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Earnings roundup

Boeing profit rises; guidance raised

A Boeing 747-8F. The firm earned $941 million. A Boeing 747-8F. The firm earned $941 million. (Ted S. Warren/Associated Press/File)
July 28, 2011

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YESTERDAY
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Boeing’s profit surged almost 20 percent in the second quarter as it delivered more passenger planes. It raised its guidance for the year.

Boeing Co. also said yesterday that it will not deliver as many of its new 787s and 747-8s this year as previously hoped. Investors seemed content to hear that delivery of the first planes remains on schedule - Boeing shares rose slightly.

Analysts believe Boeing and other plane builders are at the beginning of another boom cycle after enduring a recession. Airlines have been ordering so many Boeing 737s and competing single-aisle planes from Airbus that the companies are raising production rates. Boeing already cranks out one 737 every day. It’s aiming for 42 per month in 2014.

Chicago-based Boeing earned $941 million, or $1.25 per share, in the quarter. Revenue rose 6.2 percent to $16.54 billion. Analysts surveyed by FactSet had predicted net income of 98 cents per share on revenue of $16.47 billion.

— Associated Press

Delta net slumps as fuel prices take toll

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Delta Air Lines Inc. said 2,000 workers took voluntary buyouts and it will scale back flying more than planned later this year as it cuts costs to make up for higher fuel prices.

The high cost of jet fuel was the main reason Delta’s second-quarter net income fell by 58 percent compared to a year ago. It earned $198 million, or 23 cents per share, compared with $467 million, or 55 cents a year ago. Fuel costs rose 36 percent to $2.66 billion in the latest quarter.

Revenue rose 12 percent to $9.15 billion as Delta raised fares to try to pay the increased fuel costs.

Atlanta-based Delta would have earned 43 cents per share if not for one-time items including severance costs and reducing its facilities. On that basis, profit was less than analysts expected - 46 cents per share on revenue of $9.16 billion, according to FactSet.

— Associated Press

Whole Foods up 35% in 3d quarter

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Whole Foods Market Inc. reported third-quarter net income rose nearly 35 percent and raised its full-year forecast.

The organic and natural grocery chain said yesterday it earned $88.5 million, or 50 cents per share, for the quarter. That’s up from $65.7 million, or 38 cents per share, a year earlier.

Revenue rose 11 percent to $2.4 billion.

Analysts on average expected the company to earn 47 cents per share on revenue of $2.42 billion.

Whole Foods credited the strong quarter to improving its array of lower-cost products and returning to its emphasis on health and wellness.

The company, based in Austin, Texas, raised its full-year forecast to $1.91 to $1.92 per share; analysts expect $1.90. The company earlier forecast earnings of $1.87 to $1.90 per share.

— Associated Press

Sales of businesses lift Thermo Fisher

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Laboratory instrument maker Thermo Fisher Scientific Corp. reported yesterday its second-quarter profit leapt more than 120 percent due to discontinued operations and higher sales.

The company reported net income of $523.4 million, or $1.36, up from $237.3 million, or 57 cents per share, in the prior-year period. Results for the period included payment from the sales of two operations, Athena Diagnostics and Lancaster Laboratories.

Excluding these and other one-time events, the company would have earned 99 cents per share, up 22 percent from the prior-year period.

The Waltham company’s revenue increased 12 percent to $2.90 billion.

Analysts polled by FactSet expected earnings of 98 cents per share on revenue of $2.84 billion

Thermo Fisher raised its full-year earnings estimate by 3 cents to between $4.08 and $4.18 per share, on revenue between $11.6 billion and $11.7 billion, up $80 million from its prior forecast.

Analysts expect earnings per share of $4.14 and revenue of $11.62 billion, on average.

Thermo Fisher has spent $2.1 billion on acquisitions this year, including Trek Diagnostic Systems and Phadia, a maker of tests for allergies and immune disorders.

— Associated Press

Akamai comes up short, shares sink

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Website content delivery company Akamai Technologies Inc. said its second-quarter net income grew 26 percent on a solid increase in revenue as it continued to benefit from the shift to cloud computing and growth of Internet-based video watching. But the performance came up short of analyst expectations and shares fell.

Net income for the three months through June 30 climbed to $47.9 million, or 25 cents per share, from $38.1 million, or 20 cents per share, a year earlier.

Excluding stock-based compensation costs and the amortization of intangibles, adjusted earnings came to 35 cents per share, slightly below the 36 cents expected by analysts polled by FactSet.

Revenue at Cambirdge-based Akamai rose 13 percent to $277.0 million from $245.3 million, also slightly below the $277.8 million that analysts expected.

Following the announced earnings miss, shares fell $4.23, or 14.35 percent, to $25.25 in after-hours trading yesterday.

— Associated Press