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EMC (EMC)
EMC Corp. said Thursday its profit fell 24 percent and sales dropped 5 percent in the latest quarter as corporations spent less on data storage. EMC's net income for the quarter ended Sept. 30 was $298.2 million, or 14 cents per share, versus $393.4 million, or 19 cents per share, in the year-ago period. Sales were $3.5 billion, down from $3.7 billion last year.
Results slightly beat Wall Street estimates; the storage leader said that its clients' budgets are getting better, and the company raised its 2009 guidance.
Oct 22 · 10:07:00 AM · Source: AP
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by Larry Etter
Black & Decker (BDK)
Tool maker Black & Decker Corp (BDK.N) posted a 35 percent drop in third-quarter profit on lower sales.For the third quarter ended Sept 30, Black and Decker reported net income of $55.4 million, or 91 cents a share, compared with $85.8 million, or $1.41 a share a year earlier. Sales declined 23 percent to $1.2 billion.
Company beat market estimates as it cut costs, and forecast fourth-quarter earnings above market estimates.
Oct 22 · 10:03:00 AM · Source: Reuters
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by Larry Etter
Black & Decker (BDK)
Tool maker Black & Decker Corp (BDK.N) posted a 35 percent drop in third-quarter profit on lower sales.For the third quarter ended Sept 30, Black and Decker reported net income of $55.4 million, or 91 cents a share, compared with $85.8 million, or $1.41 a share a year earlier. Sales declined 23 percent to $1.2 billion.
Company beat market estimates as it cut costs, and forecast fourth-quarter earnings above market estimates.
Oct 22 · 10:03:00 AM · Source: Reuters
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by Larry Etter
The New York Times (NYT)
The New York Times Co. narrowed its losses in the most recent quarter, though the company showed only moderate signs of improvement in advertising. The publisher, which said Thursday it would have made money if not for hefty one-time charges, lost $106.3 million, or 74 cents a share, in the same quarter a year ago, when it had more than $160 million in one-time costs to account for the declining value of assets on its books. Excluding unusual items, the company said it earned 16 cents per share in the most recent quarter, compared with 5 cents a year ago. Overall revenue fell 17 percent to $570.6 million.
Times Co. CEO Janet Robinson pointed to "encouraging signs of improvement in the overall economy and in discussions with our advertisers."
Oct 22 · 9:59:00 AM · Source: AP
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by Larry Etter
Unemployment
The number of U.S. workers filing new claims for unemployment benefits rose more than expected last week, data showed on Thursday, indicating the labor market remains fragile despite signs of economic revival. Initial claims for state jobless insurance increased 11,000 to a seasonally adjusted 531,000 in the week ended Oct. 17 from a revised 520,000 the prior week, the Labor Department said, after declining for two consecutive weeks.
Analysts polled by Reuters had forecast new claims nudging up to 515,000 last week from a previously reported 514,000
Oct 22 · 9:56:00 AM · Source: Reuters
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by Larry Etter
PNC Bank (PNC)
PNC Financial Services Group said Thursday its profit grew sharply during the third quarter, even though it continues to see loan losses pile up. PNC said earnings available to common shareholders totaled $467 million, or $1.00 per share, in the three months ended Sept. 30. The bank also paid out $95 million in dividends on the $7.6 billion it received last fall as part of the government's Troubled Asset Relief Program. It earned $248 million, or 70 cents a share, a year ago.
Analysts polled by Thomson Reuters forecast earnings for the latest period of 31 cents per share. They typically exclude one-time items from their estimates.
Oct 22 · 9:52:00 AM · Source: AP
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by Larry Etter
Hershey Foods (HSY)
Hershey, the nation's second-largest candymaker, said Thursday that its third-quarter profit rose 30 percent, helped by price increases and lower restructuring costs. The Hershey, Pa.-based candymaker said it earned $162 million, or 71 cents a share, in the three months ended Oct. 3, up from $124.5 million in last year's quarter. Revenue slid less than 1 percent to $1.48 billion, as the company cited artificially inflated sales in last year's third quarter because of heavy purchasing by retailers to beat an average 11 percent wholesale price increase on Hershey's candy.
The results beat Wall Street expectations, although The Hershey Co. said third-quarter revenue dipped slightly after retailers stocked up in last year's third quarter ahead of a price increase.
Oct 22 · 9:49:00 AM · Source: AP
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by Larry Etter
Kimberly-Clark (KMB)
Kimberly-Clark Corp (KMB.N) raised its forecast for the year after blowing past third-quarter earnings expectations, aided by cost cuts and increased demand for face masks due to the H1N1 flu virus. Kimberly-Clark said on Thursday it earned $582 million, or $1.40 per share, in the third quarter, up sharply from $413 million, or 99 cents per share, a year earlier.
Analysts, on average, expected $1.13 per share, according to Thomson Reuters I/B/E/S.
Oct 22 · 9:45:00 AM · Source: Reuters
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by Larry Etter
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