Earnings Roundup: IBM, TXN, NE, RLI, STLD, LNCR
Monday, July 19, 2021 7:35 PM

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International Business Machines Corp. (NYSE: IBM) said Monday that its second-quarter profit rose 13% from last year, helped by higher software and services revenue and improved margins. However, the technology giant's revenue fell short of expectations, sending shares lower in the after-hours trading. Net income rose to $3.4 billion or $2.61 a share, from $3.1 billion or $2.32 a share in the year-ago period. Revenue increase 2% to $23.7 billion from $23.25 billion in the same quarter last year. The company said that currency rates reduced its revenue by roughly $500 million in the quarter. Analysts, on average, expected the company to report earnings of $2.58 per share on revenue of $24.17 billion.  Looking ahead to  the full-year 2010, the company said that it now expects earnings of at least $11.25 per share, compared to prior forecast of at least $11.20 per share. Analysts currently expect the company to report earnings of $11.27 per share for fiscal 2010. "In the second quarter we again delivered double-digit earnings-per-share growth, increased margins, as well as improving constant-currency revenue performance in our ongoing software, services and hardware businesses, and in all geographies," said Samuel Palmisano, IBM chairman, president and chief executive officer. IBM shares slumped more than 4%in after-hours trading.

Texas Instruments Incorporated (NYSE: TXN) said Monday that its second-quarter net income jumped to $769 million, or 62 cents a share, from $260 million, or 20 cents a share, in the prior-year quarter. Revenue surged to $3.5 billion from $2.46 billion. Analysts, on average, expected the company to report earnings of 62 cents per share on revenue of $3.52 billion. Gross profit improved to 54.2% from 45.7% in the comparable quarter last year.  Looking ahead to the third quarter of 2010, the chipmaker expects earnings in the range of 64 cents to 74 cents per share and revenue in the range of $3.55 billion to $3.85 billion. Analysts currently expect the company to report earnings of 64 cents per share on revenue of $3.59 billion for the third quarter. Texas Instruments plunged more than 5% in extended trading.

Noble Corp. (NYSE: NE) on Monday reported that second-quarter net income declined 21% to $218 million, or 85 cents a share, from $392 million, or $1.49 a share, in the corresponding quarter last year. Revenue dropped 20.7% to $688 million. Analysts, on average, expected the company to report earnings of $1.05 per share on revenue of $771.21 million. Shares of the company tumbled more than 5% in evening trading.

RLI Corp. (NYSE: RLI) said Monday that its second quarter net income climbed to $35.0 million, or $1.65 per share, from $34.1 million, or $1.57 per share, in the year-earlier quarter. Operating earnings totaled $32.2 million or $1.52 per share, from $28.7 million or $1.32 per share in the year-ago period. Net investment income rose slightly to $16.7 million from $16.5 million in the year-earlier quarter. Analysts, on average, expected the company to report earnings of $1.04 per share on revenue of $133.15 million.

Steel Dynamics, Inc. (NASDAQ: STLD) reported Monday that it second-quarter net income swung to $49.21 million, or 22 cents per share, compared to a net loss of $15.99 million, or 8 cents per share, in the same quarter last year. Revenue surged to $1.63 billion from $792.16 million. Analysts, on average, expected the company to report earnings of 25 cents per share on revenue of $1.64 billion.

Lincare Holdings Inc. (NASDAQ: LNCR) said late Monday that its second quarter net income jumped to $46.4 million, or 47 cents per share, from $33.5 million, or 33 cents in the same period last year. Revenue grew 10% to $418.36 million from $380.36 million. Analysts, on average, expected the company to report earnings of 46 cents per share on revenue of $414.07 million.

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

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