earnings reports

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Ford Posts $8.7B Loss, Will Make Fewer Trucks
Ford Posts $8.7B Loss,
Will Make Fewer Trucks 
Earnings
Jul 24, 2008 9:08 AM CDT

Ford Posts $8.7B Loss, Will Make Fewer Trucks

Writedowns lead to ugly quarter

(Newser) - Ford Motor Co. lost $8.67 billion in the second quarter and will retool two more North American truck and SUV plants to build small, fuel-efficient vehicles, the company announced today. The net loss includes $8.03 billion in writedowns due to a decline in the value of its truck...

Invisible Ink, Hidden Numbers Help Fuzzy Accounting

SEC complaint shows CFO used printouts to fool auditors

(Newser) - Sometimes high-stakes fraud doesn’t have to be high-tech. The former chief financial officer at a company now called Voyager Learning allegedly cooked the company's books by entering figures as white text on white background—the equivalent of invisible ink, Adam Jones notes in a Financial Times blog.

Stocks Rise as Oil Drops
 Stocks Rise as Oil Drops 
MARKETS
Jul 22, 2008 3:22 PM CDT

Stocks Rise as Oil Drops

Price of barrel drops to $126, a 7-week low

(Newser) - Stocks climbed to robust gains by the end of today’s session as a drop in oil helped offset a spread of mixed earning reports, MarketWatch reports. The Dow gained 135.16 points to close at 11,602.50, the Nasdaq rose 24.43 to 2,303.9, and the...

Wachovia Posts $8.9B Loss Under New CEO
Wachovia Posts $8.9B Loss Under New CEO
Earnings
Jul 22, 2008 9:58 AM CDT

Wachovia Posts $8.9B Loss Under New CEO

'Dismal' housecleaning quarter much worse than expected

(Newser) - New Wachovia CEO Robert Steel moved aggressively to staunch the bank's losses by taking a massive $8.9-billion hit in the second quarter and slashing its dividend to almost nothing, the New York Times reports. Steel had every reason to clean house, but analysts had predicted only a 78 cents-per-share...

Bank of America Posts Slide but Beats Q2 Expectations

41% drop in net earnings still better than forecast; shares rise 9.3% pre-market

(Newser) - Bank of America reported a 41% decrease in net income today, beating analyst expectations as writedowns shrank to $1.22 million in the second quarter from $2.81 billion a quarter earlier, reports the Wall Street Journal. The bank also said it expects to make money this year from its...

Citi Losses Shrink in 2nd Quarter, Beat Expectations

Rounds out week of better-than-expected results

(Newser) - Citibank delighted shareholders today by losing a mere $2.5 billion in the second quarter, the Wall Street Journal reports. Analysts had expected much worse from the US’ biggest bank by assets, but Citi beat expectations by reducing writedowns and slashing jobs. The results should prove a counterweight to the...

Morgan Stanley Profits Fall 57%
 Morgan Stanley Profits Fall 57%  
Earnings
Jun 18, 2008 8:00 AM CDT

Morgan Stanley Profits Fall 57%

Business bad all around, with declines in sales, trading, and investment banking

(Newser) - Morgan Stanley profits were sliced in half this quarter, the company announced today, as stock slingers failed to offset real estate writedowns. The 57% drop, which brought earnings to $1.03 billion or $0.95 per share, was in line with analyst expectations. CEO John Mack said that thanks to...

Big Fannie Mae Losses Prompt Fears of Failure

Crash would be big blow to US economy, housing market

(Newser) - Fannie Mae lost a worse-than-expected $2.2 billion this quarter, forcing it to cut its dividend and seek $6 billion in capital. The news is especially troubling as Fannie and Freddie Mac, the companies Washington relies on to keep the housing market functioning, are under unprecedented pressure, the New York ...

Thousands Line Up for Buffett's So-So News

Don't expect big Berkshire gains like before, he says

(Newser) - Thousands of stockholders descended on Omaha for today's annual Berkshire Hathaway meeting, but what they heard didn't send Blackberries abuzz, the Wall Street Journal reports. Warren Buffett said his iconic company won’t be pulling in double-digit returns anymore. “Anyone that expects us to come close to replicating the...

Italy Puts All Salaries Online
Italy Puts All Salaries Online
May 1, 2008 4:12 PM CDT

Italy Puts All Salaries Online

Critics hammer 24-hour privacy breach as residents check up on neighbors, celebs

(Newser) - The outgoing Italian government posted all citizens’ earnings and tax information, briefly, on the Internet yesterday, sparking outrage over lost privacy, the BBC reports. The site was quickly clogged by Italians checking up on neighbors’ and celebrities’ financial status. The information went offline after about 24 hours in response to...

Exxon Profits Shoot Up 17%, But Still Miss Target

Rise smallest of the big three oil companies

(Newser) - Exxon Mobil’s profits jumped 17% in the first quarter, but still fell short of expectations, Bloomberg reports. Exxon’s number, which was held back by drops in productions and refinery profit margins, looks shabby compared to the world’s other two largest oil companies, which posted 25% and 63%...

GM Posts $3.3B Loss on Weak US Market, Strikes
GM Posts $3.3B Loss on Weak US Market, Strikes
earnings report
Apr 30, 2008 7:16 AM CDT

GM Posts $3.3B Loss on Weak US Market, Strikes

(Newser) - General Motors today posted a $3.3 billion first-quarter loss, AP reports, due in part to a weak US market, a strike at a major supplier, and plummeting sales of sport utility vehicles and pickups. The loss amounted to $5.74 per share, including one-time charges. Without the charges, it...

Japanese Automakers See Bumpy Road Ahead
Japanese Automakers See Bumpy Road Ahead
EARNINGS REPORTS
Apr 25, 2008 1:47 PM CDT

Japanese Automakers See Bumpy Road Ahead

Honda's profits down 86%, Mitsubishi's off 37%—and forecasts call for more of same

(Newser) - A strong yen is hurting Japan's automakers, the Wall Street Journal reports, with Honda and Mitsubishi announcing big declines in profits today and forecasting tough times ahead. Honda saw an 86% decline in profits for the quarter ended March 31; Mitsubishi's were down 37%. Mazda bucked the trend, with a...

Microsoft Profit Dips 11%
 Microsoft Profit Dips 11% 
earnings report
Apr 24, 2008 4:43 PM CDT

Microsoft Profit Dips 11%

Revenue of $14.5 billion virtually unchanged from last year

(Newser) - Microsoft's profits fell 11% in the third quarter amid concern that corporate clients are cutting back during the economic downturn, Bloomberg reports. The software giant reported net income of $4.39 billion, or 47 cents a share, down from $4.93 billion a year ago. The company's revenue remained flat...

Starbucks Goes Decaf on Earnings Outlook

Stumbling US economy will water down quarterly profits, '08 forecast

(Newser) - The slumping US economy means Starbucks' quarterly profits won't meet estimates when figures are released April 30, the coffee giant said today. Analysts expected earnings of 21 cents per share for the quarter ended March 30; Starbucks expects 15 cents, the Wall Street Journal reports. It now predicts yearly sales...

Delta Posts $6.39B 1Q Loss
 Delta Posts $6.39B 1Q Loss 
EARNINGS REPORT
Apr 23, 2008 7:46 AM CDT

Delta Posts $6.39B 1Q Loss

Rising fuel costs bring airline to massive downturn despite sales increase

(Newser) - Staggering fuel prices overwhelmed a 12% sales increase and pushed Delta Air Lines to a $274-million loss in the first quarter, which ballooned to $6.39 billion on a $6.1-billion non-cash charge reflecting a decline in its market value. Excluding special items—including the bankruptcy-related charge—the airline lost...

Wireless Drives AT&amp;T Growth
 Wireless Drives AT&T Growth 
earnings report
Apr 22, 2008 2:43 PM CDT

Wireless Drives AT&T Growth

Company posts 22% increase in net income for Q1 despite dip in landline earnings

(Newser) - AT&T posted a 22% increase in net income during the first quarter, thanks to strong growth in its wireless unit. Its wireless earnings nearly doubled, while landline earnings dropped 2.1%. The company’s net income was $3.46 billion (57 cents a share), compared to $2.85 billion...

Banks Face New Loan Crisis: Rebuilding Reserves

'Provisions' may turn out not to be large enough

(Newser) - Within Bank of America’s disappointing first-quarter earnings was an unwelcome harbinger for the banking industry, the Wall Street Journal reports. BofA’s results were dragged down by huge additions to its loan-loss provision, an expense many other banks will also record soon. Given current credit conditions, many banks will...

GE CEO Parries Critics —Including Predecessor

Despite missing earnings forecasts, Immelt says he'll stay the course

(Newser) - General Electric CEO Jeffrey Immelt faced the music yesterday, as his predecessor, Jack Welch, raked him over the coals on his own cable TV network for missing first-quarter earnings forecasts. Immelt admitted GE “let people down” in downgrading its outlook for 2008, the Wall Street Journal reports. But he...

EBay's Turnaround Bid: Users Not Buying It Now

Stagnant auction site's overhaul gets lukewarm reaction

(Newser) - When eBay releases its first quarter earnings today, investors and curious onlookers will get a good look at the auctioneer’s turnaround efforts. But conventional grumbling has it that the changes haven’t done much. EBay overhauled its fee structure and tried to encourage sellers to improve customer service, but...

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