Earnings News

GE 3Q profit off 22 pct, but meets lower forecast

AP - Fri Oct 10, 7:28 PM ET

HARTFORD, Conn. - General Electric Co. spared investors any nasty surprises as it reported a 22 percent drop in third-quarter earnings on Friday, meeting its own lowered forecast and blaming the decline on its struggling finance arm. The company's loan and lease business has been hammered by the worst financial crisis since the 1929 stock market crash.

  • GE's Jeffrey Immelt in a file photo. (Fred Prouser/Reuters)
    GE profit drop as expected, finance unit a drag Reuters - Fri Oct 10, 12:25 PM ET

    BOSTON (Reuters) - General Electric Co reported a drop in quarterly profit that matched its recent warning to Wall Street, and the U.S. conglomerate said the global credit crunch and slumping economies would continue to take a toll on its hefty finance arm.

  • Confident IBM Previews Earnings To Calm Wall Street NewsFactor - Thu Oct 9, 5:11 PM ET

    At a time when consumers are worried about the nation's economy, IBM wants everyone to know it is financially sound. The Armonk, NY-based company released a preview of its earnings Wednesday, a week before its scheduled earnings announcement on Oct. 16, and said it remains confident in its financial outlook for the year.

  • The JP Morgan Chase headquarters in New York is seen in March 2008. US bank JPMorgan Chase stands accused of precipitating the collapse of American investment bank Lehman Brothers by freezing Lehman assets days before it filed for bankruptcy protection, the Sunday Times reported.(AFP/File/Don Emmert)
    JP Morgan sees more large-cap banks facing earnings declines Reuters - Thu Oct 9, 9:21 AM ET

    (Reuters) - J.P. Morgan Securities said more large-cap U.S. banks are likely to face earnings declines that could pressure capital ratios and impact dividends at some other banks as credit quality continues to deteriorate.

  • A worker cleans a wall with the logo of IBM during preparations for the upcoming CeBIT fair inside a hall in Hanover, February 29, 2008. (Hannibal Hanschke/Reuters)
    IBM's earnings strength calms tech jitters Reuters - Thu Oct 9, 7:54 AM ET

    NEW YORK (Reuters) - IBM posted a higher-than-expected preliminary quarterly profit and affirmed its full-year outlook, calming some fears that the financial crisis is sparking a meltdown in technology demand.

  • Q3 EPS Targets Falling Sharply On Credit Woes Investor's Business Daily - Wed Oct 8, 6:50 PM ET

    The start of earnings season is almost an afterthought on Wall Street, which is preoccupied with the global credit crisis and skeptical that actual results will be anywhere close to estimates.

  • Higher sales boost Costco Wholesale 4Q results AP - Wed Oct 8, 6:24 PM ET

    PORTLAND, Ore. - Warehouse-club operator Costco Wholesale Corp. said Wednesday that its fourth-quarter profit rose 7 percent as consumers shopped for bargains in the tough economy.

  • Shoppers manoeuvre their way through the aisle at Costco Warehouse in Arlington, Virginia, May 29, 2008. (Molly Riley/Reuters)
    Costco profit up 7 percent Reuters - Wed Oct 8, 7:52 AM ET

    NEW YORK (Reuters) - Costco Wholesale Corp reported a higher quarterly profit on Wednesday as price-conscious shoppers headed to the discount retailer's warehouse locations for bargains on food and gasoline.

  • Alcoa's 3Q profit falls 52 percent AP - Tue Oct 7, 10:12 PM ET

    PITTSBURGH - Alcoa Inc., the world's third-largest aluminum producer, on Tuesday reported a 52-percent drop in third quarter profit and said it would conserve cash by suspending its stock buyback program and all non-critical capital projects.

  • An Alcoa worker points to an aluminium pot being prepared for use in the Alcoa Fjardaal pot room, eastern Iceland, April 16, 2007. (Stoyan Nenov/Reuters)
    Alcoa third-quarter net down; cutting back spending Reuters - Tue Oct 7, 7:44 PM ET

    NEW YORK (Reuters) - Aluminum producer Alcoa Inc said it was halting major capital projects in the face of uncertain markets, after it posted a lower-than-expected quarterly profit on softer demand in key sectors like the aerospace and auto industries.

  • A KFC restaurant is seen in San Francisco, Tuesday, Oct. 7, 2008. Fast-food company Yum Brands Inc. said Tuesday its third-quarter profit grew by 5 percent, led by surging sales in its China operations that offset a decline in U.S. results. (AP Photo/Paul Sakuma)
    Yum says 3rd-quarter earnings rise 5 percent AP - Tue Oct 7, 6:50 PM ET

    LOUISVILLE, Ky. - Fast-food company Yum Brands Inc. said Tuesday its third-quarter profit grew 5 percent as surging sales in its overseas operations more than offset a sharp decline in U.S. results and the continued strain from high commodity costs.

  • Safeway profit edges up in Q3 AP - Tue Oct 7, 4:56 PM ET

    PORTLAND, Ore. - Higher sales at its gas stations and upscale stores helped boost grocer Safeway Inc.'s profit nearly 3 percent in its third fiscal quarter.

  • A broker monitors share prices at a brokerage in Hong Kong October 8, 2008. (Bobby Yip/Reuters)
    Fed steps in but stocks dive; UK to rescue banks Reuters - Tue Oct 7, 7:23 PM ET

    NEW YORK/WASHINGTON (Reuters) - The U.S. Federal Reserve stepped forward as a commercial lender of last resort and signaled a readiness to cut interest rates as stocks spun lower for a fifth straight day and pressure mounted for a coordinated, international response to the worst financial crisis since the Great Depression.

  • In this Feb. 21, 2008 file photo, Safeway CEO Steve Burd smiles as he sits in a Safeway truck at a Safeway store in Dublin, Calif. Higher gas sales and a boost from its more upscale stores helped grocer Safeway post a slight rise in third-quarter earnings Tuesday, Oct. 7, 2008. (AP Photo/Paul Sakuma, file)
    Safeway quarterly profit up, shares rise Reuters - Tue Oct 7, 11:59 AM ET

    LOS ANGELES (Reuters) - Supermarket operator Safeway Inc posted a higher third-quarter profit, helped by cost controls that sheltered earnings from weak consumer spending, and its shares rose more than 6 percent.

  • Acuity profit falls, to cut jobs Reuters - Tue Oct 7, 9:17 AM ET

    NEW YORK (Reuters) - Lighting maker Acuity Brands Inc reported lower-than-expected quarterly profit on Tuesday, reflecting weaker housing and retail construction markets and high raw material costs, and said it would cut jobs and consolidate some manufacturing operations.

  • A building is reflected in the window of a Bank Of America branch in New York, October 6, 2008. Bank of America Corp, the largest U.S. bank, on Monday reported a 68 percent drop in quarterly earnings, halved its dividend and said it would seek to raise $10 billion in additional capital. REUTERS/Lucas Jackson (UNITED STATES)
    Bank of America reports profit drop, capital raise AP - Mon Oct 6, 7:42 PM ET

    NEW YORK - Bank of America Corp. on Monday reported third-quarter results earlier than planned, revealing a wider-than-expected profit drop and plans to boost capital by selling $10 billion stock and halving its dividend.

  • A building is reflected in the window of a Bank Of America branch in New York, October 6, 2008. (Lucas Jackson/Reuters)
    BofA earnings tumble, cuts dividend Reuters - Mon Oct 6, 7:40 PM ET

    NEW YORK (Reuters) - Bank of America Corp, citing "recessionary conditions," on Monday halved its dividend and said it would sell at least $10 billion in new common stock to bolster its capital to offset rising loan losses.

  • Shoppers exit a Family Dollar store on the north side of Houston operating by generator and accepting cash only as the area recovers following Hurricane Ike September 17, 2008. REUTERS/Richard Carson (UNITED STATES)
    Family Dollar profit tops estimates Reuters - Fri Oct 3, 8:01 AM ET

    NEW YORK (Reuters) - Family Dollar Stores Inc posted a higher-than-expected quarterly profit on Friday, helped by shoppers who spent tax rebate checks at the discount retailer and by closely controlling costs.

  • Corona, St. Pauli Girl and Tsingtao beers, all Constellation brands, are seen on display at a market in Palo Alto, Calif., Thursday, Oct. 2, 2008. Constellation Brands Inc. said Thursday it lost nearly $23 million in its fiscal second quarter as strong sales of vodka and high-end wines were more than offset by charges to shrink its operations in Australia. (AP Photo/Paul Sakuma)
    Winemaker Constellation Brands loses $23M AP - Thu Oct 2, 4:54 PM ET

    ROCHESTER, N.Y. - Constellation Brands Inc. said Thursday it lost nearly $23 million in its fiscal second quarter as strong sales of vodka and high-end wines were more than offset by charges to shrink its operations in Australia. Its shares fell nearly 9 percent.

  • In this July 9, 2008, exterior of the Marriott Hotel in San Francisco, Calif. Marriott International said Thursday, Oct. 2, 2008, its third-quarter profit dropped 28 percent, partly hurt by softening North American revenue per available room — a key measure for hoteliers — and weakening timeshare business amid the global economic downturn. (AP Photo/Paul Sakuma, file)
    Marriott books lower 3Q profit, expects tough 2009 AP - Thu Oct 2, 4:51 PM ET

    BETHESDA, Md. - Hotel company Marriott International Inc. said Thursday that its third-quarter profit dropped 28 percent, compared to 2007, and it warned investors about deteriorating conditions for 2009 amid the ongoing financial crisis.

  • Constellation Brands' CEO Richard Sands speaks in Chicago March 7, 2007. (Joshua Lott/Reuters)
    Constellation Brands posts loss, keeps outlook Reuters - Thu Oct 2, 7:54 AM ET

    NEW YORK (Reuters) - Constellation Brands Inc , the world's largest wine producer, posted a quarterly net loss on Thursday versus a year-earlier profit, due to charges and inventory write-downs related to selling some Australian assets.

  • People walk past the UBS building on Park Avenue in New York September 16, 2008. (Chip East/Reuters)
    UBS says back to profit in Q3 despite crisis Reuters - Thu Oct 2, 6:42 AM ET

    BASEL, Switzerland (Reuters) - UBS AG will make a small quarterly profit after a year of losses, it said on Thursday, lifting its shares as it signaled it had started to turn the corner even as the credit crisis engulfs many rivals.

  • Standard Microsystems 2Q profit declines AP - Wed Oct 1, 6:21 PM ET

    HAUPPAUGE, N.Y. - Semiconductor maker Standard Microsystems Corp. said Wednesday its fiscal second-quarter profit declined, and shares fell after-hours after its outlook fell short of expectations.

  • A Micron Technology technician works with equipment called Axcelis Ashers that begin to loosen up and remove hardened photoresist in the semiconductor manufacturing process at Micron's Manassas, Virginia, fabrication facility in this picture taken on February 7, 2007. (Micron Technology/Handout/Reuters)
    Micron Technology posts wider 4Q loss AP - Wed Oct 1, 4:48 PM ET

    BOISE, Idaho - Memory chip maker Micron Technology Inc. said Wednesday its fiscal fourth-quarter loss widened as the industry continues to face oversupply problems and pricing pressures.

  • Investor Warren Buffett listens to a question during a news conference in Madrid May 21, 2008. (Andrea Comas/Reuters)
    GE to raise $15 billion, Buffett gets preferred stake Reuters - Wed Oct 1, 4:41 PM ET

    BOSTON (Reuters) - General Electric Co plans to raise $15 billion through stock sales -- including $3 billion from Warren Buffett -- to improve liquidity and give it the option of more acquisitions at a time of intense market turmoil, the U.S. conglomerate said on Wednesday.

  • Products from Pepsi Bottling are seen in an undated handout photo. (Handout/Reuters)
    Pepsi Bottling profit tops view Reuters - Tue Sep 30, 8:17 AM ET

    NEW YORK (Reuters) - Pepsi Bottling Group Inc posted a better-than-expected quarterly profit on Tuesday as price increases helped offset volume declines, and it raised the low end of its full-year earnings outlook.

  • Exterior of Circuit City store in East Palo Alto, Calif., Monday, Sept. 29, 2008. Circuit City Stores Inc. posted a wider second-quarter loss and withdrew its fiscal 2009 outlook Monday, amid sluggish sales, poor traffic and heightened competition. Its shares fell nearly 9 percent as investors worried about the company's future. (AP Photo/Paul Sakuma)
    Circuit City has bigger 2Q loss, withdraws outlook AP - Mon Sep 29, 6:52 PM ET

    RICHMOND, Va. - Circuit City Stores Inc. withdrew its outlook for the full year and posted a wider second-quarter loss Monday as it looks toward a holiday shopping season which has even the least vulnerable retailers worried.

  • In this June 23, 2008 file photo, pedestrians walk past a downtown Chicago Walgreens store. Walgreen Co. said Monday, Sept. 29, 2008, higher sales and cost-cutting boosted its fiscal fourth-quarter profit amid a difficult economic environment. (AP Photo/Russel A. Daniels, file)
    Sales boost Walgreen fiscal 4th-qtr profit AP - Mon Sep 29, 6:41 PM ET

    DEERFIELD, Ill. - Shares of Walgreen Co. fell to their lowest price in almost five years Monday after the drugstore operator reported disappointing revenue in its fiscal fourth quarter, pointing to promotions that failed to pay off.