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Entries in Fourth Quarter (7)

Tuesday
Jan242012

Apple to Release First Full Quarterly Report Since Steve Jobs's Death

Peter Macdiarmid/Getty Images(CUPERTINO, Calif.) -- Apple on Tuesday will report its first full quarterly numbers since Steve Jobs passed away last October.

The first quarter report is expected to show another big rise in sales and profits.  Analysts say Apple sold more than 30 million iPhones during the last three months of 2011 -- double the number of the year before.

Tablet sales, however, might have weakened in anticipation of the iPad 3, which is expected to launch this March.

Copyright 2012 ABC News Radio

Friday
Jan132012

JPMorgan's Fourth Quarter Profit Falls on European Debt Crisis

STAN HONDA/AFP/Getty Images(NEW YORK) -- JPMorgan Chase, the first of the biggest banks reporting their year-end results, said Friday that fourth-quarter profit fell 23 percent but was in line with analysts' expectations.

The largest bank by assets said in a statement that profit fell to $3.73 billion, or 90 cents a share, from $4.83 billion, or $1.12, a year earlier.  Investment banking revenue declined by 30 percent as trading slowed because of the financial crisis in Europe.

Investment bank Keefe, Bruyette and Woods expected strong fourth quarter earnings from JPMorgan, saying it is "top" in the universal bank space given its diversified business mix, strong balance sheet and near-term potential for a return on equity.

David Konrad, an analyst with Keefe, Bruyette and Woods, gave a lower forecast than the consensus for the bank's earnings but gave it the highest of its three ratings, outperform.  Konrad expected 80 cents earnings per share, lower than the consensus of 90 cents.

"We believe these returns were reasonable given the environment, although the return for the fourth quarter was modestly disappointing," Jamie Dimon, CEO of JPMorgan Chase, said in a statement.

Due to the elongated European sovereign debt crisis, Keefe, Bruyette and Woods recently lowered earnings estimates at four of the universal banks, JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley.

Copyright 2012 ABC News Radio

Tuesday
Dec272011

Sears to Close 100+ Stores as Sales Fall

Tom Pennington/Getty Images(HOFFMAN ESTATES, Ill.) -- Sears Holdings Corp. said it will close 100 to 120 of its full-line Sears and Kmart stores as it struggles to attract shoppers.  The company said Tuesday its sales for the fourth quarter so far are off 2.6 percent compared with last year.

In a statement, Chief Executive Officer Lou D’Ambrosio said, "Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce on-going expenses, adjust our asset base, and accelerate the transformation of our business model. These actions will better enable us to focus our investments on serving our customers and members through integrated retail -- at the store, online and in the home."

The company will take a fourth quarter tax-related non-cash charge of $1.6 billion to $1.8 billion.

According to the Hoffman Estates, Ill.-based company, fourth quarter sales at its Kmart stores fell 4.4 percent and Sears domestic stores fell 6 percent for a total decline among all its stores of 5.2 percent.

“Kmart’s quarter-to-date comparable store sales decline reflects decreases in the consumer electronics and apparel categories and lower layaway sales.  Sears Domestic’s quarter-to-date sales decline was primarily driven by the consumer electronics and home appliance categories, with more than half of the decline in Sears Domestic occurring in consumer electronics. Sears apparel sales were flat and Lands’ End in Sears stores was up mid-single digits,” the company said.

Sears said its earnings excluding certain items would be $933 million in the fourth quarter -- half its level of last year.

Copyright 2011 ABC News Radio

Wednesday
May112011

Toyota Reports 77% Drop in Fourth Quarter Profit

TED ALJIBE/AFP/Getty Images(TOKYO) -- Toyota released its latest quarterly report Wednesday, showing a 77 percent drop in profit for the company's fourth quarter.

The Japanese automaker said its net income fell to 25.4 billion yen, or about $314 million, for the three months ended March 31.  During the same time period in 2010, the company made 112.2 billion yen.

Meanwhile, Toyota's fourth quarter sales fell 12 percent and operating profits were down 52 percent from last year.

These sluggish figures are mainly due to the March 11 earthquake and tsunami that struck Japan, causing disruptions in production.

Toyota said on Wednesday that it expects global production to be carried out at 70 percent capacity by June.  Currently, Japanese production plants are operating at half capacity, while North American plants are running at 30 percent capacity due to parts shortages.

Copyright 2011 ABC News Radio

Tuesday
Feb222011

Home Depot Reports 72 Percent Increase in Fourth Quarter Earnings

Photo Courtesy - Tim Sloan/AFP/Getty Images(ATLANTA) -- Home Depot came out with its latest financial report Tuesday, showing an increase in net earnings by 72 percent in the fourth quarter.

The world's largest home improvement retailer said earnings went up to $587 million, or 36 cents per diluted share, for the three months ended Jan. 30, compared to the $342 million it earned in the same time period the year before.

The retailer also said sales increased by 3.8 percent to $15.13 billion in the fourth quarter, up from $14.57 billion in the same quarter the previous year.

"In 2010, we continued to invest in our business and made solid progress against our key initiatives," Frank Blake, chairman and CEO of Home Depot, said.  "We completed the rollout of our Rapid Deployment Centers, an important part of our distribution network; we saw year-over-year improvement in customer service ratings; and we continued progress on our merchandising transformation.  Our actions, coupled with an improving economy, resulted in positive sales growth for the year, the first time since 2006."

Copyright 2011 ABC News Radio

Wednesday
Feb022011

Whirlpool Reports $171 Million in Earnings for 2010's Fourth Quarter

Photo Courtesy - PRNewsFoto/Whirlpool Corporation(BENTON HARBOR, Mich.) -- Whirlpool Corporation came out with its fourth quarter report Wednesday, announcing earnings of $171 million for the last three months of 2010.

The appliance maker's latest figure nearly doubles the amount the company earned during the same time period in 2009, when it made $95 million.

Whirlpool also reported full year net earnings of $7.97 per share compared to earnings of $4.34 per share during the prior year.

Looking ahead, Jeff M. Fettig, chairman and chief executive officer of Whirlpool Corporation, said, "As we enter 2011, we remain focused on delivering higher margin innovations, realizing significant cost productivity, and achieving profitable growth driven by some recovery in demand in the developed economies and by continued strong growth in many emerging markets."

"In 2011, we expect to expand our operating margins despite significant global inflation and generate good levels of free cash flow and further strengthen our financial position," Fettig added.

Copyright 2011 ABC News Radio

Monday
Jan312011

Chrysler Reports Loss in Fourth Quarter; Predicts Gain in 2011

Photo Courtesy - Karen Bleier/AFP/Getty Images(AUBURN HILLS, Mich.) -- Chrysler Group LLC reported Monday it lost $199 million in the fourth quarter of 2010, bringing the automaker's total loss for the year to $652 million.

The company also said its net revenues went down 2.3 percent during this latest quarter, mainly due to reduced shipment volumes as it launched productions of 11 new vehicles.

"All of these vehicles bear testimony to Chrysler's rebirth," said Sergio Marchionne, Chief Executive Officer of Chrysler Group LLC.  "Given the positive comments we have received to date, it can safely be said that what Chrysler delivered last year, on both the product and financial fronts, surpassed many expectations."

"However, our job is not yet done.  We have a lot of work ahead to fulfill our five-year business plan objectives," Marchionne added.

Despite its loss, Chrysler predicts it will come out gaining in 2011, saying it expects to take in a net income between $200 million to $500 million this year.

Copyright 2011 ABC News Radio







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