Several companies, including a few with Utah connections, reported quarterly financial results on Tuesday.
Nu Skin
Provo-based Nu Skin Enterprises Inc. reported net income of $14.1 million, or 20 cents per share, for the quarter ended June 30. That compares with $22.8 million, or 32 cents per share, for the same period in 2005.
Revenue totaled $284.1 million, down from $310.1 million in the year-earlier period.
The company markets personal-care products under the Nu Skin brand, nutritional supplements under the Pharmanex brand, and technology products and services under the Big Planet brand.
The company also said Tuesday it has received approval from the Chinese Ministry of Commerce to begin direct-selling activities in China. It has had a retail business model in China since 2003.
Nu Skin stock rose $2.43, or nearly 17 percent, Tuesday to close at $16.73. During the past year, the price has ranged from $13.40 to $23.69.
Mity Enterprises
Orem-based institutional furniture company Mity Enterprise Inc. reported net income of $1.3 million, or 33 cents per share, for the fiscal first quarter ended June 30. That compares with $1.5 million, or 32 cents per share, for the same quarter a year ago.
Sales totaled a company-record $14.7 million, up from $14.4 million a year earlier.
Mity stock fell 61 cents Tuesday to close at $17.74. During the past year, the price has ranged from $16.33 to $19.58.
Surpha
Orem-based Surpha Inc. reported company-record earnings and revenue for the first half of 2006.
The company said income totaled $1.39 million, while revenue was $3.26 million. It said revenue was a fourfold increase from the 2005 level and net income was 16 times higher than in the first half of 2005.
Surpha is a regional telecommunications and Internet service provider in the West.
TenFold
Salt Lake-based TenFold Corp., which licenses its application and services development technology, reported a net loss of $1.7 million, or 4 cents per share, for the quarter ended June 30. That compares with a loss of $1.4 million, or 3 cents per share, for the same quarter last year.
Revenues totaled $710,000, down from $1.7 million in the prior-year quarter.
TenFold stock was unchanged Tuesday at 27 cents. During the past year, the price has ranged from 20 cents to 50 cents.
Pilgrim's Pride
Pilgrim's Pride Corp., the second-biggest U.S. poultry processor, had a second straight loss on lower chicken prices and weak export demand.
The net loss for the company, which has a distribution center in Salt Lake City, was $20.5 million, or 31 cents a share, in the three months ended July 1, compared with profit of $85.4 million, or $1.28 a share, a year earlier, the Texas-based company said.
Sales fell 11 percent to $1.29 billion as exports declined because of avian flu concerns, and inventories rose, pushing prices down.
Shares of Pilgrim's Pride fell $1.16, or 4.5 percent, to $24.40 in New York Stock Exchange composite trading, the biggest one-day percentage loss since Jan. 3. The stock has dropped 35 percent in the past year.
Qwest
Telecommunications provider Qwest Communications International Inc. on Tuesday posted a profit for the second quarter as higher sales of bundled products offset a continuing decline in telephone access lines.
For the April-June quarter, the primary local phone service provider in 14 mostly western and midwestern states, including Utah, earned $117 million, or 6 cents per share, compared with a loss of $164 million, or 9 cents per share, in the second quarter of 2005.
Revenue was $3.47 billion, about the same as last year.
The company's stock rose 61 cents, or more than 7.8 percent, to close at $8.40 on the New York Stock Exchange — a 52-week high.
Genesee & Wyoming
Genesee & Wyoming Inc., the owner of railroads in five countries, reported net income, excluding profits such as selling Australian assets, of $15.1 million, or 35 cents a share.
Net income including the gains and costs rose tenfold to $117.7 million, or $2.76 a share, from $11.4 million, or 27 cents a year earlier. Profit before interest and taxes rose 2 percent to $16.3 million, a growth rate that trailed the 23 percent increase in sales to $113.6 million.
The Connecticut-based company owns the Utah Railway Co.
Genesee's shares declined $1.19, or 4.5 percent, to $25.12 in New York Stock Exchange composite trading. Earlier, the shares touched $21, for a drop of 20 percent. The stock has advanced 25 percent in the past 12 months.
Verizon
Verizon Communications Inc., which has several hundred employees at a call center in West Valley City, earned $1.61 billion, or 55 cents per share, for the quarter ended June 30. In the same period last year, before the acquisition of long-distance carrier MCI Inc., Verizon earned $2.11 billion, or 75 cents a share, a result padded by one-time gains from the sale of operations in Hawaii.
The latest profit included 9 cents of expenses for pension and benefit costs, employee relocations and costs from integrating MCI into Verizon's operations. Excluding those factors, the per-share profit was 64 cents.
Second-quarter revenue was $22.68 billion, a 25.6 percent increase that included the addition of sales from MCI's consumer and business lines. A year earlier, second-quarter revenue was $18.05 billion.
Verizon also said Tuesday that cellular partner Vodafone Group PLC has opted not to sell its 45 percent stake in Verizon Wireless for at least the next few years. But even if Verizon won't need tens of billions to fund a cellular buyout, it plans to proceed with a spinoff of its phone book business.
Verizon's stock fell 55 cents, or 1.6 percent, to close at $33.27 on the New York Stock Exchange.
Parker Hannifin
Parker Hannifin Corp., the world's largest maker of hydraulic equipment, said fiscal fourth-quarter profit rose 20 percent, led by sales of parts for commercial aerospace and climate control systems.
Net income in the quarter ended June 30 rose to $193.9 million, or $1.59 a share, from $161.4 million, or $1.34, a year earlier. Sales rose 20 percent to $2.62 billion, the Cleveland-based company said.
Parker Hannifin's Ogden facility manufactures hydraulic systems for commercial aircraft.
Shares of Parker fell 9 cents to $72.15 in New York Stock Exchange composite trading. They've risen 9.3 percent in the past year.
Burger King
Shares of Burger King Holdings Inc. plunged to their lowest level since the company's initial public offering in May after the world's No. 2 hamburger chain posted a fiscal fourth-quarter loss in its first earnings report since going public.
The loss for the quarter ended June 30 totaled $9 million, or 7 cents per share, compared with a profit of $2 million, or 2 cents per share, during the same period last year.
The Miami-based company said the results were hurt by a $30 million management termination fee related to its May initial public offering.
Excluding one-time charges, Burger King spokeswoman Edna Johnson said the company had an adjusted profit of 21 cents per share, in line with the average analyst estimate, according to a Thomson Financial poll.
The restaurant chain's revenue gained 6 percent to $533 million, up from $503 million last year and in line with analyst estimates of $533.1 million, according to a Thomson Financial poll.
The company's shares fell $2.01, or 13.2 percent, to close at $13.24 Tuesday on the New York Stock Exchange. The stock traded as low as $12.41 during the day. The IPO priced at $17 per share in May and reached as high as $19.45 in the immediate weeks afterward.
Kodak
Eastman Kodak Co., scrambling to squeeze bigger profits from digital photography, posted its seventh quarterly loss in a row and moved to ax 2,000 more jobs as it navigates a historic shift away from its waning film business. Its shares tumbled nearly 14 percent to their lowest close in 15 years.
Largely because of $214 million in restructuring costs, Kodak lost $282 million, 98 cents a share, in the April-June quarter, close to double its loss of $155 million, or 54 cents a share, in last year's second quarter.
Stung by a continuing rapid slide in sales of silver-halide film, Kodak's cash cow for much of the 20th century, revenues fell 9 percent to $3.36 billion from $3.69 billion a year ago.
Excluding one-time items, Kodak lost $54 million, or 19 cents a share.
As part of that strategy, Kodak said Tuesday it is shifting manufacturing of digital cameras to Flextronics International Ltd. and transferring 550 employees to the Singapore-based company. Those will be among 2,000 jobs that Kodak is aiming to eliminate by the end of next year — on top of 22,000 to 25,000 jobs already targeted since January 2004.
Kodak's stock fell $3.05, or 13.7 percent, to close at $19.20 on the New York Stock Exchange — its lowest close since it finished at $19.17 on July 24, 1991. More than 50 percent of the shares are owned by long-term institutional investors.
Contributing: Associated Press, Bloomberg News.