Goldman Sachs Group Inc.’s earnings easily beat analysts’ forecasts again, but the bank saw a big slowdown in trading, its most profitable business.
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Inside these posts: Earnings
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Goldman Sachs profit beats estimates
Tyson puts up some beefy profit numbers
Meat producer Tyson Foods Inc. reported a higher-than-expected quarterly profit, but shares fell 4 percent on doubts the results can be sustained and that chicken prices may fall.
Tyson’s beef unit had a 5.6 percent profit margin versus 2.4 percent a year ago, while pork margins rose to 10 percent from 3 percent, helped by price increases because of a constricted meat supply. Get the full story »
Up 23%, Career Ed 2Q earnings still fall short
Career Education Corp.’s second-quarter profit soared as the for-profit college’s student population rose 23 percent and margins improved, though revenue fell short of analysts expectations.
College operators have benefited during the recession as out-of-work adults look to re-train, but their rapid growth has garnered the attention of the Department of Education and Congress. Get the full story »
Chevron continues strong results from big oil
Chevron Corp., the second-largest U.S. oil company, reported a three-fold jump in quarterly profit on rising oil output, higher energy prices and buoyant margins at its refineries, topping Wall Street forecasts.
The results follow the strong earnings reports from the world’s largest oil companies, including ExxonMobil Corp. and Royal Dutch Shell Plc Thursday. Get the full story »
Aon 2Q profit up on insurance, consulting strength
Aon Corp.’s second-quarter earnings rose 2.7 percent as its insurance brokerage and consulting units each saw higher profit amid rising margins.
The insurance broker has seen commissions and fee revenue rise recently, though its risk and insurance-brokerage services — its biggest unit — saw its profit decline amid higher expenses. Price competition has weighed on the industry’s profits as insurers price policies low enough to attract customers less worried about risk. Get the full story »
Fortune Brands tops estimates on big sales gains
Consumer goods maker Fortune Brands Inc. reported higher-than-expected quarterly profit Friday, helped by double-digit sales growth for its home and security products. It raised its full-year earnings outlook.
The maker of Jim Beam bourbon and Moen faucets said net income was $227.4 million, or $1.48 per share, in the second quarter, up from $99.8 million, or 66 cents per share, a year earlier. Get the full story »
Merck earnings take 52% hit in 2Q
Merck & Co.’s second-quarter earnings dropped 52 percnet on acquisition and other charges as sales of its key drugs weren’t as strong as in recent quarters.
The drug giant also narrowed its 2010 earnings forecast while trimming the top end of its sales view for the year. Get the full story »
Stronger margins lift Newell Rubbermaid 23%
Newell Rubbermaid Inc.’s second-quarter earnings rose 23 percent as the household-goods company recorded stronger margins and a lower tax rate.
However, benefits of strong international demand were offset by a shift in buying patterns to the quarter before an information-technology change. Get the full story »
Recall, weak sales hit Kellogg’s in 2Q
Kellogg Co. reported a lower-than-expected quarterly profit Thursday and cut its full-year forecast, sending its shares down nearly 7 percent, as a big cereal recall and weak sales and pricing took a toll.
The world’s largest cereal maker also said results were pressured by lower Eggo waffle sales, retailers clearing out inventory, promotions from a rival and currency fluctuations. Get the full story »
Sony leads upswing in Japanese electronics firms
Sony Corp. lifted its annual outlook and returned to profitability in the first quarter on booming demand for its Bravia flat TVs and PlayStation 3 game consoles.
Rivals Panasonic Corp. and Sharp Corp. also reported profits for April-to-June versus losses a year ago, while Panasonic joined Sony in upgrading its forecast as both cashed in on growing sales in emerging markets. Get the full story »
Exxon Mobil tops expectations in 2Q
ExxonMobil Corp. reported a better-than-expected second-quarter profit Thursday, as oil prices and margins to process crude into fuel rebounded from a year earlier and production rose.
Conditions in the refining sector have improved in recent months, with business and consumer demand for diesel and gasoline rebounding. Get the full story »
Regulatory issues overshadow Hospira 2Q profits
Though Hospira Inc.’s second-quarter profits more than tripled from a year earlier, the company’s stock lost more than 7 percent Wednesday as the medical product maker continued to be dogged by regulatory issues.
The Lake Forest-based maker of medication delivery devices and injectable generic drugs had net income of $83.5 million, or 49 cents a share, in the period ended June 30. That compares to $25.5 million, or 16 cents a share in the second quarter of 2009, when it had reported charges related to its cost-cutting initiative, “Project Fuel,” that is saving the company more than $100 million annual and has cut several hundred jobs. Get the full story »
Aetna deal offsets 2Q weakness at CVS Caremark
CVS Caremark Corp. Wednesday reported weaker quarterly earnings and lowered its profit forecast, but shares rose as investors approved of a large pharmacy benefit management services contract struck with Aetna.
CVS Caremark will administer Aetna’s retail pharmacy store network and manage customer service. It will also handle prescription drug purchasing, manage inventories and fill prescriptions for Aetna’s mail-order and specialty pharmacy operations. The contract will ramp up over several years and bring in revenue of $8.2 billion next year. CEO Tom Ryan said the 12-year contract is the largest and longest contract in the industry. Get the full story »
Boeing mulls layoffs as 2Q earnings dip
Boeing Co. is feeling the squeeze as the Obama Administration pares military spending and the Chicago-based defense contractor is mulling layoffs and other measures to reduce its costs, Boeing CEO Jim McNerney told analysts Wednesday.
Boeing’s second quarter net income and revenues dipped as the aerospace manufacturer delivered fewer airplanes and encountered defense-spending constraints.
Chicago-based Boeing reported a net income of $787 million, down 21 percent from the year ago period, on revenues of $15.6 billion, which declined 9 percent. Although Boeing’s earnings per share of $1.06 were down 25 percent from the prior-year period, they still topped the $1.02 that analysts had estimated. Get the full story »
July 28, 2010 at 6:31 a.m.
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Filed under: Earnings, Entertainment, Internet, M&A, Media, Telecommunications Comcast 2Q profit down on NBC-related expenses
Comcast Corp., the No. 1 U.S. cable operator, reported a nearly 9 percent decline in quarterly profit as it absorbed expenses related to its highly anticipated acquisition of NBC Universal.
While costs associated with the deal, including professional fees, undercut the cable company’s overall profit, its revenue rose a higher-than-expected 6 percent as it continued to add Internet and telephone customers. Get the full story »
