Oct. 20, 2010 at 10:33 a.m.
Filed under:
Earnings,
Pharmaceuticals,
Updated
By Bruce Japsen
Abbott Laboratories reported third-quarter profits tumbled 40 percent thanks to the costs of withdrawing a diet drug from the U.S. market and global cost-cutting in the wake of its acquisition of Solvay Pharmaceuticals.
The North Chicago-based drug and medical product giant reported earnings of $891 million, or 57 cents a share, compared to $1.5 billion, or 95 cents a share in the third quarter of 2009.
Net earnings included after-tax charges of $513 million, or 33 cents a share due to a major product withdrawal, a recall of infant formula in the U.S. and costs that Abbott said was primarily related to restructuring following the Solvay deal. Abbott last month said it would cut about 3,000 jobs worldwide or about 3 percent of the company’s global workforce to eliminate redundancies following the purchase. Get the full story »
Oct. 20, 2010 at 9:56 a.m.
Filed under:
Banking,
Earnings
By Associated Press
Wells Fargo & Co.’s income rose 19 percent in the three months ending in September as losses from failed loans continued to fall.
Wells Fargo’s net income after paying preferred dividends was $3.15 billion, or 60 cents per share, ahead of the 55 cents per share analysts were expecting, the San Francisco bank reported Wednesday. The bank earned $2.64 billion, or 56 cents per share, in the same period a year earlier.
Oct. 20, 2010 at 9:53 a.m.
Filed under:
Airplanes,
Earnings,
Updated
By Reuters
Boeing Co. posted a quarterly profit that beat expectations, and it boosted its full year forecast, helped by a strong recovery in the commercial airplane market.
The world’s largest aerospace and defense company’s order backlog rose, especially on the commercial side of its business, helped by a surge in orders from the Middle East and Asia. Get the full story »
Oct. 19, 2010 at 7:35 p.m.
Filed under:
Banking,
Earnings
By Associated Press
Goldman Sachs Group Inc.’s earnings easily beat analysts’ forecasts again, but the bank saw a big slowdown in trading, its most profitable business.
Get the full story »
Oct. 19, 2010 at 4:02 p.m.
Filed under:
Earnings,
Transportation
By Reuters
Freight management company Hub Group Inc. posted a quarterly profit that beat market estimates, helped by strong growth at its intermodal segment. Get the full story »
Oct. 19, 2010 at 11:19 a.m.
Filed under:
Earnings,
Technology
By Reuters
(AP Photo/Paul Sakuma, file)
Apple shares sank as much as 6 percent on Tuesday on disappointing iPad shipments and margins, but most analysts remained bullish on the stock, expecting a buoyant holiday season and sensing a buying opportunity.
Apple’s quarterly results were “solid,” but were “disappointing given the almost giddy investor sentiment heading into earnings and its recent history of trouncing expectations on almost every line,” Oppenheimer said in a client note.
Apple posted a better-than-expected profit helped by iPhone sales, but margins and iPad shipments came in below expectations during the fiscal fourth quarter. Get the full story »
Oct. 19, 2010 at 10:27 a.m.
Filed under:
Autos,
Earnings
By Reuters
A sign outside Harley Davidson's headquarters in Milwaukee, July 19, 2010. (AP Photo/Morry Gash, file)
Harley-Davidson Inc. and Polaris Industries Inc. both posted profits that beat expectations, but high unemployment cast a pall over the former’s results.
Harley-Davidson’s beat stemmed from a higher operating profit at the company’s finance arm. Falling credit losses and cheaper borrowing costs at the unit helped offset continued softness in worldwide motorcycle sales.
Polaris’ beat resulted from a nearly 50 percent jump in sales of the company’s all-terrain vehicles, whose side-by-side seating plan has proved popular with buyers, including many farmers, who use the vehicle as a work vehicle. Get the full story »
Oct. 19, 2010 at 7:37 a.m.
Filed under:
Earnings,
Food
By Dow Jones Newswires
Jewel-Osco parent Supervalu says it had a steep loss of $1.47 billion in the fiscal second quarter due to charges tied to a labor dispute at its Shaw’s chain and employee-related costs. Adjusted to exclude the charges, earnings totaled $59 million, or 28 cents per share. That is a penny shy of the 29 cents a share analysts expected. Get the full story »
Oct. 19, 2010 at 7:35 a.m.
Filed under:
Banking,
Earnings
By Associated Press
Bank of America Corp. said Tuesday it lost $7.65 billion during the third quarter due to a charge related to credit and debit card reform legislation passed over the summer.
Oct. 19, 2010 at 7:22 a.m.
Filed under:
Earnings,
Manufacturing
By Reuters
Illinois Tool Works Inc reported improved quarterly earnings Tuesday, lifted by strong demand for its welding and packaging products from manufacturers. Illinois Tool reported a third-quarter profit of $419.3 million, or 83 cents a share, up from $302.4 million, or 60 cents a share, a year before. Get the full story »
By Reuters
(Reuters/Robert Galbraith)
Apple Inc. easily surpassed profit and revenue forecasts again but supply bottlenecks curbed iPad sales to below Wall Street’s bullish targets, sending its shares more than 6 percent lower.
Weaker-than-projected gross margins and iPad shipments disappointed investors who had expected more from a company that had smashed Wall Street’s targets in each of the past eight quarters.
Some analysts said sales of the iPad, which began only in April, should ramp up in the current quarter as the company resolves hitches in the supply chain. Get the full story »
Oct. 18, 2010 at 12:36 p.m.
Filed under:
Banking,
Earnings
By Reuters
Citigroup Inc. reported its third straight quarterly profit, beating forecasts and boosting optimism that the banking sector is on track to recover even amid a tepid economic expansion.
Relief about the improving results, bolstered by slowing credit losses and reduced reserves for bad loans, outweighed lingering concern about the foreclosure crisis, boosting the bank’s shares nearly 4 percent. Get the full story »
By Associated Press
Credit card default rates mostly fell in September, but improvements in late payments slowed for most of the major card issuers. American Express, Discover, Chase, Bank of America and Citibank all submitted regulatory filings Friday that said September charge-offs fell to the lowest level this year.
Oct. 15, 2010 at 7:07 a.m.
Filed under:
Earnings,
Energy
By Reuters
General Electric Co. reported a sharper-than-expected drop in revenue on slack demand for heavy equipment, casting doubts about the pace of the U.S. recovery from the worst economy since the Great Depression.
The largest U.S. conglomerate’s 5.1 percent decline in sales overshadowed better-than-expected profit and sent GE shares down 3 percent in premarket trading on Friday as some investors took it as another sign that the economic recovery is faltering. Get the full story »
Oct. 14, 2010 at 4:39 p.m.
Filed under:
Earnings,
Internet,
Technology
By Reuters
Google Inc. blew past Wall Street’s quarterly profit and revenue expectations as a 25 percent revenue surge offset rising expenses, sending its shares up 9 percent. Get the full story »
