MasterCard reported a better-than-expected 15.5 per cent jump in quarterly profit as efforts to expand its international business paid off, with more people willing to use cards instead of cash. MasterCard’s worldwide purchase volume, excluding the US, grew 12.8 per cent to $554bn (£345bn) on a local currency basis in the third quarter. The company’s cross-border volume fees rose 14 per cent to $835m.
FTI Consulting, the global business advisory firm, yesterday reported that third-quarter revenues increased 8.8 per cent to $451.2m (£282m) compared to $414.6m in the prior year quarter. Adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) for the quarter was $63.4m or 14.1 per cent of revenues compared with $72.5m or 17.5 per cent of revenues in the prior year quarter.
Beauty products maker Elizabeth Arden yesterday posted its third straight quarterly loss, largely due to its large exposure to perfumes, a category that has seen weak demand in North America. Sales of perfumes, which contribute nearly two-thirds to overall revenue, fell nearly 24 per cent in the quarter. Overall, Elizabeth Arden’s sales for the three months ended 30 September slid to $270.4m (£169m) from $343.6m a year earlier.
Mylan more than tripled profit in the third quarter on strong sales of generic drugs in the US and demand for EpiPen, Mylan’s branded treatment for severe allergic reactions. The world’s third largest generic drugmaker by sales, said net income in the July-September quarter was $499.1m (£312m) compared with $158.9m in the same period last year. Revenue was $2.1bn, 18 per cent higher than the $1.8bn it recorded a year earlier.
Avon Products posted a slightly bigger-than-expected decline in revenue for its third quarter, hurt by weak foreign exchange rates and lower sales volumes. In all, Avon posted a profit of $91.4m (£57.1m), against a loss of $5.5m a year earlier. Excluding special items, per-share earnings rose to 23 cents from 14 cents in the year-earlier period. Revenue fell eight per cent to $2.14bn.
NEW YORK TIMES
Newspaper publisher New York Times reported a smaller-than-expected quarterly adjusted profit, as a 17 per cent rise in digital subscription sales offset a decline in print advertising revenue. Its net loss attributable to common stockholders narrowed to $12.5m (£7.8m) in the third quarter from $24.2m a year earlier. Total revenue rose 0.8 per cent to $364.7m.
GoPro reported better-than-expected quarterly profit and revenue, driven by strong demand for its wearable cameras, used by surfers, skydivers and other action junkies. The net income attributable to GoPro shareholders was $14.6m (£9.12m), or 10 cents per share, in the third quarter ended 30 September, compared with a loss of $1.1m, or one cent per share, a year earlier.
DreamWorks Animation SKG yesterday reported a 17 per cent increase in third-quarter revenue, helped by the strong box-office showing of its most recent movie How to Train Your Dragon 2. The company’s net income rose to $11.9m (£7.43m) for the quarter ended 30 September, from $10.1m a year earlier. Revenue rose to $180.9m from $154.5m.