It’s already been a busy Tuesday with quarterly earnings reports. Here’s just a few stories to keep you in the loop.
United Parcel Service Inc. (NYSE: UPS): The company’s second quarter profit rose to $1.12 billion ($1.15 a share) as compared to the previous year’s $1.07 billion ($1.07 a share). Revenue increased to $13.34 billion, up from $13.19 billion during the same period a year ago. Analysts had estimated earnings per share of $1.17 on $13.70 billion of revenues.
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In the company’s earnings conference call, Chief Financial Officer Kurt Kuehn said that premium- product growth will decline as customers choose less expensive shopping alternatives, reported MarketWatch.
One analyst, Kevin Sterling from BB&T Capital Markets, noted the global effect of the report with, “International volume is particularly weak. They are not immune from China softening and everything happening in Europe.”
Lockheed Martin Corporation (NYSE:LMT): The company’s second-quarter profit rose to $781 million ($2.38 a share), up from the previous year’s $742 million ($2.14 a share). Sales increased to $11.92 billion from $11.54 billion. Analysts had expected $1.91 earnings per share on $11.3 billion sales. For 2012, Lockheed Martin estimates earnings between $7.90 to $8.10 a share, higher than its previous $7.70 to $7.90 a share estimates. Wall Street analysts have forecast 2012 earnings at $7.89 a share.
Lockheed’s CEO and Chairman Robert Stevens said of the quarter’s numbers, “While the threat of sequestration has created uncertainty for our industry,” the company has focused on cutting costs and program execution, reported Bloomberg.
Stevens also said he will retire in January as CEO and will be replaced by the company’s current president and chief operating officer, Chris Kubasik.
Altria Group, Inc. (NYSE:MO): In the second quarter, the company reported better than expected earnings and subsequently increased its full-year outlook between $2.19 to $2.23 per share. Net income was $1.23 billion ($0.60 a share), up from the previous year’s $444 million ($0.21 cents per share). Revenue jumped 14 percent from last year to $4.58 billion. The numbers exceeded analysts’ estimates of $0.57 cents per share from $4.48 billion in revenues.
On the earnings call, CEO Marty Barrington said, “We’re in the middle of a really anemic recovery from the greatest recession in decades and consumers are under pressure. Pricing for most consumer packaged goods — and this category is no exception — have been more restrained than in previous periods of economic health.”
Similar to other tobacco companies, Altria is looking at cigarette alternatives including cigars, snuff and chewing tobacco for sale growths thanks to a continued drop off in cigarette smoking.
Whirlpool Corporation (NYSE:WHR): The company reported a second quarter profit of $113 million ($1.43 per share) as compared to a $161 million loss ($2.10 per share) from a year ago. Revenue declined for a third consecutive quarter to 4.6 percent to $4.51 billion from the year ago period. Analysts had estimated earnings per share of $1.55. Second quarter net sales were $4.5 billion, down from the previous year’s $4.7 billion.
In a statement by Whirlpool’s chairman and CEO Jeff M. Fettig, he said, “Our North America and Latin America businesses continue to perform extremely well and we are pleased with our financial performance through the first half of the year. Our ongoing business operating performance is well ahead of last year offsetting lower industry demand, volatile foreign currency and material inflation.
“We remain positive regarding our underlying business performance and are optimistic on recent U.S. housing trends exiting the second quarter.”