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Associated Press | Chicago-based CNA Financial Corp. said on Monday that it posted a first-quarter profit on improving performance in its investment portfolio, although higher catastrophe losses hurt results. The commercial insurer reported net income for the three months ended
March 31 of $245 million, or 82 cents per share, compared with a loss of
$195 million, or 84 cents per share, in the same quarter a year
earlier.
Get the full story: CNA Financial announces first-quarter profit.
Dow Jones Newswire | Loews Corp. and its CNA Financial Corp.
insurer swung to the black in the first quarter absent prior-year
investment losses, with results beating analysts’ estimates.
CNA is 90 percent owned by Loews, which also owns big stakes in several
other businesses, including Diamond Offshore Drilling Inc. and
Boardwalk Pipeline Partners LP. CNA and other insurers have reported
sharply improved results in recent quarters as the economy has risen
from its dismal year-earlier levels.
Dow Jones Newswire | Nicor Inc.’s first-quarter profit rose 38
percent as stronger sales in its gas distribution and energy-related
business more than offset weak shipping segment.
The utility, which has operations centered in northern Illinois, has
been increasing rates and reining in operating costs to combat soft
demand in the downturn. As a result, the company has seen results
improvement in past few quarters.
By Becky Yerak | ShoreBank lost $17.3 million in the first quarter and saw its capital
ratios worsen at a time when it’s trying to raise capital from both
existing and new investors.
The undercapitalized bank, besides hoping to tap such existing investors
as JPMorgan Chase and Citigroup, also wants to try to raise money from
State Farm, which has a tentative commitment. It also plans to hit up such
local institutions as Northern Trust, Wintrust and MB Financial, a
person familiar with ShoreBank’s situation said.
From Reuters | Federal
Signal Corp., the manufacturer based in Oak Hill, posted a surprise first-quarter loss. The company was hurt
by lower sales volumes and shipments. Its shares were also hurt by the news, and fell as much as 13 percent in early trading.
Get
the full story: reuters.com.
Dow Jones Newswires | Aon Corp.’s first-quarter earnings
declined 36 percent on $126 million in year-earlier tax gains, though
the insurance broker’s adjusted earnings rose and topped analysts’
estimates.
President and Chief Executive Greg Case said the results “reflect solid
operational performance” across the company’s two business segments
despite “difficult economy and soft market conditions and a 48 percent
decline in investment income on an adjusted basis.”
| GAINERS | % | LOSERS | % | MOST ACTIVE | Vol (000) |
| Brunswick | +27.33 | Career Education | -12.36 | Motorola | 57,775 |
| OfficeMax | +12.35 | DeVry Inc. | -4.78 | Smurfit-Stone | 15,604 |
| Smurfit-Stone | +11.11 | Allstate Corp. | -1.48 | Allstate | 11,904 |
| Tenneco | +9.44 | Morningstar Inc. | -1.35 | Tellabs | 11,801 |
| Strategic Hotels | +9.09 | Alberto-Culver | -1.32 | Kraft | 11,464 |
See results from Chicago’s
Top 100 companies.
Dow Jones Newswires | Significantly improved fertilizer demand after an unprecendented decline in 2009 pushed Potash Corp. of Saskatchewan’s earnings to near-record levels for the first quarter and led to a slight upward revision to its 2010 earnings outlook.
The Saskatoon, Sask.-based fertilizer giant earned $449 or $1.47 a share in the latest quarter. The results are the second-highest first-quarter earnings in the company’s history and fall near the top end of its most recent guidance for earnings of $1.30-$1.50 a share. Potash Corp. boosted its first-quarter outlook in March on the back of a sharp rebound in potash demand.
From Reuters | Brunswick Corp. reports that first-quarter losses narrowed from a year earlier, to $13 million, or 15 cents a share, from $184.2 million, or $2.08 a diluted share. Sales rose 15 percent, to $844.4 million.
The maker of boats and other recreational products is optimistic that weakness in those sectors will not be as bad as forecast this year. Its stock was surging 20 percent in midday New York Stock Exchange trading.
Get the full story: reuters.com.
Fortune Brands, which includes Titleist among its holdings, broke par with first-quarter earnings. (Tribune file photo)
Dow Jones Newswires | Fortune Brands Inc.’s first-quarter profit
surged as sales grew on better-than-expected results at each of the
company’s brand groups.
The maker of Jim Beam whiskey, Moen Faucets and Titleist golf clubs on
Tuesday attributed the strong results to market-share gains, improving
consumer markets and channel partners’ move to rebuild inventories. The
company also lifted the bottom end of its full-year earnings target,
citing its high-return investment strategy and the stronger U.S. dollar.
Still, concerns remain about how the expiration of U.S. government
stimulus spending will affect demand for home products.
CME Group Executive Chairman Terry Duffy, left, conducting a tour of the CME Group trading floors in November 2008.
(Chris Walker/Chicago Tribune)
Dow Jones Newswires | CME Group Inc.’s first-quarter earnings
rose 21 percent, beating analysts’ forecasts, as the world’s biggest futures exchange operator benefited from increased volume.
Executive Chairman Terry Duffy called the results the company’s best since 2008, and Chief Executive Craig Donohue said volumes are trending positively.
(Mario Petitti/Chicago Tribune)
Associated Press | Safeway Inc. reported its first-quarter
profit fell 33 percent as the grocery chain struggled with deflation in
key food items and fierce competition from rivals.
The grocery chain, based in Pleasanton, Calif., said Thursday that it
earned $96 million, or 25 cents per share, in the quarter. That
compares with $144.2 million, or 34 cents per share, in the same period
last year. Revenue rose to $9.33 billion, up from $9.23 billion a year
ago.
Sanjay Jha, co-CEO of Motorola and CEO of Motorola Mobile Devices, speaking at a mobile Internet conference in 2009. (AP Photo/Paul Sakuma)
By Wailin Wong | Motorola
Inc. posted a profit in the first quarter, with smartphone sales helping the flagship mobile devices business turn around a heavy loss from a year earlier.
The Schaumburg-based technology company reported a net profit of $69 million, or 3 cents per share, reversing a loss of $231 million, or 10 cents per share, in the first quarter of 2009. Overall sales for the company fell to $5 billion from $5.4 billion a year ago.
Motorola’s mobile devices division posted sales of $1.6 billion, a decline of 9 percent from the same quarter last year. But the unit’s operating loss came to $192 million, substantially narrower than a loss of $545 million in 2009. Co-Chief Executive Sanjay Jha told analysts on a conference call that he expects the business to become profitable in the fourth quarter of this year.
Dow Jones Newswires | Mead Johnson Nutrition Co.’s first-quarter profit rose 21 percent,
beating expectations, on strong sales from emerging markets as business
in developed markets remained stable.
“China business continues to be the largest contributor to our revenue
growth,” said Chief Executive Stephen Golsby. “It was just one of 10
major markets in Asia and Latin America to report double-digit gains,
demonstrating the broad-based success of our growth strategy.”
An Office Max employee fixes up the display of ink cartridges. (AP Photo/Paul Sakuma)
Associated Press | Stronger sales reflecting the stabilizing
economy helped lift OfficeMax Inc.’s first-quarter profit 88 percent,
the company said Thursday.
After paying preferred dividends, OfficeMax said profit available to
common shareholders rose to $24.8 million, or 29 cents per share, from
$13.1 million, or 17 cents per share, in the year-ago quarter.
