US EARNINGS WRAP: P&G Profit Off 18%; Radian, Orbitz In Black

   DOW JONES NEWSWIRES 
 

Below is a synopsis of major quarterly releases from Wednesday morning:

P&G Earnings Down 18% On Folgers Sale; View Cautious

Procter & Gamble Co.'s (PG) fiscal fourth-quarter earnings fell 18% on last year's Folger's sale as profit beat analysts' expectations despite a 4% volume drop. The company also projected results this quarter slightly more downbeat than Wall Street expectations. Shares dropped 3.4% to $53.57.

Radian Posts Profit On Hedging Gains, Reduced Claims

Radian Group Inc. (RDN) reported that lower claims and hedging gains pushed the mortgage insurer into the black for the second quarter. It stock surged 52.3% to $5.59, and pulled up other mortgage insurers, as Radian cut its 2009 claims forecast.

Orbitz Posts Surprise Profit Amid Cost Cuts

Orbitz Worldwide Inc. (OWW) swung to an unexpected profit on lower restructuring charges and cost cuts, sending shares jumping 24.7% to $4.65. Bookings dropped 12%.

Garmin Income Down 37% On 2008 Gains; Results Top Views

Garmin Ltd.'s (GRMN) profit dropped 37% amid currency and investment gains, but results handily topped analysts' downbeat expectations on a big margin jump for the maker of global positioning system units. The stock rallied 21% to $32.87.

Dean Foods Earnings Jump 31%, Gives Muted 3Q Forecast

Dean Foods Co.'s (DF) profit jumped 31% as lower raw-milk and energy prices supported cost-cutting efforts. The largest U.S. dairy processor by revenue also raised its 2009 earnings outlook by a nickel, though its third-quarter forecast was below Wall Street's expectations. Shares fell 9.8% to $19.26.

Owens Corning Profit Off 19% On Charges; Tops Estimates

Owens Corning's (OC) earnings fell 19% on restructuring charges while the company continued to see weakness at its composites business. But the building-products maker's roofing business posted record earnings and overall profit widely beat analysts' expectations. The stock thus jumped 8.2% to $20.81.

Marsh & McLennan Posts Loss On Divestiture

Marsh & McLennan Cos. (MMC) swung to a loss on divestiture impacts as the insurance broker continued to see weakness at its consulting businesses. Revenue missed expectations, but shares rose 4.1% to $22.38.

Ralph Lauren Income Down 19%, Offers Downbeat Sales View

Polo Ralph Lauren Corp.'s (RL) fiscal first-quarter earnings fell 19% on lower volumes. The clothing retailer also projected fiscal-year and second-quarter revenue below analysts' estimates. But its stock rallied 4.7% to $66.76 as earnings beat expectations.

Hedge Fund Operator Fortress Narrows Loss

Fortress Investment Group LLC's (FIG) second-quarter loss narrowed despite declines in assets under management and management fees as revenue beat analysts' views. Shares rose 3.5% to $4.45.

PG&E Earnings Up 32% On Gains; Results Shy Of Estimates

PG&E Corp.'s (PCG) earnings rose 32% on one-time gains as costs of producing electricity and natural gas fell and results were just shy of Wall Street's average expectations. Its stock fell 1.1% to $40.11.

American Axle Loss Narrows As Sales Tumble On Shutdowns

American Axle & Manufacturing Holdings' (AXL) loss narrowed sharply despite plunging sales caused by plant shutdowns at General Motors Co., its biggest customer, and Chrysler Group LLC. But shares jumped 16% to $3.02, continuing a rally from the past two weeks.

Transocean Profit Down 24% On Write-Downs, Weaker Demand

Transocean Ltd.'s (RIG) earnings skidded 24% as it wrote down rigs held for sale amid weak demand. Shares fell 4.1% to $77.04 as results fell short of anlaysts' expectations. The stock is still up 63% this year.

RR Donnelley Earnings Slump Again

RR Donnelley & Sons Co.'s (RRD) profit tumbled 83% as the printing-services company booked restructuring charges, while margins continued to fall. Shares dropped 4.8% to $13.77 as revenue fell short of analysts' estimates.