CHICAGO, April 28, 2011 /PRNewswire/ -- Zacks.com Analyst
Blog features: Baker Hughes Inc. (NYSE: BHI),
Schlumberger Ltd. (NYSE: SLB), Halliburton Co. (NYSE:
HAL), Whirlpool Corporation (NYSE: WHR) and CB Richard
Ellis Group Inc. (NYSE: CBG).
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Here are highlights from Wednesday's Analyst Blog:
Baker Hughes Shines in Q1
Baker Hughes Inc. (NYSE: BHI) reported impressive first
quarter 2011 results with a jump in per share profit based on
strong international operations.
The company's earnings came in at 87
cents per share, way ahead of the Zacks Consensus Estimate
of 78 cents and more than twice the
year-ago quarter's profit level of 41
cents.
Revenue shot up 78.2% to $4.52
billion in the quarter from the year-earlier level of
$2.54 billion. The quarter's revenue
also exceeded the Zacks Consensus Estimate of $4.30 billion.
Outlook
We believe that Houston,
Texas-based Baker Hughes is favorably positioned with a
significant improvement in activity levels in both North America and the international regions.
The company's strong portfolio of products and services will help
it generate better-than-average results in the domestic market and
enable it to further penetrate international markets. The company
also has a competitive set of technologies, which allows it to
continue deepwater activity in the Gulf
of Mexico.
However, we remain cautious about delayed permit for deepwater
and shelf drilling in the Gulf region. Furthermore, we believe that
the company is still in the growth phase of its international
expansion and faces stiff competition from peers such as
Schlumberger Ltd. (NYSE: SLB) and Halliburton Co.
(NYSE: HAL).
We maintain a long-term Neutral rating on the stock. Baker
Hughes currently retains a Zacks #3 Rank (short-term Hold
rating).
Whirlpool Q1 Weak but Beats Ests
Whirlpool Corporation (NYSE: WHR) reported a 16% fall in
profit (before special items) to $2.11 per share from $2.51 per share (before special items) in the
year-ago quarter. However, the company has beaten the Zacks
Consensus Estimate by a significant margin of 49 cents per share.
The company's results were favorably impacted by cost reduction
and productivity initiatives, increased monetization of certain tax
credits, and higher unit volume. These were offset by lower
product price/mix and higher material and oil-related costs.
Revenues in the quarter increased marginally by 3% to
$4.40 billion, up from the Zacks
Consensus Estimate of $4.21 billion.
The adjusted operating profit decreased 23% to $221 million in comparison to $287 million in the previous year.
CB Richard Ellis Outperforms
CB Richard Ellis Group Inc. (NYSE: CBG), the world's
largest commercial real estate services company (on the basis of
2010 revenues), has reported first quarter 2011 revenues of
$1.2 billion compared with
$1.0 billion in the year-earlier
quarter, reflecting an increase of 16%. The strong quarterly
revenues marked a solid start to fiscal 2011 as first quarter has
been historically the seasonally weakest quarter for the company.
Total revenues in the reported quarter were in line with the Zacks
Consensus Estimate.
The company reported a net income of $34.4 million or 11
cents per share during the quarter, compared with a net loss
of $6.6 million or 2 cents in the year-ago period. Excluding
non-recurring items, CB Richard Ellis reported a net income of
$40.6 million or 13 cents per share during the quarter compared
with $3.2 million or 1 cent in the year-earlier quarter. The first
quarter 2011 recurring earnings marginally beat the Zacks Consensus
Estimate by a penny.
First quarter 2011 EBITDA (earnings before interest, tax,
depreciation, and amortization) increased 51% to $113.0 million, compared to $75.0 million in the year-ago quarter. The
better-than-expected results were primarily due to improved
performance across almost all geographic regions and business lines
against a backdrop of steadily improving global market
fundamentals.
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