Standard Microsystems & Chevron Corporation Jumped On Earnings
Standard Microsystems Corporation (NASDAQ:SMSC) shares jumped 5.24% to $25.50 in the after hour trading session after the company forecasted first quarter revenue and earnings above analysts’ estimates. However the company reported a loss in the fourth quarter owing to stock-based-compensation, restructuring and other charges, while weak demand continued to hurt sales.
The company reported a fourth quarter loss of $4.1 million, or $0.19 a share, as compared to a year-earlier profit of $1.7 million, or $0.07 a share. Revenue decreased 11% to $89.9 million from from $101.21 million in the prior-year quarter and also included $7 million in sales from its BridgeCo acquisition last year. Analysts expected the company to lose $0.17 per share on revenue estimate of $91.0 million for the quarter.
Looking forward, the company expects first quarter of 2013 revenue to be in the range of $98-$102 million and Non-GAAP earnings per diluted share (EPS) to be in the range of $0.29-$0.38. Analysts are expecting the company to report revenues of $109 million and EPS of $0.41 for the first quarter of 2013.
The shares of the company closed at $24.23 in the previous trading session.
Chevron Corporation (NYSE:CVX) shares climbed 1.14% to $102.61 in the pre-market trading session after the company said that it expects first quarter earnings to come in higher than in the preceding quarter. The company also confirmed its output forecast for 2012.
Analysts expect the company to earn $3.14 per share for the first quarter. The company earned $5.12 billion or $2.58 per share for the fourth quarter.
Upstream results are expected to improve between sequential quarters, owing to higher crude oil prices and lower operating expenses, partly offset by lower liftings, while the first quarter downstream earnings are also expected to be higher, reflecting improved refining and chemicals margins, lower operating expenses, and gains on asset sales.
The company’s U.S. production in the first two months of the quarter reached about 644,000 barrels of oil equivalent a day, down 7.2% from a year ago and 2.6% below the fourth quarter. Crude oil from the company’s U.S. fields fetched $105.65 a barrel on average, a 13% jump from a year earlier.