NEW YORK (CNNfn) - After the closing bell Tuesday, meat packer IBP Inc. was forced to restate three quarters of earnings, youth-oriented apparel retailer Abercrombie & Fitch topped forecasts for its latest quarter and said it remained comfortable with fourth-quarter earnings, AOL Latin America reported a narrower-than-expected loss, and waste hauler Allied Waste Industries matched analysts' estimates.|
In addition, advertising and marketing firm TMP Worldwide posted a third-quarter profit of $31.5 million, or 30 cents per share, 3 cents above Wall Street expectations.
Some key economic data due out later in the week include the Producer Price Index (PPI) for the month of October from the Labor Department and the November Michigan Sentiment by the University of Michigan.
IBP (IBP: Research, Estimates), the largest producer of fresh beef and pork products, said that it had discovered certain inaccuracies in the financial statements of IBP-owned DFG Foods. As a result of overstated inventory value, IBP made a $9 million reduction in pre-tax earnings from the amount previously announced.
The move reduced earnings for the quarter to $78.4 million or 73 cents a share, down from the $83.9 million or 79 cents a share originally reported. Year to date earnings were reduced to $198 million or $1.82 a diluted share from the $203 million or $1.88 a share originally reported.
Abercrombie & Fitch Co.
The casual-apparel retailer said its third-quarter earnings rose 19 percent to beat analysts' forecasts by 2 cents, as strong sales in its women's apparel business boosted results.
Abercrombie & Fitch Co. (ANF: Research, Estimates), which also said it is comfortable with analysts' fourth-quarter earnings estimate of 84 cents a share, said its net income for the third quarter ended Oct. 28 rose to $43.6 million, or 43 cents a diluted share, from a profit of $39.1 million, or 36 cents a diluted share, in the same quarter a year ago.
Operating income for the Reynoldsburg, Ohio-based company rose 12 percent to $71.2 million from an adjusted $63.4 million in the same quarter last year. Sales for the quarter rose to $366.9 million, up 28 percent from $287.0 million a year ago. Same-store sales, or sales at stores open at least one year, fell 3 percent versus an 11 percent increase in the same quarter of 1999.
America Online Latin America (AOL-LA)
The joint venture between Cisneros Group and America Online Inc. (AOL: Research, Estimates) posted a fiscal first-quarter loss, a penny better than Wall Street estimates, as the company added 191,000 new subscribers to 314,000.
AOL-LA (AOLA: Research, Estimates), which went public in August at $8 a share, said it posted a pro forma loss of $98.1 million, or 36 cents a share. Revenues for the quarter totaled $4.6 million. The company said there were no comparable figures because AOL-LA's first service, America Online Brazil, launched in November 1999.
Allied Waste Industries
The nation's second-largest waste hauler posted earnings of $51.3 million, or 27 cents per share, matching analysts' estimates.
This compares with earnings per share of 23 cents in the year-ago quarter, which was recorded before earnings from the 1999 acquisition of Browning-Ferris Industries Inc. took effect.
Revenue of Allied Waste (AW: Research, Estimates) for the latest quarter reached $1.475 billion.
--compiled by staff writer Joseph Lee