Sun trims fourth-quarter earnings by $12M
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SEPTEMBER 14, 2004 (IDG NEWS SERVICE) - Sun Microsystems Inc. trimmed its fourth-quarter and full-year 2004 results this week to incorporate the final accounting of asset retirement obligations and its settlement with Microsoft Corp.
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The hotel operator said its fourth quarter earnings fell 20 percent as it took a hit from the closure of its synthetic fuel business, offsetting overseas gains.
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The company cuts its 2004 earnings outlook by 20%, citing many reasons.
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UBS AG said Tuesday its fourth-quarter profit rose 12 percent to 2.02 billion Swiss francs (&#36;1.79 billion), driven by higher revenue from equity trading and solid income from fees on securities managed for clients.
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Citigroup Inc. C.N on Thursday said  fourth-quarter profit rose 12 percent to a record as its  consumer and investment banking businesses grew, but said 2005  profit is likely to be near the low end of Wall Street  estimates.
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The company lowers its fourth-quarter and full-year earnings guidance.
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Sun doubled its profit in the quarter ended Dec. 30, although revenue was nearly flat compared with the same period a year earlier, the company announced Thursday.Net income for the quarter, the second of Sun&#39;s fiscal year, was $260 million, or $0.31 per share, up from $133 million and $0.15 per share in the same quarter of fiscal 2006, the company announced Thursday.Revenue was $3.62 billion, up just 1.4 percent from the same quarter a year earlier. The growth came from Sun&#39;s services business, where revenue climbed 5 percent. Sales of servers and storage products, which account for about two-thirds of Sun&#39;s business, declined by 0.5 percent.Business was particularly slow in the U.S., where revenue declined 8 percent year over year. The EMEA (Europe, Middle East, and Africa) region performed better with growth of 7 percent. EMEA accounted for 39 percent of revenue in the quarter, overtaking the U.S., which is usually Sun&#39;s biggest source of revenue.Despite the quarter&#39;s slow growth, Sun said its full-year growth would be better. On a conference call, Chief Financial Officer Mike Lehman said revenue for fiscal 2008 would increase in the &quot;low-to-mid single digits&quot; and predicted revenue growth in the second half of greater than 5 percent.Sun&#39;s profit benefited from its ongoing cost-cutting plan, which has included several hundred layoffs so far. Its $260 million profit included a restructuring charge of $32 million.Sun announced a surprise plan last week to buy MySQL, the biggest open-source database vendor, for $1 billion. Sun officials said Thursday they are unsure whether the MySQL acquisition will close in the second or third quarter, and have not yet calculated the long-term impact on Sun&#39;s financials. They expect to take a one-time charge of $30 million to $50 million when the deal closes.
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Sharp Corp  said its operating profit in the fiscal first half likely slipped 12.4 percent from a year earlier, falling short of market expectations, on tight supplies and higher prices of materials used to make solar cells.
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Alcatel-Lucent  on Friday said it would cut about 12,500 jobs over three years, more than previously announced, as it reported a fourth-quarter net loss and forecast a drop in first-quarter revenues.
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As it struggled to increase sales and cut costs, Sun Microsystems managed to reduce its net loss in the first quarter to $174 million.
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The bank said its fourth-quarter earnings fell sharply,  to $268 million from $5.26 billion a year earlier, hurt by mounting credit losses and weak investment banking results.
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Citigroup reported a 12 percent increase in its fourth-quarter earnings today, but it tempered expectations for the coming year.
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Sun Microsystems Inc.  on Thursday reported a small quarterly net profit, reversing a year-earlier loss, as narrower costs offset a slight revenue decline.
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Sun Microsystems (nasdaq: SUNW - news - people ) said it broke even for the fiscal first quarter, topping analysts&#39; estimates.
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Citigroup Inc. C.N, the world's  largest financial services company, on Thursday said  fourth-quarter profit rose 12 percent, helped by growth in its  consumer and investment banking businesses.
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Healthy sales of software and technology services helped fourth-quarter profit rise 12 percent at I.B.M., which had already disclosed that the results would be way ahead of analystsâ forecasts.
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Network computer maker Sun  Microsystems Inc. on Thursday posted a narrower quarterly loss  as revenue rose for the second consecutive quarter on higher  sales of servers after three years of declines.