Weyerhaeuser, Microsoft And Zynga Release Earnings
Forest products firm, Weyerhaeuser Company (NYSE: WY), reported third-quarter earnings this morning. The Federal Way, Washington-based company had net earnings of $157 million, or $0.27 per diluted share, for the quarter. This compares with net earnings of $117 million, or $0.22 cents per diluted share, for the same period last year. Net sales for the third quarter of 2013 totaled $2.2 billion, compared with net sales of $1.8 billion for the third quarter of 2012.
“Solid operating results in the quarter contributed to a significant improvement in our year-over-year earnings,” said Doyle Simons, President and Chief Executive Officer. “In the quarter, we also closed on our previously announced acquisition of Longview Timber and are actively engaged in leveraging our silviculture, logistics and marketing expertise to realize the full potential of this valuable asset. We will continue to focus on improving performance in all of our businesses and generating additional value for our shareholders.”
Software giant Microsoft Corporation (NASDAQ: MSFT) reported earnings after the bell yesterday, handily beating analysts’ expectations. The company had earnings of $5.24 billion, or $0.62 a share on revenue of $18.53 billion. Wall Street had expected earnings of $0.54 a share on $17.79 billion in revenue. During the same quarter a year ago, Microsoft posted net income of $4.47 billion, or $0.53 a share, on revenue of $16.01 billion. The financial results reflect the deferral of $113 million of revenue related to Windows 8.1 pre-sales.
“Our devices and services transformation is progressing and we are launching a wide range of compelling products and experiences this fall for both business and consumers,” said Steve Ballmer, Chief Executive Officer at Microsoft. “Our new commercial services will help us continue to outgrow the enterprise market, and we are seeing lots of consumer excitement for Xbox One, Surface 2 and Surface Pro 2, and the full spectrum of Windows 8.1 and Windows Phone devices.”
Social gaming company Zynga Inc. (NASDAQ: ZNGA) also released earnings late yesterday saying that it expects to be profitable on an Adjusted EBITDA basis for the year. The company reported a third-quarter loss of $0.02 cents per share on revenue of $152 million, noting that the loss had narrowed to $68,000 from $52.7 million in the same quarter last year. Analysts’ had expected the company to issue earnings of $0.04 a share on revenue of $143 million. Zynga projects a fourth-quarter EPS loss in the range of $0.04 to $0.03 on revenue in the range of $175 million to $185 million.
“I am pleased with our Q3 performance which exceeded our guidance both in terms of bookings and adjusted EBITDA. We are encouraged to see sightlines to growth and expect to be profitable for the full year on an adjusted EBITDA basis,” said Don Mattrick, Chief Executive Officer, Zynga. “Our teams are working hard to compete more aggressively on the web, move to mobile and develop new hits, and I am happy with the early progress we have made. We believe our top franchises, Zynga Poker, FarmVille and Words With Friends can be evergreen in terms of consumer interest and we are focused on growing these franchises in fiscal year 2014. I am confident that Zynga is rewiring itself in a meaningful way that will strengthen the core of our business and put us back on track to achieve significant long term growth and profits.”
Disclosure: The author has no position in the stocks mentioned in this article, and does not intend to initiate any position in the next 48 hours.
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