Earnings Roundup: INTC, YUM, AIR, HCSG
Tuesday, July 13, 2021 6:45 PM

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Intel Corp. (NASDAQ: INTC) on Tuesday reported second-quarter profit that topped analysts' estimates as strong demand from corporate customers sales. Net income totaled $2.9 billion, or 51 cents a share, compared with a loss of $398 million, or 7 cents a share, in the year-ago period. Revenue jumped 34% to $10.8 billion from $8.02 billion. Analysts, on average, expected the company to report earnings of 43 cents per share on revenue of $10.25 billion. Looking ahead to the third-quarter, the company said that it expects revenue in the range of $11.6 billion, plus or minus $400 million. It anticipates gross margin of 67 percent, plus or minus a couple percentage points. Analysts currently expect the company to report revenue of $10.92 billion for the quarter. The chipmaker also raised its outlook for full-year 2010 gross margin to 66% from 64%.

"Strong demand from corporate customers for our most advanced microprocessors helped Intel achieve the best quarter in the company's 42-year history," said Paul Otellini, Intel president and CEO. "Our process technology lead plus compelling architectural designs increasingly differentiate Intel-based products in the marketplace. The PC and server segments are healthy and the demand for leading-edge technology will continue to increase for the foreseeable future."

Intel shares surged more than 7% in after-hours trading.

Yum! Brands, Inc. (NYSE: YUM) reported that its second quarter profit declined 6% to $286 million, or 59 cents a share, from $303 million, or 63 cents a share, in the prior-year quarter. Adjusting earnings climbed 17% to 58 cents a share, from 50 cents in the comparable quarter last year. Revenue grew to $2.57 billion, up from $2.48 billion. Analysts, on average, expected the company to report earnings of 54 cents per share on revenue of $2.54 billion. Worldwide operating profit grew 21% prior to foreign currency translation, including 33% in China, 10% in the U.S., and 7% in Yum Restaurants International. Looking ahead, the company raised its full-year 2010 EPS forecast from $2.39 to $2.43 per share or 12% growth prior to special items, based on strong first half performance. Analysts currently expect the company to report earnings of $2.48 per share for the year.

David C. Novak, Chairman and CEO said, "I'm pleased to report we expect to deliver 12% EPS growth this year, making 2010 the 9th consecutive year we meet or exceed our annual target of at least 10%. We followed up a strong first quarter with second quarter EPS growth of 17%, before special items. This was fueled by profit growth in each of our three divisions, including exceptional growth of 33% in China. Overall, system sales grew by 4% and worldwide operating profit increased 21%, prior to foreign currency translation benefit and special items. A key driver of our overall growth continues to be new unit development in China and Yum! Restaurants International. We continue to expect to open about 1,400 international units this year and remain the industry's leading international new unit developer.

Shares of Yum! Brands dropped more than 9% in extended trading.

AAR Corp. (NYSE: AIR) reported that its fiscal fourth-quarter net income dropped to $11.2 million, or 29 cents per share, from $14.2 million, or 36 cents per share, in the comparable period last year. Revenue climbed to $372.3 million from $371.7 million. Analysts, on average, expected the company to report earnings of 31 cents per share on revenue of $361.23 million. 

Healthcare Services Group Inc. (NASDAQ: HCSG) reported Tuesday that its second quarter profit increased 12% to $8.72 million, or 20 cents per share, from $7.81 million, or 18 cents per share, in the year-earlier quarter. Revenue rose 13% to $192.95 million from $170.89 million. Analysts on average expected the company to report earnings of 20 cents per share on revenue of $188.98 million. 

Disclosure: Author doesn’t own any of the stocks discussed here.

 

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