July 28, 2010 at 11:36 a.m.
Filed under:
Airplanes,
Earnings,
Updated
By Julie Johnsson
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 10:16 a.m.
Filed under:
Bank failures,
Banking,
Earnings,
Stock activity
By Becky Yerak
Wintrust Financial Corp. posted lower-than-expected profits in the second quarter, partly because the $13.7 billion-asset bank holding company had to set aside more money for loan losses due to a fraud in its premium financing unit.
For the second quarter, net income was $13 million, or 25 cents a share, compared with $6.5 million, or 6 cents a share, in the same period a year ago. Get the full story »
By Reuters
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 »
July 28, 2010 at 6:25 a.m.
Filed under:
Cell phones,
Earnings,
Wireless
By Dow Jones Newswires
Sprint Nextel Corp.’s second-quarter loss widened as overall subscribership fell and the company booked a $302 million tax-related charge.
Still, shares jumped 5.4 percent in premarket trading to $5.09. As of Tuesday’s close, the stock had risen 32 percent this year. Get the full story »
By Reuters
Fears that Tellabs Inc. may lose some business with top customer AT&T Inc. to a rival sent the company’s shares down nearly 6 percent Tuesday, despite its stronger-than-expected results and outlook.
The communications equipment maker said it was benefiting from a push by phone companies to upgrade wireless networks that support smartphones and other new devices, but cited tough competition among vendors. Get the full story »
July 27, 2010 at 11:47 a.m.
Filed under:
Banking,
Earnings
By Becky Yerak
PrivateBancorp Inc. stock is up 12.6 percent, to $11.94 a share, in mid-day trading as the Chicago-based parent of PrivateBank posted a narrower-than-expected second-quarter loss and sounded slightly more positive about the economy than one of its rivals did last week.
“The economy is growing but the recovery will be slow and uneven,” Chief Executive Larry Richman said in an earnings conference call. But “I do believe the real estate portion of the economy remains very slow and weak.” Get the full story »
July 27, 2010 at 10:39 a.m.
Filed under:
Earnings,
Food,
Restaurants
By Reuters
Domino’s Pizza Inc. Tuesday reported weaker-than-expected sales at its established U.S. restaurants, sending its shares down 3.8 percent.
The shortfall overshadowed a much better-than-expected second-quarter profit from the pizza delivery chain, which was helped by better-than-expected sales abroad. Get the full story »
July 27, 2010 at 10:27 a.m.
Filed under:
Earnings,
Food,
Retail
By Reuters
Supervalu Inc. posted weaker-than expected quarterly sales Tuesday but said it remains on track for its full-year earnings goals, as it controls margins and costs.
The company, whose shares rose 2 percent, said separately that Chief Financial Officer Pamela Knous, 56, will leave July 30 “to pursue other career interests.” It expects to fill the position by the time it reports second-quarter results in October. Get the full story »
July 27, 2010 at 8:23 a.m.
Filed under:
Earnings
By Reuters
Chicago-based executive recruiter Heidrick & Struggles International Inc. posted better-than-expected second-quarter results, helped by a 69 percent increase in Asia-Pacific region sales. Get the full story »
July 27, 2010 at 8:11 a.m.
Filed under:
Earnings
By Reuters
Specialty metals and plastics company A.M. Castle & Co., based in Franklin Park, posted a surprise profit, helped by improved demand from end-markets. “We expect demand levels for the balance of the year to remain steady from second quarter levels,” Chief Executive Michael Goldberg said in a statement. “Longer term, we remain optimistic about our opportunities for growth in our key target markets, including aerospace, oil and gas and energy, and general industrial equipment.” Get the full story »
July 27, 2010 at 7:57 a.m.
Filed under:
Earnings
By Dow Jones Newswires
OptionsXpress Holdings Inc.’s second-quarter profit fell 3 percent from a year earlier, but beat analysts’ estimates as the options brokerage benefited from a rise in volatility and a surge in trading volume. Get the full story »
July 27, 2010 at 7:54 a.m.
Filed under:
Chicago executives,
Earnings,
Energy,
Updated
By Associated Press
Demonstrators hang signs on a fence they have used to barricade a BP station in London, July 27, 2010. (AFP/Getty Images)
BP’s embattled Chief Executive Officer Tony Hayward will be replaced by American Robert Dudley on Oct. 1, the company said Tuesday, as it reported a record quarterly loss and set aside $32.2 billion to cover the costs of the devastating Gulf of Mexico oil spill.
BP said the decision to replace Hayward, 53, with the company’s first ever non-British CEO was made by mutual agreement. In a mark of faith in its outgoing leader, BP said it planned to recommend him for a non-executive position at its Russian joint venture and will pay him 1.045 million pounds ($1.6 million), a year’s salary, instead of the year’s notice he was entitled to.
“The BP board is deeply saddened to lose a CEO whose success over some three years in driving the performance of the company was so widely and deservedly admired,” BP Chairman Carl-Henric Svanberg said in a statement accompanying the quarterly earnings update. Get the full story »
July 27, 2010 at 5:59 a.m.
Filed under:
Earnings,
Food,
Manufacturing
By Reuters
Corn Products International Inc. posted a higher-than-expected quarterly profit, helped by strong volume growth, and raised its 2010 profit outlook.
The company expects a full-year profit of $2.55 to $2.75 per share, compared with its earlier estimate of $2.25 to $2.60 a share. Get the full story »
July 26, 2010 at 8:19 a.m.
Filed under:
Earnings
By Reuters
FedEx Corp. raised its outlook for the year and the quarter Monday, citing better-than-anticipated volume growth in its Express and Ground business.
Memphis, Tenn.-based FedEx said it now sees its fiscal 2011 earnings in the range of $4.60 to $5.20 per share, up from its previous forecast of $4.40 to $5 per share.
For the first quarter ending Aug. 31, FedEx said it sees earnings of $1.05 per share to $1.25 per share, up from 85 cents per share to $1.05 per share previously.
July 26, 2010 at 8:06 a.m.
Filed under:
Earnings
By Reuters
Alberto Culver Co. posted a stronger-than-expected quarterly profit, as the maker of Alberto V05 and Tresemme shampoos saw double-digit sales growth across its beauty care brands.
Net income in the third quarter ended June 30 rose about 69 percent, to $47.2 million, or 47 cents a share, from almost $28 million, or 28 cents a share, a year earlier. Get the full story »
