Positive Earnings Surprises (XTO, ALVR, TWX)

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XTO Energy Inc. (NYSE:XTO)  on Wednesday reported third-quarter earnings of $500 million, or 86 cents a share, down from $521 million, or 95 cents a share, in the same period last year. Excluding a non-cash derivative fair-value loss, the Fort Worth-based natural-gas producer said earnings totaled $509 million, or 88 cents a share. A FactSet Research survey of analysts had produced a consensus forecast for earnings of 84 cents. The company said total revenues rose 8% to $2.29 billion. XTO also said it was raising its 2009 target for annual production growth to 23% from 20%.

Time Warner Inc. (NYSE:TWX) said its third-quarter profit fell 38% to $661 million, or 55 cents a share, with revenue slipping 6% to $7.14 billion on declines from AOL, publishing and filmed entertainment segments. Its adjusted EPS was 61 cents a share, compared to FactSet-compiled analyst estimates for earnings of 53 cents a share. It still expects to spin off AOL by the end of the year. The company expects adjusted earnings of at least $2.05 a share for the year, up from $1.98 in 2008 and a previous prediction of "around flat" results, with up to $100 million in restructuring charges in publishing that it anticipates for the fourth quarter.

Alvarion Ltd. (USA) (NASDAQ:ALVR) the Tel Aviv provider of wireless broadband solutions, swung to a third-quarter net loss from a year-earlier profit on 21% lower sales. The loss was $1 million, or 2 cents a share, compared with net income of $803,000, or 1 cent, in the year-earlier quarter. On an adjusted basis, Alvarion earned $200,000, or break even per share, compared with profit of $3 million, or 5 cents, a year earlier. Sales declined to $58.4 million from $74.3 million. A survey of analysts by FactSet Research produced consensus estimates of a loss of 2 cents a share on $58.7 million of sales. For the fourth quarter, Alvarion is estimating a loss of 1 cent to 7 cents a share, or adjusted results ranging from a loss of 4 cents to profit of 2 cents. Revenue should come in at $55 million to $63 million.

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