Company Earnings for Thursday,
June 24, 2010




Lennar Corp. (LEN)


LEN-june23,2010

Home builder Lennar Corp.(LEN) said Thursday that it swung to a fiscal second-quarter net profit of $39.7 million, or 21 cents a share, from a loss of $125.2 million, or 76 cents a share, a year earlier.

Total revenue dropped 8.7% to $814.5 million.

The group said valuation adjustments were $6.1 million in the latest quarter, down from $99.1 million a year earlier, but that new orders had also dropped 10% to 3,207. The drop in orders came entirely in May following the expiration of the federal homebuyer tax credit at the end of April.

Analysts polled by FactSet had been expecting the company to break even in the latest quarter.

"While we were disappointed with the slowdown in new orders in May, we believe that this will be temporary and that the market will improve in the second half of 2010," said CEO Stuart Miller.

McCormick & Co (MKC)


MKC-june23,2010

Spice maker McCormick & Co (MKC) posted quarterly results above estimates, helped by strong demand at both its consumer and industrial businesses, and said it expects 2010 earnings at the upper end of its outlook range.

For fiscal 2010, the company expects earnings of $2.49 to $2.54 per share and sales to rise 2 percent to 4 percent in local currency.

Analysts on average were expecting earnings of $2.50 a share, before items, on revenue of $3.32 billion, for the year, according to Thomson Reuters.

The company, however, said profit growth in the second half of the year is expected to moderate, hurt by a higher tax rate, increased cost for certain raw materials and currency exchange rates.

McCormick, which sells spices, seasonings and food coloring, earned $66.2 million, or 49 cents per share, for the second quarter, compared with $50.7 million, or 38 cents a share, a year earlier.

Revenue rose 5 percent to $798.3 million.

Analysts on average had expected earnings of 44 cents a share, on revenue of $788 million.

Shares of Sparks, Maryland-based McCormick closed at $39.17 Wednesday on the New York Stock Exchange.

ConAgra Foods Inc (CAG)


CAG-june23,2010

ConAgra Foods Inc (CAG) reported a weaker-than-expected quarterly profit.

The maker of Chef Boyardee pasta and Healthy Choice frozen dinners said net income was $90.6 million, or 20 cents per share, in its fiscal fourth quarter, ended May 30, compared with $174.7 million, or 39 cents per share, a year earlier.

Excluding one-time items, the company earned 39 cents a share, a penny below the average forecast of analysts polled by Thomson Reuters.

Sales fell 5 percent to $3.06 billion.

The company forecast earnings for the new fiscal year would grow 8 percent to 10 percent from the $1.74 in fiscal 2010. It expects growth to be concentrated in the second half of the year.

Robbins & Myers Inc (RBN)


RBN-june24,2010

Diversified manufacturer Robbins & Myers Inc (RBN) posted better-than-expected quarterly results on improved customer demand, mainly in its fluid management segment, as energy markets saw a recovery.

The company, which serves the energy, pharmaceutical and industrial markets, forecast fourth-quarter profit that was largely below analysts' average estimate.

The company expects to earn 31 cents to 41 cents a share for the fourth quarter, while analysts on average were looking for a profit of 39 cents a share, according to Thomson Reuters.

"We are benefiting from recovering energy markets, and have seen notable sales increases in our product lines that support horizontal drilling activity for shale projects," Chief Executive Peter Wallace said in a statement.

For the third quarter ended May 31, Robbins & Myers' net income rose to $8.2 million, or 25 cents a share, from $10.3 million, or 31 cents a share, a year ago.

Sales rose about 3 percent to $147 million. Sales in the fluid management segment grew about 10 percent to $80 million.

Analysts on average were expecting earnings of 21 cents a share, on revenue of $138.4 million, for the third quarter.

Shares of the Dayton, Ohio-based company closed at $22.27 Wednesday on the New York Stock Exchange.

Scorpio Tankers Inc (STNG)


STNG-june24-2010

Petroleum shipping company Scorpio Tankers Inc (STNG) posted higher-than-expected first quarter profit and said it would buy three additional Handymax tankers.

For the quarter ended March 31, the company posted net income $1.2 million, or 21 cents per share, compared with $2.8 million, or 50 cent a share, a year ago.

Revenue declined 35 percent to $6.2 million, hurt by a fall in the daily time charter equivalent rate.

The daily time charter equivalent rate from the pool decreased from $28,012 to $18,928, the company said.

Analysts on average were expecting Scorpio to earn 11cents per share, on revenue of $5.68 million, according to Thomson Reuters.

The Company has agreed to buy three Handymax tankers that are scheduled to be delivered by the end of July for an aggregate price of $76.0 million.

Earlier this month, Scorpio took delivery of three products tanker vessels.

The Monaco-based company has also executed a $150 million credit facility to partially finance vessel acquisitions.

Shares of the company closed at $10.90 Wednesday on the New York Stock Exchange.

Success is simple. Do what's right, the right way, at the right time.



Take control of your future prosperity the Easy way. Become a member of Stock Options Made Easy today!



Back to Stock Options Made Easy from Company News - June 24, 2010



Search Stock Options
Made Easy



Enjoy Relaxed or Fast-Paced Trading? Choose your Membership Style...

Whether you prefer to take a laid-back approach to your trading,

or to charge ahead in your options trading,

 Stock Options Made Easy Armchair Trader and Cut-to-the-Chase Trader Memberships put everything you need to succeed at your fingertips for just  $39 or $79 per month.





Search Stock Options
Made Easy




newsletter-free


Subscribe to our FREE
newsletter for all the latest options news!


Enter Your Email Address

Enter Your First Name











Follow S_O_M_E on Twitter











Subscribe to our FREE
newsletter for all the latest options news!


Enter Your Email Address

Enter Your First Name











Follow S_O_M_E on Twitter