Carnival Corp. (CCL) reported that its profit rose 10 percent in its fiscal first quarter. For the quarter that ended Feb. 28, earnings grew to $260 million, or 33 cents per share, up from $236 million, or 30 cents per share, a year ago. Carnival said its revenue fell 9 percent to $2.86 billion, from $3.15 billion in the first fiscal quarter of 2008. Analysts forecasted earnings of 19 cents per share on revenue of $2.87 billion. This exceeded Wall...
Tiffany & Co. (TIF) announced that its profit fell more than 75 percent in the fourth quarter following a steep drop in sales over the key holiday season. The adjusted results beat analysts' forecasts, but Tiffany is predicting 2009 earnings from continuing operations below current expectations. Earnings dropped to $31.1 million, or 25 cents per share, for the three months ended Jan. 31, down from $127.4 million, or 96 cents per share, a year ago. Excluding costs related to job...
Walgreen Co. (WAG) says its profit fell 7% in the fiscal second quarter because of restructuring costs and shoppers cutting discretionary purchases, even as retail prescriptions grew. The company says it earned $640 million, or 65 cents per share. That compares compared with $686 million, or 69 cents per share, a year ago. That includes restructuring expenses of $93 million, or 6 cents per share, which saved the company 2 cents per share. Sales grew 7 percent, to $16.48 billion...
Xerox Co. (XRX) on Friday cut its forecast for first-quarter profit nearly 80 percent on restructuring costs and a slowdown in technology spending. Xerox expects earnings per share in a range of 3 cents to 5 cents, down from its earlier forecast of 16 cents to 20 cents. Analysts expected 18 cents per share. The cut in first-quarter 2009 guidance reflects a 6 cent-per-share impact from Xerox's share of Fuji Xerox's restructuring and a lower-than-expected Fuji Xerox profit contribution, the...
Citigroup Inc. (C) announced that it is making plans to planning to increase the number of its common shares outstanding and execute a reverse stock split as part of its effort to convert preferred shares to common shares. Citi is seeking to exchange about $27.5 billion in public and private preferred securities as part of its agreement with the Treasury Department, which has pledged to match up to $25 billion of the conversions. This deal represents the government's third attempt...
Barnes & Noble Inc. (BKS) announced that its 4th quarter profit fell 29 percent as sales dropped off because consumers scaled back on book purchases. Adjusted results beat Wall Street's expectations, and the bookseller provided a first-quarter earnings forecast in range of analysts' estimates. The company earned $81.2 million, or $1.46 per share, during the quarter ended Jan. 31, compared with $115 million, or $1.79 per share, a year earlier. Analysts predicted earnings of $1.48 per share on higher revenue...
FedEx Corp. (FDX) announced it plans to cut more jobs and trim wages again, as the company reported its fiscal third-quarter profit tumbled 75 percent on severe weakness in the global economy. For the 3rd quarter FedEx announced it earned $97 million, or 31 cents per share, compared with $393 million, or $1.26 a year earlier. The revenue fell 14 percent to $8.14 billion, from $9.44 billion. Analysts expected profit of 46 cents per share on revenue of $8.65 billion....
Wells Fargo & Co. (WFC) announced it will cut its dividend in an effort to save $5 billion annually. The bank will cut its dividend to 5 cents from 34 cents. The next dividend is expected to be declared in April. Wells Fargo's shares have fallen 72.5 percent so far this year. The stock has lost 25 percent this week alone....
Campbell Soup Co. (CPB) says its second-quarter profit has dropped 15% and earned $233 million, or 64 cents per share for the three months that ended Feb. 1. That's down from $274 million, or 71 cents per share, in the same period a year ago. Sales for the quarter came to $2.12 billion, down about 4 percent from last year's second quarter mark of $2.22 billion....
Goodyear Tire & Rubber Co. (GT) plans to cut 5,000 jobs this year after reporting a fourth-quarter loss as sales sank 21 percent. Goodyear lost $330 million, $1.37 per share, in the fourth quarter, after a profit of $52 million, or 23 cents per share, a year earlier. The company lost $1.18 per share, excluding one-time charges or gains, in the most recent quarter. Analysts expected a loss of $1.03 cents per share on that basis. Sales dipped to $4.1...
