Earnings roundup

Marvel Entertainment Inc. said second-quarter profit rose 60 percent on licensing sales and cut its full-year forecast. 'The Incredible Hulk' movie and related toys boosted sales. (Denis Poroy/Associated Press)

Medical device maker and diversified healthcare company Covidien Ltd. said it turned a profit in the fiscal third quarter, compared with a loss a year ago, when it was part of Tyco International Ltd.

For the three months ended June 27, Covidien said it earned $269 million, or 53 cents per share. A year ago, the company said it lost $1.11 billion, or $2.23 per share. Revenue rose 14 percent, to just under $2.6 billion from $2.27 billion on strong international results and better sales in the medical devices business.

The 2008 results included one-time costs of 12 cents per share from discontinued operations. Excluding those costs, Mansfield-based Covidien said it earned 72 cents per share from continuing operations.

On average, analysts expected 66 cents per share on $2.49 billion in revenue, according to Thomson Financial. Such estimates generally exclude one-time expenses.

At Covidien's medical devices business, revenue grew 15 percent, to $1.8 billion, on improved sales of instruments used in "keyhole" laparoscopic surgeries, along with other products.

Covidien said sales in all international regions grew by more than 10 percent, and currency exchanges also increased revenue by 5 percent. (AP)

News Corp., the media company controlled by Rupert Murdoch, said fourth-quarter profit rose 27 percent on gains from DVDs and newspapers and the sale of its stake in Gemstar-TV Guide International Inc.

Net income increased to $1.13 billion, or 43 cents a share, from $890 million, or 28 cents, a year earlier, New York-based News Corp. said. Profit beat the 34-cent average of 15 analysts' estimates compiled by Bloomberg. Sales gained 17 percent to $8.59 billion.

News Corp.'s sales increased with the acquisition of the Wall Street Journal, higher subscriber fees at Fox News, and DVD sales of "Juno" and "Alvin and the Chipmunks." Murdoch said in July the entertainment industry is "doing just fine."

Total operating profit increased 21 percent to $1.48 billion.

Sales at the newspaper group rose 54 percent to $1.84 billion after the $5.2 billion acquisition of Dow Jones. Operating profit rose 29 percent.

Film profit more than doubled to $220 million as revenue gained 4.7 percent to $1.52 billion on sales of the "Alvin and the Chipmunks" and "Juno" DVDs.

Cable network sales rose 26 percent to $1.39 billion on the higher fees collected by Fox News, while operating income jumped 10 percent to $313 million. (Bloomberg)

Procter & Gamble Co., the world's largest consumer-products company, posted fourth-quarter profit that rose more than analysts estimated and said earnings may increase as higher prices and the dollar's decline boost revenue.

P&G said net income jumped 33 percent in the quarter through June to $3.02 billion, or 92 cents a share. Excluding a tax benefit, profit beat the average estimate of analysts by 2 cents. Sales climbed 10 percent to $21.3 billion.

Chief executive A.J. Lafley's strategy of raising prices on Cascade dishwashing detergent, Iams pet food, and Gillette razors helped counter record costs for oil used in plastic packaging and pulp for Bounty paper towels and Charmin toilet paper.

For 2009, higher prices will add 3 percent to sales, while currency gains against the dollar will add 2 to 3 percent, the company said. Raw-material costs will probably increase by $3 billion in 2009, the company said.

Excluding a 12-cent-a-share tax benefit, P&G earned 80 cents in its fourth quarter. On that basis, the earnings beat the average 78-cent earnings estimate of 17 analysts surveyed by Bloomberg. Analysts predicted sales of $21 billion, the average of 12 projections. Profit a year earlier was $2.27 billion, or 67 cents a share.

Higher prices added 3 percent to sales, while foreign currency gains against the dollar added 6 percent. (Bloomberg)

The Boston Beer Co., brewer of Sam Adams, posted a 25 percent rise in second-quarter profit, due in part to higher sales of craft beers.

For the quarter ended June 28, the earnings were $8.5 million, or 60 cents per share. That was up from $6.8 million, or 14 cents per share, in the same quarter last year, when the brewer wrote off $3.4 million in costs related to a new brewery in Freetown.

Revenue during the second quarter of 2008 revenue rose by 26 percent to $117.4 million.

Boston Beer said sales of cases to retailers rose by 8 percent for the quarter, and that pricing has increased about 5 percent year to date.

Growth in case sales "slowed slightly in the first half of the summer, but we still appear to be growing our share within the craft beer category," said chairman Jim Koch.

In April, Boston Beer voluntarily recalled certain glass bottles after grains of glass were found in some. Costs related to the recall amounted to $20.6 million in the second quarter, up from the previously announced $15 million. (AP)