Business Briefs - Thursday

MEDICAL

Novo Nordisk climbs as EPS beats

The world's biggest insulin maker, based in Denmark, said its Q4 net income fell 43% to $194 mil, exceeding projections. Sales rose 4.4% to $2.17 bil but fell shy of forecasts. Novo Nordisk NVO said costs to stop development of a new experimental inhalable insulin for diabetes called AERx hurt the result. Also, Nordisk is continuing work on an inhaled long-acting insulin and inhaled version of an experimental treatment. Shares surged 4% to 63.41

Hologic sales more than double

The maker of mammography systems said its Q4 net income tripled to $61.4 mil, topping analyst forecasts. Revenue more than doubled to $371.4 mil, exceeding views as well. Hologic HOLX said revenue was helped by a 43% rise in breast-health product sales. The company took a $370 mil charge for costs related to its acquisition of Cytyc. Hologic sees Q2 adjusted earnings of about 55 cents a share, 2 cents above views. It climbed 4.1% to 64.36.

Celgene EPS meets, sales beat

The biotech company said Q4 EPS surged 72% to 31 cents, matching expectations. Revenue grew 51% to $414.6 mil, above estimates. Celgene CELG cited strong demand for its cancer drug Revlimid, attention-deficit drug Ritalin and other drugs. It sees '08 EPS of $1.50-$1.55 vs. views of $1.54, on revenue of $1.8 bil, also shy of projections. It rose 4% to 56.11.

Haemonetics HAE, a health care products and services provider, said its Q3 EPS rose 3.6% to 57 cents ex items, beating views by 4 cents. Revenue rose 19% to $134.6 mil, above views. It leapt 8.3% to 59.84. Bristol-Myers cuts outlook, falls

The drug maker said Q4 EPS rose 74% to 33 cents ex items, a penny below views. Revenue grew 33% to $5.38 bil, above forecasts. Analysts expressed concern that Bristol-Myers Squibb's BMY one-time charges in Q4 included a $275 mil write-down from the credit crunch. It cut its '08 EPS guidance by a nickel to $1.60-$1.70, below views of $1.71. Shares fell 1% to 23.02.

Wyeth WYE, the drug maker, said its Q4 EPS rose 18.2% to 78 cents ex items, missing views by a penny. Revenue rose 10% to $5.76 bil. It said lower spending on sales, administration and research more than offset higher materials costs. It sees '08 EPS below views. It dipped 3 cents to 39.67. AEROSPACE/DEFENSE

Raytheon profit, sales top views

The defense contractor said its Q4 EPS rose 48% to 96 cents ex items, beating views by 4 cents. Sales rose 8% to $6 bil, above views. Raytheon RTN credited a 17% increase in sales at its Intelligence and Information Systems unit. It raised its '08 EPS sales outlook to $22.4 bil-$22.9 bil vs. views of $22.69. It raised full-year EPS forecast to $3.65-$3.80, slightly below views. It rose 2.7% to 65.14.

L-3 beats, raises '08 guidance

The defense contractor said Q4 EPS rose 19% to $1.63, beating views by 2 cents. Sales rose 12% to $3.8 bil, also topping forecasts. L-3 Communications LLL said its government services and specialized products boosted sales. L-3 raised its '08 EPS outlook to $6.48-$6.62, the midpoint above views of $6.51. Shares rose 2.3% to 110.28.

Goodrich's EPS beats, sales miss

The supplier of aerospace and defense parts and services said Q4 EPS jumped 23% to 96 cents ex items, a nickel better than views. Revenue climbed 12% to $1.67 bil, below forecasts of $1.69 bil. Goodrich GR cited increased sales of its aerospace components. It doesn't see a material effect from delays in Boeing's 787 Dreamliner project. Goodrich expects '08 EPS of $4.15-$4.30, below estimates of $4.33. It dipped 0.6% to 62.45.

Ammo, launchers power Alliant

The defense contractor said Q3 EPS jumped 8% to $1.65, topping views by 6 cents. Revenue climbed 17% to $1.05 bil, also above views. Alliant Techsystems ATK cited sales growth of 15% in its ammunition systems unit and 12% in its space launch systems unit. It raised its full-year EPS guidance by a nickel to $6.25-$6.35, implying $1.66-$1.76 for Q4. Analysts were expecting $6.34 and $1.79. It climbed 3.5% to 105.85.

CONSUMER

P&G, Colgate profits top views

The consumer products firms both said quarterly EPS rose 17% on strong sales in emerging markets. Procter & Gamble PG said Q2 EPS grew to 98 cents, a penny above views. Sales rose 8% to $21.6 bil, beating forecasts. P&G also said it will separate its Folgers coffee unit. Colgate-Palmolive CL said Q4 EPS climbed to 91 cents, topping views by 2 cents. Sales rose 13% to $3.64 bil, above estimates. P&G edged up 0.5%. Colgate surged 4%.

RETAIL

Burger King beats, shares sizzle

The No. 2 hamburger chain surged 8.3% to 26.16 after it said Q4 EPS grew 29% to 36 cents, beating views by 4 cents. Revenue rose 10% to $613 mil, also topping forecasts. Burger King BKC credited stronger demand for its value menu, popular Whopper sandwich, new Homestyle Melt and promotions with TV tie-ins. It said same-store sales grew 4.5%. Burger King projected '08 EPS of more than $1.24 vs. views of $1.29.

CVS tops, raises '08 guidance

The nation's largest pharmacy chain said Q4 EPS rose 29% to 58 cents ex items, beating forecasts by 3 cents. Revenue surged 82% to $21.94 bil, also above estimates. CVS Caremark CVS cited gains from new generic drugs and the acquisition of pharmacy benefits manager Caremark. It said same-store sales grew 3.4%. CVS sees '08 EPS of $2.43-$2.50, above views of $2.32. Shares jumped 8% to 38.91.

Nordstrom JWN, a department-store chain, rose after Bear Stearns upgraded the stock to outperform from peer perform. The brokerage cited the company's strong service and merchandise, and share buybacks. It rose 5.4% to 38.85. FOOD

Brewers boost Green Mountain

The specialty coffee company's Q1 EPS rose 20% to 12 cents, a penny better than views. Revenue jumped 52% to $126.4 mil, above forecasts. Green Mountain Coffee Roasters GMCR cited strong demand for its Keurig single-cup coffee brewers. It raised its '08 EPS guidance by 2 cents to 72-77 cents, the midpoint above views of 73 cents, on revenue of $478 mil-$496 mil, also exceeding projections. Shares rose 12% to 38.52.

Flowers blossoms on high prices

The maker of baked goods said Q4 EPS rose 35% to 23 cents, beating forecasts by 2 cents. Revenue grew 8% to $473.7 mil, also topping views. Flowers Foods FLO cited higher prices and volume, along with lower selling, marketing and administrative costs, that offset rising ingredient costs. It sees '08 EPS of $1.07-$1.17 on revenue of $2.21 bil-$2.26 bil. Analysts see $1.12 per share and $2.2 bil. Shares rose 9% to 23.86.

DIVERSIFIED

Int'l growth helps Harsco's Q4

The industrial services and engineered products provider said its Q4 EPS rose 19.4% to 74 cents, beating views by 4 cents. Revenue jumped 21% to $974.6 mil, above views. Harsco HSC said the result was helped by growth in regions such as the Middle East, China and India investing heavily in their infrastructure. It raised '08 EPS outlook to $3.40-$3.50 vs. $3.44. It climbed 3.1% to 56.77.

ENERGY

Cameron falls on low guidance

The oil services company said Q4 EPS rose 33% to 61 cents ex items, a penny better than forecasts. Revenue jumped 25% to $1.34 bil, beating estimates. Cameron International CAM cited strong demand from its oil and gas producer customers and reported orders booked grew more than 20% to $1.49 bil. But it sees Q1 EPS of 50-53 cents and '08 EPS of $2.45-$2.55, both below views of 59 cents and $2.63, respectively. It fell 7.3% to 39.92.

Marathon profit falls on costs

The oil producer and refiner said its Q4 EPS fell 41.2% to 70 cents ex items, beating views by 16 cents. Revenue jumped 31% to $18.36 bil. Marathon Oil MRO's refining, marketing and transportation arm, known as downstream, cut heavily into profit. Lower margins at its refineries, project delays and higher costs negatively affected the result. But it predicted "significant" growth in 2008. It slid 7.5% to 47.07.

Helmerich & Payne HP, a contract driller, said its Q1 EPS rose 9% to 99 cents ex items, beating views by 5 cents. Revenue rose 18% to $456.7 mil. It rose 4.9% to 39.33. Peabody Energy BTU, the giant coal producer, said Q4 EPS grew 9% to 71 cents ex items, missing views by 8 cents. Revenue grew 9% to $1.2 bil, also below forecasts. It sees Q1 EPS of 5-25 cents, below views, citing production slowdowns in Australia triggered by flooding and subsequent power outages. It slipped 2.7% to 53.86. MEDIA

TiVo soars on ruling against Dish

A court upheld the digital video recorder maker's claims that Dish Network DISH infringed on one of its patents. TiVo TIVO's shares surged 29% to 8.77. The ruling said that digital video recorders distributed by Dish, formerly known as EchoStar, violated the software elements of TiVo's patent. TiVo sued EchoStar in 2004. Dish fell 0.5% to 28.24.