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Earnings Analysis: 
Pepsi Bottling Group Net Slips
Author: Ivaylo Dagnev
123jump.com
Last Update: 9:17 AM EDT April 18 2006



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Pepsi Bottling Group Inc, carbonated and non-carbonated Pepsi-Cola beverages distributor, reported Q1 net income of 14 cents a share, a penny down from the year-ago result. If not for expenses tied to the adoption of an accounting rule regarding share-based payments, the company would have earned 18 cents a share in Q1.

 
Pepsi Bottling Group, (PBG: chart), also reported quarterly revenue of $2.37 billion, up from nearly $2.15 billion in the same period a year ago on worldwide physical case volume jumping 6%. The company beat analysts’ views for earnings of 11 cents a share.

Merrill Lynch, (MER: chart), banking services, reported Q1 net income dropped 61% to 44 cents a share, down from $1.21 a share a year earlier on after a previously announced charge to account for stock options paid as compensation to employees, but the firm posted a record $8 billion in quarterly revenue in the period. Q1 included a charge of $1.2 billion, after tax, for the options accounting. The company beat analysts estimate for earnings of 32 cents a share, including the accounting charge.

KeyCorp, (KEY: chart), multi-line financial services company, reported Q1 net earnings of 70 cents a share, up from 64 cents a share a year earlier, beating analysts forecasts for earnings of 69 cents a share Compared with last year''s Q1, taxable-equivalent net interest income advanced by $42 million, reflecting a better net interest margin, solid commercial loan growth and an increase in core deposits.

Emmis Communications Corp, (EMMS: chart), radio operator, reported Q4 net profit of $3.71 a share, swinging from a loss of $4.75 a share in the prior year. The profit came from the disposal of most of the Indianapolis-based company''s television stations. On an adjusted basis, the company posted a quarterly loss from continuing operations of 2 cents a share, up from than the loss of 4 cents recorded in the year-ago period. The company’s quarterly net revenue grew to $84.5 million from $80.9 million. The company beat analysts’ forecasts of a loss of 21 cents a share.

National City Corp, (NCC: chart), banking services, reported that Q1 net income declined 5.2% to 74 cents a share, beating analyst estimate for a profit of 72 cents a share. The bank added that tax-equivalent net interest income advanced 2% to $1.18 billion, while provisions for credit losses dropped to $27 million from $70 million. Fees and other income dropped 18% to $644 million.

UnitedHealth Group, (UNH: chart), health-care-services provider, reported that Q1 net income went up 21% to 63 cents a share, from 55 cents in the year-ago period on 54% higher revenue, missing analyst estimate by a penny. Adjusted earnings were 68 cents vs. 55 cents.

D.R. Horton, (DHI: chart), homebuilder, reported that Q2 net income advanced 20% to $1.11 a share on 25% revenue growth. Homes closed rose 19% to 12,570. The company met analyst expectations.

Mattel Inc, (MAT: chart), toy maker, reported that Q1 net income advanced to 8 cents a share, up from 2 cents a share a year ago. The profit figure, however, was lifted by tax benefits of 15 cents a share. Sales in Q1 advanced 1% on strong Fisher-Price growth. Mattel reported an operating loss of $32 million in Q1, down from a year-earlier operating income of $5.5 million.
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