US corporate results round up

Cereal maker Kellogg gets a rude awakening from generic rivals
Kellogg, the world’s biggest maker of breakfast cereals, reported a bigger-than-expected fall in quarterly revenue yesterday as competition from private-label brands and alternative breakfast items ate into cereal sales. Sales at Kellogg’s US morning foods business fell 5.5 per cent in the first quarter.

Oaktree brings in more assets but incentive incomes are on the wane
Oaktree Capital posted a 10 per cent fall in net income to $51.8m (£30.7m) yesterday, as incentive income in the quarter declined. While assets under management rose $2.6bn to reach a record $86.2bn, the debt investment specialist said earnings generated from keeping its funds above performance goals dwindled.

Funds pour into Legg Mason as its net income more than doubles
Asset manager Legg Mason’s quarterly profit more than doubled, the firm announced yesterday, as investors poured more money into its funds and expenses fell. Net income attributable to the company rose to $68.9m, from $29.2m a year earlier. Operating expenses fell about 10 per cent to $562m.

Avon shares losing their sparkle on bigger than expected losses
Shares in beauty products retailer Avon fell 12 per cent in early trading yesterday as the firm posted a bigger-than-expected net loss of $168.4m, on revenues down 11 per cent to $2.18bn. Avon also said it had reached a preliminary deal worth $135m with the US authorities to resolve a probe into its overseas business practices.

BGC Partners profit picked up by booming real estate brokerage
Brokerage group BGC Partners said booming trade on its commodities desk and its real estate unit Newmark Grubb Knight Frank had helped drive earnings up 25 per cent in the first quarter, despite a 0.9 per cent fall in revenues to $445.9m. Boss Howard Lutnick said he hopes recent acquisitions will further improve earnings.

Record subscribers for T-Mobile US but results swing into the red
T-Mobile US added a record number of customers in the first quarter, blowing past its competitors as the company's aggressive discounts lured in subscribers. The firm signed up 2.4m subscribers in the first quarter, more than its top three rivals combined. Still, the mobile service provider swung to a loss of $151m.