US EARNINGS WRAP: T Rowe, Fortune Post Lower Profit

   DOW JONES NEWSWIRES 
 

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

T. Rowe Price Profit Down 38%, Still Beats Estimates

T. Rowe Price Group Inc.'s (TROW) second-quarter earnings fell 38% as investment-advisory revenue tumbled, but results topped analysts' expectations as the mutual-fund operator saw net inflows. Shares edged lower.

Fortune Income Drops 27% As Sales Weakness Persists

Fortune Brands Inc.'s (FO) profit fell 27% on continued weakness in its home-products segment and slow sales for golf products, but the conglomerate's earnings beat expectations. Still, its stock fell 1.4% to $38.66.

Schlumberger Profit Slumps 57% On North America

Schlumberger Ltd.'s (SLB) earnings fell 57% as stabilizing international markets weren't enough to offset the steep decline in North American drilling activity. However, the results beat analysts' expectations. Shares dropped 1.1% to $57.06.

Ashland Income Down 31% On Charges, 2008 Gains

Ashland Inc.'s (ASH) fiscal third-quarter profit fell 31% on one-time items while weakness continued at most of its businesses as chemicals demand remains down. Shares dropped 12% to $27.56.

Sepracor Core Earnings Soar; Outlook Raised

Sepracor Inc.'s (SEPR) second-quarter profit fell 88% on a prior-year tax gain while the company saw sales strength at many of its key drugs. Results were much better than analysts' expected, prompting the research-based pharmaceutical firm to boost its full-year view. Its stock climbed 6% to $16.77.

Ingersoll Rand Profit Slides 52%

Ingersoll Rand Co.'s (IR) earnings fell 52% amid declines in consumer spending and the construction market. Orders dropped 20% on constant currencies and continued weakness is expected. But the stock jumped 11% to $26.69 as the company projected third-quarter earnings above analysts' estimates.

Black & Decker Earnings Down 60%; EPS View Raised

Black & Decker Corp.'s (BDK) profit plunged 60% amid a continuing sales slump, though core earnings beat analysts' expectations. That prompted the toolmaker and home-improvement products company to boost its reduced 2009 earnings target, but the sales forecast was lowered. Shares rallied 10% to $37.15.

Manufacturer Dover Earnings Down, Cuts Forecast

Dover Corp.'s (DOV) profit dropped 28% as demand woes persist despite signs of a recovery, prompting the manufacturing holding company to again cut its 2009 earnings outlook. Shares dropped 4.2% to $34.98.

Arch Coal Falls Short Of Expectations

Arch Coal Inc. (ACI) swung to a loss on continuing demand woes as the company plans further capital-spending cuts. Shares were little changed as the quarter's results missed analysts' expectations.

Exelon Earnings Drop 12%; 3Q Forecast Weak

Exelon Corp.'s (EXC) profit fell 12% as electricity demand remains weak. The company also projected third-quarter earnings below analysts' estimates. Its stock was down only 0.6% to $53.72.