Lehman Bros. Holdings Inc. reported a 58% rise in profit to $457 million, or $3.37 a share, well beyond analysts' expectations of $2.74, driven by trading gains and merger advisory fees. Lehman also approved a 2-for-1 stock split. Net revenue grew 51% to $2.05 billion, powered by a 117% climb in revenue from stock and bond trading. Lehman pulled in more than $1 billion from trading stocks and bonds, more than double what it made last year. The firm also benefited from its overseas expansion into lucrative businesses such as advising on mergers. Lehman's shares rose $1.31 to close at $146 on the NYSE.
At a Glance
Other earnings, excluding one-time gains or charges unless noted, include:
* Bed Bath & Beyond Inc.'s profit grew 31% in its fiscal second quarter to $43.6 million, or 15 cents a share, a penny better than estimates, as sales jumped 30% to $597 million.
* Dean Foods Co. said its fiscal first-quarter net income fell 5% to $26.4 million, or 74 cents a share, missing forecasts by a penny, because of higher interest expenses related to acquisitions. Sales rose 5.3% to $1.05 billion. The producer of dairy products, salad dressings and pickles also said it formed a new unit to focus on national branded refrigerated dairy and related products.
* International Multifoods Corp., the largest U.S. distributor of food for vending machines, said earnings slipped 2% to $5 million, or 27 cents a share, in its fiscal second quarter, as expected, amid rising distribution costs and interest expenses. Sales rose 3% to $585.3 million.
* Topps Co., maker of baseball cards and lollipops, said earnings more than tripled to $32 million, or 68 cents a share, from $9.9 million, or 21 cents, well beyond the 42 cents analysts expected. Sales climbed 76% to $141.7 million, led by Pokemon products.