DOW JONES NEWSWIRES
Below is a synopsis of major releases from Monday afternoon:
TI Weighed Down By Lower Sales, Margins But CEO Sees 'Healthy
Trends'
Texas Instruments Inc.'s (TXN) profit dropped 56% on lower sales
and margins, but revenue grew from the first quarter on strong
analog chip sales and a seasonal increase in calculator sales.
Shares fell 1.1%, to $23.35 in after-hours trading, although the
communications-chip giant predicted third-quarter earnings above
Wall Street's expectations. Chief Executive Rich Templeton said TI
is seeing "healthy trends" in its profitability but "it will likely
take some time before the economy strengthens."
Legg Mason Swings To Profit On Prior-Year Support To Funds
Legg Mason Inc. (LM) swung to a profit, with results coming in
above analysts' expectations amid a 33% drop in operating costs and
prior-year support to money-market funds. Shares of the asset
manager jumped 4.9% after-hours to $26.15.
Zions In The Red Amid Sharply Higher Loan-Loss Provisions
Zions Bancorp Inc. (ZION) swung to a loss as provisions for loan
losses soared. Shares fell 3.4%, to $11.80 in after-hours trading,
though the regional bank's third consecutive loss was narrower than
analysts were expecting. Meanwhile, net charge-offs - loans the
bank no longer thinks are collectible - soared to $347.5 million
from $151.7 million in the first quarter.
ICU Medical Net Jumps On Higher Demand, Boosts Year View
ICU Medical Inc.'s (ICUI) profit grew by 20% as demand for the
company's disposable medical products was stable, despite the
economic downturn. The company also raised its full-year earnings,
revenue and margins targets, due to improvements in its existing
businesses as well as its acquisition of Hospira Inc.'s (HSP)
critical-care product line. Still, shares were down 3.3%, to $42.52
in after-hours trading.
Lincare Profit Hurt By Medicare Changes, Slumping Margins
Lincare Holdings Inc.'s (LNCR) profit dropped 44%, as operating
margins slumped and reductions in Medicare reimbursement continued
to hurt results. Chief Executive John Byrnes said that while the
Medicare changes had been challenging, the company experienced
strong growth in its core respiratory business as competitors
struggle to deal with the cuts. Shares rose 0.8%, to $24.25 in
after-hours trading, as earnings topped estimates.
Brown & Brown Posts Slightly Higher Net As Demand Holds
Steady
Brown & Brown Co.'s (BRO) earnings inched up as the
insurance agency and brokerage firm continued to fend off the
economic downturn. "This insurance market continues to be
challenging due, principally, to the current economic environment,"
said Chief Executive J. Powell Brown. Shares were inactive in late
trading.