U.S. Movers: Boardwalk Pipeline, Compass Minerals, Harris, Loews, UDR

Mukesh Buch
29 Oct, 2012
New York City

Boardwalk Pipeline third quarter net surged 25% on storage revenue. Compass Minerals quarterly net plunged 73% on lower sales and Harris first quarter net swung to $85.8 million loss. Loews third quarter net climbed 9% to $177 million.

[R]10:45 AM New York – Boardwalk Pipeline third quarter net surged 25% on storage revenue. Compass Minerals quarterly net plunged 73% on lower sales and Harris first quarter net swung to $85.8 million loss. Loews third quarter net climbed 9% to $177 million.[/R]

Boardwalk Pipeline Partners, LP ((BWP)), the natural gas utility provider said net sales in the third quarter ending in September edged up 0.6% to $270.6 million from $268.9 million in the same period of last year. Net income in the quarter surged 25% to $59 million or 26 cents a diluted share compared to $47.2 million or 23 cents a share a year ago earlier.

The company added gas storage revenue soared 52.5% to $18.3 million from a year ago.

CNA Financial Corporation ((CNA)), the insurance company reported revenue in the third quarter ending in September climbed 13% to $2.47 billion from $2.18 billion in the same period of last year. Net income in the quarter jumped nearly two-fold to $221 million or 82 cents a diluted share compared to $75 million or 28 cents a share a year ago.

Compass Minerals International, Inc. ((CMP)), the minerals producer stated sales in the third quarter ending in September declined 21% to $181 million from $229.1 million in the same period of last year. Net income in the quarter plunged 73% to $9.4 million or 28 cents a diluted share compared to $34.6 million or $1.03 a share a year ago quarter.

The minerals producer said operating margin declined 8% compared to 21% and the highway deicing sales volume dropped 45% from the prior year period

Gardner Denver, Inc. ((GDI)), the vacuum products maker reported revenue in the third quarter ending in September dropped 11% to $548.5 million from $614.7 million in the same period of last year. Net income in the quarter slumped 13% to $64.1 million or $1.30 a diluted share compared to $73.6 million or $1.42 a share a year ago earlier.

The company said third quarter results were affected from the decline in revenues of 20% in engineered products segment and decrease of 3% in industrial products from a year ago period.

The company estimated 2012 earnings in the range of $5.05 to $5.15 per diluted share from earlier guidance of $4.90 to $5.10 and for the fourth quarter earnings are expected between $1.17 and $1.27.

Harris Corporation ((HRS)), the communication network provider said revenue in the first quarter ending in September slipped 6% to $1.26 billion from $1.34 billion in the same period of last year. Net loss in the quarter swung to $85.8 million or 76 cents a diluted share compared to net income of $121.6 million or $1.01 a share a year ago period.

“In a challenging government spending environment, revenue in government communications systems increased 5% over the prior year.” said William M. Brown, president and chief executive officer.

The company added revenue for the government communications systems segment earned $465.5 million compared to $443.7 million from a year ago quarter.

The company reiterated its previous guidance for fiscal 2013 for GAAP income from continuing operations between $5.10 to $5.30 per diluted share and for revenue of nearly flat to 2% growth from a year ago.

Haemonetics Corporation ((HAE)), the healthcare company said revenue in the second quarter ending in September surged 22% to $218.2 million from $179.4 million in the same period of last year. Net income in the quarter tumbled 53% to $6.55 million or 25 cents a diluted share compared to $13.88 million or 54 cents a share a year ago earlier.

The company reaffirmed its previous fiscal 2013 revenue growth expectation of $890 to $915 million above 23% to 26% and reaffirmed adjusted earnings per share range of $3.30 to $3.40 increase 9% to 12%.

The board of directors approved two-for-one split of the company''s common stock as of November 30 and starts trading on a post-split basis on New York Stock Exchange on December 3.

Loews Corporation ((L)), the holding company reported revenue in the third quarter ending in September jumped 8% to $3.72 billion from $3.44 billion in the same period of last year. Net income in the quarter climbed 9% to $177 million or 45 cents a diluted share compared to $162 million or 40 cents a share a year ago.

UDR, Inc. ((UDR)), the real estate investment trust stated revenues in the third quarter ending in September advanced 11% to $181.8 million from $163.9 million in the same period of last year. Net loss in the quarter narrowed to $9.62 million or 4 cents a diluted share compared to $15.6 million or 7 cents a share a year ago period.