| As of Friday, November 13th: |
As of October 1st, the earnings growth rate was at -24.7%.Of the 463 S&P 500 companies who have reported Q3, 80% beat estimates, 6% were in-line, and 14% were below estimates. The blended earnings growth rate for the S&P 500 for Q3 2009 is currently at -13.8%. (Data provided by Thomson Reuters)
LATEST EARNINGS RESULTS
- Fed to Keep Rates Low Despite Dollar's Fall: Bernanke
- Millions Could Have to Repay Part of Obama's Tax Credit
- Fed's Fisher: Government Debt Could Push Rates Higher
- What Recovery? Many Homeowners Still Underwater
- Gold Is in a 'Bubble' And Will Keep Going Higher: Gartman
- Diamonds: The Next Big Bubble to Burst?
- Slideshow: Madoff's Luxury Boats Go Up for Auction
- Solar Energy Emerges From a Dark Period
- How Much Do You Know About Green?
- Snoop Dogg Talks Biz
- Paulson Funds Report Q3 Performance
- Warren Buffett's Berkshire Portfolio Snapshot Coming Later Today
- 'Blood and Business Don't Mix' — A Family Business Survival Guide
- Mixed Signals Come From Retail Sector as Holidays Draw Near
- Will the S&P 500 Close Above 1100?
- What Were The Northwest Pilots Really Doing?
- Your Jobless Recovery Game Plan
- S&P to Hit 1,175 in the Short Term: Strategist
MOST SHARED
- BlackRock: Central Banks To Be Net Buyers of Gold
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- Fed Likely to Keep Rates Low Despite Dollar's Fall: Bernanke
- U.S. May Wind Up Green With Envy
- Millions May Have to Repay Part of Obama Tax Credit
- Underwater Mortgages Could Sink Even Deeper
- Bernanke Offers Something For Everyone
- Gold Is in a 'Bubble' And Will Keep Going Higher: Gartman
- Cisco Ups Tandberg Bid, Claims Over 40% Backing
- Madoff Auction: $4,750 for a Decoy Duck?
Text Size 
Blockbuster, the largest U.S. movie rental chain, posted a higher-than-expected quarterly profit as it cut costs by closing stores, reducing advertising and overhead expenses.
Blockbuster's [BBI
Loading...
()
] shares rose 33 cents, or nearly 11 percent, to $3.40 in premarket trading Thursday.
Blockbuster, which has offered to buy Circuit City Stores [CC
Loading...
()
] for up to $1.3 billion, said sales at domestic stores open at least a year improved for the first time in five years due to a better line-up of new movies, improved in-store merchandising and more effective pricing.
Net profit was $45.4 million, or 20 cents per share, for its fiscal first quarter that ended April 6, compared with a year-earlier loss of $49 million or 27 cents per share.
Adjusted earnings from continuing operations were 21 cents in the quarter, beating the average Wall Street forecast of 16 cents, according to Reuters Estimates.
While quarterly revenue missed expectations, Blockbuster managed to cut selling, general and administrative expenses by $100.5 million on reduced advertising and lower overheads.
Blockbuster is repositioning itself to compete with new video distribution models provided by companies like Netflix [NFLX
Loading...
()
] and Apple [AAPL
Loading...
()
].
Chairman and Chief Executive Jim Keyes said in a statement that the company's Total Access program, which lets subscribers swap DVDs at Blockbuster stores for unlimited free rentals, was now profitable.
Domestic same-store sales rose 2.9 percent, driven by a 19.7 percent rise in merchandise sales and a 0.4 increase in rental revenue, the company said.
Overall quarterly revenue fell 5.4 percent to $1.39 billion as Blockbuster closed stores, compared to the average analyst forecast of $1.44 billion, according to Reuters Estimates.
Blockbuster said its gross margin rose 1.5 percentage points to 53.2 percent in the quarter.
After resisting requests for months, Circuit City last week finally said it would open its books to Blockbuster and its largest shareholder, billionaire investor Carl Icahn.
But Blockbuster's bid continues to draw skepticism from some analysts who question the strategic fit of the two struggling companies just as Blockbuster is staging a turnaround.
Print
Email
- JC Penney Profit Falls, but Shares Up on Forecast
U.S. department store operator JC Penney forecast earnings for the holiday quarter that could surpass Wall Street expectations, and its shares rose about 8 percent on Friday.
- Disney Profit, Sales Top Forecasts; Shares Jump
Walt Disney shares rose in after-hours trading Thursday after the company reported earnings and revenue that beat analysts' expectations.
- Nordstrom Earnings Miss Forecasts; Shares Take Hit
Nordstrom reported earnings that missed analysts expectations by a penny but beat on revenue, causing the company's shares to fall in after-hours trading.
- JC Penney Profit Falls, but Shares Up on Forecast
- Wal-Mart Holiday Forecast Light, Profit Beats
Wal-Mart Stores posted a higher-than-expected quarterly profit, but forecast earnings during the key holiday quarter that could miss Wall Street estimates as its customers face rising unemployment.
- Wal-Mart Holiday Forecast Light, Profit Beats
- Kohl's Profit Beats Street, But Outlook Falls Short
- Vivendi Profit Up More Than 5%, Keeps 2009 Goals
- Cost Cuts Help BT to Raise Full-Year Guidance
- Applied Materials Profit, Sales Top Wall Street Forecasts
- Macy's Loss Beats Estimates, But Shares Fall on Outlook
- Vodafone Extends Cost-Cutting Scheme, Hits Targets
- Tyco International Profit Falls Less Than Expected
- EA Profit Beats Street, Announces Job Cuts
- Priceline Crushes Profit Forecasts; Shares Jump
- Berkshire Hathaway Says Net Income Tripled
- Sun Micro Sales Fall as Oracle Deal Remains Delayed
- AIG in the Black Again, Operating Profit Tops View
- Starbucks Profit Beats Forecasts; Shares Rise
- Fannie Mae Seeks $15 Billion in Aid After Posting Loss
- Nvidia Profit, Sales Top Wall Street's Forecast
Data is a real-time snapshot *Data is delayed at least 15 minutes