U.S. Movers: Ametek, Air Products, EMC, VMware, Wipro

Mukesh Buch
24 Jul, 2012
New York City

Ametek second quarter net surged 21% and Air Products third quarter net soared 48%. Coca-Cola Enterprises second quarter net declined 17% and EMC net soared 19% to $649.5 million. VMware second quarter net declined 13% and agreed to acquire Nicira, Inc. for $1.05 billion in cash.

[R]10:50 AM New York – Ametek second quarter net surged 21% and Air Products third quarter net soared 48%. Coca-Cola Enterprises second quarter net declined 17% and EMC net soared 19% to $649.5 million. VMware second quarter net declined 13% and agreed to acquire Nicira, Inc. for $1.05 billion in cash.[/R]

Ametek, Inc. ((AME)) declined 5.3% or $1.77 to $31.55 after the electromechanical device maker reported net sales in the second quarter ending in June increased 9% to $825.9 million compared to $758.8 million in the same period of last year. Net income in the quarter surged 21% to $113.7 million or 47 cents per diluted share compared to $94.1 million or 39 cents per share a year ago earlier.

The device maker expected third quarter sales are to be up in low double digits and earnings per share are expected to increase 13% to 15% to 45 cents to 46 cents and anticipate fiscal revenue to be up in low double digits on a percentage basis from 2011 and earnings are expected to be in the range of $1.83 to $1.85.

Air Products and Chemicals, Inc. ((APD)) slid 59 cents to $78.99 after the conglomerate reported revenues in the third quarter ending in June slipped 5% to $2.34 billion compared to $2.47 billion in the same period of last year. Net income in the quarter soared 48% to $484.5 million or $2.26 per diluted share compared to $326.5 million or $1.50 per share a year ago period.

Air Products expects fourth quarter adjusted earnings from continuing operations to be between $1.42 and $1.47 per share.

Coca-Cola Enterprises, Inc. ((CCE)) slipped 1.1% or 32 cents to $27.21 after the bottling company reported net sales in the second quarter ending in June slipped 8.5% to $2.21 billion compared to $2.41 billion in the same period of last year. Net income in the quarter declined 17% to $205 million or 67 cents per diluted share compared to $246 million or 74 cents per share a year ago quarter.

The company expects comparable earnings per share for the fiscal in a range of $2.18 to $2.24 and net sales are expected to increase in a mid-single-digit range.

Celanese Corporation ((CE)) advanced 5.6% or $2.01 to $37.53 after the polymer products maker reported net sales in the second quarter ending in June slid 4% to $1.68 billion compared to $1.75 billion in the same period of last year. Net income in the quarter fell 3% to $210 million or $1.31 per diluted share compared to $203 million or $1.28 per share a year ago period.

EMC Corporation ((EMC)) rose 23 cents to $25.03 after the virtual data storage reported total sales in the second quarter ending in June increased 10% to $5.31 billion compared to $4.84 billion in the same period of last year. Net income in the quarter soared 19% to $649.5 million or 29 cents per diluted share compared to $546.5 million or 24 cents per share a year ago.

The company expects full year revenues are to be $22 billion and net income to be $2.75 billion and earnings per share of $1.25.

Steel Dynamics, Inc. ((STLD)) rose 11 cents to $12.33 after the steel producer reported revenue in the second quarter ending in June slumped 8% to $1.91 billion compared to $2.08 billion in the same period of last year. Net income in the quarter plunged 55% to $44.5 million or 20 cents per diluted share compared to $98.7 million or 43 cents per share a year ago period.

VMware, Inc. ((VMW)) slipped 33 cents to $88.90 after the virtualization solution provider reported revenue in the second quarter ending in June soared 22% to $1.12 billion compared to $921.2 million in the same period of last year. Net income in the quarter declined 13% to $191.7 million or 44 cents per diluted share compared to $220.1 million or 51 cents per share a year ago period.

VMware agreed to acquire a network virtualization for open source initiatives Nicira, Inc. for about $1.05 billion in cash plus $210 million of assumed unvested equity awards.

VMware expects third quarter revenues to be in the range of $1.11 billion to $1.15 billion and for fiscal revenues are expected between of $4.54 billion and $4.64 billion an increase of 20.5% to 23.0% from a year ago.

Wipro Limited ((WIT)) decreased 1.2% or 10 cents to $7.77 after the Indian software services provider reported first quarter revenues grew 24% to 106.53 billion rupees or $2 billion the same quarter last year. Net income for the quarter rose 18% to 15.80 billion rupees or 6.43 rupees per share from 13.35 billion rupees or 5.44 rupees per share last year.