Entegris, Inc. (ENTG)

Q4 2009 Earnings Call

February 04, 2010 10:00 am ET

Complete Story »

Entegris, Inc. (ENTG)

Q4 2009 Earnings Call

February 04, 2010 10:00 am ET

Complete Story »

Snap-on Incorporated (NYSE: SNA) increased 4.82% to $45 in the pre-market session. Snap-on Incorporated reported today a fourth-quarter net earnings of $36.6 million, or $0.63 per share, as compared to $58.6 million, or $1.01 per share, in the year-ago period. Net sales declined to $618.1 million as compared to $667.8 million for the same quarter last year. Analysts on an average expected SNA to report earnings of $0.56 per share, on sales of $618 million. The 52-week trading range for SNA is $20.51 - $44.96. In the last six months, SNA has gained over 17%.

Burger King Holdings, Inc. (NYSE: BKC) surged 4.29% to $18.25 in the pre-market session. Burger King Holdings reported today a second quarter profit of $50.2 million, or $0.37 per share, as compared to $44.3 million, or $0.33 per share, in the year-ago period. Total revenues were $645.4 million, as compared to $634.1 million in the year ago period. Analysts on an average expected BKC to report earnings of $0.34 per share on revenues of $634.4 million. The 52-week trading range for BKC is $15.61 - $24.10. BKC closed at $17.50 in the last trading session.

Hardinge Inc. (NASDAQ: HDNG) increased 52.92% to $8.38 in the pre-market session after Industrias Romi S.A. (Bovespa: ROMI3) announced today that it has submitted an all-cash offer to the Board of Directors of Hardinge Inc. to acquire all of the outstanding shares of Hardinge for $8.00 per share. The 52-week trading range for HDNG is $2.60 - $6.65. In the last six months, Hardinge has gained over 39%.

Affymetrix, Inc. (NASDAQ: AFFX) climbed 17.28% to $6.65 in the pre-market session after Affymetrix announced yesterday that for fiscal 2010, it expects to generate improved revenue growth and be profitable. According to Reuters Estimates, analysts are expecting AFFX to report revenue of $339.25 million and net profit of $(8.55) million for the same period. In the previous trading session, Affymetrix closed at $5.67. AFFX has surged over 78% in the last year.

Cyclacel Pharmaceuticals Inc. (NASDAQ: CYCC) jumped 19.70% to $2.37 in the pre-market session. The 52-week trading range for CYCC is $0.25 - $4.08. Cyclacel Pharmaceuticals closed at $1.98 in the last trading session. CYCC has surged over 85% in the last six months.

Kulicke and Soffa Industries Inc. (NASDAQ: KLIC) moved up 19.77% to $6.24 after Kulicke and Soffa Industries announced that for the second quarter, it expects revenue to be in between $140 million to $150 million. According to Reuters Estimates, analysts are expecting KLIC to report revenues of $99 million for the same period. The 52-week trading range for KLIC is $1.15 - $6.68. Kulicke and Soffa closed at $5.21 in the previous trading session.

Entegris, Inc. (NASDAQ: ENTG) surged 13.63% to $4.67 in the pre-market session. Entegris reported today a fourth-quarter net income of $10.12 million or $0.08 per share, as compared to a loss of $131.80 million or $1.18 per share for the same quarter last year. In the last trading session, ENTG closed at $4.11. Entegris has climbed over 8% in the last six months.

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• Toyota forecasts profit, may face more recalls. Toyota (TM) posted a net profit of ¥153B ($1.68B) in FQ3, and expects net income of ¥80B ($880M) in the year ending March 31, a marked improvement from earlier forecasts of a ¥200B loss. Costs and lost sales from its recalls will total $2B for the fiscal year. Toyota also said it may possibly have to recall its Prius hybrid after the Japanese government ordered an investigation of its braking system. Meanwhile, U.S. Transportation Secretary Ray LaHood testified in Congress yesterday that individuals with a recall-affected Toyota should "stop driving it," a comment he later characterized as a "misstatement." LaHood said he only meant that "if you own one of these cars, or if you’re in doubt, take it to the dealer.”
• Four more years with Bernanke. Bernanke was sworn in yesterday for another four-year term as Federal Reserve Chairman. In his swearing-in speech, he already began making the case for Fed independence, saying it "allows the Federal Open Market Committee to make monetary policy in the longer-term economic interests of the American people, rather than in the service of short-term political imperatives." Bernanke also said the bank will work to increase the amount of information it makes public.
• Borders' shares know no bounds. Shares of Borders (BGP) jumped 38% in Wednesday trading, after William Ackman, the company's largest shareholder, said bankruptcy was only a remote possibility and that the firm could even be part of an industry consolidation. Larger rival Barnes & Noble (BKS) declined to comment on the possibility of a tie-up.
• Officials outraged at AIG bonuses. Speaking before Congress, Geithner said AIG's (AIG) contracts to pay hundreds of millions of dollars in bonuses were "outrageous," and asked lawmakers to help recover the "deeply irresponsible" payments. Pay czar Kenneth Feinberg agreed with Geithner's sentiment, saying he shared the public's outrage but that the bonuses are legal because they are "old grandfathered payments."
• Treasury to hit debt limit this month. The Treasury Department expects to hit the government's $12.4T debt ceiling by the end of February, and is working with Congress to raise the limit by $1.9T. A government official said a new ceiling of $14.3T (the equivalent of around $45,000 for every American) would allow borrowing to continue into 2011.
• Monster buys HotJobs. Monster Worldwide (MWW) agreed to buy Yahoo's (YHOO) HotJobs for $225M in cash. The firms also struck a three-year deal that will see Monster provide career and job content for Yahoo's North American homepage. The sale is part of Yahoo's strategy to refocus on its core products and advertising.
• Corporate bankruptcies climb. Corporate bankruptcy filings rose 7% last month as compared to the year before, with an average of 342 businesses filing for bankruptcy every day in January. The data suggests 2010 will see more bankruptcies than 2009, even as the economy shows signs of improvement.
• Kraft crafts bond offer. Kraft (KFT) is reportedly planning to sell at least $4B in bonds in four parts today to help it finance its Cadbury (CBY) acquisition. The sale will likely include 3.25-year, 6-year and 10-year notes and 30-year bonds, and analysts expect "pretty decent demand."
• Questions raised about Medtronic wire data. Some major hospitals are reporting failure rates for Medtronic's (MDT) fracture-prone defibrillator wires that are significantly higher than the rates publicly disclosed by the company. Medtronic had pulled the devices off the market in 2007 and substituted a different wire with a lower failure rate, but around 150,000 of the original wires remain implanted in U.S. patients. In a recent report in the American Journal of Cardiology, the wires' fail rate was 9.2%, but Medtronic says its calculated fail rate of 4.6% is more reliable because it comes from a larger group of hospitals.
• Pfizer counts on explosive China growth. Pfizer (PFE) expects its business in China, where it has a 2.2% share of the highly-fragmented and rapidly-growing pharmaceuticals market, to grow at least 25% this year. Pfizer has also identified India, Russia, Turkey, Brazil and Mexico as key emerging markets, though growth is likely to be closer to the 12-14% range.
• Tax break lifts Deutsche earnings. Deutsche Bank (DB) posted a Q4 net profit this morning of €1.3B ($1.8B), beating estimates of a €660M profit and compared to a net loss of €4.8B the year before. The company's results were boosted by a tax break and strong 2009 performance in corporate and investment banking. The bank's Tier 1 ratio rose to 12.6% at the end of 2009 vs. 10.1% a year earlier, and core Tier 1 rose to 8.7% vs. 7%.
• Shell profit misses forecast. Royal Dutch Shell (RDS.A) posted a Q4 profit this morning (see details below), but fell short of analyst expectations. The company plans to cut another 1,000 employees to save at least $1B this year. "Our fourth quarter 2009 results were impacted by the weak global economy," said CEO Peter Voser. Despite higher oil prices, "gas prices and refining margins have declined sharply, because of weaker demand and high industry inventory levels. We are not assuming that there will be a quick recovery, and the outlook for 2010 is uncertain." Shares -2% premarket (7:00 ET).
• BoE holds steady, pauses QE. The Bank of England announced it will keep its key lending rate unchanged at 0.5% and will pause its £200B ($319B) asset purchase program. Both moves were expected.
• Job market shows some improvement. Monster's Employment Index (.pdf), released this morning, slipped one point in January to 114 and is down 3% Y/Y. The numbers reflect continued moderation and there's been "subtle signs of firming in hiring trends, even for sectors like finance in recent months.” According to Challenger's Job-Cut Report, released yesterday, January layoffs numbered 71,482, a 59% increase from December's nine-year low but 70% below the layoffs registered in January 2009. Yesterday's ADP Jobs report showed similar signs of moderation, with January payrolls falling 22K vs. -30K expected and -61K in December. The January employment decline was the smallest since employment began falling in Feb. 2008.

Earnings: Thursday Before Open

• Bunge (BG): Q4 EPS of -$0.21 misses by $1.04. Revenue of $10.4B (-4.6%) vs. $10.7B. (PR)
• CIGNA (CI): Q4 EPS of $1.03 beats by $0.07. Revenue of $4.6B (-3.8%) in-line. (PR)
• Entegris (ENTG): Q4 EPS of $0.12 beats by $0.06. Revenue of $146M (+29.8%) vs. $122M. (PR)
• MF Global (MF): FQ3 EPS of $0.01 misses by $0.01. (PR)
• NCR (NCR): Q4 EPS of $0.37 beats by $0.11. Revenue of $1.3B (-5.3%) vs. $1.2B. (PR)
• Spectra Energy (SE): Q4 EPS of $0.33 in-line. Revenue of $1.3B (+2.9%) vs. $1.2B. (PR)
• Starwood Hotels (HOT): Q4 EPS of $0.51 beats by $0.29. Revenue of $1.2B (+-1.2%) vs. $1.1B. (PR)

Earnings: Wednesday After Close

• Affymetrix (AFFX): Q4 EPS of $0.04 beats by $0.14. Revenue of $89M (+13%) vs. $83M. Shares +18.7% AH. (PR, earnings call transcript)
• Akamai Technologies (AKAM): Q4 EPS of $0.46 beats by $0.03. Revenue of $238M (+12%) vs. $234M. Shares -4.9% AH. (PR, earnings call transcript)
• Ameriprise Financial (AMP): Q4 EPS of $0.90 beats by $0.14. Revenue of $2.3B (+70%) vs. $2.1B. (PR)
• Assurant (AIZ): Q4 EPS of $0.86 misses by $0.15. Revenue of $2.2B (-2%) vs. $2.1B. (PR)
• AvalonBay Communities (AVB): Q4 FFO of $0.64 in-line. Rental revenue of $143.2M (-6%). (PR)
• Brightpoint (CELL): Q4 EPS of $0.22 beats by $0.06. Revenue of $906M (-6%) vs. $927M. Shares +4.75% AH. (PR)
• Broadcom (BRCM): Q4 EPS of $0.42 misses by $0.02. Revenue of $1.3B (+19%) in-line. Shares +1.75% AH. (PR, earnings call transcript)
• Cadence Design (CDNS): Q4 EPS of $0.06 beats by $0.03. Revenue of $220M (-3.1%) vs. $227M. Shares -2.9% AH. (PR)
• CB Richard Ellis Group (CBG): Q4 EPS of $0.28 beats by $0.10. Revenue of $1.3B (flat) vs. $1.2B. Shares -0.8% AH. (PR)
• CBL Associates (CBL): Q4 EPS of $0.62 beats by $0.12. Revenue of $289M (-3.4%) vs. $299M. (PR)
• Cisco Systems (CSCO): FQ2 EPS of $0.40 beats by $0.05. Revenue of $9.8B (+8%) vs. $9.4B. "We saw dramatic across the board acceleration and sequential improvement in our business in almost all areas," says CEO John Chambers. The company plans to add 2,000-3,000 to the workforce and expects Q3 sales up 23-26% - implying $10B-10.3B vs. $9.5B. (MW). Shares +1.1% AH. (PR, earnings call transcript)
• Equity Residential (EQR): Q4 FFO of $0.43 misses by $0.01. Revenue of $483M (-4%) vs. $480M. (PR)
• Fidelity National Financial (FNF): Q4 EPS of $0.30 beats by $0.08. Revenue of $1.5B (+46%) vs. $1.3B. Shares +0.07% AH. (PR)
• Kimco Realty (KIM): Q4 FFO of $0.31 beats by $0.02. Rental revenue of $212M (+8%) vs. $199M. Sees 2010 FFO of $1.07-1.15 vs. $1.15. Shares +0.9% AH. (PR)
• MEMC Electronic Materials (WFR): Q4 EPS of -$0.03 misses by $0.03. Revenue of $357M (-16%) vs. $336M. Shares -4.6% AH. (PR, earnings call transcript)
• Monster Worldwide (MWW) picks up Yahoo! HotJobs (YHOO) for $225M in cash. For that price, Yahoo will make Monster the exclusive provider of career and job content on its U.S. and Canada homepages for the next three years, with Monster paying for traffic. (PR, earnings call transcript)
• Novellus (NVLS): Q4 EPS of $0.39 beats by $0.06. Revenue of $244 (+29.5%) vs. $189M. Shares -0.3% AH. (PR, earnings call transcript)
• ON Semiconductor (ONNN): Q4 EPS of $0.19 beats by $0.05. Revenue of $497M (+1.7%) vs. $489M. Shares -0.4% AH. (PR, earnings call transcript)
• Regency Centers (REG): Q4 FFO of $0.71 beats by $0.06. Same-property net operating income -4.9%. Leasing transactions: 465 new and renewals for a total of 1.5M square feet. (PR)
• Standard Pacific (SPF): Q4 EPS of $0.31 beats by $0.33. Revenue of $340M (-9.7%) vs. $376M. Shares -3.6% AH. (PR)
• Steel Dynamics (STLD): Q4 EPS of $0.12 misses by $0.05. Revenue of $1.18B (-2.5%) vs. $1.21B. Shares -5.1% AH. (PR)
• THQ (THQI): FQ3 EPS of $0.35 misses by $0.07. Revenue of $357M (-7%) in-line. Sees Q4 EPS breaking even vs. -$0.03, on revenue of $175M-185M vs. $166M. Shares +10.8% AH. (PR, earnings call transcript)
• United Rentals (URI): Q4 EPS of -$0.21 misses by $0.01. Revenue of $557M (-30%) vs. $563M. (PR)
• Visa (V): FQ1 EPS of $1.02 beats by $0.11. Revenue of $2B (+13%) vs. $1.9B. Sees full-year net sales growth of 11-15%. Sees annual EPS growth of more than 20% through 2011. Shares +2.2% AH. (PR, earnings call transcript)
• Walter Industries (WLT): Q4 EPS of $0.62 beats by $0.03. Revenue of $236M (-35%) vs. $276M. Shares +0.5% AH. (PR)
• Yum! Brands (YUM): Q4 EPS of $0.50 beats by $0.02. Revenue of $3.4B (-2%) vs. $3.3B. Same-store sales dropped 8% in the quarter, 5% for the year: Taco Bell -5%; KFC -8%; Pizza Hut -12%. Shares -1.2% AH. (PR)

Today's Markets

• In Asia, Nikkei -0.5% to 10,356. Hang Seng -1.8% to 20,342. Shanghai -0.3% to 2,995. BSE -1.6% to 16,225.
• In Europe at midday, London -0.7%. Paris -0.7%. Frankfurt -0.5%.
• Futures: Dow -0.5%. S&P -0.6%. Nasdaq -0.6%. Crude -1% to $76.22. Gold -0.8% to $1,103.20.

Thursday's Economic Calendar

• 6:00 Monster Employment Index
  6:00 Monthly retail same-store sales
  7:00 BoE Announcement
  7:45 ECB Announcement
  8:30 Initial Jobless Claims
  8:30 Productivity and Costs
  9:00 RBC CASH Index
  10:00 Factory Orders
  10:30 EIA Natural Gas Inventory
  4:30 PM Fed Balance Sheet
  4:30 PM Money Supply
• Notable earnings before Thursday's open: AGN, AVP, BCE, BCRX, BG, BKC, CI, CINF, CLX, DO, ENTG, HOT, K, MA, MCO, MF, NCR, NOC, RAI, RDS.A, SE, SLE, TEN
• Notable earnings after Thursday's close: ALKS, ATVI, CNW, FIS, ILMN, MCHP, PBI, PKI, SUN, VRTX

Seeking Alpha editors Eli Hoffmann and Jason Aycock contributed to this post.

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Achieves Sequential Quarterly Sales Growth of 32 Percent and Non-GAAP EPS of $0.12

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As the December unemployment rate climbed in 43 states, nervous investors sent the markets tumbling to a sharply lower close with the Dow plummeting 216 points to 10,172. Nasdaq plunged 60 points to 2205.

Analysts at Citi downgrade 7 semi equip stocks, saying that although the cycle is not “over,” there is “risk of ~30% correction” over the forthcoming three to six months.

The research note mentions, “After adopting a more balanced cyclical view last Oct ’09, we are digging in our heels as tool shipments now running at levels that imply more significant capacity adds, chip inventory is building ahead of a potentially risky CQ2 based on recent seasonal trends, and capex is (we think) being pulled into 1H from 2H:10 and 2011. “

Citi has downgrade KLA-Tencor Corporation (NASDAQ: KLAC), ATMI Inc (NASDAQ: ATMI), Brooks Automation Inc (NASDAQ: BRKS), Entegris Inc (NASDAQ: ENTG) and Advanced Energy Industries Inc

(NASDAQ: AEIS) from “hold” to “sell” and Novellus Systems Inc (NASDAQ: NVLS) and Applied Materials Inc (NASDAQ: AMAT) from “buy” to “hold.”

More Analyst Ratings here

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Citigroup's Semiconductor Equipment team is downgrading 5 equipment stocks to Sell and 2 to Hold.[More...]

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BloggingStocks: Analyst Upgrades Citigroup upgraded JPMorgan (JPM) to buy from hold on valuation as it finds the risk/reward on shares attractive following yesterday's sell-off. Citi keeps a $48 price target on the stock. Oppenheimer upgraded International Game ... Read more