Jan. 20 at 9:53 a.m.
Filed under:
Banking,
Earnings
By Dow Jones Newswires
PNC Financial Services Group Inc.’s fourth-quarter profit dropped 26 percent after a big year-earlier gain, but adjusted earnings topped analysts’ expectations as revenue fell less than expected.
The bank continued to bolster its bottom line by setting aside less to cover potential loan losses. Many peers have also made that move amid improving credit quality. PNC grew during the banking crisis by purchasing troubled rivals — such as its acquisition of Ohio’s National City in late 2008 for $2 billion. Get the full story »
Jan. 19 at 3:41 p.m.
Filed under:
Banking,
Earnings
By Becky Yerak
On the heels of disappointing fourth-quarter earnings that drove its stock down 5.7 percent Wednesday, Northern Trust Corp., Chicago’s biggest locally headquartered bank, said the recently announced hike on Illinois business taxes will reduce its profits by an estimated $4 million a year starting in 2012.
“If it doesn’t get vetoed, and we don’t think it will,” Northern Chief Financial Officer William Morrison said during an hour-long conference call to discuss fourth quarter results. Get the full story »
Jan. 19 at 3:32 p.m.
Filed under:
Earnings,
Internet
By Associated Press
EBay Inc. says its fourth-quarter revenue rose, as the healthy holiday shopping season bolstered growth in its PayPal online payments business and online marketplace.
The online marketplace operator on Wednesday said its revenue rose nearly 6 percent from a year earlier, to $2.50 billion. Get the full story »
Jan. 19 at 11:15 a.m.
Filed under:
Banking,
Earnings
By Reuters
Fourth-quarter profits at Goldman Sachs Group Inc. fell 53 percent as trading revenue tumbled, dashing hopes that the Wall Street bank had bucked a tough market climate that hurt its rivals.
Bond trading revenue, including commodities and currencies, slid 39 percent from the third quarter as worries about European sovereign debt and rising U.S. Treasury yields kept investors on the sidelines. Get the full story »
Jan. 19 at 9:44 a.m.
Filed under:
Airlines,
Earnings
By Reuters
American Airlines parent AMR Corp. posted a smaller-than-expected quarterly loss on a 10.3 percent increase in revenue as the company aimed to control fuel and labor costs.
AMR is the second major U.S. airline to post fourth-quarter results. Delta Air Lines on Tuesday posted a lower-than-expected quarterly profit. Get the full story »
By Reuters
Apple Inc. reported better-than-expected results, fueled by blockbuster holiday sales of the iPhone and iPad that may help ease investor concern about Chief Executive Steve Jobs’ decision to take medical leave.
Shares in Apple, halted before the release, rose 4 percent, to about $354, after-hours, from a regular-session close of $340.65. Get the full story »
Jan. 18 at 10:23 a.m.
Filed under:
Earnings,
IPOs,
Media,
TV
By Associated Press
TV ratings and consumer research company Nielsen Holdings B.V. reported its preliminary 2010 financial results Tuesday, saying it expects revenue to be higher than it was in 2009. The report comes a week before the company is expected to debut in an initial public offering.
For the year ended Dec. 31, the New York-based company expects revenue between $5.11 billion and $5.13 billion, up 6.3 percent to 6.7 percent from the company’s 2009 revenue, which totaled $4.81 billion. Get the full story »
Jan. 17 at 6:04 p.m.
Filed under:
Airlines,
Earnings
By Los Angeles Times
After one of the worst economic slumps in airline industry history, the nation’s eight largest airlines are expected to report a combined $3.95 billion in profit from $122.2 billion in revenue in 2010, according to an industry analyst.
If the projections prove true, it would mean that the airlines collected the highest annual profits in more than 10 years and the second-highest annual revenue ever, said Robert Herbst, an industry consultant and founder of AirlineFinancials.com.
Herbst, who was a commercial airline pilot for 35 years, expects his projections to be confirmed over the next two weeks, when the nation’s airlines release their financial reports for the last three months of the year. Financial reports for the third quarter of 2010 showed rising profits for the airlines.
By Reuters
GlaxoSmithKline will record a legal charge of 2.2 billion pounds ($3.4 billion) for the fourth quarter, effectively wiping out its profit, as it settles further claims related to Avandia and sales practices.
The charge equates to an after-tax cost of 1.8 billion pounds, more than the 1.45 billion the drugmaker had been expected to make in net income in the three months to December, according to Thomson Reuters consensus forecasts. Get the full story »
Jan. 14 at 6:14 a.m.
Filed under:
Banking,
Earnings,
Mortgages,
Real estate
By Dow Jones Newswires
JPMorgan Chase & Co reported fourth-quarter earnings jumped, helped by narrowing losses on bad loans.
The bank said earnings climbed to $4.8 billion, or $1.12 a share, from $3.3 billion, or 74 cents a share, a year earlier. Analysts on average expected a profit of $1 a share, according to Thomson Reuters I/B/E/S. Get the full story »
Jan. 13 at 11:33 a.m.
Filed under:
Defense,
Earnings
By Reuters
Houston-based engineering and military contracting company KBR Inc. (formerly Kellogg Brown & Root) expects to generate less than a fifth of its 2011 revenue from U.S. military logistics, though the engineering company said that will be more than it had previously anticipated.
KBR Chief Executive Bill Utt said Thursday that the $280 million acquisition of Chicago-based Roberts & Schaefer, a bulk material handling and processing specialist in mining, power and refining, would contribute 11 cents a share to KBR’s 2011 earnings.
KBR has focused more on engineering projects for the energy and mining industries to offset the lost military work. Get the full story »
Jan. 11 at 7:34 a.m.
Filed under:
Earnings,
Food
By Reuters
Supervalu Inc., the third-biggest U.S. supermarket chain, posted quarterly results below Wall Street estimates and lowered its forecast for the year, sending its shares down nearly 8 percent in premarket trading.
The company, which also operates Jewel-Osco and Albertsons stores, said in October that it was preparing new price cuts to win back customers lost to rivals like Kroger Co and Safeway Inc. The promotions did not work as expected, Chief Executive Officer Craig Herkert said. Get the full story »
Jan. 7 at 5:43 p.m.
Filed under:
Airlines,
Airplanes,
Airports,
Earnings
By Julie Johnsson
December snowstorms that crippled air travel in Europe and along the Atlantic seaboard in the U.S. cost the parent company of United Airlines $25 million in consolidated passenger revenue, and will reduce fourth-quarter earnings by $10 million, the carrier said Friday.
Continental Airlines, which along with United is a subsidiary of United Continental Holdings Inc., was hit hard by the Boxing Day blizzards that brought operations to a halt at its hub at Newark Liberty International Airport and other greater New York area airports. More than 5,000 flights were canceled over a three-day stretch, stranding at least 750,000 travelers. Get the full story »
Jan. 4 at 10:39 a.m.
Filed under:
Autos,
Earnings
By Reuters
General Motors posted a 7.5 percent rise in U.S. auto sales in December on Tuesday, capping a year of gradual recovery for the industry overall that is expected to continue in the new year. Get the full story »
Jan. 3 at 9:52 a.m.
Filed under:
Earnings,
Economy
By Reuters
Power company Exelon Corp. forecast a 5 cent and 3 cent reduction for its 2010 and 2011 earnings respectively, hit by the combined effect of pension contributions and the recently passed tax legislation.
The Chicago-based company said the direct impacts of the tax legislation will reduce its 2010 earnings by about 1 cent per share and 2011 earnings by about 11 cents per share because of a cut in the manufacturing tax deduction for which it was eligible. Get the full story »
