Earnings roundup

0 Comments | Deseret News (Salt Lake City), Jul 25, 2007 | by Deseret Mornings News

If not for a $4.1 million payment from Blockbuster to settle a patent infringement lawsuit, Netflix said it would have earned 31 cents per share.

UAL

UAL Corp. said second-quarter profit more than doubled as refinancing cut interest expenses and its United Airlines, the world's second-largest carrier, increased traffic and spent less on labor and fuel.

Net income climbed to $274 million, or $1.83 a share, from $119 million, or 93 cents, a year earlier, Chicago-based UAL said. Sales rose 2 percent to a record $5.21 billion.

Lockheed Martin

Lockheed Martin Corp., the world's largest defense contractor, said second-quarter profit rose 34 percent on higher-than-expected deliveries of jet fighters.

Net income climbed to $778 million, or $1.82 a share, from $580 million, or $1.34, a year earlier. Revenue increased 6.9 percent to $10.7 billion, Maryland-based Lockheed said.

AT&T

AT&T Inc., the largest U.S. phone company, reported a 61 percent increase in second-quarter profit after $140 billion in acquisitions almost doubled revenue.

Net income rose to $2.9 billion, or 47 cents a share, from $1.81 billion, or 46 cents, a year earlier. Sales advanced to $29.5 billion.

PepsiCo

PepsiCo Inc., the world's second-largest soft drink maker, said its second-quarter profit rose 13 percent on the strength of international sales and raised its full-year earnings outlook.

Profit for the quarter ended June 16 was $1.56 billion, or 94 cents per share, up from $1.38 billion, or 81 cents per share, a year earlier.

Revenue rose 10 percent to $9.6 billion from $8.71 billion last year.

Western Union

The Western Union Co. reported its second-quarter profit dropped 7 percent on higher expenses.

Net income for the quarter was $204.5 million, or 26 cents per share, down from $218.9 million, or 29 cents per share, from the second quarter of 2006.

The latest quarter includes pretax costs of $47 million related to the company's listing on the stock market, contributing to a 12 percent increase in expenses which totaled $880.2 million.

Revenue rose 8 percent to $1.2 billion from $1.11 billion last year.

Commerce Bancorp

Commerce Bancorp Inc., whose CEO stepped down last month, reported a 3 percent decline in second-quarter earnings, as higher interest rates cut into profitability.

The holding company said that second-quarter earnings were $76.9 million, or 39 cents per share, down from $79.5 million, or 41 cents per share, in the year-ago period. The company said a harsh interest rate environment -- a problem banks have been struggling with for the past few years -- was the reason for the lower profits.

Revenue at the bank was up 12 percent to $519.4 million, compared with sales of $461.9 million a year ago.

Contributing: Associated Press, Bloomberg News.