Electrolux earnings fall as it faces a tough year February 2, 2012 ELECTROLUX faces further headwinds in debt-ridden Europe this year while the US offers a glimmer of hope, the household appliances maker said yesterday as it reported a near 40 per cent fall in 2011 core earnings. Makers of fridges, washing machines and vacuum cleaners have been buffeted by weak consumer confidence on both sides of [...]
Merck profits impress Wall Street as research spending is trimmed in 2011 February 2, 2012 MERCK & Co yesterday reported better-than-expected fourth quarter earnings, helped by a decrease in research spending, and predicted relatively flat 2012 results as the second biggest US drugmaker girds for cheaper generic forms of its biggest product, asthma drug Singulair. Merck posted a fourth quarter net profit of $1.51bn (£955m), or 49 cents per share, [...]
Viacom shares drop after weaker advertising sales February 2, 2012 VIACOM posted a lower quarterly profit yesterday due to weaker than expected advertising sales at its stable of cable networks, including MTV and Nickelodeon. Viacom shares dropped initially by around four per cent in early trading before recovering as Viacom executives assured investors they had seen a recovery in the market during the current quarter. [...]
WATCHES SHINE AS SWISS EXPORTS DECLINE February 2, 2012 THE SWISS watch industry was the star performer among the country’s exporters last year, with shipments climbing 19.2 per cent in 2011 from a year earlier, the Federation of the Swiss Watch Industry said yesterday. Watch sales, including luxury brands such as Piaget, vastly outperformed other industries, where demand for Swiss goods fell. Total exports from Switzerland [...]
Botox maker’s earnings rise February 2, 2012 Allergan said yesterday its fourth-quarter earnings rose 6.4 per cent, as higher sales of its eye drugs Lumigan and Restasis offset lower-than-expected sales of wrinkle treatment Botox. The company’s forecast for the year was lower than anticipated, sending its shares down 1.8 per cent in mid-morning trading, although some analysts consider the outlook to be [...]
Statoil seeks Iraq sale consent February 2, 2012 Norway’s Statoil wants to sell its stake in a giant 12.9bn barrel oilfield in southern Iraq to Russia’s Lukoil, and the Iraqi oil ministry has no objection “in principle”, an Iraqi oil official said yesterday. Statoil holds 18.75 per cent of the West Qurna Phase-2 field, with Lukoil at 56.25 per cent and Iraq’s North [...]
International Paper beats Street February 2, 2012 International Paper, the packaging producer trying to buy rival Temple-Inland, posted a better-than-expected quarterly profit yesterday as it cut costs to offset tenuous demand. The weak economy has taken a bite out of packaging sales, especially in North America where 70 per cent of IP’s business is centered. The company posted fourth-quarter net income of [...]
Outlook grim for Unilever as markets slow February 2, 2012 CONSUMER goods group Unilever said 2012 will be a difficult year as growth in emerging markets, which accounts for more than half its business, slows and demand in Europe and North America stays flat at best. The gloomy outlook sent shares in the Anglo-Dutch group sharply lower yesterday after it broadly matched 2011 sales growth [...]
Mastercard’s results are hit by litigation charges February 2, 2012 MASTERCARD reported a higher quarterly profit yesterday as consumers around the world spent more money using credit and debit cards, but a litigation-related charge took a large bite out of its earnings. The world’s second-largest credit and debit card processing network said it incurred a $495m (£312m) after-tax charge related to merchant litigations in the [...]
Dow Chemicals shares slide after its revenues fail to impress the markets February 2, 2012 DOW CHEMICAL’S quarterly profit and revenue missed Wall Street’s expectations yesterday as demand for electronics, plastics and coatings plunged, causing the company to slash production and aggressively discount some products. The results sent shares of Dow, the largest US chemical maker by revenue, down 1.2 per cent. Dow’s operating rate, a reflection of its full [...]