Business Briefs - Wednesday
ENERGY
GulfMark tops on Asian demand
The provider of transportation services to oil companies said its Q1 EPS rose 66.7% to $1.40, beating views by 30 cents. Revenue increased 27% to $83.3 mil. GulfMark Offshore () said strong demand from energy companies operating deep-water drilling rigs pushed up day rates for its vessels, especially off the coasts of Southeast Asia and Brazil. Shares surged 11% to 59.80.
Oceaneering Int’l, () which specializes in deep-water drilling, said after hours that its Q1 EPS rose 32% to 74 cents, beating views by a penny. Revenue climbed 27% to $435.8 mil. It sees Q2 EPS of 86-94 cents vs. views of 93 cents. Shares dipped in late trading.
Helix Energy Solutions, () an oil and gas drilling company, said after hours that its Q1 earnings climbed 32% to 79 cents a share, topping forecasts by 8 cents. Revenue increased 14% to $450.7 mil. Shares rose in late trading.
Murphy Oil, () an oil producer and refiner, said late Wed. that its Q1 EPS surged to $2.14, up from 58 cents last year and surpassing projections by 20 cents. Revenue jumped 90% to $6.53 bil. It sees Q2 EPS of $1.90-$2.10 vs. views of $2.01. Shares rose in late trading.
SERVICES
Brink’s boosted by int’l growth
The security services provider said Q1 EPS rose 55% to $1.02 ex items, beating views by 23 cents. Revenue grew 24% to $921 mil, also topping forecasts. Brink’s () cited strong growth in Latin America and some European countries. It sees organic revenue growth in the high-single-digit percentage range for ‘08. Shares climbed 1.2% to 72.75, an all-time closing high.
METALS
Prices, more capacity lift Timken
The specialty alloy maker said Q1 EPS rose 24% to 82 cents ex items, a dime better than views. Revenue grew 12% to $1.43 bil, above forecasts. Timken () said it benefited from expanded capacity, surcharges, stronger pricing and the weak dollar. It sees Q2 EPS of 73-83 cents vs. views of 76 cents, and ‘08 EPS of $2.75-$2.95 vs. forecasts of $2.85. Shares climbed 8% to 36.15.
Olympic Steel, () a steel maker, said its Q1 EPS more than doubled to $1.21, beating views by 29 cents. Revenue rose 6% to $274.9 mil, above views. It rose 2.2% to 51.20.
Esmark, () a W.Va.-based steel maker, accepted $669 mil, or $17 a share, buyout from India’s Essar Steel Holdings. It rose 11% to 16.69.
EDUCATION
Strayer beats, boosts guidance
The education company said its Q1 EPS rose 26.2% to $1.64, beating views by 6 cents. Revenue rose 21% to $97.1 mil, above views. Enrollment for the spring term rose 19% to about 37,700 students. Strayer Education, () which plans to open 9 campuses this year, raised its Q2 EPS outlook to $1.45-$1.47, above views of $1.42. It rose 3% to 185.69.
Corinthian colleges, () a for-profit educator, said its Q3 EPS was flat from a year ago at 14 cents, missing views by a penny. Revenue rose 17% to $281.5 mil, topping views. Shares surged 11.6% to 11.35.
CONSUMER
Colgate Q1 tops on higher prices
The maker of toothpaste and dish soap said its Q1 EPS rose 17% to 90 cents ex items, topping views by a penny. Sales grew 16% to $3.71 bil. Colgate-Palmolive () said unit volume increased 5%. Higher prices and cost-cutting offset share increases in raw materials and packaging, it said. Shares fell 6.7% to 70.70.
Prices, cost controls boost P&G
The consumer products giant said Q3 EPS rose 11% to 82 cents, a penny better than expected. Revenue jumped 9% to $20.46 bil, edging forecasts. Procter & Gamble () said price increases, cost controls and strong growth in emerging markets helped offset soaring costs of oil and other commodities. It sees ‘08 EPS of $3.48-$3.50, implying 76-78 cents for Q4, vs. views of 78 cents. Shares rose 1.8% to 67.05.
Kellogg, () the cereal and snack maker, said Q1 EPS edged up 1% to 81 cents, a nickel better than views. Revenue grew 10% to $3.3 bil, above views. Kellogg was helped by price increases but hurt by higher costs. It fell 1.6% to 51.17.
