Earnings watch: Whirlpool, AMD

Whirlpool announces major layoffs as it reports weak results. Shares of chip-maker AMD surge on better-than-expected earnings.

By TheStreet Staff Oct 28, 2011 8:25AM

By Andrea Tse, TheStreet

TheStreet

 

Whirlpool (WHR) significantly reduced its outlook for 2011 earnings and said it would cut 5,000 jobs to trim costs and expand its operating margins.

 

AMD (AMD) swung to a profit in the third quarter, citing strong demand for its mobile processors.  The no. 2 chipmaker earned $97 million, or 13 cents a share, in the latest quarter, up from a year-ago equivalent loss of $118 million, or 17 cents a share. On a non-GAAP basis, AMD earned $110 million, or 15 cents a share, in the quarter. Analysts surveyed by Thomson Reuters were looking for earnings of 10 cents a share.

 

Biotechnology company Biogen (BIIB) reported third-quarter profit of $1.61 a share, beating the Wall Street consensus estimate of $1.53.

 

Drugmaker Merck (MRK) reported third-quarter earnings of 94 cents a share, beating the average analyst estimate of 91 cents.

 

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Forest products company Weyerhaeuser (WY) reported third-quarter earnings of 12 cents a share, in line with estimates.

 

HP (HPQ) will keep its PC division, the company announced on Thursday, after spending the last few months considering a spinoff of its computer business.

 

Chinese Internet giant Baidu (BIDU) reported that revenue totaled $654.7 million in the third quarter, up 85% from year-ago levels. Baidu said it earned $285 million in the period, or 84 cents per ADS. Excluding share-based compensation expense, the company's profit was 86 cents per ADS.

 

Video game developer Electronic Arts (ERTS) said its fiscal second-quarter loss widened to $1.03 a share from 61 cents the same quarter last year.

 

Casino-resort developer and operator Las Vegas Sands (LVS) reported third-quarter profit of 55 cents a share, beating the average analyst estimate of 52 cents.

 

Drugmaker Merck (MRK) reported third-quarter earnings of 94 cents a share, beating the average analyst estimate of 91 cents.

 

Oil major Chevron (CVX) reported third-quarter profit of $3.92 a share, beating the average analyst estimate of $3.48 a share. Sales and other operating revenues in the third quarter were $61 billion, up from $48 billion in the year-ago period, mainly due to higher prices for crude oil and refined products.

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