These 2 Tech Based Companies are Catching Interest After Earnings
Cablevision Systems Corporation (NYSE:CVC) reported a lower net income in the third quarter compared with a year earlier, falling below analysts’ estimates. Net income for Cablevision Systems Corporation fell to $39.3 million (14 cents per share) vs. $112.1 million (37 cents per share) a year earlier. This is a decline of 64.9% from the year earlier quarter. Revenue rose 8% to $1.67 billion from the year earlier quarter. CVC fell short of the mean analyst estimate of 32 cents per share. Analysts were expecting revenue of $1.67 billion.
Cablevision President and CEO James L. Dolan commented: “For the third quarter of 2011, Cablevision achieved revenue growth driven primarily by the addition of the Bresnan properties. Our cable operations reported improved subscriber metrics that included increases in both high-speed data customers and voice lines, while the company continued to generate healthy free cash flow. As we are operating in a challenging environment, we are continuing our efforts to capitalize on the strength of our network and products and on building our business for the long-term,” concluded Mr. Dolan.
Competitors to Watch: Comcast Corporation (NASDAQ:CMCSA), Time Warner Cable Inc. (NYSE:TWC), Mediacom Communications Corp. (NASDAQ:MCCC), Time Warner Inc. (NYSE:TWX), Charter Communications, Inc. (NASDAQ:CHTR), DISH Network Corp. (NASDAQ:DISH), The Walt Disney Company (NYSE:DIS), Liberty Global Inc. (NASDAQ:LBTYA), and China Cablecom Hldgs. Ltd. (NASDAQ:CABL).
ITT Corporation (NYSE:ITT) reported its results for the third quarter. Net income for ITT Corporation fell to $78 million (42 cents per share) vs. $145 million (78 cents per share) a year earlier. This is a decline of 46.2% from the year earlier quarter. Revenue rose 12.8% to $2.98 billion from the year earlier quarter. ITT reported adjusted net income of $1.17 per share. By that measure, the company was about in line with expectations as the mean analyst estimate was $1.18 per share. It beat the average revenue estimate of $2.85 billion.
“We are proud of our team for remaining focused on serving our customers to deliver this strong performance, even while executing on the separation of ITT into three strongly positioned, independent companies. I want to thank all of our employees for their diligence and hard work over the last several months,” said Steve Loranger, ITT’s chairman, president and chief executive officer. “The transformation of ITT and the launch of ITT Exelis and Xylem are on track to occur on October 31. The necessary costs to successfully separate into three companies are in line with our previous forecast, and all three new companies are nicely capitalized for future growth.”
Competitors to Watch: General Dynamics Corp. (NYSE:GD), Raytheon Company (NYSE:RTN), Lockheed Martin Corp. (NYSE:LMT), Kratos Defense & Security Solutions, Inc (NASDAQ:KTOS), Northrop Grumman Corp. (NYSE:NOC), The Boeing Company (NYSE:BA), L-3 Communications Hldgs., Inc. (NYSE:LLL), Goodrich Corporation (NYSE:GR), FLIR Systems, Inc. (NASDAQ:FLIR), and Environmental Tectonics Corp. (ETCC).