet media company that publishes travel and entertainment offers from various third-party companies in North America and Europe. The company was founded in 1998 and has a market cap of $1.26 billion.
Although it’s not showing up in estimates, the market is hot for Travelzoo right now, recently hitting a new all-time high on speculation it has outsized earnings ahead in the booming deal space. The recent gains have been predicated on the company’s growing subscriber base, on display on March 3 when it announced a big increase in its European region.
Rubicon provides advanced electronic materials like for light-emitting diodes (LEDs), radio frequency integrated circuits and other optical applications.Rubicon reported its fourth consecutive earnings surprise back on Feb 16. Revenues for the fourth quarter rose 44%, to $29.5 million. Combine that with expanding margins and EPS was up 83% to $0.64.
PPG is one of the old mainline manufacturing companies with products in 3 segments: coatings, glass and chemicals.
Founded in 1883 and headquartered in Pittsburgh, the company has been a steady player for decades. It has paid a dividend, uninterrupted by wars, assassinations and the Great Depression, since 1899.
On Mar 11, PPG Industries paid its 450th consecutive dividend. The shares are currently yielding a solid 2.3%.
Estimates have been rising for Enbridge Inc. (ENB) after the company reached a 10-year agreement with shippers for its crude oil mainline system.
The Canadian-based company operates the largest crude oil and liquids pipeline system in the world and is a leader in natural gas distribution.
The company also recently raised its dividend by 15%. It currently yields 3.1%.
Valeant Pharma has proposed to pay $73 for each share of Cephalon which represents a premium of approximately 29% over Cephalon's 30-day trading average. Valeant Pharma intends to begin a solicitation process during the week beginning April 4 in an effort to replace Cephalon’s board of directors with its nominees. Valeant Pharma plans to finance the transaction entirely with debt.
Valeant Pharma decided to go public with its offer believing that Cephalon was delaying active negotiations. Moreover, the management at Valeant does not condone Cephalon’s current business strategy of investing in its pipeline.