Unocal’s Profit Nearly Quadruples in 4th Quarter
Oil and natural-gas explorer Unocal Corp. said Thursday that fourth-quarter profit nearly quadrupled because it boosted production as energy prices rose.
Profit from operations rose to $261 million, or $1.04 a share, from $72 million, or 30 cents, a year earlier, Unocal said. Revenue rose 46% to $2.82 billion.
Earnings were in line with the $1.03 average estimate of analysts polled by First Call/Thomson Financial. The El Segundo-based company said it expects to earn $2.90 to $3.15 this year. First Call’s average forecast is $3.03, with estimates ranging from $1.95 to $5.
Unocal took charges of $33 million to write down a New Mexico mining operation, $28 million for environmental and legal issues, $26 million in tax adjustments, and $8 million related to derivatives. A gain of $7 million from a unit sale made net income $173 million, or 70 cents a share.
In the 1999 quarter, net income was $97 million, or 40 cents.
Unocal shares rose 88 cents to close at $35 on the New York Stock Exchange.
At a Glance
Other Southern California company earnings, excluding one-time gains and charges unless noted:
* AML Communications Inc. of Camarillo, a maker of amplifiers for wireless technology, reported a fiscal third-quarter net loss of $1.5 million, or 23 cents per share, compared with a net loss of $494,000 or 8 cents, a year ago. Revenue fell 20% to $1.2 million.
* Calabasas-based health and technical temp agency On Assignment Inc. reported fourth-quarter net income of $5.4 million, or 23 cents per share, compared with a net of $4.1 million, or 19 cents, a year ago. Revenue rose 20% to $52 million.
* Santa Monica-based EToys Inc. said its fiscal third-quarter loss widened because holiday sales fell short of forecasts. The loss widened to $89.2 million, or 62 cents a share, from $75.5 million, or 63 cents, a year earlier. Sales for the fourth quarter rose 23% to $131.2 million, slightly above forecasts. EToys said it has enough cash to finance operations through March, though “there can be no assurance in this regard.” It had $62.8 million in cash and cash equivalents at the end of December.
* FirstFed Financial Corp., the Santa Monica-based parent of First Federal Bank of California, reported fourth-quarter net income of $11 million, or 62 cents per share, compared with $8.7 million, or 47 cents, a year ago. Net interest income rose 19% to $29 million.
* Westlake Village-based Homestore.com, which operates a network of real estate-related Internet sites, reported fourth-quarter net income of $3.3 million, or 4 cents per share, contrasted with a net loss of $15.6 million, or 22 cents, a year ago. Revenue rose 182% from $79 million. Analysts expected earnings of 2 cents.
* Pasadena-based IndyMac Bancorp Inc., a former real estate investment trust that’s now a thrift, said fourth-quarter profit rose 19% as the company sold more home loans. Profit from operations rose to $24 million, or 37 cents a share, from net income of $20.1 million, or 27 cents, a year ago, meeting expectations. Non-interest income nearly doubled to $65.7 million.
* Teledyne Technologies Inc., a maker of electronics, communications products and aerospace engines, reported a 21% drop in fourth-quarter net earnings after unusual charges relating to discontinued operations. The Los Angeles-based company posted net income of $9.2 million, or 28 cents per share, compared with a net of $11.7 million, or 44 cents, a year ago. Income from continuing operations was $10.4 million, or 32 cents, compared with a pro forma $11.7 million, or 44 cents. Analysts estimated earnings of 29 cents. Revenue rose 3% to $196.3 million.
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Earnings Report
A sampling of companies reporting quarterly earnings Wednesday ranked by year-over-year earnings-per-share (EPS) growth, compiled by First Call / Thomson Financial.
