Scripps Networks Pops Up On Earnings Beat (CVC, MFC, SNI, SEE, PWR)
Cablevision Systems Corporation (NYSE:CVC) shares declined 3.88% to $14.13 in the morning hour after the company’s first-quarter profit fell 45% owing to the loss of its former cable-networks division and other assets, even though customers increased.
The company reported a first quarter profit of $57.2 million, or $0.21 a share, as compared to $104.1 million, or $0.36 a share, a year earlier. Revenue edged up 0.2% to $1.66 billion. Analysts were looking for a per-share profit of $0.19 on $1.67 billion in revenue.
Sealed Air Corp (NYSE:SEE) stock fell 1.85% to $18.60 in the early hour after the company reported a first quarter loss of $6 million, or $0.03 a share, as compared with year-earlier earnings of $59.7 million, or $0.34 a share in the same quarter last year. Excluding acquisition and restructuring-related costs and other items, adjusted earnings were down at $0.18 a share from $0.34 a share. Revenue surged 70% to $1.92 billion. Analysts had expected earnings of $.22 a share on revenue of $1.92 billion.
Scripps Networks Interactive, Inc. (NYSE:SNI) stock surged 6.42% to $54 in the morning hour after the company posted a first quarter profit of $114.9 million, or $0.73 a share, as compared to $100.5 million, or $0.59 a share in the same quarter last year. Revenue grew 11% to $535.3 million. Analysts expected a per-share profit of about $0.60 on $519 million in revenue.
Manulife Financial Corporation (USA) (NYSE:MFC) shares climbed 2.43% to $13.90 in the early hour after the company earned C$1.2 billion ($1.21 billion), or 66 Canadian cents a share, in the quarter. Analysts had expected it to earn 36 Canadian cents a share. The first quarter profit rose 22% owing to market-related gains and insurance sales.
The company also said it had hired a new chief financial officer to replace the soon-to-depart Michael Bell.
Quanta Services Inc (NYSE:PWR) shares gained 3.54% to $23.43 in the morning hour after the company reported a first quarter profit of $45.7 million, or $0.22 a share, as compared with a year-earlier loss of $17.6 million, or $0.08 a share. Excluding items like non-cash compensation expense, the company reported earnings of $0.27 a share, as against a year-earlier loss of $0.05 a share. Revenue jumped 68% to $1.43 billion. The company in February projected earnings of $0.19 to $0.21 a share on revenue between $1.25 billion and $1.35 billion, ahead of analyst estimates at the time.