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Dismal 3Q Earnings Reports Continue
Apple, AT&T Among Few With Positive Results
POSTED: 8:22 am PDT October 22, 2008
UPDATED: 7:20 am PDT October 23, 2008
As the economy sank during the third quarter, so did profits for many of America’s most recognizable corporations.
While more numbers are expected over the next week or so, here’s a quick glance at some winners and losers up to this point when it comes to third-quarter earnings:
Union Pacific, winner. The Omaha, Neb.-based railroad earned $703 million, or $1.38 per share, compared with $532 million, or $1 per share, in the year-ago quarter. The company said damage and delays from Hurricane Gustav and Ike cut its earnings by about 8 cents per share in the 2008 period. UPS, loser. The company said it earned $970 million, or 96 cents a share, for the three months ended Sept. 30, a 9.9 percent decline from profit of $1.08 billion, or $1.02 a share, a year ago. Apple, winner. Apple's profit climbed to $1.14 billion, or $1.26 per share, from $904 million, or $1.01 per share in the same period last year. Sales jumped 27 percent to $7.9 billion from $6.22 billion in the year-ago quarter. Northwest, loser. The nation's fifth-largest carrier said it lost $1.20 per share, compared with a profit of $244 million, or 93 cents per share, during the same period last year. Revenue rose 12.4 percent to almost $3.8 billion. Eli Lilly, loser. The Indianapolis-based drug company said Thursday it lost $465.6 million, or 43 cents per share. Last year it earned $926.3 million, or 85 cents per share, in the same quarter. Continental, loser. The airline reported a loss of $2.14 per share, compared with year-ago earnings of $241 million, or $2.15 per share. Excluding one-time expenses, the loss would have totaled $1.32 per share in the latest period, topping analysts' average loss forecast of $1.55. U.S. Airways, loser. The Tempe, Ariz.-based carrier lost $8.45 per share, compared with a profit of $177 million, or $1.87 per share, in the same period last year. Revenue was up 7.4 percent to $3.26 billion Wachovia, loser. The Charlotte, N.C.-based bank said it lost $23.89 billion, or $11.18 per share, after paying preferred dividends. That's down from earnings of $1.62 billion, or 85 cents per share, a year ago. AT&T, winner. AT&T Inc.'s earnings rose 5.5 percent in the third quarter, but missed analyst expectations in part because of strong sales of iPhones, which the carrier subsidizes. The country's largest telecommunications company said Wednesday it earned $3.23 billion, or 55 cents per share. Boeing, loser. The Chicago-based aerospace company said it earned $695 million, or 96 cents per share in the quarter, down from $1.11 billion, or $1.44 per share, a year earlier. The strike and production problems reduced Boeing's airplane deliveries, cutting profit by 60 cents per share during the period. ConocoPhillips, winner. ConocoPhillips said net income for the July-September period rose to $5.18 billion, or $3.39 per share, from $3.67 billion, or $2.23 per share, during the same period a year earlier. New York Time, loser. The publisher said Thursday its preliminary calculation shows it earned $6.5 million, or 5 cents a share, in the July-September period. That's down from $13.4 million, or 9 cents a share, a year ago. McDonald’s, winner. The Oak Brook, Ill.-based company said it earned $1.19 billion, or $1.05 per share, in the three months ended Sept. 30. That's up from $1.07 billion, or 89 cents per share, a year ago. Yahoo!, loser. With advertisers cutting back on spending, the bad economy is taking a toll on Yahoo. Third-quarter profit dropped 64 percent. And Yahoo lowered its full-year revenue forecast while planning to cut 1,500 jobs. Traveler’s, loser. The St. Paul, Minn.-based company said net income tumbled to $214 million, or 36 cents per share, from $1.2 billion, or $1.81 per share, a year ago. Catastrophe losses linked to Hurricanes Ike, Gustav and Dolly cost the company $682 million, compared with just $9 million a year earlier.
| Images: Winners And Losers In 3Q |
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Distributed by Internet Broadcasting Systems, Inc. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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