Fairchild Semiconductor, Nokia, Crown Holdings Fall After Earnings Reports Thursday, October 15, 1:18 PM ET
Fairchild Semiconductor (NYSE:FCS) announced earnings of 2 cents per share for the quarter, down from earnings of 21 cents per shaer in the same quarter last year. Sales plunged 23 percent year over year, but were up 19 percent sequentially. CEO Mark Thompson said channel inventories are at record low levels and noted that free cash flow generation in the first three quarters of 2009 beats any full year in the company's history. In Thursday trading, Fairchild shares were off about 7%.
Shares of Nokia (NYSE:NOK) fell about 10 and a half percent, after reporting a loss of .15 Euro, which compares to earnings of .29 Euro in the same quarter last year. Results were hurt by a non-cash impairment charge relating to Nokia Siemens Networks assets. Net sales fell just under 20 percent year over year, and were down one percent quarter over quarter. Sales at Nokia Siemens Networks were down over 21% year over year, and down 13.7% quarter over quarter.
And Crown Holdings (NYSE:CCK) was also trading lower after reporting earnings, down more than 8% Thursday. The packaging products supplier posted earnings of 67 cents per share, down from 70 cents in the same quarter last year. But excluding certain items, earnings would have increased to 81 cents. Net sales fell about 3.7% year over year.
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