US EARNINGS WRAP: Gannett Profit Slides; Hasbro Gains

  DOW JONES NEWSWIRES 
 

Below is a synopsis of major earnings releases from Monday morning:

Gannett Earnings Fall 53%, Top Boosted Estimates

Gannett Co.'s (GCI) third-quarter profit tumbled 53% amid an advertising slump, but the newspaper publisher's results beat its heightened expectations, helped by cost cuts. Chief Financial Officer Gracia Martore said newsprint expense slumped 43% and she expects newsprint prices to remain under pressure into 2010. Shares rose 6%.

Hasbro Income Up 8.8% On Higher Margins, Movie Toys

Hasbro Inc.'s (HAS) profit climbed a bigger-than-expected 8.8% on higher margins and as the company's line of entertainment-related toys continued to buoy sales during the economic downturn. President and Chief Executive Brian Goldner added that revenue growth for the year is possible if consumer trends continue "to improve in line with recent fourth quarter trends." Still, shares fell 4% as third-quarter sales missed analysts' estimates.

Eaton Earnings Down 39% Amid Demand Slump

Eaton Corp.'s (ETN) profit plunged 39%, as cost cuts failed to offset the impact of the auto-industry slump. But results handily topped the company's target, as Eaton boosted its full-year earnings view and gave an upbeat forecast for the current quarter. Chairman and CEO Alexander Cutler said the diversified industrial company is beginning to see signs of recovery in some markets and expects the improvement to continue and gain momentum in the fourth quarter. Its stock jumped 8%.

Weatherford Profit Down 79% As North America Woes Persist

Weatherford International Ltd.'s (WFT) earnings slumped 79% amid weak demand, primarily in North America. International results have been stemming some of those woes and CEO Bernard J. Duroc-Danner said he expects the company's international business to grow 30% next year. Shares fell 3%.

PetMed Shares Fall On Weak Sales, Margins

PetMed Express Inc.'s (PETS) fiscal second-quarter profit rose 8.6% as the online pet pharmacy continued to add customers and cut costs. But sales missed analysts' expectations and gross margin fell, helping send its stock down 12%.

McMoRan Exploration Loss Widens On Commodity-Price Tumble

McMoRan Exploration Co.'s (MMR) third-quarter loss widened more than expected amid slumping natural gas prices and prior-year hedging gains. Average daily production fell 4.4% amid the price slump, which included 68% for natural gas. But its shares still rose 5%.

BB&T Income Down 58% Amid Surge In Credit Costs

BB&T Corp.'s (BBT) earnings fell 58% on a big jump in credit-loss provisions as the Mid-Atlantic and Southeast regional bank took over a failed rival. Credit-loss provisions soared 95% while loans in danger of going bad rose from the second quarter. But net charge-offs dipped sequentially. Shares fell 4%.

A. Schulman Posts Loss On Restructuring, Tops Views

A. Schulman Inc. (SHLM) swung to a loss for its fiscal fourth quarter as sales for the plastics and resins supplier slid and the company took a $13 million restructuring charge. However, its stock rose 4% as the latest results topped analysts' expectations.

-By Kevin Kingsbury, Dow Jones Newswires; 212-416-2354; [e-mail]