Earnings Roundup: ASML, PGR, JTX, IGTE
Wednesday, July 14, 2021 9:45 AM

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ASML Holding NV (NASDAQ: ASML) said Wednesday that it swung to a second-quarter net profit, helped by a sharp rebound in sales. The Dutch chip equipment maker reported that its net income totaled of 239 million euros compared to a loss of 104 million euros in the same period a year ago. In the three months ended June 27, net sales climbed to 1.07 billion euros from 277 million euros. The company boosted its 2010 sales outlook. It now expects 2010 sales to rise 10 to 15 percent above its 2007 peak of 3.8 billion euros, up from a previous guidance of at least 3.8 billion euros. ASML expects third quarter 2010 net sales of around EUR 1.1 billion, and gross margin of about 43 percent. "Our second quarter sales came in at EUR 1.069 billion, confirming the continued strong demand in the semiconductor industry for our leading edge lithography systems," said Eric Meurice, President and Chief Executive Officer of ASML. "This level of sales is expected to continue into 2011, barring a major macro-economic downturn, as it is supported by a number of fundamental growth drivers." Shares of the company rallied more than 2% in pre-market trading.

Progressive Corp. (NYSE: PGR) on Wednesday reported that second-quarter net income declined to $211.9 million, or 32 cents a share, from $250.1 million, or 37 cents a share, in the year-earlier quarter. Net premiums written for the quarter rose 5% to $3.71 billion from $3.53 billion in the prior year quarter. Net premiums earned climbed 4% to $3.59 billion from $3.44 billion in the same quarter a year earlier. Analysts, on average, expected the company to report earnings of 36 cents per share on revenue of $3.70 billion. 

Jackson Hewitt Tax Services, Inc. (NYSE: JTX) said Wednesday that its fourth-quarter net income rose to $48.1 million, or $1.67 a share, from $41.3 million, or $1.45 a share, in the prior-year period. Revenue dropped to $125.6 million from $141.2 million. Analysts, on average, expect the company to report earnings of 36 cents per share on revenue of $3.70 billion."The 2010 tax season was a challenging one for Jackson Hewitt, as the loss of 50% of our refund anticipation loan ("RAL") product created an impediment that we could not fully overcome," said Harry W. Buckley, Jackson Hewitt's president and chief executive officer. "Despite the solid efforts of our dedicated employees and franchisees and cost control measures implemented during the year, the RAL issue, coupled with a soft economy, high unemployment and increased competition, resulted in a year of declining tax returns prepared, revenues and earnings."

iGATE Corp. (NASDAQ: IGTE) reported Wednesday that its second-quarter net income climbed to $11.2 million, or 20 cents per share, from $6.1 million, or 11 cents per share, in the prior-year quarter. Revenue jumped 42.7% to $66.8 million from $46.8 million. Analysts, on average, expected the company to report earnings of 17 cents per share on revenue of $61.15 million.

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



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