Finance News - part 4
Oil Earnings Recap: Exxon Mobil, Shell, Statoil, Eni
FINANCE October 28, 2011 | 2:47 PM
- Exxon revenue climbs 32% to $125 billion, upstream earnings up 185%
- Shell saw current cost of supply net income rise over 40% to $7 billion in Q3
- Occidental Petroleum up 50%
- Statoil saw 50% jump in adjusted net income, reaching almost $2.1 billion
- Eni logged a near 14% drop in production, but adjusted net revenue climbed almost 20%
Exxon Mobil has reported third quarter earnings of $10.3 billion despite a 4% drop in oil equivalent production, above estimates and more than 40% higher than earnings in the third quarter of 2010. Exxon Mobil revenue reached in excess of $125 billion, close to a 32% increase.
The company’s upstream earnings rose more than 185% to almost $8.5 billion, while downstream earnings rose just over 36% to over $1.5 billion.
Read more »Shell Q3 Profit: Net Doubles To Nearly $7 Billion
FINANCE October 28, 2011 | 10:32 AM
- Shell's revenue up 33% to $127 billion, net profit up to $6.98 billion
- Shares rise 1.3% to €26.24
- Global oil prices 48% higher than last year
Global oil and gas leader Royal Dutch Shell has reported profit of almost $7 billion, doubling third-quarter profit from last year thanks in large part to rising oil prices. Net profit came through at $6.98 billion, compared to predictions of $6.54 billion from analyst at investment research firm FactSet.
Revenue jumped 33% to $127 billion, and shares were up 1.3% to €26.24 in Thursday morning trading in Amsterdam.
Read more »Disappointing Forecast For Nintendo Says First Loss In 3 Decades
FINANCE October 28, 2011 | 9:34 AM
- Weak Wii, 3DS sales lead to Q2 loss
- Forecast for 20 billion yen ($264 million) loss
- Post-war high for yen compounds difficulties
Nintendo posted its second straight loss of the year yesterday, prompting executives to forecast the company’s first annual loss in over three decades.
Slow second-quarter sales of its Wii and 3DS handheld console dragged the world’s biggest video game maker further into the red, with expectations of as much as 20 billion yen ($264 million) in losses for the fiscal year ending March. Sales forecasts also dropped 12% to 790 billion yen.
Read more »Merck Shares Rise to Three-Year High
FINANCE October 27, 2011 | 2:16 PM
- Shares rise 5.2% to €63.09 ($87.76) - biggest rise on Frankfurt Stock Exchange in almost 3 years
- Q3 net profits rise 8% to €226.6 million ($315.2 million)
- Company discontinues seven drug treatment programs
Shares in German pharmaceutical company Merck rose more than 5% on the Frankfurt Stock Exchange yesterday, surpassing all estimations in its third quarter financial results.
Third quarter net profit jumped almost 8% to €226.6 million ($315.2 million), up from €210.8 million for the same period last year and well above the €180 million industry experts had been predicting. Revenue rose 3.8% to €2.5 billion, marginally higher than expectations.
Read more »Cigna Ready To Pay $3.8 Billion For HealthSpring
FINANCE October 27, 2011 | 10:34 AM
- Private Medicare Advantage plans make up 25% of Medicare plans
- Cigna currently has Medicare Advantage customer base of 45,000, ranks 5th in US among insurers
- HealthSpring per-member worth well above average at $3,200
Health insurance company Cigna Corp is to buy Tennessee-based healthcare plan outfit HealthSpring for $3.8 billion. HealthSpring runs a nationwide prescription drug plan and Medicare Advantage plans in several states including Washington, Texas, New Jersey and Florida.
The Medicare market is luring health insurers as an ageing US population enters retirement and is opting for private Medicare Advantage plans. These private plans make up around 25% of Medicare plan registrations at present, or 46 million beneficiaries, while 75% are accounted for by state-run plans.
Read more »Bank of America Reports Over $6 Billion Gain
FINANCE October 21, 2011 | 4:16 PM
- Bank of America gains gain 56 cents per share in third quarter
- JPMorgan Chase & Co report $2.3 trillion assets in third quarter
- Bank of America to shed 30,000 jobs to cut expenses
Bank of America earned more than $6 billion in the third fiscal quarter of 2011 due to accounting gains and the sale of its share of a Chinese bank. Profits from other banking activities - including investment banking, real estate and credit card businesses - meanwhile declined.
In the third quarter of 2010, Bank of America saw its profits fall close to $7.5 billion, representing 77 cents per share. In comparison, the third quarter of 2011 has seen the bank gain 56 cents per share. However, the bank’s assets worth has declined to just over $2.2 trillion in the quarter, seeing competitor JPMorgan Chase & Co. take the lead with assets worth close to $2.3 trillion.
Read more »Beats Forecast; Profit Still Down
FINANCE October 20, 2011 | 11:18 AM
- US market sales down, but demand oversees still high
- Pharmaceuticals still company’s highest-performing category
- Customer health care division hurt by product recalls
Johnson & Johnson preformed better than analysts had predicted, but profits in the United States were down for the third quarter. Predictions showed that Johnson & Johnson would earn $1.21 per share, yet the company hit $1.24 per share.
Overseas revenue rose by 16.4% while only rising 6.8% in the US. The revenue increase overseas is a bit misleading, however, appearing so strong because of the weak US dollar. "Results were in line,” Atlantic Equities analyst Richard Purkiss told Reuters, “but not the sort of quality that people would have wanted."
Read more »Citigroup Profits Spike in Third Quarter
FINANCE October 19, 2011 | 3:50 PM
- Citigroup Q3 profits jump to $3.8 billion, exceed expectations
- Bad loan losses drop 41% as consumers save, pay off debt
- Citi Asia, Latin America report double-digit growth
Citigroup Inc. recorded a jump in third quarter profits of 74% to $3.8 billion, exceeding analyst predictions thanks to reduced losses on loans, overseas revenue growth and a $1.9 billion credit-valuation adjustment gain.
Third-quarter data marks seven consecutive quarters of income growth. A Bloomberg survey of 25 experts estimated an average earnings-per-share of 82 cents. When excluding the accounting benefit, earnings per share exceeded their predictions by 2 cents. Third quarter net income was $1.23 per share, up from $0.72 from the year-earlier period.
Read more »Carrefour Stocks Fall 6%, Hit 2-Month Low
FINANCE October 17, 2011 | 4:08 PM
- Carrefour has cut its profit forecast twice over three months
- Full-year operating income is expected to plummet between 15% and 20%
- Competitor Casino sees third-quarter sales climb 20%
Retailer Carrefour saw its stock drop almost 6%, the most in nearly two months, having cut its 2011 profit predictions twice over a three month period. The company expects its full-year operating income to fall between 15% and 20% in 2011.
Carrefour, the second-biggest retailer in the world topped only by Wal-Mart Stores Inc., has forecast lower profit five times in 2011. The company is carrying out a plan to become more competitive, involving price adjustments and renovating some of its stores. One of its main competitors Casino Guichard-Perrachon SA has seen third-quarter sales rise more than 20%, due partly to growing Asian and Latin American markets.
Read more »Ofgem Profits Questioned, Reform Sought
FINANCE October 14, 2011 | 10:58 AM
- Ofgem's $197 profit figure raises energy suppliers' eyebrows
- Regulator clarifies tariff structure to promote competition
- Ofgem proposes minimum 20% of supplier power be auctioned by 2013
Energy suppliers are criticizing British energy regulator Ofgem for inconsistent profit figures, following Ofgem claims that its profit margin for energy firms increased from £15 ($23) in June to £125 ($197) in October.
The profit margin showed losses from 2004 to 2009, and as wholesale prices continue to rise, Ofgem expects margins to decline to roughly £65 ($102) by November. It also predicts a drop in profit to roughly £90 ($142) per customer for 2012.
Read more »