R.R. Donnelley & Sons Co. said its third-quarter earnings rose more than quadrupled, as the printing company took smaller charges for restructuring and other special items. The company reported net income of $53.3 million, or 25 cents a diluted share, compared with $13.1 million, or 6 cents a diluted share, a year ago. The quarter included charges totaling $48.7 million, down from $131.7 million a year earlier. Get the full story »
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MillerCoors profit up despite sluggish beer sales
MillerCoors said cost cuts and price increases helped it improve third-quarter profit 36 percent despite soft sales in a “sluggish U.S. beer market.” Excluding special items, net income increased to $334 million from a year ago. Get the full story »
Wyeth purchase lifts, slams Pfizer 3Q results
Pharmaceutical giant Pfizer Inc.’s mega-acquisition of Wyeth boosted its third-quarter revenue 39 percent, but hefty charges and a higher tax rate, both related to that $68 billion purchase, dragged its profit down 70 percent, the company said Tuesday.
The New York-based maker of cholesterol blockbuster Lipitor and impotence pill Viagra posted net income of $866 million, or 11 cents per share. That’s down from $2.88 billion, or 43 cents per share, a year earlier. Get the full story »
ADM profit misses Street view, shares fall
Archer Daniels Midland Co. the world’s largest corn processor and among the largest U.S. ethanol producers, reported weaker-than-expected quarterly earnings Tuesday, hampered by inventory charges, and its shares fell more than 7 percent.
For the first quarter ended Sept. 30, ADM reported a net profit of $345 million, or 54 cents per share, down from $496 million, or 77 cents per share, a year earlier. Get the full story »
Weak cereal sales hurt Kellogg’s 3Q results
Kellogg Co. said Tuesday that a drop in cereal sales, intense competition and the lingering impact of some of the largest food recalls in the company’s history have made 2010 a difficult and disappointing year. Get the full story »
MasterCard 2Q profit jumps on overseas card use
MasterCard Inc. on Tuesday said increased use of credit and debit cards overseas helped lift its third-quarter profit by 15 percent.
Nicor profit flat, misses on tropical shipping decline
Nicor Inc.’s third-quarter earnings were flat as stronger results at the natural-gas company’s distribution business were offset by a decline at its shipping segment. Profit missed analysts’ expectations and Nicor cut its 2010 target to $3 to $3.10 a share from $3.10 to $3.30, mainly owing to lower-than-expected earnings at its shipping business. Get the full story »
BP returns to profit despite $7.7B charge in 3Q
BP PLC raised the likely cost of the devastating Gulf of Mexico oil spill by $7.7 billion Tuesday, dragging down its third quarter net profit by more than 60 percent despite higher oil and gas prices. In an earnings update, the London-based company said it returned to profit for the first time since the April spill, though net income of $1.79 billion was still well below a year-earlier profit of $5.3 billion because of the extra charge.
WMS Industries 1Q earnings beat Street
Gaming machine maker WMS Industries posted fiscal first-quarter earnings that were a penny above Wall Street’s expectations late Monday.
The Waukegan, Ill., company reported net income of $19.5 million, or 33 cents per share, on $187.5 million in revenue for the three months ended Sept. 30. That compares with net income of $19.8 million, or 34 cents per share, on $165.3 million in revenue in the same quarter last year.
Pactiv profit down 14% despite higher volume
Pactiv Corp. reported a 14 percent drop in third-quarter earnings on prior-year earnings from discontinued operations as the maker of Hefty garbage bags and other packaging products reported higher volume but lower margins on a jump in raw-material costs. Get the full story »
ShoreBank successor reports profit
The new bank that took over the operations of failed ShoreBank on Aug. 20 made a $25.4 million net profit in the period ending Sept. 30, according to newly filed documents with the Federal Deposit Insurance Corp. Get the full story »
CNA Financial swings to loss in 3Q
CNA Financial Corp. reported a $140 million loss, or 59 cents a share, in the third quarter, as the company recorded a loss from its previously announced agreement to transfer its legacy asbestos liabilities to Berkshire Hathaway Inc. Get the full story »
Alberto Culver tops Street on international sales
Alberto Culver Co. reported a better-than-expected quarterly profit, boosted by strong sales in Latin America and Canada.
Net income at the maker of Alberto V05 and TRESemme shampoos rose to $41.3 million, or 41 cents a share, in the fourth quarter ended Sept. 30, up from $31.7 million, or 32 cents a share, a year earlier. Get the full story »
Smurfit-Stone 3Q earnings down 4.4%
Smurfit-Stone Container Corp.’s third-quarter earnings fell 4.4 percent excluding preferred-dividend impacts as the packaging company reported higher revenue and margins on price hikes, but was hurt by income-tax impacts. Get the full story »
Ford stock rally could be boon to GM IPO
Ford Motor Co.’s emergence as Detroit’s darling may have fueled jealousy at General Motors Co headquarters, but the archrival’s rising shares could help GM as it readies its landmark return to public markets. Get the full story »
