US corporate results round up

Iconic bike maker Harley-Davidson yesterday beat Wall Street profit and sales expectations, despite reporting a drop in net income to $299.8m (£192.65m) from $354.2m a year earlier. Consolidated revenue at the Hell’s Angels favourite fell to $1.82bn, from $2bn this time last year. Sales in Asia rose 16.6 per cent – despite a strong dollar – due mainly to its new lighter, urban street model, but fell in Europe, Latin America and Canada.

Verizon Communications yesterday lowered its full-year revenue target after users on average paid less for its services during the second quarter amid continuing industry competition and promotional activity. Net income attributable to Verizon rose to $4.23bn (£2.72bn) in the quarter from $4.21bn a year earlier. Revenue rose to $32.22bn from $31.48bn, missing analysts’ estimates of $32.87bn.

Bank of New York Mellon
Bank of New York Mellon, one of the world’s largest custody banks, yesterday reported adjusted earnings of $868m (£558m), or 77 cents a share, during the second quarter. That compared with $715m, or 62 cents a share, in the year-ago quarter. Analysts, on average, had expected earnings of 66 cents per share, according to Thomson Reuters.

United Technologies
United Technologies yesterday reported that net sales had fallen five per cent to $16.3bn (£10.5bn), hurt by the impact of the strong dollar on foreign sales. On an organic basis, revenue rose by three per cent. The manufacturer of Otis Lifts, Pratt and Whitney jet engines and Carrier air conditioning equipment said that second-quarter net income fell to $1.54bn from $1.68bn a year ago. On Monday, it announced the $9bn sale of its Sikorsky helicopters unit to Lockheed Martin.

Software giant Microsoft yesterday reported a $3.2bn (£2.05bn) quarterly net loss as it wrote down its Nokia phone business and demand fell for its Windows operating system. The company took a charge of $7.5bn in the fourth quarter related to the restructuring of its Nokia handset business, which it acquired last year. Microsoft’s shares fell three per cent to $45.80 in extended trading.

Yahoo has reported a quarterly loss, hurt by higher spending to attract users to its websites to better compete with Google and Facebook. The company reported a net loss attributable to it of $21.6m (£13.9m) in the second quarter ended 30 June, compared with a profit of $269.7m a year earlier. Revenue for the three months, after deducting fees paid to partner websites, was flat at $1.04bn.