- Verizon posted a solid earnings report - net income rose 15% on reduced charges, rising margins and continued growth in its wireless and broadband segments. Net income was $1.24 billion up from $1.07 billion on $24.65 billion in revenue. Results met analysts expectations. More importantly, Verizon did not announce another round of layoffs. The job market can breathe a huge sigh of relief following yesterday's announcement of 76,000 job cuts in one day for US and European companies.
- DuPont swung to a loss in the fourth quarter. The large chemical company reported a $629 million loss, compared with net income of $545 million in the previous year, on revenue of $5.82 billion, a 17% decline year over year.
- Corning announced a 65% plunge in fourth-quarter profit and plans to cut 3,500 jobs or 13% of its workforce. The maker of liquid-crystal-display glass and fiber-optic equipment posted net income of $249 million down from $717 million last year, on a 32% sales decline to $1.08 billion. The company warned that it hoped to break even in the coming first quarter. Analysts had been expecting earnings of 19 cents a share.
- After yesterday's close, American Express announced $172 million in net income for the fourth quarter, a 79% decline year over year on an 11% revenue decline to $6.51 billion. The company reported rising delinquencies and write-offs, but set aside less to cover credit losses than in the year ago period. Executives at the firm claim that the company set aside large amounts last year and felt they should be adequate to cover future credit losses. AmEx is basing its credit loss estimates on an 8.5% unemployment rate.
- Delta reported a fourth quarter net loss of $1.4 billion. Nearly $1 billion of the losses were linked to merger costs and fuel hedges that lost money due to the decline in oil prices. The airline, however, expects to be profitable in 2009 and anticipates cutting another 6% to 8% in capacity after the 11% reduction in the second half of 2008.
No comments:
Post a Comment