US corporate results round-up

Cost-cutting boosts 3M

3M, the manufacturer of Post-It notes and scotch tape, yesterday reported second quarter profit slightly higher than expected as cost-cutting offset a revenue shortfall.

3M earned $1.17bn, or $1.66 per share, compared with $1.16bn or $1.60 per share, a year earlier.

Expedia income falls

SECOND-QUARTER profit at travel firm Expedia fell 25 per cent, the company said yesterday, as technology costs ate into a rise in revenue. Expedia’s profit fell from $140.4m a year ago to $105.2m, while revenue grew 14 per cent to £1.04bn. Operating margin narrowed to 14.9 per cent from 15.7 per cent.

Colgate sees profits rise

COLGATE-PALMOLIVE posted a higher quarterly profit yesterday as the toothpaste maker increased advertising and cut costs.

Second-quarter profit rose to $627m, or $1.30 per share, from $622m, or $1.26 per share. Sales rose two per cent to $4.27bn, ahead of analysts’ forecast of $4.25bn.

McGraw-Hill sales rise

MCGRAW-HILL reported higher second-quarter profits, beating analysts' estimates, on greater sales of commodities market information and tools for investors. Net income increased to $216m, or 76 cents a share, from $211m, or 68 cents a share, a year earlier, the New York-based company said.

Dr Pepper beats hopes

DR Pepper Snapple reported higher-than-expected second-quarter profit yesterday helped by price increases.

The maker of 7UP, Sunkist and other drinks, saw net income rise to $178m, or 83 cents per share, up from $172m, or 77 cents per share, a year earlier. Net sales rose two per cent to $1.62bn.

Starbuck cuts outlook

STARBUCKS reported higher quarterly profit last night, but cut its outlook for the current quarter citing the economic weakness around the world.

Net income grew to $333.1m, or 43 cents per share, for the fiscal third-quarter ended 1 July, from $279.1m, or 36 cents per share a year earlier.

New York Times revenue up

HIGHER paper and digital subscriptions lifted quarterly revenue at the New York Times yesterday, even after the company wrote down the value of its Internet property, About.com. The publisher said second-quarter revenue grew almost one per cent to $515.2m as circulation revenue climbed eight per cent.

Moneygram sees a loss

PAYMENT services firm MoneyGram posted a second-quarter loss due to legal expenses and restructuring costs yesterday.

It lost $25.1m, or 35 cents per share, compared with a net loss of $438.3m, or $10.97 cents per share, last year. Total revenue rose six per cent to $330m.