AT&T disappoints even as subscriptions grow
AT&T reported weaker than expected quarterly revenue as its wireless subscriber growth for the first quarter was driven by tablet computer users who pay lower fees than cellphone customers. Revenue fell to $31.36bn from $31.82bn in the year-ago quarter. Profit rose to $3.7bn from $3.58bn.
Delta Air Lines surprises with a quarterly profit
Delta Air Lines yesterday reported a higher-than-expected first-quarter profit of $8m as revenue rose one per cent to $8.5bn. But the carrier added that federal budget cuts and lighter demand from leisure travellers were expected to hurt a key revenue measure in April.
Lockheed Martin braces for Pentagon cutbacks
Lockheed Martin, the Pentagon's biggest weapons supplier, yesterday reported a better-than-expected 14 per cent rise in earnings to $761m but warned that its full-year revenue was likely to come in at the low end of earlier guidance due to US budget cuts.
Insurer WR Berkley sees drop in 2013 earnings
Commercial insurer WR Berkley last night announced first-quarter net profits of $117m, down from $135m for the same period last year. However the company attracted more new business, pushing total revenues up to $1.51bn from $1.38bn. Analysts said the results were better than expected.
Yum! Brands shrugs off battering from bird flu
KFC parent Yum Brands reported last night that quarterly profit fell less than expected, despite sales in China being hit by customer fears over bird flu. Yum’s first-quarter net income fell to $337m from $458m a year earlier. It remains on track to add 700 new restaurants in China this year, it said.
Printer firm Lexmark’s revenues take a knock
Printer maker Lexmark yesterday reported a 43 per cent drop in quarterly profit, hurt by lower sales. Net income fell to $34.8m in the first quarter, from $60.8m a year earlier. Revenue fell 11 per cent to $884.3m, coming in slightly ahead of analyst’s expectations.