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In Brief


July 23. 2013 11:48PM


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Among the second quarter earnings reports companies released Tuesday:


* United Parcel Service Co. said that second-quarter profit fell 4 percent as customers shifted from premium toward lower-priced shipped services. The company called the results disappointing and said it was adapting to the changing market.


UPS said it earned $1.07 billion, or $1.13 per share, down from $1.12 billion, or $1.15 per share, a year earlier.


* RadioShack said its second-quarter loss widened as the struggling electronics retailer works to turn around results.


Revenue was nearly flat at $844.5 million, handily beating analysts’ expectations of revenue of $816.1 million, according to FactSet. And revenue in stores open at least one year rose 1.3 percent, the first increase in that metric since 2010.


Although the loss was bigger than analysts expected, revenue handily beat expectations and the company said it was bringing on consultants to help improve results. The company also said its CFO Dorvin Lively is leaving the company.


* The chemicals giant DuPont reported a nearly 12 percent decline in second-quarter earnings partly because of lower pricing for titanium dioxide, a whitening pigment, and said that it is exploring a possible sale or spinoff of its performance chemicals unit.


DuPont Co. is a global leader in production of titanium dioxide, or TiO2, but has wrestled for more than a year with sluggish demand for the whitener, which is used in wide range of products from automotive and house paints to toothpaste.


The Wilmington, Del.-based company reported net income of $1.03 billion, or $1.11 per share, for the quarter ending June 30, compared to $1.17 billion, or $1.23 per share, for the same period last year.


Revenue fell 1 percent to $9.8 billion as lower selling prices and currency effects offset an overall 1 percent volume gain.


* Altria Group Inc., the owner of the nation’s biggest cigarette maker, Philip Morris USA, said its second-quarter profit rose about 3 percent as higher prices and lower expenses from a longstanding legal settlement offset a decline in cigarette sales.


The Richmond, Va.-based company earned $1.27 billion, or 63 cents per share, for the April-June period, up from $1.22 billion, or 60 cents a share, a year ago.


Revenue, excluding excise taxes, decreased 2.5 percent to $4.5 billion. Analysts polled by FactSet expected $4.62 billion.


Cigarette volumes fell nearly 7 percent to 33.8 billion cigarettes compared with a year ago.


Marlboro volumes fell more than 7 percent, volume for its other premium brands fell by nearly 11 percent, and volumes for discount cigarette brands like L&M increased nearly 4 percent.




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