Caterpillar signaled the economy is improving by boosting its outlook for the year and rebounding from last year’s first-quarter loss. (AP Photo/Charlie Neibergal, file)
Associated Press | Heavy equipment maker Caterpillar signaled the economy is improving Monday with healthy outlook for the year and a sharp rebound from last year’s first-quarter loss. The price of Caterpillar shares soared to a new 52-week high, up more than 5 percent in early trading, following its first quarter earnings report.
Caterpillar said Monday it generated $233 million, or 36 cents per share, in net income. That compares with a loss of $112 million, or 19 cents per share, last year when the recession and ensuing layoffs weighed down results.
Dow Jones Newswires | Alberto-Culver Co.’s fiscal second-quarter
earnings rose 7.3 percent as the personal-care-products maker’s revenue
was boosted by its TRESsemme brand and currency fluctuations, while
lower commodities costs helped boost margins. However, the profit fell
short of Wall Street estimates.
By Wailin Wong |Abbott Laboratories shareholders voted down two proposals seeking
greater participation in corporate governance issues at the North
Chicago company’s annual meeting.
A “say on pay” proposal, which would have allowed shareholders to hold a
yearly advisory vote about senior executive compensation, was defeated
after garnering 41 percent approval, according to a preliminary tally. A
second proposal that would have given shareholders owning more than 10
percent of common stock the ability to convene a special meeting was
also defeated after reaching just 38 percent approval.
Dow Jones Newswires | The parent of United Airlines said Friday that the recovery in the revenue environment was stronger than previously reported, as an accounting change boosted its estimate of a key sales metric for the first quarter.
UAL Corp. said it will recognize an extra $64 million in revenue for the quarter after fresh data revealed that more frequent-flyer miles were set to expire, reducing the negative sales impact of the incentive.
By Kiah Haslett | Educational
service provider DeVry announced a 60 percent increase in first-quarter
net income, to $81.2 million, from the same period a year ago, citing
strong enrollment during the recession.
Earnings per share increased 60 percent to $1.12, narrowly beating analysts’ expectations of $1.04 per share.
Associated Press | Exelon Corp. said Friday that its first-quarter earnings rose 5 percent
and that electricity demand and residential customer growth is starting
to pick up as the economy improves.
The nation’s utilities are a proxy for how the economy is doing. Signs
of improved demand would support other indicators that the economy is
getting better.
Dow Jones Newswires | Sears Holdings Corp. has agreed to pay
hedge-fund operator Pershing Square C$560 million to increase its stake
in Sears Canada Inc. to 90 percent.
Meanwhile, the company projected fiscal first-quarter earnings of as
much as 31 cents a share, and said same-store sales for the period
through Wednesday were up 1.7 percent. That includes a 3.2 percent jump
at Kmart, which has seen recent strength, and a 0.3 percent increase at
the Sears brand’s domestic stores.
By Bruce Japsen | Shares in Baxter International Inc. dropped 13 percent today after the
company lowered its 2010 financial outlook, citing the loss of market
share of key plasma-derived therapies and the impact of the government’s
massive health overhaul.
The price of Baxter shares fell $7.70 each to $51.25 in trading on the
New York Stock Exchange. Shares have recovered somewhat from a steep
drop of more than $10 a share when investors first got the news of the
lowered outlook during its first-quarter earnings call this morning.
By Kiah Haslett | In a “substantial turn for the better,” Chicago-based insurance company Old Republic reported Thursday that first-quarter income rose 146.5 percent from last year, to $25 million. Per-share, the gain was 11 cents, compared to last year’s loss of 23 cents per share. Most of the gain was attributed to smaller losses from company’s mortgage guaranty line.
In the first quarter of 2009, mortgage guaranties lost $144.6 million, which led to last year’s negative $92.8 in income. This year, mortgage guaranties lost only $34.1 million. General insurance posted a 19 percent gain, to $69.2 million.
Thompson Reuters analysts predicted a gain of 7 cents per share. Old Republic was up 7 percent in trading, to $14.69.
By Kiah Haslett
| The infant and youth product and toymaker RC2 Corp. reported an 88.9 percent increase in first-quarter profits over a year ago, citing popular products, lower input costs and favorable currency exchange rates.
The Oak Brook-based company’s net income was $3.4 million, or 15 cents a share, compared to last year’s $1.8 million or 10 cents a share. Net sales overall increased 2.1 percent to $88.1 million.
By Kiah Haslett |
Rail and transportation leasing company GATX Corp., said first-quarter
profits dropped 32 percent from a year ago, due to a decline in its
specialty division and the idling of steamships during winter months.
Net income was $18.7 million, or 40 cents per diluted share, compared
with $27.6 million or 56 cents a year ago. Shares in the Chicago-based
company were down 1.5 percent in early trading on the news.
Dow Jones Newswires | Pactiv Corp.’s first-quarter profit dropped 38 percent as rising material costs hurt the packaging company’s margins, and sales growth missed Wall Street’s expectations.
Looking ahead, it expected per-share earnings of 52 cents to 56 cents for the second quarter. Analysts polled by Thomson Reuters predicted 64 cents. For the year, Pactiv now sees earnings of $2.10 to $2.30, down 10 cents from the company’s February projection.
Shares of Pactiv were down 2.2 percent at $25 in after-hours trading.
From Reuters | Hub Group posted a higher first quarter result on Wednesday, announcing a net income of $8.7 million, or 23 cents a share, compared with $6.2 million, or 17 cents a share, a year ago. Other freight transportation companies also posted higher
first-quarter results on improved volumes.
By Bruce Japsen| Abbott Laboratories’ first-quarter profits fell 30 percent thanks to
costs related to the coming implementation of health care reform and an
unusual gain from the sale of a drug venture a year ago, the company
reported Wednesday.
The North Chicago-based drug and medical product giant still reported
profits of $1 billion, or 64 cents a share, for the quarter ended March
31 compared to $1.4 billion, or 92 cents in the year ago quarter.
Earnings were off primarily because of the health overhaul as well as
the impact of an extraordinary gain of more than $500 million Abbott
reported in the first quarter of 2009 when it sold its stake of the
former TAP Pharmaceuticals to its Japanese partner.
Caterpillar signaled the economy is improving by boosting its outlook for the year and rebounding from last year’s first-quarter loss. (AP Photo/Charlie Neibergal, file)
(AP Photo/Damian Dovarganes)
