U.S. Movers: BE Aerospace, ConocoPhillips, Eaton, Hasbro, Kellogg, Pfizer

Mukesh Buch
23 Apr, 2012
New York City

BE Aerospace first quarter net surged 37% and reaffirmed 2012 outlook. ConocoPhillips net fell on weak production. Hasbro swung to first quarter net loss on weak sales in North America. Kellogg lowered full year outlook. Xerox quarterly net fell to $269 million.

[R]11:25 AM New York – BE Aerospace first quarter net surged 37% and reaffirmed 2012 outlook. ConocoPhillips net fell on weak production. Hasbro swung to first quarter net loss on weak sales in North America. Kellogg lowered full year outlook. Xerox quarterly net fell to $269 million.[/R]

BE Aerospace, Inc. ((BEAV)) gained 3.7% or $1.70 to $46.50 after the aircraft interior products maker reported first quarter revenue soared 24.5% to $747.3 million from $600.2 million in the prior year. Net earnings in the quarter surged 37% to $68.8 million or 67 cents per share compared to $50.3 million or 49 cents per share in the year ago earlier.

The company expects revenue for 2012 to be approximately $2.95 billion and earnings of about $2.75 per diluted share.

ConocoPhillips ((COP)) fell 68 cents to $72.20 after the oil and gas explorer reported first quarter revenues nearly flat to $58.35 billion from $58.25 billion in the same quarter last year. Net income in the quarter fell 3% to $2.94 billion or $2.27 per diluted share compared to $3.03 billion or $2.09 per share in the year ago.

Productions for the quarter were 1.64 million barrels of oil equivalent per day 65,000 per day lower compared with a year ago and also operation in Libyan was resumed.

Check Point Software Technologies Ltd. ((CHKP)) dropped 10.2% or $6.61 to $57.43 after the Israel based gateway security solution provider reported first quarter revenue grew 11% to $313.1 million from $281.3 million in the prior year. Net income in the quarter increased 18% to $143.6 million or 68 cents per share compared to $122.1 million or 57 cents per share in the prior year.

D.R. Horton, Inc. ((DHI)) rose 22 cents to $15.60 after the homebuilding company reported second quarter revenue increased 28% to $935.6 million from $733.1 million in the prior year. Net income in the quarter soared 46% to $40.6 million or 13 cents per share compared to $27.8 million or 9 cents per share in the year ago period.

Net sales orders for the quarter increased 19% to 5,899 homes from 4,943 homes in the year ago period.

Eaton Corporation ((ETN)) decreased 1.4% or 69 cents to $46.75 after the electrical components maker reported first quarter sales rose 4% to $4.0 billion from $3.8 billion in the prior year. Net income in the quarter increased 8% to $311 million or 91 cents per share compared to $287 million or 83 cents per share in the prior year.

Hasbro, Inc. ((HAS)) slipped 3.6% or $1.31 to $34.61 after the entertainment products provider reported first quarter net revenue fell 3% to $648.9 million from $672.0 million in the prior year. Net loss in the quarter swung to $2.6 million or 2 cents per share compared to net earnings of $17.2 million or 12 cents per share in the year ago period.

Revenues in U.S. and Canada declined 16% to $329.0 million to $391.2 million and operating profit of $14.4 million compared to $41.0 million in 2011.

Kellogg Company ((K)) declined 4.7% or $2.58 to $51.41 after the ready-to-eat food maker cut its full year outlook and now expects operating profit to fall 2% to 4% in 2012 and sales are expected to rise 2% to 3%, down from prior forecast of 4% to 5% and earnings in the range between $3.18 and $3.30 per share.

Pfizer Inc. ((PFE)) fell 13 cents to $22.43 after the biopharmaceutical company agreed to divest its nutrition business to Nestlé for $11.85 billion in cash and expects the deal to be completed by first half of 2013.

Roper Industries, Inc. ((ROP)) rose 21 cents to $98.35 after the diversified company reported first quarter revenues increased 10% to $711.1 million from $645.3 million in the same quarter last year. Net earnings in the quarter surged 22% to $108.3 million or $1.09 per diluted share compared to $89.0 million or 91 cents per share in the year ago earlier.

Xerox Corporation ((XRX)) rose 16 cents to $8.03 after the outsourcing services provider reported first quarter total revenues edged up 1% to $5.50 billion from $5.46 billion in the same quarter last year. Net earnings in the quarter fell 4% to $269 million or 19 cents per diluted share compared to $281 million or 19 cents per share in the year ago quarter.