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Aon Corp. reported a 28 percent gain in third-quarter earnings from continuing operations, attributing part of it to a 4 percent revenue increase in its consulting unit, but its earnings missed estimates.
The company’s net income attributable to shareholders totaled $144 million, or 51 cents a share, compared with $120 million, or 41 cents a share, in the year-ago period. Total revenue of $1.8 billion was flat with the year-ago quarter. Get the full story »
Merck & Co. reported disappointing quarterly sales on Friday and took an almost $1 billion charge related to a previously disclosed U.S. government probe of its recalled Vioxx arthritis drug.
The drugmaker, which completed it $41 billion acquisition of Schering-Plough Corp in November 2009, said third quarter earnings fell 89 percent to $372 million, or 11 cents per share, reflecting charges related to the merger as well as the new $950 million Vioxx legal reserve. The company earned $3.46 billion, or $1.61 per share in the year earlier period. Get the full story »
General Growth Properties, the U.S. mall owner expected to emerge from bankruptcy in early November, reported negative third-quarter funds from operations, taking a hit from reorganization expenses.
Funds from operations for its core mall properties were losses of $29.3 million, or 9 cents a share, compared with a positive $88.9 million, or 28 cents a share a year earlier. Get the full story »
Japanese automakers Honda and Mazda posted hefty profits despite a strengthening yen as the global recovery and government incentives for green cars drove sales higher.
Managed care company Cigna Corp. said Friday its third-quarter profit fell 6.7 percent on higher medical costs and losses from the company’s reinsurance segment. The Philadelphia insurer says it earned $307 million, or $1.13 per share, in the three months that ended Sept. 30. That’s down from the $329 million, or $1.19 per share, in the same period last year. Get the full story »
Coinstar Inc., the electronic kiosk company, raised its full-year outlook on Thursday after posting a big jump in sales at its DVD rental unit Redbox, sending its shares up more than 10 percent after the market’s close.
The Bellevue, Wash., company, which has courted controversy with Hollywood for Redbox’s $1 a night DVDs, said revenue at the unit rose 54 percent. Get the full story »
An app on the Motorola Droid X. (Michael Tercha/Chicago Tribune)
Motorola Inc., reached a milestone Thursday as its mobile division reported an operating profit a quarter ahead of schedule, and the company said its smart-phone sales will near 14 million units for the year.
The company’s Mobile Devices unit reported operating earnings of $3 million on Thursday, versus a year-ago operating loss of $183 million. During the quarter, the company’s shipments of smart phones rose to 3.8 million and included 22 new products introduced this year.
Smart-phone shipments totaled 2.3 million units in the first quarter and 2.7 million in the second quarter. Analysts had expected ships to total about 3.7 million in the third quarter. The company said smart-phone sales will near the upper end of its previously announced guidance of between 12 million and 14 million units for the year. Get the full story »
Microsoft Corp. said Thursday that its net income in the latest quarter rose 51 percent, boosted by higher sales of Windows and Office software to businesses.
In last year’s quarter, Microsoft deferred some revenue from Windows sales. Had it not done so, net income would have been only 16 percent higher this year in comparison. Get the full story »
Infant formula maker Mead Johnson Nutrition Co. said Thursday its third-quarter net income climbed 9 percent compared with the same quarter last year, when retailer inventory reductions dampened its sales.
The Glenview, Ill., company earned $106.1 million, or 52 cents per share, in the three months that ended Sept. 30, up from $97.6 million, or 48 cents per share, in the same quarter last year. Adjusted earnings were 57 cents per share.
Bloomberg News | “Stable” third-quarter earnings and a forecast for a weaker-than-expected fourth quarter sent shares of Navigant Consulting tumbling in late morning trading. The stock is down 22 percent, to $9.47.
Some of Fortune Brands' products. (Candice C. Cusic/Chicago Tribune)
Fortune Brands touted the “value proposition” of remaining a diversified company Thursday but said it’s open to meeting with all its investors, including hedge fund manager William Ackman’s Pershing Square Capital Management, which has taken a 10.9 percent stake in the company.
“We’re open to constructive discussion with all our shareholders and that includes Pershing Square,” Chief Executive Bruce Carbonari said. “Our board is very engaged and very involved and along, along with management, at looking at how our business is structured.”
Added Craig Omtvedt, chief financial officer, “We’re pretty relaxed. We look forward to having a dialogue with Ackman and his team as much as we do anybody else.” Get the full story »
Corn Products International Inc.’s third-quarter profit dropped 30 percent on acquisition costs, but the company reported strong volume growth across all regions and said earnings are soaring at its new specialty starches business.
The Westchester-based grain processor also raised its current-year earnings forecast to $2.75 to $2.85 a share from $2.55 to $2.75 a share, citing its strong performance. Get the full story »
Agricultural processor Bunge Ltd’s third-quarter net profit slipped on charges but it said it was on track to meet or exceed its full-year target amid rising revenue and improving oilseed processing margins. Get the full story »
Automobile-parts recycler LKQ Corp. posted third-quarter results that beat market estimates, partly helped by a rise in its parts and services revenue, and raised its full-year 2010 adjusted earnings outlook.
LKQ, with a market value of about $3.14 billion, buys wrecked cars at auctions and salvages reusable parts like engines and doors, and distributes them to mechanical repair shops or directly to customers. Get the full story »
CME Group Inc., the world’s biggest futures exchange operator, said third-quarter profit rose in line with Wall Street expectations, as an increase in trading helped buoy the bottom line.
Net income jumped 21 percent to $244 million, or $3.66 per share, from $202 million, or $3.04 a share, in the year-earlier quarter. Revenue rose 13 percent to $733 million, as trading increased 14 percent. Get the full story »
