(Updates to add comments made late in the day)
NEW YORK, April 21 Some top executives said
they saw signs of parts of the global economy stabilizing, when
they reported their companies' earnings on Tuesday, but they
are mostly declining to predict a full-fledged recovery. Here
is a compilation of comments:
"Order trends were weak in the quarter, although we saw
stabilization in the rate of year-over-year decline across most
of our businesses in March." -- United Technologies Corp.
(UTX.N) CEO Louis Chenevert in a statement.
"We were pleased to generate top-line results that were
essentially even with prior year and encouraged by the
stabilization of our comparable store sales to pre-Christmas
levels in North America." -- Lew Frankfort, CEO of luxury
leather goods company Coach Inc (COH.N).
"A great deal of uncertainty exists in the global economy,
making it extremely difficult to know how our customers will
respond during the remainder of 2009." -- Caterpillar Inc
(CAT.N) CEO Jim Owens.
"Anecdotally, we see the (China) pickup." -- Dave Burritt,
Caterpillar's Chief Financial Officer. "Some of our suppliers
who were on three-day work weeks late in 2008 are now back to
work five days and some are even working overtime."
"Industry fundamentals improved in the first quarter." --
Eli Harari, CEO of flash memory maker SanDisk Corp SNDK.O, in
a statement. "We are encouraged that industry supply and demand
balance is becoming better aligned, resulting in higher flash
"Our outlook is cautiously optimistic for continued
improvement in the second quarter."
"I don't know how anybody can say that we hit bottom given
the continued uncertainty that we have in the macroeconomic
climate." -- Advanced Micro Devices Inc AMD.N CEO Dirk Meyer
on a conference call. "As a result of that, I would say that we
are being cautious on our outlook."
"We are seeing signs of stability in a number of markets."
-- Terry Leahy, CEO of UK-based supermarkets group Tesco Plc
(TSCO.L), told reporters.
"Maybe it's a bottom." -- Jeff Joerres, CEO of employment
services company Manpower Inc (MAN.N), on a conference call.
"(But) we are very well prepared and cognizant of the fact that
this may just be a shelf that we are on and there is more to
"Our first quarter results reflected significant pressures
from the worsening economy." -- Capital One Financial Corp
(COF.N) CEO Richard Fairbank in a statement.
"While orders appear to have bottomed in the March quarter,
future visibility remains limited." -- electronic connector
maker Molex MOLX.O in a statement.
There are "still very dark clouds on the (economy's)
horizon." -- Yahoo Inc YHOO.O Chief Financial Officer Blake
Jorgensen in an interview. "I'll try to resist calling the
bottom in any way."
(Reporting by Martin Howell; Editing by Gerald E. McCormick,