US corporate results round up

Lockheed Martin is confident on 2013 despite fourth quarter blow

LOCKHEED Martin, the Pentagon’s biggest supplier, yesterday reported a 19 per cent drop in earnings per share to $1.73 for the fourth quarter from $2.14 a year earlier, reflecting one-off costs including a large non-cash pension adjustment. Excluding these, Lockheed earned $1.91 per share, beating expectations. Lockheed said it expected earnings per share to rise to between $8.80 and $9.10 in 2013.

Slow market recovery for Stanley Black & Decker hits profit hopes

TOOL maker Stanley Black & Decker yesterday forecast a 2013 profit below analysts’ estimates warning of a slow recovery in its markets. The firm expects to earn between $5.40 (£3.40) and $5.65 per share for 2013. Stanley Black said net income from continuing operations for the fourth quarter fell to $130.5m, or 79 cents per share, from $153.3m, or 92 cents per share, a year earlier.

United Continental sees losses widen as higher costs take a toll

UNITED Continental yesterday posted a bigger fourth-quarter loss, hobbled by higher costs, lower revenue and charges. The world’s largest carrier said the quarterly net loss widened to $620m, or $1.87 a share, from $138m, or 42 cents a share, a year earlier. Revenue fell 2.5 per cent to $8.7bn. It took charges of $430m in the quarter, with much of that tied to paying off pension debt.

Bristol-Myers Squibb is hurt by drug competition from rival firms

BRISTOL-MYERS Squibb reported better-than-expected quarterly results yesterday, but scaled back its 2013 earnings forecast following setbacks for several of its experimental drugs. The company expects earnings this year of $1.78 to $1.88 per share before special items. That would represent a decline of as much as 11 per cent from 2012, mainly because of generic competition for its drugs.

3M reports solid results as sales of its products begin to pick up

DIVERSIFIED US manufacturer 3M yesterday reported a 3.9 per cent rise in profit, on solid growth in sales of its wide array of products, which range from Post-It notes to films used in television screens. The company said that fourth-quarter profit came to $991m or $1.41 per share, compared with $954m, or $1.35 per share, a year earlier. The results are in line with forecasts.

Xerox’s results in line with Wall St forecasts despite flat revenue

XEROX yesterday reported fourth-quarter revenue in line with expectations. The company said revenue was flat at $5.9bn and earnings per share, excluding items, were 30 cents. Analysts looked for revenue of $5.88bn, according to Thomson Reuters.
In the fourth quarter of 2012 Xerox, which is trying to shift its printer company image, started a restructuring programme focused on its services.

AT&T sees its losses narrow as subscriber rise trumps forecasts

AT&T’s revenue rose faster than expected in the fourth quarter as it added more subscribers. It made a fourth quarter loss of $3.86bn (£2.5bn) or 68 cents per share, compared with a loss of $6.68bn or $1.12 per share in the year-ago quarter when it took big charges. Revenue rose to $32.58bn from $32.5bn and compared with Wall Street expectations for $32.2bn.