U.S. Movers: Berkshire, Dril-Quip, Quicksilver, Tenet Healthcare

Mukesh Buch
28 Feb, 2011
New York City

American Water Works fourth quarter net income increased 10.4% to $40.2 million. Endo Pharmaceuticals fourth quarter net income declined 37% to $93 million. Interpublic Group quarterly net income soared 51% to $195 million. Public Storage net income in the quarter rose 3.3% to $121.4 millin.

[R]10:30 AM New York – American Water Works fourth quarter net income increased 10.4% to $40.2 million. Endo Pharmaceuticals fourth quarter net income fell declined 37% to $93 million. Interpublic Group quarterly net income soared 51% to $195 million. Public Storage net income in the quarter increased 3.3% to $121.4 million. Tenet Healthcare quarterly net income surged 252%.[/R]

Of 30 the stocks in the Dow, 27 increased and 3 decreased.

Of the 30 stocks in the Dow Jones Industrial Average, 3M Company led the gainers with a rise of 1.36% followed by increase in Bank of America Corporation of 1.34%, in Hewlett-Packard Company of 1.22%, in Alcoa Inc. of 1.20%, in Exxon Mobil Corporation of 1.17%.

Intel Corporation led the decliners with a fall of 0.73%, followed by decline in The Boeing Company of 0.57%, in Procter & Gamble Company of 0.06%.

Other Movers

American Water Works Co., Inc. ((AWK)) increased 1.3% or 36 cents to $27.73 after the water and wastewater utility company said fourth quarter revenues rose 11.1% to $664.5 million from $597.8 million in the same quarter last year. Net income in the quarter increased 10.4% to $40.2 million or 23 cents per diluted share compared to net income of $36.4 million or 21 cents per share reported a year earlier.

Berkshire Hathaway Inc. ((BRK.A)), the holding company owning subsidiaries engaged in a number of diverse business activities reported fourth quarter revenue rose 19.8% to $36.17 billion from $30.2 billion in the fourth quarter of 2009. Net earnings in the quarter climbed 43.1% to $4.38 billion or $2.66 per Class A common share compared with $3.06 billion or $1.97 per Class A common share in the prior-year quarter, helped by revenue growth and investment and derivative gains.

Full-year revenue rose 21.1% to $136.19 billion as against $112.49 billion in fiscal 2009. In fiscal 2010, net earnings gained 61% to $12.97 billion or $7.93 per Class A common share, compared with $8.06 billion or $5.19 per Class A common share a year ago.

Dril-Quip, Inc. ((DRQ)), plunged 6% or $4.80 to $74.22 after the offshore drilling company reported fourth quarter total revenue increased to $141.6 million from $141.3 million a prior year. Net income in the quarter decreased to $20.9 million or 52 cents per diluted share compared to $28.7 million or 72 cents per share a year ago.

For the full year revenue increased to $566.3 million from $540.2 million a prior year. Net income decreased to $102.0 million or $2.55 per diluted share compared to $105.1 million or $2.66 per diluted share a year ago.

Endo Pharmaceuticals Holdings Inc. ((ENDP)) surged 4.7% or $1.62 to $35.95 after the specialty pharmaceutical company reported fourth quarter total revenue increased 31% to $511 million from $391 million a prior year. Net income in the quarter decreased 37% to $93 million or $0.77 per diluted share compared to $148 million or $1.25 per share a year ago.

For the full year total revenue increased 17% to $1.71 billion from $1.46 billion a prior year. Net income decreased 3% to $259 million or $2.20 per diluted share compared to $266 million or $2.27 per diluted share a year ago period.

Franklin Electric Co., Inc. ((FELE)) slipped 2.7% or $1.16 to 41.58 after the fuel pump and related parts maker fourth quarter net sales increased 21% to $174.9 million from $144.9 million a prior year. Net income in the quarter increased 10% to $8.5 million or 36 cents per diluted share compared to $7.7 million or 33 cents per share a year ago.

For the full year net sales increased 14% to $713.8 million from $626.0 million a prior year. Net income increased 50% to $39.0 million or $1.66 per diluted share compared to $26.0 million or $1.12 per diluted share a year ago.

Interpublic Group of Companies, Inc ((IPG)) soared 4.2% or 53 cents to $13.10 after the advertising and marketing firm reported fourth quarter total revenues increased 11.7% to $2.01 billion from $1.80 billion in the prior-year quarter. Net income in the quarter increased 51% to $195 million or 36 cents per diluted share compared to net income of $129.4 million or 24 cents per share last year.

The company also said its Board authorized a program to repurchase of up to $300 million common stock.

Kaydon Corporation ((KDN)) rose 0.4% or 17 cents to $39.49 after the supplier of products for the renewable energy industry reported fourth quarter sales dropped 3.6% to $105.0 million from $108.9 million in the year-ago quarter. Net income in the quarter declined 0.9% to $11.3 million from $11.4 million in the year-ago quarter. On a per-share basis, earnings were flat at $0.34.

Medicis Pharmaceutical Corporation ((MRX)) surged 24.7% or $6.40 to $32.25 after the specialty pharmaceutical company reported fourth quarter total revenues increased 1.7% to $182.12 million from $179.04 million last year. Net income in the quarter declined 38% to $23.87 million or 37 cents per diluted share compared to net income of $38.29 million or 60 cents per share in the previous year.

Public Storage ((PSA)) gained 2.2% or $2.43 to $113.00 after the real estate investment trust said fourth quarter total revenues f rose 4% to $418.24 million from $402.21 million in the same quarter last year, helped by a 4.6% increase in self-store rental income to $385.67 million. Net income in the quarter increased 3.3% to $121.4 million or 71 cents per diluted share compared to $117.5 million or 70 cents per share for the year-ago quarter.

Total revenues for the full year 2010 increased 1.9% to $1.65 billion from $1.62 billion the prior year. For the full year 2010, net income declined 32% to $399.2 million or $2.35 per share compared to $586.0 million or $3.47 per share for the full year 2009.

Quicksilver Resources Inc. ((KWK)) decreased 1% or 17 cents to $15.50 after the independent energy company reported fourth quarter total revenue increased 2.5% to $239.90 million from $234.10 million for the same period last year. Net income in the quarter soared 879% to $318.3 million or $1.77 per share compared to net income of $32.5 million or 19 cents per share in the year-ago period.

Rowan Companies, Inc. ((RDC)) declined 1% or 45 cents to $42.00 after the contract drilling services provider reported fourth quarter revenues grew 14.8% to $458.8 million from $399.8 million in the same quarter last year. Net income in the quarter declined 5.8% to $57.3 million or 45 cents per diluted share compared to net income of $60.8 million or 53 cents per share in the previous year.

Southern Union Company ((SUG)) increased 1.4% or 42 cents to $28.66 after the company engaged in the gathering, processing, transportation, storage and distribution of natural gas reported fourth quarter operating revenues grew 11% to $670.3 million from $603.7 million in the year-ago quarter. Net earnings in the quarter rose 9.6% to $55.9 million or 45 cents per diluted share compared to net income of $51.0 million or 41 cents per share in the prior-year quarter.

Titanium Metals Corporation ((TIE) fell 0.2% or 4 cents to $19.12 after the titanium producer said fourth quarter total revenue increased to $217.3 million from $183.5 million a prior year. Net income in the quarter increased to $23.3 million or 13 cents per diluted share compared to $4.9 million or 3 cents per share a previous year ago.

For the full year total revenue increased to $857.2 million from $774.0 million a prior year. Net income increased to $80.6 million or 45 cents per diluted share compared to $34.3 million or 19 cents per share a previous year ago.

Tenet Healthcare Corporation ((THC)) increased 1.5% or 11 cents to $7.18 after the hospital operator reported fourth quarter profit net operating revenues increased 1.8% to $2.30 billion from $2.26 billion in the fourth quarter of 2009. Net income in the quarter surged 252% to $74 million or 14 cents per diluted share compared with $21 million or 4 cents per share last year.

Ventas, Inc. ((VTR)) plunged 4.2% or $2.41 to $54.78 after the real estate investment trust agreed to acquired Nationwide Health Properties, Inc. ((NHP)) in a stock-for-stock transaction valued at $7.4 billion.

Under the terms, NHP shareholders will receive fixed exchange ratio of 0.7866 Ventas shares representing a premium to NHP shareholders of approximately 15%. The transaction will create the largest healthcare REIT with enterprise value of approximately $23 billion. The transaction is expected to close in third quarter of 2011.

Centerview Partners LLC acting as financial advisor to Ventas. J.P. Morgan Securities LLC is acting as financial advisor to NHP.

UniSource Energy Corporation ((UNS)) gained 1.7% or 63 cents to $36.54 after a holding company said fourth quarter total operating revenue increased 7.9% to $359 million from $332 million a prior year. Net income in the quarter increased 6.4% to $11 million or 29 cents per diluted share compared to $10 million or 28 cents per share a year ago.

For the full year total operating revenue increased 4.1% to $1.45 billion from $1.40 billion a prior year. Net income increased 6.9% to $111 million or $2.82 per diluted share compared to $104 million or $2.69 per diluted share a year ago.