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UPDATE 1-EARNINGS AND THE ECONOMY-CEOS see signs of stability
April 22, 2009 / 12:39 AM / 8 years ago

UPDATE 1-EARNINGS AND THE ECONOMY-CEOS see signs of stability

(Updates to add comments made late in the day)

NEW YORK, April 21 (Reuters) - 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 pricing.”

“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 come.”

“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, Bernard Orr)

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