Carlyle Group impacted by $112m French court fine
Carlyle Group reported a 13 per cent year-on-year drop in first-quarter profit, as it was asked to pay $112m in a French tax court case involving one of its real estate funds, yet it still beat most analysts’ expectations on performance. Carlyle had reserved only $82.5m for the case, which involves tax exemptions claimed by one of its European funds on the sale of Paris real estate assets.
Time Warner profit slides but beats market signals
Time Warner reported quarterly profit and revenue above expectations, boosted by higher advertising and subscription revenue at its Turner division and HBO TV network.
Revenue at Turner, which owns channels such as CNN rose 4.5 per cent in the quarter. The media giant’s net income, however, fell to $970m from $1.29bn a year earlier.
Cadbury and Oreo makes for some sweet earnings
Mondelez International reported a better-than-expected quarterly profit helped by cost cutting and price increases, as the maker of Cadbury chocolate and Oreo cookies seeks to boost margins amid slow growth in demand for packaged foods.
In the first quarter, operating margin and gross profit margin rose to 10.4 percent and 37.9 percent, from the 2014 period.
Hotel giant Marriott checks in solid first quarter results
Hotel group Marriott International said its first-quarter earnings rose 20 per cent as the firm saw strong demand in several markets.
In the US, high occupancy allowed the group to reduce discounting and enhance pricing. Marriott reported a profit of $207m compared with $172m a year earlier. Revenue increased 6.7 per cent to $3.51bn.
Mastercard’s revenues rise as confidence returns
MasterCard , the world’s second-largest credit card company, reported a better-than-expected quarterly profit as costs fell and shoppers spent more on its cards. .“We are managing well, despite a mixed economic environment and challenging currency situation,” Chief Executive Ajay Banga said.
Net revenue rose 2.7 per cent to $2.23bn. Net income rose 17.2 per cent to $1.02bn.
Brazil weakness weighs on Fiat Chrysler but US recovers
Fiat Chrysler Automobiles yesterday reported slightly lower-than-expected first-quarter operating profit, as strong performance in the US was offset by continued weak conditions in Latin America.
The car maker reported adjusted earnings before interest and tax of €800m, up from €655m last year.
XL Group sees net income slump and premiums dip
XL Group reported net income for the first quarter of $36.3m compared to $255.7m for the same quarter a year. Operating earnings for the first quarter was $194.4m or $0.75 per share, compared to $238.6m or $0.85 per share in the prior year quarter. Net premium earned for the first quarter fell to $1.33bn from $1.49bn a year ago.
Global oil price rout pain for energy firm Hess Corp
Oil and natural gas producer Hess Corp reported a quarterly loss yesterday as plunging global crude oil prices eroded profitability and offset a production spike.
The company posted a net loss of $389m, or $1.37 per share, compared to a net income of $386m, or $1.20 per share, in the year-ago quarter.
US Cinema group meets analysts expectations
AMC Entertainment announced its earnings results last night and largely met analysts estimates. Revenue was $653.10m for the quarter, compared to the consensus estimate of $656.49m. The company’s quarterly revenue was up four per cent on a year-over-year basis. The firm owned, operated or held interests in 343 theatres with a 4,950 screens primarily in the US