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US stock market daily report (January 25, 2013, Friday)
Mattress giant, Tempur-Pedic International Inc. (TPX) reported Q4 earnings fell 58% amidst weaker mattress sales which were down 5% globally, pillow sales were down 8% and lower profit margins attributed to lower earnings across the board. Shares of Tempur-Pedic were higher into late afternoon trading Friday, by 6%. Tempur-Pedic reported a profit of $23.5 million or 39 cents a share as revenue decreased 7% to $341.1 million while gross margin fell to 50% from 52.1%. Adjusted earnings were lower by 60 cents, excluding acquisition-related charges and other items. In a deal that will combine two leading rivals with well-known brands, Tempur-Pedic is in the process of acquiring Sealy Corp. (ZZ), which is expected to close in the first half 2013. On Thursday, Chief Executive Mark Sarvary said performance in the latest quarter for Tempur-Pedic's was in line with company projections. "We continued to see signs of stabilization in our North American business driven by initiatives we launched in the third quarter," Mr. Sarvary said.
Specialty truck maker Oshkosh Corp. (OSK) reported fiscal Q1 earnings jumped 20%, recording lower input costs that helped to overshadow a weak performance in its defense segment. For the period ended December 31, Oshkosh reported a profit of $46.5 million or 51 cents a share, up from $38.9 million or 42 cents a share, a year earlier while net sales fell 6.1% to $1.76 billion. Most-recent period for the company included $16.3 million in costs related to the tender offer and proxy battle, while the year-earlier period included a $2.8 million impact from the company's proxy contest. Stripping out one-time items such as the proxy-contest costs, per-share earnings from continuing operations were 60 cents versus a year earlier at 39 cents. Chief Executive Charles L. Szews said Friday that each of the company's nondefense segments improved its operating income margins from the year-earlier quarter. Oshkosh raised its view on earnings for the year, now expecting adjusted per-share earnings of between $2.80 and $3.05, up from previous view of $2.35 and $2.60. Oshkosh shares were sharply higher into late afternoon trading Friday, setting another new 52 week high, up 19%.
Oil-field-services giant Halliburton Co. (HAL) reported Q4 earnings came in lower by 26%, reporting continued weakness in its North American completion and production business. Halliburton reported a profit of $669 million or 72 cents a share, down from $906 million, or 98 cents a share, a year earlier while revenue improved 3.2% to $7.29 billion. Earnings from continuing operations came in at 63 cents. Revenue was higher by a scant 0.2% in the completion and production business while operating income shrank 45% including a decline of 67% in its North America segment. Revenue rose 7.9% in the drilling and evaluation business with operating income rising 0.8%. For hydraulic fracturing in North America - a process consisting of injecting a mix of water, chemicals and sand at high pressure into deeply buried oil and gas bearing shale rock formations to crack them open - Halliburton is the top seller of services. Amidst higher fracking costs in oil-rich areas as well as declining demand for services in natural-gas fields, margins have come under pressure. Halliburton shares were higher by 5% into late afternoon trading on Friday.
Consumer goods consisting of toys and games giant, Hasbro Inc. (HAS) reported Friday it expects to report Q4 revenue of about $1.28 billion, including a negative $8 million impact from foreign exchange, compared to $1.33 billion in the year-ago period. Adjusted 2012 profit is expected to come in between $2.83 to $2.85 a share. "We had a number of strong product initiatives, but consumer demand through much of the holiday season was less than anticipated in both the U.S. and certain international markets," Hasbro said. "As a result, fourth quarter revenues did not meet our expectations." Hasbro shares were lower by 3% into late afternoon trading on Friday.
U.S. Department of Commerce reported sales of new single-family homes fell 7.3% to a seasonally adjusted annual rate of 369,000 in December, while less volatile longer-term trends showed continued improvement. New single-family homes sales rose 8.8% from the same period in 2011. Median price of new homes rose 1.3% to $248,900 in December while supplies of new homes available for purchase rose to 4.9 months in December at the current sales rate. From prior year period, median sales price increased 13.9% while median sales price for 2012 reached $243,600, striking the highest amount since 2007. An estimated 367,000 new homes were sold during 2012 per Commerce Dept, striking highest level seen since 2009.
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