For Immediate Release
Chicago, IL – November 3, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Ford Motor Company (F), Wipro Limited (WIT), General Electric Company (GE), Cognizant Technology Solutions Corporation (CTSH) and Infosys Technologies Limited (INFY).
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Here are highlights from Monday’s AnalystBlog:
Ford Turns Impressive Profit
Ford Motor Company (F) returned to profitability in the third quarter of the year by posting a net income of $873 million or 26 cents per share, easily clearing the Zacks Consensus Estimate loss of 15 cents per share as well as the year-ago loss of 6 cents per share.
This was, in fact, Ford’s first operating profit since the first quarter of 2008. The company, which was on the verge of bankruptcy in the middle of the year, accredited its rebound to improved product line, inviolable structural cost reduction efforts and improved results at Ford Credit.
Although revenue was down 2.5% to $30.9 billion, Automotive revenue rose $100 million to $27.9 billion from the year-ago level. This was attributed to favorable net pricing and higher volumes, primarily in North America, offset partially by unfavorable exchange. Total wholesale vehicles advanced 5% to 1,232,000 units.
The Automotive division reported a pre-tax operating profit of $446 million versus a pre-tax loss of $2.9 billion a year ago. This reflected favorable net pricing, structural cost reductions, lower material costs and improved market share — not to mention the federal CARS (“Cash for Clunkers”) program — offset partially by unfavorable exchange and lower industry volumes.
Wipro Beats Estimates
Wipro Limited (WIT) announced second quarter of fiscal year 2010 results. Total revenue for quarter ended Sep 30, 2009, was Rs 69.18 billion ($1.44 billion), representing an increase of 6% over the same period last year. Net income for the quarter ended Sep 30, 2009, was Rs 11.71 billion ($243 million), representing an increase of 21% from the same period last year. Earnings per share for the quarter ended Sep 30, 2009, were Rs 8.04 (17 cents), representing an increase of 20% over the same period last year. This exceeded the Zacks Consensus Estimate of 14 cents per share.
IT Services business segment recorded revenue of Rs 49.98 billion ($1039 million) for the quarter ended Sep 30, 2009, representing an increase of 5% over the same period last year. EBIT for this segment was Rs 11.80 billion ($245 million) for the quarter ended Sep 30, 2009, representing an increase of 19% over the same period last year.
IT Products business segment recorded revenue of Rs 11.85 billion ($247 million) for the quarter ended Sep 30, 2009, recording a growth of 19% over the same period last year. EBIT for this segment was Rs 612 million ($12.7 million) for the quarter ended Sep 30, 2009.
Consumer Care and Lighting business segment recorded a revenue of Rs 5.56 billion ($116 million) for the quarter ended Sep 30, 2009, representing an increase of 15% over the same period last year. EBIT for this segment was Rs 732 million ($15.2 million) for the quarter ended Sep 30, 2009, representing an increase of 12% over the same period last year.
Wipro GE Healthcare, the joint venture between Wipro Ltd. and GE Healthcare, integrated several existing standalone business units and manufacturing plants of GE Healthcare in India under the Wipro GE Healthcare entity. This strategic move will lead to more effective management and resource utilization and help accelerate growth for GE Healthcare, the US$17 billion health care business of General Electric Company (GE) through Wipro GE Healthcare’s large distribution network.
Looking ahead for the quarter ending Dec 31, 2009, the company expects revenues from its IT Services business to be in the range of $1,092 million to $1,113 million.
Wipro provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally. Wipro Limited is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services company globally. Wipro’s IT Services business was assessed at Level 5 for CMMI V 1.2 across Offshore and Onsite development centers. Major competitors include Cognizant Technology Solutions Corporation (CTSH) and Infosys Technologies Limited (INFY).
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