Corporate :: Profits

Wells Fargo’s profits tumble as mega bank struggles to rebound from sales scandal

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Wells Fargo’s profits tumble as mega bank struggles to rebound from sales scandal


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Tight leash on costs helps Citigroup trump Wall Street view

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Tight leash on costs helps Citigroup trump Wall Street view


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Auto supplier Denso: $1B investment in Tennessee plant in bid for electric vehicle profits

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Auto supplier Denso: $1B investment in Tennessee plant in bid for electric vehicle profits


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Delta to increase profit sharing for employees

ajc.com

Delta to increase profit sharing for employees


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Micron reports ‘exceptional’ sales, profits but will cut hundreds of Boise jobs

idahostatesman.com

Micron reports ‘exceptional’ sales, profits but will cut hundreds of Boise jobs


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Equifax CEO's quiet $70 million stock profit

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Equifax CEO's quiet $70 million stock profit


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U.S. diesel margins to drive refiner profits for third quarter and beyond
NEW YORK (Reuters) - U.S. refiners are set to blow past quarterly earnings expectations after margins surged to a two-year peak on the back of a crippling hurricane season that squeezed already tight gasoline and diesel supplies. A series of hurricanes, most notably Harvey, which struck Texas in late August sapped demand for crude oil and led to crushing gasoline lines in various parts of the U   Read More ...
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EBay's profit forecast disappoints, shares fall
(Reuters) - EBay Inc warned Wall Street on Wednesday that profit this quarter could fall below analysts’ estimates as it invests in marketing and a revamped website to attract more shoppers, sending shares down more than 5 percent in after-hours trade. The online marketplace is making a big push to catch up to Amazon.com Inc with three-day guaranteed delivery and a more user-friendly website, hoping to distinguish itself as a haven for specialty items rather than commodity products   Read More ...
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Our renewable energy projects don't make us much profit yet, BP's Bob Dudley says
BP's renewable energy projects aren't having much of an impact on the group's profits yet, the oil giant's CEO told an audience in London Wednesday. "We love our wind farms in the United States and our biofuels in Brazil and we continue to invest in these businesses and they're profitable," BP's Bob Dudley told an audience in London where he was speaking on the subject of energy transition, "but it's fair to say they don't, as yet, make a material difference to the bottom line," Dudley said   Read More ...
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Adobe shares jump more than 5 percent on 2018 profit forecast
Adobe shares climbed more than 5 percent in extended trading on Wednesday, after the company provided a 2018 profit forecast that topped analyst estimates. Earnings this year will be $5.50 a share, well above the $5.21 average estimate from analysts polled by Thomson Reuters. The company provided the forecast at a financial analyst conference in Las Vegas. Adobe's transition to the cloud has spurred sales growth and lifted the stock almost 50 percent in the past year   Read More ...
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Adobe forecasts FY18 profit above estimates, shares surge
(Reuters) - Photoshop maker Adobe Systems Inc forecast better-than-expected revenue and profit for fiscal 2018 due to growth in its cloud business, sending its shares up 8 percent in extended trading. The company said on Wednesday it expects revenue of $8.7 billion and profit of around $5.50 per share for fiscal 2018. The shift to a cloud-based subscription has brought a more predictable revenue stream for Adobe, by selling its software through web-based subscriptions, and not through the sale of packaged-licensed software   Read More ...
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Adobe forecasts fiscal 2018 revenue, profit above expectations
(Reuters) - Photoshop maker Adobe Systems Inc forecast better-than-expected revenue and profit for fiscal 2018 on growth in its cloud business, sending its shares up 5 percent in extended trading. The company said on Wednesday that it expects revenue of $8.7 billion and profit of around $5.50 per share for fiscal 2018. Reporting by Laharee Chatterjee; Editing by Sriraj Kalluvila.   Read More ...
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EBay's adjusted profit forecast disappoints, shares fall
(Reuters) - EBay Inc forecast current-quarter adjusted profit that was largely below analysts’ estimates as the company continues to ramp up spending to tweak its e-commerce platforms. The company’s shares fell 4.4 percent to $36.3 in after-hours trading on Wednesday. EBay also reported 168 million active buyers in the third quarter, compared with analysts’ estimate of 171 million, according to data and analytics firm FactSet   Read More ...
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Office Space: Idle Profits mobile game opens a PC branch
Kongregate announced today that Office Space: Idle Profits is now available for PC via Steam. The clicker game, based on the cult classic 1999 comedy, first came out for iOS and Android in April. Idle Profits is the No. 115 ranked game in the U.S. Apple App Store, according to App Annie. Moving to PC can introduce the title to a new audience   Read More ...
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UPDATE 1-Abbott tops profit estimates on strong medical device sales
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Akzo Nobel third quarter earnings miss; company issues second FY profit warning
Akzo Nobel, the Dutch maker of Dulux paint, reported lower-than-expected third-quarter operating earnings of 383 million euros ($451 million) on Wednesday, citing "headwinds" at its marine coatings business and margin pressures from rising raw material costs. It said earnings before interest and taxes for the year would now be about flat from 2016 -- its second warning since saying in July it was on track to meet the goal of 100 million euros in EBIT growth it had promised as part of its rationale for rejecting a 26-billion-euro takeover from PPG Industries in May   Read More ...
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UPDATE 2-Zalando to launch beauty range as investment dents profits
* Q3 sales growth 27.5-29.5 pct vs analyst consensus for 27 pct * EBIT seen between +5 mln euros and -5 mln euros * Full year guidance confirmed (Adds analyst comments, background) By Emma Thomasson Zalando, which is already investing heavily in logistics and technology as Amazon makes a big push into fashion, said it would start selling third-party cosmetics, skin care and fragrance brands at a range of prices in Germany in spring 2018   Read More ...
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UPDATE 2-Higher costs prompt Flybe profit warning in tough year for airlines
* Regional airline warns that interim profit to fall * Higher maintenance costs weigh on performance * Flybe is latest example of tough airline market (Adds share price, analyst reaction) LONDON, Oct 18 (Reuters) - British regional airline Flybe warned on Wednesday that first-half profit would be lower than expected, sending shares tumbling as higher maintenance costs compounded a tough airline market   Read More ...
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Dutch company AkzoNobel profit falls 24 pct in tough market
THE HAGUE, Netherlands (AP) — Dutch paints and chemicals company AkzoNobel says its net profit fell by 24 percent in the third quarter to 216 million euros ($254 million) as higher raw material costs and unfavorable exchange rates canceled out a slight rise in revenue. Sales have edged up by 1 percent to 3.62 billion euros ($4.25 billion) compared to the same quarter last year   Read More ...
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Dutch company AkzoNobel profit falls 24 pct in tough market
THE HAGUE, Netherlands (AP) — Dutch paints and chemicals company AkzoNobel says its net profit fell by 24 percent in the third quarter to 216 million euros ($254 million) as higher raw material costs and unfavorable exchange rates canceled out a slight rise in revenue. Sales have edged up by 1 percent to 3.62 billion euros ($4.25 billion) compared to the same quarter last year   Read More ...
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UPDATE 1-Flybe warns on first-half profit, blames higher maintenance costs
(Adds detail, quotes) LONDON, Oct 18 (Reuters) - British regional airline Flybe warned on Wednesday that first-half profit would be lower than expected, blaming higher costs related to aircraft maintenance. The firm said it now expected a first-half adjusted profit before tax in the range of 5-10 million pounds ($6.6-$13.2 million), down from 15.9 million pounds in the first half of its 2016-17 year   Read More ...
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UPDATE 1-Akzo Nobel Q3 earnings miss; company issues second FY profit warning
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Stocks making the biggest moves premarket: UNH, MS, JNJ, HOG, CMA, NFLX & more
Check out which companies are making headlines before the bell: UnitedHealth Group – The nation's largest health insurer reported adjusted quarterly profit of $2.66 per share, ten cents a share above estimates. Revenue was slightly short of forecast, but the company is also predicting full-year profit of $10 per share, 13 cents a share better than consensus forecasts. Morgan Stanley – The investment firm came in 12 cents a share above estimates, with quarterly profit of 93 cents per share   Read More ...
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Madame Tussauds-owner Merlin warns on profit after attacks deter tourists
Merlin Entertainments, operator of tourist attractions such as Madame Tussauds waxworks, warned on full-year earnings on Tuesday, blaming a dip in trading in its key summer period on a series of attacks in Britain, sending its shares tumbling. The stock fell up to 21 percent after Merlin forecast core earnings for 2017 in the range of 470 million pounds to 480 million pounds ($622-$636 million)   Read More ...
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Wall Street banks look beyond trading to drive profits
NEW YORK (Reuters) - Wall Street rivals Goldman Sachs Group Inc () and Morgan Stanley () topped analyst expectations on Tuesday, reporting third-quarter earnings gains from a range of products and services despite an industry-wide decline in bond trading. Goldman’s private equity investments helped fuel its earnings beat, while Morgan Stanley’s wealth management unit delivered record revenue and profit margins. Both reported higher investment banking revenue than the year-ago period and kept a lid on expenses relative to revenue   Read More ...
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New cancer drugs help J&J top profit estimates
(Reuters) - Johnson & Johnson () reported a higher-than-expected quarterly profit and raised its full-year forecast as the company gained from strong sales of its new cancer drugs. Shares of J&J, part of the Dow Jones Industrial Average .DJI, were up 1.3 percent in premarket trading on Tuesday. Higher demand for its blood cancer drugs, Darzalex and Imbruvica, and the addition of high-margin treatments for rare diseases from its $30 billion acquisition of Actelion are expected to boost the company’s earnings in the coming quarters   Read More ...
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Goldman Sachs 3Q results beat forecasts despite trading drop
NEW YORK (AP) — Goldman Sachs' third-quarter profits fell 3 percent from a year earlier, as the trading desks at Wall Street's biggest investment bank were weighed down by a slow summer that also impacted most of its competition. The results still beat analysts' forecasts, however. The Wall Street bank said it earned a profit of $2.04 billion, or $5.02 a share, compared with a profit of $2   Read More ...
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UPDATE 2-Strong drug sales, Actelion buy power J&J's profit beat
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Strong drug sales, Actelion buy power J&J's profit beat
(Reuters) - Johnson & Johnson () reported a higher-than-expected quarterly profit and raised its full-year forecast, driven by strong demand for its new cancer drugs and gains from its acquisition of Swiss biotech Actelion. Shares of J&J, part of the Dow Jones Industrial Average .DJI, were up 1.6 percent at $138.3 in premarket trading on Tuesday. Higher sales of cancer drugs Darzalex and Imbruvica helped the company post a 15   Read More ...
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Morgan Stanley's wealth management unit drives quarterly profit
(Reuters) - Morgan Stanley () posted an 11 percent rise in quarterly profit as strength in wealth management and investment banking businesses more than made up for a slowdown in trading. The bank’s wealth management revenue rose 8.7 percent to $4.22 billion - its highest ever, while investment banking revenue rose 12.7 percent to $1.38 billion. Bond trading revenue, however, fell 20 percent to $1   Read More ...
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Pharma business, Actelion buy drive J&J's profit beat
(Reuters) - Johnson & Johnson () reported a higher-than-expected quarterly profit, driven by its pharmaceutical business and its recent acquisition of Swiss biotech Actelion and other businesses. Shares of J&J, part of the Dow Jones Industrial Average .DJI, were up 1.4 percent at $138 in premarket trading. The company, which makes everything from Band-Aids to blockbuster rheumatoid arthritis drug Remicade, completed the $30 billion acquisition of Actelion in June, giving it access to high-price, high-margin medicines for rare diseases   Read More ...
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Morgan Stanley's profit rises despite trading slump
(Reuters) - Morgan Stanley () posted an 11 percent rise in quarterly profit as strength in investment banking and wealth management businesses more than offset a slowdown in trading. Earnings applicable to common shareholders rose to $1.69 billion from $1.52 billion a year ago. Earnings per share rose to 93 cents from 81 cents. Revenue rose 3 percent to $9.20 billion from a year earlier   Read More ...
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Apple upgraded because $1,000 iPhone will ‘extract’ more profits from consumers
Apple's rollout of more expensive iPhone models this year will boost the smartphone maker's profits, according to one Wall Street firm. KeyBanc Capital Markets raised its rating on Apple shares to overweight from sector weight, predicting the company will report better-than-expected earnings next year. "Apple's introduction of iPhone X at a $999 entry price, its increase to iPhone 8/8+ prices, and its change to storage step-up pricing collectively represent a more aggressive strategy to segment its customer base and extract incremental gross profit from its users than we previously expected," analyst Andy Hargreaves wrote in a note to clients Sunday   Read More ...
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Wells Fargo’s profits tumble as mega bank struggles to rebound from sales scandal
The bank reported disappointing profits Friday, bucking the trend set by its biggest competitors. The state of Ohio decided this week to extend a ban on working with the bank, and lawmakers are questioning whether Wells Fargo has paid a big enough price for its misdeeds. Wells Fargo was dethroned as the world's most valuable bank after the scandal hit, but now it's slipping further behind   Read More ...
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Cairo Poultry Net Profit Rises in Nine Months
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Small rockets, big profits: Alaska Aerospace looks to commercial market for future
Growing demand for smaller satellites plays into company’s strength, CEO says Craig Campbell, President and CEO of the Alaska Aerospace Corporation, presents “Alaska … Where the Last Frontier Meets the Final Frontier” at the Juneau Chamber of Commerce luncheon at the Moose Lodge on Thursday, Oct. 12, 2017. (Michael Penn | Juneau Empire) Craig Campbell remembers the night when they tested the missiles   Read More ...
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U.S. banks beat profit estimates despite trading slump
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Wells Fargo’s profits tumble as mega bank struggles to rebound from sales scandal
Wells Fargo’s slump in the wake of its year-long sales scandal is deepening. The bank reported disappointing profits on Friday, bucking the trend set by its biggest competitors. The state of Ohio decided this week to extend a ban on working with the bank, and lawmakers are questioning whether Wells Fargo has paid a big enough price for its misdeeds. Wells Fargo was already dethroned as the world’s most valuable bank after the scandal hit, but now it is slipping further behind   Read More ...
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Wells Fargo reports profit decline due to legal costs
Wells Fargo is reporting an 18 percent decline in third-quarter profits, caused by a significant increase in the bank's legal expenses. Wells Fargo reports profit decline due to legal costs Wells Fargo is reporting an 18 percent decline in third-quarter profits, caused by a significant increase in the bank's legal expenses. Wells Fargo reports profit decline due to legal costs Wells Fargo is reporting an 18 percent decline in third-quarter profits, caused by a significant increase in the bank's legal expenses   Read More ...
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Juniper price target dropped, shares plunge after profit and revenue warning
At least seven analysts lowered their price targets for Juniper Networks Inc. after the high-performance network provider issued a profit and revenue warning late Wednesday, blaming lower-than-expected revenue for the company’s cloud computing vertical. The company now sees third-quarter revenue of between $1.25 billion to $1.26 billion, compared with previous guidance of between $1.29 billion and $1.35 billion. Juniper cut its per-share adjusted profit expectations to $0   Read More ...
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Bank of America profit rises on higher rates, lower costs
(Reuters) - Bank of America Corp () reported a 15 percent rise in third-quarter profit on Friday as the lender kept a tight leash on costs and benefited from higher interest rates. Chief Executive Brian Moynihan’s years-long effort to streamline the United States’ second-largest bank and keep its costs in check are finally bearing fruit as the Federal Reserve raises borrowing costs   Read More ...
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Wells Fargo's legal headaches are hurting its profits
Wells Fargo's pre-crisis subprime mortgage troubles are coming back to haunt it a decade later. The big bank said on Friday that third-quarter profits tumbled by 18% because it set aside $1 billion for legal expenses. Wells Fargo said the legal costs are linked to federal and state investigations over its sale of subprime and other mortgages prior to the Great Recession   Read More ...
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Bank of America 3Q profits rise 13 percent, beat forecasts
NEW YORK (AP) — Bank of America's third-quarter profits jumped 13 percent, the bank said Friday, helped by higher interest rates and an increase in lending. The Charlotte-based bank said it earned $5.59 billion in the third quarter, or 48 cents per share, compared with $4.96 billion, or 41 cents per share, in the same period year ago. The results beat Wall Street analysts' expectations, which were looking for a profit of 46 cents per share, according to FactSet   Read More ...
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Consumer banking powers BofA profit beat
(Reuters) - Bank of America Corp’s () profit surged 15 percent in the third quarter as higher U.S. interest rates boosted income from consumer banking and the lender also met its own target on cost control. Shares of the No.2 U.S. bank by assets rose about 1 percent in premarket trade on Friday. Revenue rose across three of BofA’s four main businesses, with consumer banking up 10 percent   Read More ...
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BofA profit rises on higher rates, lower costs
(Reuters) - Bank of America Corp (), the second-largest U.S. bank by assets, reported a 15 percent rise in quarterly profit as the lender kept a tight leash on costs and benefited from higher interest rates. BofA’s shares rose about 1 percent in premarket trade. The bank's net income attributable to common shareholders rose to $5.12 billion for third quarter ended Sept   Read More ...
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Bank of America profit rises 15 percent on lower costs
(Reuters) - Bank of America Corp (), the second-largest U.S. bank by assets, reported a 15 percent rise in quarterly profit as the lender kept a tight leash on costs and benefited from higher interest rates. Net income attributable to common shareholders rose to $5.12 billion for third quarter ended Sept. 30 from $4.45 billion in the year-ago period. Earnings per share rose to 48 cents from 41 cents   Read More ...
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