- Comcast Corporation (NASDAQ:CMCSA) (NASDAQ:CMCSK), net income more than doubled in the third quarter, owing to the sale of wireless spectrum and its stake in the A&E TV channel. The Philadelphia-based company’s net income rose to $2.11 billion, or 78 cents per share, from $908 million, or 33 cents per share, a year earlier. Revenue exceeded analyst estimates, grew 15 percent to $16.54 billion. The Philadelphia-based company lost 117,000 video subscribers in the quarter, leaving it with about 22 million.
- The Goodyear Tire & Rubber Company (NYSE:GT) posted a drop in third-quarter net income and revenue on lower tire sales in Europe. The Akron, Ohio based company, reported net income of $110 million, or 41 cents per share for the quarter ending in September, compared with $161 million, or 60 cents per share, a year earlier. Revenue for the period fell 13 percent to $5.26 billion against the analyst expectations of $5.87 billion. The Goodyear Tire & Rubber Company (NYSE:GT) said tire sales for the quarter totaled 41.8 million, down 12 percent from 2011, mainly due to weaker sales in Europe.
- KKR & Co. L.P. (NYSE:KKR) reported a third-quarter profit, after a loss a year earlier as the value of its holdings rose. The company’s Economic net income after taxes (measure of profit excluding some costs) was $487.3 million, or 69 cents a share, compared with a loss of $621.7 million, or 91 cents, a year earlier. The Economic net income beats the analyst estimates of 46 cents a share. KKR & Co. L.P. (NYSE:KKR)’s private-equity portfolio rose 6.1 percent during the quarter and 20 percent this year through Sept. 30, beating the 5.8% and 15% of Standard & Poor’s 500 Index, a benchmark for large U.S. stocks. The company’s total assets under management rose 7.8 percent since the second quarter, and fee-paying assets rose 6.6 percent to $50.3 billion.
- Moody’s Corporation (NYSE:MCO), net income for the third quarter rose by 40.7% to $183.9 million (81 cents per share) against $130.7 million (57 cents per share) in the same quarter a year earlier. Revenue for the period rose by 29.6% to $688.5 million from the year-earlier quarter. The company’s revenues and adjusted net income of 75 cents per share exceeded the analyst estimates of $632.1 million and 64 cents per share.
- Legg Mason, Inc. (NYSE:LM) reported a 42 percent rise in quarterly profit, as it reported the first quarterly net inflow since 2007. For the second quarter, the company reported net income of $80.8 million, or 60 cents per share, compared with 56.7 million, or 39 cents per share, in the same period a year earlier. The Baltimore-based company’s earnings beat the analyst estimates of 55 cents per share.
- Arch Coal Inc (NYSE:ACI) reported a net income of $45.8 million, or 22 cents per share for the third quarter, compared with with $8.9 million, or 4 cents per share, a year earlier. Revenue at the St. Louis-based company fell 9 percent to $1.09 billion. The company said Friday that cost-control measures have helped it to improve third-quarter results well above Wall Street expectations.
- Expedia Inc (NASDAQ:EXPE) reported a drop of 18% in the third quarter net income to $171.5 million, or $1.21 per share, from $209.5 million, or $1.50 per share, last year. Last year, profits were contributed from businesses that Expedia Inc no longer owns. Third quarter revenue for the firm increased to $1.20 billion, up from $1.02 billion. After adjusting for onetime items, earnings were $188 million, or $1.32 per share, up from $180.5 million, or $1.28 per share, a year ago.
- Pilgrim’s Pride Corp. (NYSE:PPC) posted a third-quarter profit amid improving margins and nearly flat input costs. The company reported a profit of $42.9 million, or 17 cents a share, compared with a year-earlier loss of $162.5 million, or 72 cents a share. Revenue for the period rose 9.4% to $2.07 billion. The poultry processor’s gross margin jumped to 5.1% from negative 3.3%.
At the 2021 SALT New York conference, which was held earlier this week, one of the panels on the main stage discussed the best macro shifts coming out of the pandemic and investing in value amid distress. The panel featured: Todd Lemkin, the chief investment officer of Canyon Partners; Peter Wallach, the managing director and Read More