Two Earnings in the Spotlight Friday
These top companies reported earnings Friday, here’s your cheat sheet to related action on Wall Street:
1) Mentor Graphics Corporation (NASDAQ:MENT) Mentor Graphics Corporation supplies electronic design automation systems – computer software & emulation systems used to automate the design, analysis & testing of electronic hardware & embedded systems software in electronic systems & components. This afternoon the company released its first quarter earnings and shares dropped nearly 7% in trading despite reported eps that beat analyst estimates. Loss narrowed to $2.4 million (loss of 2 cents/diluted share) from $23 million (loss of 22 cents/share) in the same quarter a year earlier. Revenues were up 27.4% to $230 million over the past year. “Our strategy of leveraging our strength in design automation into adjacent markets is working,” said Walden C. Rhines, chairman and CEO of Mentor Graphics. “The company reported record revenues for a first quarter as our New and Emerging product category delivered strong growth.”
2) Eastern Light Capital, Incorporated (AMEX: ELC): Eastern Light Capital, Inc. a real estate investment trust and a specialty mortgage finance company reported its fourth quarter results today. ELC posted losses in both net income and revenues, though revenue losses narrowed to $175,395 (29 cents per share) from a loss of $265,357 (76 cents per share), and total fell to $48,006 from $48,772. Shares of Eastern Light Capital, Inc, were unchanged from their previous close of $4.12.