Taiwan AU's profit shrink sharply in third quarter amid dim outlook
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AU Optronics Corp, the world's third largest flat-panel maker, said its net profit in the third quarter plunged to 4.13 billion Taiwan dollars (122.6 million US) from 14.39 billion in the second.
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(InfoWorld) - Taiwan Semiconductor Manufacturing Co. Ltd., the world's largest contract chip maker, reported its worst monthly revenue in 20 months on Friday, but analysts applauded the figure as further proof that an industry glut is dissipating. TSMC said its revenue in February hit NT$20.58 billion (US$624.2 million), down 14.3 percent compared to last year and its worst monthly revenue figure since it reported revenue of NT$20.11 billion in June, 2005. Despite the poor showing, analysts said it was a strong figure considering February is a shorter work month, at only 28 days, and that a major holiday, the Lunar New Year, celebrated throughout Taiwan and much of Asia, also slowed work at TSMC factories. Last year, the Lunar New Year, which is usually a week-long holiday in Taiwan, was on Jan. 29. This year, the first day of the Year of the Pig fell on Feb. 18. "I think the February sales figure was fantastic. It was only down about 2 percent from January," said Warren Lau, chip industry analyst at Macquarie Securities Ltd. in Hong Kong. He said TSMC's February revenue was further proof that a chip glut that has hampered the industry for the past several months is nearing an end. But the return to health over the next few months could be specific to TSMC, and not include the wider chip industry. Earlier this week, Advanced Micro Devices Inc. (AMD) said it will miss its revenue goal for the first quarter of 2007, while rival Intel Corp. outlined plans to beat a microprocessor glut and weak corporate demand for PCs by stepping up chip development speeds. The two companies engaged in a price war last year, and continue to suffer as they duke it out in the market, analysts say. Gartner Inc. believes the chip industry won't start to recover from the glut until the second half of this year. Rising inventories in late 2006 caused companies to slow production and ease off on buying new machinery as a drop in orders idled more and more production lines, said David Christensen, a Gartner analyst, in a recent report. "Look for this trend to continue through the first half of 2007, followed by a slow recovery in the second half of the year," he wrote. Last month, the market researcher revised down its revenue growth estimate for the chip industry this year to 6.4 percent, from a previous forecast of 9.2 percent. Gartner estimates chip industry revenue will reach US$259.7 billion this year. Â
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In what may turn out to be an ominous sign of a short-lived recovery, foundry Taiwan Semiconductor Manufacturing Co. Ltd. caught market watchers by surprise Tuesday with a grim
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The U.S. economic outlook dimmed on  Tuesday after reports said business productivity grew more  slowly in the third quarter than first estimated, labor costs  rose and other indicators signaled softening activity.
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Swiss banking giant UBS AG said Tuesday its third quarter net profit slipped 1 percent to 1.67 billion Swiss francs ($1.39 billion; euro1.
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Arch Coal Inc. ACI.N, the  second-largest U.S. coal producer, said on Friday that  third-quarter profit fell slightly as rail disruptions and  hurricane-related work delays affected mining operations.
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German semi-conductor giant Infineon posted its first annual profit in three years, but issued a downbeat outlook for the months to come.
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Diversified manufacturer 3M Co.  posted a weaker-than-expected quarterly profit on Tuesday and said global economic growth was slowing, sending its shares down 4.7 percent and weighing heavily on blue chip stocks overall.
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Fruit and vegetable distributor Fresh Del Monte Produce Inc. on Tuesday said high commodity costs, bad weather and weak banana pricing in Asia drove third-quarter profit below year-ago results.
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The investment bank said 3rd-quarter profit fell to $1.54 billion, hurt by a global credit crisis that cut into stock trading, corporate lending, and results from investments.
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American International Group Inc.  , said on Wednesday its earnings fell 29 percent as  revenues declined, realized losses on investments widened, and  business in Asia trailed off.
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Raytheon reported slightly lower third-quarter profit yesterday, hurt by losses from a unit it is selling, and forecast next yearâs profit would fall below Wall Streetâs average estimate.
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Coal producer Arch Coal Inc. on Friday posted a slightly lower third-quarter profit that missed Wall Street targets, hurt by rail transportation problems exacerbated by the recent hurricanes.
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The investment bank said third-quarter profit fell less than expected, as strength in stock trading and investment banking offset losses from the mortgage market.
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The U.S. economic outlook dimmed  somewhat on Tuesday after reports said business productivity  grew more slowly in the third quarter than first estimated,  labor costs rose and other indicators signaled softening  activity.
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Aon Corp. said Thursday its third-quarter earnings fell because of &quot;softening market conditions&quot; that, along with the halt of contingent commissions, led it withdraw its guidance for the full year.
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Atlanta - The Coca-Cola Co. reported a 24 percent drop in third-quarter profit on flat revenue, but beat analysts reduced expectations that were tempered after the beverage giant&#39;s previous warnings.