Goodyear posts stronger-than-expected profit

DETROIT, Fri Apr 26, 2013 — Goodyear Tire & Rubber Co. on Friday posted a stronger-than-expected quarterly profit as record results in North America and Asia offset weakness in Europe.

The tire maker also maintained its full-year financial outlook.

The company reported first-quarter net income available to common shareholders of $26 million, or 10 cents a share, compared with a year-earlier loss of $11 million, or 5 cents a share.

Excluding a 37-cent loss resulting from the devaluation of the Venezuelan currency and other one-time items, Goodyear earned 45 cents a share. That was 15 cents above what analysts polled by Thomson Reuters I/B/E/S had expected.

Sales fell 12 percent to $4.85 billion, below the $5.1 billion analysts had expected.

Goodyear affirmed its full-year outlook, saying it expected segment operating income — The combined results of its four business units – to come in at $1.4 billion to $1.5 billion. In February, the Akron, Ohio-based company cut that forecast from $1.6 billion, citing weakness in the Europe automotive market and the currency devaluation in Venezuela.

P&G shows turnaround taking hold with results, outlook

CINCINNATI, Fri Jan 25, 2013 — Procter & Gamble Co.’s (PG.N) quarterly profit soared past expectations as the world’s largest household products maker used higher prices and new products to drive sales growth, the strongest indication yet that turnaround efforts are paying off.

The results, along with improved forecasts for the fiscal year, follow months of criticism from analysts and most notably from activist investor William Ackman, who blamed P&G’s top brass, led by Chairman and CEO Bob McDonald, for earlier missteps.

Shares of P&G, the maker of Pampers diapers and Gillette razors and a component of the Dow Jones industrial average jumped to $71.84 in premarket trading from Thursday’s close of $70.42.

The results, with profit and sales ahead of analysts’ expectations, come after months of P&G trying to reignite growth in sluggish markets such as the United States while also expanding in emerging markets, where it typically sells lower-priced merchandise.

Back in April 2012, analysts took McDonald to task on a tense conference call after P&G cut its outlook. That summer, Ackman’s Pershing Square Capital Management bought the company’s shares and began pushing for more change.

Profit has exceeded analysts’ expectations every quarter since, helped by new products such as Tide Pods single-dose laundry detergent.

Verizon sees ‘significant’ impact from Sandy on fourth-quarter results

NEW YORK, Fri Nov 2, 2012 – Verizon Communications Inc. said it expected fourth-quarter results to be hurt significantly due to superstorm Sandy and that it could not estimate the impact at this time.

The provider of telephone, Internet and television services said it was directing its resources to restore communications services to affected customers, “which may take some time.”

Verizon may take up to two weeks to restore telecommunication services for some of its customers, a top executive told Reuters on Thursday.

3M cuts profit outlook on currency concerns, deal costs

MINNEAPOLIS, Minn., Tue Oct 23, 2012 – Diversified U.S. manufacturer 3M Co. on Tuesday reported a 6.7 percent rise in third-quarter profit but cut its profit forecast for the full year as acquisition costs and a strengthening dollar hurt margins.

The maker of products ranging from Post-It notes to films used in consumer electronics said net income was $1.16 billion, or $1.65 per share, compared with $1.09 billion, or $1.52 per share, a year earlier.

Profit met Wall Street forecasts, according to Thomson Reuters I/B/E/S.

3M now expects to earn $6.27 to $6.35 per share for all of 2012, below its prior forecast of $6.35 to $6.50. Analysts had expected $6.40.

Third-quarter revenue was little changed at $7.5 billion, shy of the $7.63 billion analysts had anticipated.

Honeywell’s profit rises 10 percent, tops Wall Street view

MORRIS TOWNSHIP, N.J., Fri Oct 19, 2012 – Diversified U.S. manufacturer Honeywell International Inc. reported a 10 percent rise in quarterly earnings as declining natural gas prices helped boost profits at its UOP chemical arm, offsetting weakness in Europe.

The maker of aircraft electronics and building control systems said on Friday that third-quarter earnings came to $950 million, or $1.20 per share, compared with $862 million, or $1.10 per share, a year earlier.

The results came in 6 cents per share ahead of the analysts’ average estimate of $1.14, according to Thomson Reuters I/B/E/S.

Honeywell tightened its full-year profit forecast to a range of $4.45 to $4.50 per share. Its previous outlook was $4.40 to $4.55, and analysts had expected $4.50.

“Looking ahead to 2013, we are planning for a continued challenging macro environment, but expect to deliver good growth,” Chief Executive Officer Dave Cote said in a statement.

Third-quarter sales were up less than 1 percent to $9.34 billion, shy of Wall Street’s $9.51 billion target. Sales rose 4 percent at the company’s aerospace arm, reflecting strength in commercial aviation, but fell 10 percent at the transportation systems unit on weak European demand for automotive turbochargers.

Honeywell shares fell 1 percent to $60.80 in premarket trading.

Gannett’s third-quarter revenue tops view, profit rises

McLEAN, Va., Mon Oct 15, 2012 – Gannett Co. Inc. reported better-than-expected revenue and higher profit on strong television advertising from the Summer Olympics and the U.S. presidential election and online subscription revenue from its newspapers.

The owner of newspapers and television stations said on Monday that third-quarter revenue rose 3.4 percent to $1.31 billion. Analysts expected revenue of $1.29 billion, according to Thomson Reuters I/B/E/S.

Net income increased to $133.1 million, or 56 cents per share, from $99.8 million, or 41 cents per share, in the same quarter last year. Analysts expected earnings per share of 53 cents.

Still, investors sent shares down 3.6 percent to $17.25 in early trading on Monday despite the positive numbers.

Evercore analyst Doug Arthur thinks investors were looking for a bigger upside. “The stock has done awfully well,” he said about the 26 percent run-up over the past three months.

A record for third-quarter revenues at its broadcasting division and a moderating decline at its U.S. newspapers suggested the momentum will continue into the fourth quarter, said Benchmark Co analyst Edward Atorino.

“Political (advertising) is going off the chart, and newspapers are on track, which is encouraging,” he said.

Gannett, the largest U.S. newspaper chain with 82 properties including USA Today, implemented a plan unveiled earlier this year to reduce its dependence on advertising at its newspapers and to capitalize on broadcast TV.

As a result of a digital pay model rolled out to 71 markets, circulation revenue rose 10 percent at its U.S. newspapers.

Even the pace of advertising declines has begun to slow. Advertising revenue at its publishing division fell 6.6 percent, compared with an 8 percent decline in the second quarter.

Gannett also owns a group of newspapers in Great Britain.

HP raises third-quarter profit forecast, takes $8 billion charge

PALO ALTO, Calif., Wed Aug 8, 2012 – Hewlett Packard Co. raised its third-quarter earnings forecast on Wednesday and said it was writing down the value of its services business by $8 billion.

The world’s No. 1 personal computer maker also said more employees than expected were taking early retirement and it was implementing a workforce reduction program faster than expected. Because of this, it raised its estimate of a pre-tax restructuring charge to as much as $1.7 billion.

HP said it now expects third-quarter earnings, excluding one-time items, of about $1.00 per share, compared with analysts’ average estimate of 97 cents, according to Thomson Reuters I/B/E/S.

HP previously forecast earnings of 94 cents to 97 cents per share. It did not say why it was raising its outlook.

The company’s shares gained 2.5 percent to $19.44 in mid-morning trading.

“Everybody was expecting them to miss the quarter. Now they said they are going to beat their forecast. That’s why the stock is up,” said Shaw Wu, an analyst with Sterne Agee.

HP said it did not expect the writedown in the services business to result in “any future cash expenditures or otherwise affect the ongoing business or financial performance” of the segment.

The company, which announced major job cuts in May, said it now expects a pre-tax restructuring charge of between $1.5 billion and $1.7 billion, up from a previous estimate of $1 billion.

HP said in May that it planned to cut about 27,000 jobs, or 8 percent of its workforce, over several years in an effort to save up to $3.5 billion annually.

Macy’s posts higher profit, raises earnings forecast

NEW YORK, Wed Aug 8, 2012 – Macy’s Inc. reported a higher-than-expected second-quarter profit on Wednesday, helped by cost controls and strong sales in July, and the department store chain raised its full-year profit forecast.

Macy’s shares were up 3.2 percent to $38.20 in premarket trading.

As previously reported, second-quarter sales rose 3 percent to $6.12 billion. Sales at stores open at least a year, a key industry metric known as same-store sales, also rose 3 percent.

Same-store sales were below the retailer’s forecast for a 3.5 percent jump. Chief Executive Terry Lundgren blamed “a soft economy,” less spending by foreign tourists, and disruptions caused by the ongoing $400 million makeover of Macy’s iconic Manhattan flagship store.

But the chain’s sales improved in July, beating expectations, and Lundgren said he was confident Macy’s could win market share heading toward the holiday season.

His confidence comes as rival J.C. Penney Co. Inc. continues to work on a massive overhaul, which has confused shoppers and led sales at that chain to plunge.

Macy’s reported net income of $279 million, or 67 cents a share, for the quarter that ended July 28, up 15.8 percent from $241 million, or 55 cents a share, a year earlier. Analysts’ average forecast was 64 cents a share, according to Thomson Reuters I/B/E/S.

Exxon Mobil quarterly profit rises 49 percent

IRVING, Texas, Thu Jul 26, 2012 – Exxon Mobil Corp., the world’s largest publicly traded oil company, said on Thursday quarterly profit rose 49 percent, helped by a gain related to divestments and tax items.
The company reported a second-quarter profit of $15.9 billion, or $3.41 per share, up from $10.68 billion, or $2.18 per share, a year earlier.
Oil and gas output in the quarter declined 5.6 percent.

MasterCard reports higher quarterly profits as consumers use cards more

PURCHASE, N.Y., Wed May 2, 2012 – MasterCard Inc. the world’s second-largest credit and debit card network, reported higher quarterly profits as consumers spent more with their cards.

Net income in the first quarter was $682 million, or $5.36 a share, compared with $562 million, or $4.29 a share, a year earlier, the company said on Wednesday.

Cardholders made $629 billion of millions of purchases worldwide in the quarter, up 17 percent from a year earlier, the Purchase, New York-based company said.

Visa Inc., the MasterCard’s larger competitor in card payment processing, is scheduled to report its results following the close of New York Stock Exchange trading.