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Zacks Analyst Blog Highlights: UTX Corp., Comerica Inc., Brinker International, Regions Financial Corp. and Forest Laboratories, Inc.
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Chicago, IL – April 23, 2009 - Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: UTX Corp. (UTX), Comerica Inc. (CMA), Brinker International (EAT), Regions Financial Corp. (RF) and Forest Laboratories, Inc. (FRX).
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Here are highlights from Wednesday’s Analyst Blog:
UTX Revenues Down 12+%
UTX Corp. (UTX) released Q1-09 results today. Revenues of $12.2 billion were down 12.2% from $14.0 billion last year (which, in turn, was adjusted upward by $257 million at Pratt & Whitney) for collaborative arrangements per EITF Issue no. 07-1.
Of the 12+% decline, 6% reflected adverse foreign currency translation, 5% was organic and the remaining 1% was the net result of divestitures. With respect to the Revenues of UTX’s six segments, Otis descended 12.8% to $2.7 billion, Carrier cooled off significantly by 27.0% to $2.5 billion, Fire & Security declined alarmingly by 19.5% to $1.2 billion, Pratt & Whitney sputtered by 8.2% to $3.2 billion, and Hamilton Sundstrand lost power by 5.5% to $1.4 billion, while Sikorsky, as predicted, soared dramatically by 30.4% to over $1.3 billion.
Comerica Hurt by Loan Losses
Comerica Inc. (CMA) reported its 1Q09 results this morning. The operating loss of $0.16 per diluted share was substantially worse than estimates, as the results were hurt by a sharp rise in provisions as well as a contraction in the net interest margin.
Credit metrics deteriorated further during the quarter. Impressive growth in deposits, expense control and an enhanced capital position were the positives for the quarter.
Brinker Customer Traffic Down
Brinker International (EAT) reported earnings today for fiscal 3Q09 ending March 25, adding more color to its preliminary results posted on April 6.
In line with its earlier release, the international casual dining operator said that earnings before one-time items jumped to $0.45 per share in FY 3Q09 from $0.33 in FY 3Q08. The year-ago earnings exclude Macaroni Grill, which was sold in December 2008.
Regions Better Than Expected
Prior to market open, Regions Financial Corp. (RF) reported its earnings for 1Q09. Core results were a loss of $0.14 per share, versus $0.55 per share.
Better-than-expected results reflected lower-than-expected provisions as net interest margin remained under pressure, as well as non-interest income. Though net charge-offs improved sequentially, other credit quality metrics continued to negatively expand.
Forest Labs Reports Q4 & FY09
This morning, Forest Laboratories, Inc. (FRX) reported financial results for the period ending March 31, 2009. Revenue for the fiscal fourth quarter 2009 came in $965.5 million, down 3% from the same period in 2008 and 4% lower than our estimate of $1,005 million.
Sales were below our forecast due to lower-than-anticipated sales of Lexapro which ended the quarter at $549 million, down 5% from the fourth quarter 2008 and below our $585 million forecast. Sales for the fiscal year ending March 31, 2009 came in at $3,923 million, up 2% from 2008.
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| Market Summary | Feb 10, 2012 08:48 am ET |
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