Earnings Scan (ARMH, WU, NVS, TROW)
ARM Holdings plc (ADR)(NASDAQ:ARMH) shares slumped 5.10% to $26.20 in the pre-market session after the company reported pre-tax profit of 51.3 million pounds compared with 30.4 million pounds in the prior-year period. After adjusting for acquisition-related and share-based payment costs, and disposal and impairment of investments, normalised pre-tax profit rose to 61.9 million pounds from 50.7 million pounds in the 2011 first quarter. Revenues for the quarter advanced to 132.5 million pounds from 116.0 million pounds a year earlier.
The Western Union Company (NYSE:WU) shares jumped 1.30% to $18.18 after the company reported a sharp jump in its first quarter net income helped by growth at its core consumer-to-consumer segment. The company reported profit of $247.3 million, or 40 cents, up from a year ago profit of $210.2 million, or 32 cents a share. Revenue during the quarter grew 9% year-over-year to $1.39 billion. Revenue from the company’s consumer-to-consumer unit, which accounts for about 80 percent of its revenue, grew 4%. Analysts were estimating the company to report 40 cents a share on revenue of $1.37 billion. Excluding integration costs, the company expects to earn $1.70 to $1.75 per share for the full year.
Novartis AG (ADR)(NYSE:NVS) shares declined 1.50% to $54.79 after the company reported a 18% fall in its first quarter earnings. The company reported net income of $2.33 billion from $2.82 billion on revenue of $13.74 billion. The Basel-based company’s generics unit Sandoz also suffered production problems, as well as stiff competition that resulted in sales dropping 10% to $2.12 billion in the first three months. Novartis said it expects full-year profits to come in below 2011. On Monday, the company announced it was planning to build a $550-million production site in Switzerland, to be completed by 2016.
T. Rowe Price Group, Inc. (NASDAQ:TROW) reported a 1% jump in its first quarter profit. The company earned $197.5 million, or 75 cents a share, up from a year ago profit of $194.6 million, or 72 cents a share, missing analysts’ estimates by 2 cents. Net assets at T. Rowe increased 12 percent during the quarter to a record $554.8 billion on March 31. Investors added a net $12.4 billion during the quarter, with further gains coming from the market’s sharp rally. Shares of TROW are down 1.56% to $60.06 in the pre-market session.