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BUSINESS
July 18, 2013 | By Andrew Tangel
NEW YORK -- Morgan Stanley's profit jumped 42% in the second quarter, boosted by trading, wealth management and investment banking. The major Wall Street bank reported $802 million, or 41 cents a share, in second-quarter net income, up from $564 million, or 29 cents, in the same period a year ago. The results included a $152-million charge stemming from the bank's acquisition of the remaining stake in the Morgan Stanley Smith Barney joint venture...
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AUTOS
April 24, 2014 | By Jerry Hirsch
Heavy spending to repair more than 6 million vehicles in the first quarter triggered an 88% plunge in General Motors Co. earnings for the period, compared to a year earlier. The nation's largest automaker said it earned just $108 million, or 8 cents a share, in the quarter, down from the $873 million in profits, or 63 cents a share, it collected in the same period in 2013. Revenue edged up a little more than 1% to $37.4 billion. “It is an understatement to say that the first quarter was challenging for General Motors,” said Mary Barra, the automaker's chief executive.  However, she said, that GM could still produce a profit was a testament to the strength of the company.  The earnings reflected a $1.3-billion charge to fix millions of vehicles recalled globally so far this year, including 2.6 million of GM's Chevrolet Cobalt and other older vehicles equipped with a faulty ignition switch linked to 13 deaths.
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BUSINESS
October 13, 2011
Google Inc said its profit grew 26 percent in the third quarter, as the Internet search leader's revenue jumped 33 percent to $9.72 billion. Google said it earned $2.73 billion in net income in the third quarter. Earnings per share, excluding certain items, were $9.72 during the third quarter, it said.
BUSINESS
April 23, 2014 | By W.J. Hennigan
Boosted by strong sales in its first financial quarter, Boeing Co. beat analysts' estimates largely due to an increased production rate of commercial jetliners. The Chicago aerospace giant reported a profit of $965 million, or $1.28 a share. That's down 12.7% from last year's first-quarter profit of $1.11 billion, or $1.44 a share. Boeing attributed the fall to a $330-million write-off related to changes in its pension plans and a one-time tax credit in 2013. The company's core earnings -- excluding retirement costs and the write-off -- rose to $1.76 per share, up from $1.73 during the same period a year ago. Analysts had expected core profit of $1.56 per share.
BUSINESS
October 5, 2011 | Bloomberg News
Costco Wholesale Corp., the largest U.S. warehouse-club chain, increased membership fees 10 percent after rising costs hurt profit margins in the fourth quarter. Costco will boost annual membership fees to $55 from $50 effective Nov. 1 for U.S. Goldstar or individual members, as well as business and Canada Business members, the retailer said today in a statement. U.S. and Canada executive fees will rise to $110 from $100. The increases will affect about 22 million members, half of them in the executive program, Costco said.
BUSINESS
January 20, 2012 | Bloomberg News
General Electric Co.'s fourth-quarter profit topped estimates after the conglomerate's industrial order backlog rose to a record $200 billion. Profit from continuing operations of 39 cents a share, excluding some items, compared with the 38-cent average estimate from analysts surveyed by Bloomberg, GE said Thursday. Revenue dropped 8%, including the sale of GE's NBCUniversal stake, to $38 billion, lower than the average analyst estimate of $40 billion. Sales were trimmed by about $1 billion because the fourth quarter had six fewer operating days than the year-earlier period, GE said.
BUSINESS
July 30, 2010 | By Alejandro Lazo, Los Angeles Times
Standard Pacific Corp. posted second-quarter earnings of $10.7 million, or four cents a share, the Irvine homebuilder said Thursday. Homebuilding revenue jumped as the average price of homes sold increased, and the company reduced the number of its costly land sales in the quarter ended June 30, helping it rebound from a loss of $23.1 million, or 10 cents a share, in the same period last year. Standard Pacific also said it had increased the number of its approved land purchases, signaling optimism about the future.
BUSINESS
August 20, 2012 | By Shan Li
Home improvement chain Lowe's Cos. reported that profit dropped 10% in the second quarter because of  weak sales and competition from rivals. For the three months ended Aug. 3, the retailer reported net income of $747 million, or 64 cents a share, compared with $830 million, or flat earnings per share, in the same period a year ago. Sales sank 2%, to $14.2 billion from $14.5 billion. "Our results fell short of our overall expectations," said Lowe's Chief Executive Robert A. Niblock in a Monday statement.
BUSINESS
February 12, 2010 | By Meg James
Cost-cutting and robust holiday-season sales of "Transformers: Revenge of the Fallen" and "Star Trek" DVDs propelled Viacom Inc. to a fourfold increase in fourth-quarter profit. Viacom reported Thursday that it earned $694 million, or $1.14 a share, compared with $172 million, or 28 cents, a year earlier. The jump in earnings was, in large part, because of a $454-million restructuring charge taken in the period in 2008. Revenue, however, fell 3% to $4.1 billion for the quarter, reflecting continued weakness in the TV advertising market.
BUSINESS
March 26, 2014 | By Hugo Martin
For the first time since California-based Virgin America was launched, the airline backed by billionaire Richard Branson has reported an entire profitable year. For 2013, Virgin America's net income was $10.1 million, compared with a loss of $145.4 million in 2012, the airline reported Wednesday. The news comes about a month after sources reported that the airline plans to go public later this year. Virgin America Chief Executive David Cush has previously said he was waiting for the carrier to show a profit for several quarters before initiating a public listing.
BUSINESS
April 23, 2014 | By W.J. Hennigan
Boosted by strong sales, Boeing Co. beat analysts' estimates for its first quarter largely because of faster production of commercial jetliners. The Chicago aerospace giant reported a profit of $965 million, or $1.28 a share. That's down 12.7% from $1.11 billion, or $1.44 a share, a year earlier. Boeing attributed the fall to a $330-million write-off related to changes in its pension plans and a one-time tax credit in 2013. The company's core earnings - excluding retirement costs and the write-off - rose to $1.76 a share, up from $1.73 a share a year earlier.
ENTERTAINMENT
April 23, 2014 | By Meg James
The NBC broadcast network, after trailing in the ratings for nearly a decade, could finish the TV season in first place among viewers prized by advertisers. Comcast Corp. executives Tuesday lauded the peacock network's performance, which helped power the Philadelphia cable giant's earnings for the quarter ended March 31. This season, NBC has increased its prime-time audience among viewers ages 18 to 49 - the audience that advertisers pay a premium to reach. "The Blacklist" with James Spader and the singing competition show "The Voice" have been reliable performers.
BUSINESS
April 23, 2014 | By Andrea Chang
Facebook crushed expectations with its first-quarter financial results. The world's biggest social network reported profit of $642 million for the three months ended March 31, nearly three times its profit of $219 million in the year-earlier period. Revenue was up 72%, to $2.5 billion. Excluding one-time items, Facebook's profit was $885 million, or 34 cents a share, compared with $312 million, or 12 cents, in the year-earlier period. Analysts had expected earnings per share of 24 cents on revenue of $2.36 billion, according to Thomson Reuters.
BUSINESS
April 20, 2014 | By Hugo Martin
It may be no surprise that the U.S.-based airline that has drawn the most complaints per passenger over the last five years is Spirit Airlines. After all, the Florida-based carrier is known for super-tight seating and dozens of fees, including charges for soft drinks and carry-on bags. But the executives at the ultra-low-cost carrier are probably not sweating the study results because another report released last week said that Spirit also had the highest profit margin of any U.S. carrier in 2013.
BUSINESS
April 13, 2014 | By Stuart Pfeifer
Jack, the round-headed fictional chief executive in Jack-in-the-Box commercials, is not only a hit on television. He's also popular on Wall Street. In the last year, investors have driven the company's stock price up more than 80% - and industry analysts are bullish about the company's future. Jack in the Box Inc.'s profit was up sharply in its recently completed fiscal first quarter, as sales increased at its flagship restaurants and at the company's other brand, Qdoba Mexican Grill.
BUSINESS
April 11, 2014 | By E. Scott Reckard
California's banking giant, Wells Fargo & Co., reported 14% higher first quarter earnings, powering well beyond Wall Street's expectations as declining loan losses and operating cost cuts offset the slowdown in mortgages at America's largest home lender.  San Francisco-based Wells Fargo, the fourth-largest U.S. bank by assets, said it earned $5.89 billion, $1.05 per share. That compared to $5.17 billion, 92 cents a share, in last year's first quarter. Revenue declined 3% to $20.63 billion.
BUSINESS
July 31, 2010 | By Ronald D. White, Los Angeles Times
Chevron Corp. continued what has been a very big week for most of the world's super-sized oil companies, shattering analyst expectations and tripling its second-quarter profit to $5.4 billion compared with a year earlier. The industry's pumped-up profit provides a fresh target for public anguish over the Gulf of Mexico oil spill, which has fouled beaches in five states since the deadly April 20 explosion of a rig drilling a well for London oil giant BP. "They are thriving when a lot of families are out there suffering," said Tyson Slocum, director of Public Citizen's energy program.
BUSINESS
December 22, 2010 | By Hugo Martín, Los Angeles Times
The nation's airlines continue to show signs of a strong recovery and healthy profits after one of the worst slumps since the terrorist attacks of 2001. Bolstered by growing demand and new fees to check luggage and other charges, U.S. airlines posted the highest third-quarter profit margins in at least four years, according to a financial report released Monday by the U.S. Department of Transportation. Industry analysts predict clear skies for the airlines into the near future.
BUSINESS
April 6, 2014 | By Ronald D. White
Matthew Vella certainly doesn't look like a troll. Vella is the regular-guy chief executive of Acacia Research Corp., which calls itself a patent outsource licensing company. The Newport Beach firm links up with inventors who fear that others are elbowing in on their patents or whose patents aren't making the money they could. "Our clients often can't afford to hire specialists that will help turn those patents into money," Vella said. "They are not looking to sell them necessarily, but if they are looking to get money because people are infringing their patents, we want to be their partner.
OPINION
March 28, 2014
Re "Reining in for-profit colleges," Editorial, March 23 Profit-driven education leads only to greed and corruption. I taught at a for-profit college and was shocked at the quality of students who passed the school's "entrance exam" yet sat clueless in my classroom. These schools prey on poor, desperate individuals looking to better themselves, only to be fooled into enrolling in programs that have no real value. These schools are primarily interested in one thing: money. With recruiters drawing good salaries, you bet their sales pitches are aggressive.
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