Earnings News Headlines

Moody's upgrades rating for insurer Amerigroup

Credit rating service Moody's on Friday upgraded its ratings on health insurer Amerigroup based on strong first-quarter earnings and the recent repayment of $260 million in debt.
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Vale confident will win Brazil double tax case-CEO

RIO DE JANEIRO (Reuters) - Brazilian iron ore miner Vale is confident it will win a dispute over taxes the government claims the company owes on earnings abroad, CEO Murilo Ferreira said on Friday. The government has ordered Vale to pay 30.5 billion reais ($15.19 billion) in tax on profits from its foreign subsidiaries. The company said it already paid the taxes to foreign governments and that Brazil's claim is a form of illegal double taxation. Vale, along with other companies and industry associations, is disputing the back taxes in Brazil's highest court. ...

Earnings schedule for week of 5/21/2012

Major companies tentatively scheduled to report quarterly earnings next week:
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Zumiez falls on disappointing 2Q profit outlook

Zumiez Inc.'s shares fell nearly 8 percent on Friday, after the company's second-quarter earnings outlook fell short of Wall Street's expectations.
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ND oil tax 'Legacy Fund' has meager earnings

North Dakota's newly created trust fund for oil taxes has had thin earnings, but the results are in line with a conservative investment philosophy that excludes stocks, money managers said Thursday.
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Earnings Preview: Lowe's to report 1Q results

Home-improvement chain Lowe's Cos. is set to report its fiscal first-quarter earnings result before the market opens on Monday, and analysts will be watching for evidence that shows consumers' willingness to spend on their homes as the spring season kicked off.
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Kenya's 2012 tourism earnings to dip on euro crisis, attacks

NAIROBI (Reuters) - Kenya's white sandy beaches look set to have fewer visitor footprints meandering over them this year. While this may be good news for Europeans seeking escape from economic storms at home, it is bad news for Suresh Sofat's tour firm and other Kenyans hoping to cash in on hard currency earnings - especially after 2011 was year of plenty for them. Sofat, 73, who runs Somak Travel, a 44-year old family business, now sees a difficult time ahead after the euro crisis and deadly attacks blamed on al Qaeda-linked militia have seen travel bookings fall sharply. ...

Bristol Airport under pressure to refinance debt

LONDON (Reuters) - The owners of Bristol Airport may have to stump up some cash to help with the refinancing of 515 million pounds ($814 million) of debt which falls due next year, banking sources said on Friday. The western England airport, owned 50 percent by Macquarie's European Infrastructure Fund 1 and 49 percent by the Ontario Teachers Pension Plan (OTPP), with Sydney Airport holding the remaining 1 percent, has started talks with lenders but the level of debt relative to earnings makes it too risky for banks to agree a straightforward loan extension or refinancing, the sources said. ...
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Kenya's 2012 tourism earnings to dip on euro crisis, attacks

Manchester United's cash reserves halved

Manchester United revealed the financial impact on Thursday of its early exit from the Champions League, with earnings dropping and cash reserves being halved in the first three months of the year.
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Ahead of the Bell: Analyst keeps Gap as top pick

The momentum that Gap Inc. is building is real, an analyst said Friday, as the clothing company's first-quarter revenue climbed and it raised its full-year earnings guidance.
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Gap raises profit outlook, shares rise

(Reuters) - Gap Inc raised its yearly profit forecast, prompted by first-quarter earnings that topped Wall Street estimates and rising sales, and its shares rose 8 percent after hours. For the full year, Gap estimated earnings of $1.78 to $1.83 a share, above the $1.75 to $1.80 it forecast in February. "It's important to remain measured in our outlook given that our biggest selling seasons are still ahead of us," said Chief Financial Officer Sabrina Simmons. Given the first quarter beat, "the current forecast does appear to be conservative," said Betty Chen, an analyst with Wedbush Securities. ...

Ctrip.com shares rise on 1Q results

Shares of Chinese travel agency Ctrip.com International Ltd. rose on Thursday after the company's first-quarter earnings topped expectations despite disappointing revenue.
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Toshiba shares jump as it drops Japan TV operations

Toshiba shares surged almost six percent Thursday after saying it had stopped making televisions in Japan where a strong yen has hurt exports as slow demand and falling prices also ate into earnings.

Stocks fall on Europe, worrisome economic reports

Stocks slipped Thursday after a couple of downbeat economic reports from the U.S. and unease over Europe overshadowed positive earnings from the largest American retailer and an encouraging jobs report.

S.Africa stocks lower as Investec hit

JOHANNESBURG (Reuters) - South African stocks slid nearly 1 percent on Thursday, as investment bank and asset manager Investec was hit after reporting a 26 percent drop in full-year earnings. While overall sentiment was bruised by deepening turmoil in Greece and Spain, gold miners rose, due to a recovery in the price of bullion. Shares of Investec fell 2.3 percent to 42.35 rand, after the bank reported full-year earnings that were down by a quarter, hit by exposure to Australia and a weak investment banking unit. ...

Trans World Entertainment returns to profit in 1Q

Trans World Entertainment Corp. returned to a profit in its fiscal first quarter as expenses declined. Its stock soared to a new high after the earnings were released.
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StanChart Kenya Q1 profit up 41 pct

NAIROBI (Reuters) - Standard Chartered Bank of Kenya posted a 41 percent rise in quarterly pretax profit, helped by higher revenue and a smaller provision for bad debt. "Consumer banking income momentum has continued while wholesale banking has also had a strong start to the year with a record performance in client income," chief executive Richard Etemesi said on Thursday. "Both the businesses enter the second quarter with good momentum, but we remain vigilant about the global outlook and the uncertainties within the political and economic environment in Kenya. ...

Tiffany raises dividend 10 percent

(Reuters) - Upscale jeweler Tiffany & Co raised its dividend for the 11th time in 10 years on Thursday. The quarterly dividend will be increased by 10 percent to 32 cents per share from 29 cents. Tiffany will report quarterly earnings next week, with analysts expecting a profit of 69 cents per share on revenues of $816.9 million. A year earlier it earned 67 cents a share. (Reporting By Phil Wahba; editing by Jeffrey Benkoe)

Barclays upgrades Canadian Pacific Railway

(Reuters) - Canadian Pacific Railway Ltd has the potential to nearly double its earnings as a grueling battle between the company and its largest shareholder brings in more operational discipline, Barclays Capital said, upgrading the stock to "overweight." Canadian Pacific Railway, Canada's second-biggest railroad operator, is fighting for shareholder support against its biggest shareholder Pershing Square Capital Management, which wants to replace CEO Fred Green with Hunter Harrison, former head of Canadian National Railway. ...
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South Korea may limit exports to Iran on payment concerns: sources

SEOUL (Reuters) - South Korea is considering cutting its exports to Iran - mainly steel, cars and electronics - to reduce the risk of payment defaults as sanctions strangle Iran's earnings from oil exports, two sources with knowledge of the issue said. Export quotas could be imposed on products including Samsung Electronics' mobile phones and Hyundai Motor's vehicles, one of the sources said. ...
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Investec full-year earnings fall

JOHANNESBURG, MAY 17 - South African investment bank and asset manager Investec posted a 25.9 percent decline in full-year earnings due to bad loans hitting its Australian unit and a weak performance by its investment banking arm. Investec, which is also listed in London, said diluted adjusted earnings per share totalled 30.1 pence in the year through March, compared with 40.6 pence a year earlier. Investec warned in March adjusted and headline earnings per share would decline as much as 27 percent. ...
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S.Africa's Tsogo Sun FY profit up 12 pct

JOHANNESBURG, May 17 - Africa's biggest hotels and casino operator Tsogo Sun Holdings reported a 12 percent in full year profit as low interest rates and higher wages boost demand for leisure spending. Tsogo, 40 percent-owned by brewer SABMiller, said adjusted headline earnings per share totalled 121.5 cents in the year to end March compared with 108.5 cents. Consumer are warily spending again in Africa's biggest economy thanks to decades-low interest rates and above-inflation wage settlements Tsogo said it had enough cash to pursue its growth strategy. ...
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AIG to sell AIA shares after lock-up ends in September

(Reuters) - Bailed-out insurer American International Group Inc will sell its shares in Asian insurer AIA Group Ltd after a lock-up period expires in early September, Chief Executive Bob Benmosche said on Wednesday. Benmosche said the shares "will be liquidated after September 4," according to a transcript of AIG's annual shareholder meeting on its website. He said the sale would help decrease volatility in AIG's earnings. AIG spun off two-thirds of AIA in 2010 as part of a package of asset sales to repay its $182 billion U.S. government rescue. ...

Barclays Kenya Q1 profit beats market expectations

NAIROBI (Reuters) - Rising total interest income buoyed Barclays Bank of Kenya's profit defying high interest rates and inflation to beat market expectations. The bank, majority owned by British lender Barclays, said in a statement on Wednesday that pretax profit rose 21 percent to 2.9 billion shillings for the first three months to the end of March. ...

Earnings News Headlines - Yahoo! News