American International Group (NYSE:AIG): American International Group is a holding company which, through its subsidiaries, is engaged in insurance and insurance related activities in the global marketplace. The company swung to a second quarter profit of $1.84 billion ($1 per diluted share). The property and casualty insurance company had a net loss of $2.66 billion or a loss of $19.57 per share in the year earlier quarter. The mean estimate for AIG was $1.15 per share per share. The stock declined -0.19% after hours.
“Our results for the second quarter demonstrate the hard work from employees across all of our business units and our unrelenting focus on performance,” said Robert H. Benmosche, AIG President and Chief Executive Officer. “We also achieved a significant recapitalization milestone during the quarter with an $8.7 billion common stock offering, consisting of the issuance and sale of 100 million shares by AIG and the sale of 200 million shares at a profit by the U.S. Treasury. Our continued improving operating results should provide a catalyst for the U.S. Treasury to sell its shares at a profit for the taxpayers. Now that we have fully repaid our debt to the Federal Reserve, we are on the right path to demonstrate AIG’s long-term value as an investment-grade company independent of government support.”
Fluor Corporation (NYSE:FLR): Fluor Corporation provides professional services and project management in the fields of procurement, engineering, construction and maintenance. The company reported second quarter net income that rose to $165.5 million (94 cents per share) vs. $157.4 million (87 cents per share) in the same quarter a year earlier. This marks a rise of 5.2% from the year earlier quarter. Revenue rose 17.1% to $6.03 billion from the year earlier quarter. FLR beat the mean analyst estimate of 81 cents per share. It beat the average revenue estimate of $5.77 billion. The stock rose 7.13% in after hours trades.
“With strong earnings and record new awards, driving our backlog to over $40 billion for the first time in history,I am very pleased with our performance to date,” said David Seaton, Chief Executive Officer. “We are increasingly confident in our business outlook and, as a result, are adjusting our earnings guidance range for 2011.”
Rackspace Hosting, Inc. (NYSE:RAX): Rackspace Hosting, Inc. is a provider of hosting and cloud computing services. Net income for Rackspace Hosting, Inc. rose to $17.6 million (13 cents per share) vs. $11.2 million (8 cents per share) in the same quarter a year earlier. This marks a rise of 56.8% from the year earlier quarter. Revenue rose 32% to $247.2 million from the year earlier quarter. RAX beat the mean analyst estimate of 12 cents per share. It beat the average revenue estimate of $241.3 million. The stock rose 0.11% after hours.
“This past quarter we made good progress toward our goal of accelerating revenue growth while strengthening the business. While we still have lots to accomplish throughout the year, we remain on the right track to achieve our goals for 2011,” said Karl Pichler, chief financial officer.”
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Priceline.com Inc. (NASDAQ:PCLN): Priceline.com, Inc. is an online travel company that offers travel services, including hotel rooms, airline tickets, vacation packages, car rentals, cruises and destination services. Net income for the company rose to $256.4 million ($5.02 per share) vs. $115 million ($2.26 per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter. Revenue rose 43.7% to $1.1 billion from the year earlier quarter. PCLN reported adjusted net income of $5.49 per share. By that measure, the company beat the mean estimate of $4.58 per share. It beat the average revenue estimate of $1.07 billion. The stock rose 11.10% in after hours trades.
“The Group benefitted from strong 2nd quarter performances by our global hotel and rental car businesses,” said Jeffery H. Boyd, President and Chief Executive Officer of the Priceline Group. “Global hotel room nights increased 56% compared to last year, while global rental car days were up 55% for the two nd quarter. In general, our hotel booking business is benefitting from improving ADRs, continuing strength in our core markets, and high rates of growth in new markets, particularly Asia-Pacific, where both Booking.com and Agoda are performing well.”