Our summary of important earnings reports released this morning.
Cognizant Technology Solutions Corp. (NASDAQ:CTSH) increased its net profit for the quarter by 17% year on year but dampened its outlook for the rest of 2012. The company announced earnings per share of 79 cents on revenue of $1.71 billion. The company earned 67 cents per share in the first quarter of 2011. Analysts were expecting earnings of 83 cents per share and with additional costs, like stock compensation, removed the firm beat that resoundingly with 86 cents per share. The market was anything but pleased with the outlook for the year given by the company. It is trading down almost 20% on this morning’s market after having risen less than 10% so far this year.
Voss Capital is betting on a housing market boom
The Voss Value Fund was up 4.09% net for the second quarter, while the Voss Value Offshore Fund was up 3.93%. The Russell 2000 returned 25.42%, the Russell 2000 Value returned 18.24%, and the S&P 500 gained 20.54%. In July, the funds did much better with a return of 15.25% for the Voss Value Fund Read More
DISH Network Corp. (NASDAQ:DISH) reported revenues of $3.58 billion and turned that it into earnings of 80 cents a share. Profit is well down on last year’s results. In the same quarter of 2011 the company posted profits of $1.22 per share. Revenue is up from last year’s numbers and the company is adding subscribers. Much of this quarters positive earnings came from a more than $300 million settlement with TiVo. The company’s entire profit from the quarter was $360.3 million. The firm’s stock was down 2.3% at time of writing to 30.59.
Sysco Corporation (NYSE:SYY), the food service company, posted earnings of $260 million or 44 cents per share. The company’s revenues increases to $10.5 billion from $9.5 billion in the first quarter last year. It’s the company’s third quarter and earnings per share are flat compare d to last year. The firm’s earnings beat analyst’s expectations and the market responded in kind. The company was up 1.61% in early trading this morning. Analysts had expected the company to earn just 42 cents per share. The company has been busy in the period acquiring European Food Importers Inc. and expanding across the board.
Tyson Food Inc. (NYSE:TSN) earned 44 cents per share in the second quarter which ended on March 31st. In the same period last year the firm earned 42 cents per share. The company was expected to earn 38 cents per share in the quarter. The meat and protein production firm suffered a noticeable drop in its beef business but the company anticipates a recovery in the remaining two quarters of the year. The company’s stock is up 3.66% at time of writing to 18.70. The firm’s shares have been down in the 13% since the beginning of the year.