US corporate results round up
Aircraft supplier firm Spirit AeroSystems reports a loss
Spirit AeroSystems, a major supplier of aircraft components to Boeing and Airbus, reported a surprise loss for the fourth quarter on charges tied mainly to the Boeing 787 Dreamliner programme. Spirit reported a net loss of $587m (£359m) for the quarter, compared with a profit of $61m a year earlier. Quarterly revenue rose five per cent to $1.49bn.
Kelloggs is back in black but revenues face crunch
Kelloggs, the world’s largest maker of breakfast cereals, yesterday reported lower-than-expected quarterly revenue as sales for cereals fell for the third time in a row in North America. The maker of Rice Krispies said net income attributable to the firm was $818m (£501m), compared to a loss of $32m a year ago. Revenue fell 1.7 per cent to $3.5bn.
AOL advertising takings on the rise but earnings flat
Internet giant AOL yesterday hailed higher advertising sales for a better-than-expected 13 per cent rise in quarterly revenue. The company, which is trying to rely less on its declining dial-up subscription service, has turned its focus to reaping more advertising dollars from marketers through electronic ad sales. Net income attributable to AOL rose to $36m (£22m) from $35.7m a year ago.
Wall Street to roll General Motors forecasts downhill
General Motors reported a weaker-than-expected fourth-quarter profit yesterday as results in North America, Asia and South America disappointed. Several analysts said profit consensus for the biggest US carmaker in 2014 was likely to come down. Net income rose to $913m (£600m) from $892m in the year-earlier quarter, but this includes one-off charges after Chevrolet was axed in Europe.
Dunkin’ Donuts enjoys a coffee and breakfast boost
Dunkin’ Brands, the parent of the Dunkin’ Donuts and Baskin-Robbins chains, beat forecasts yesterday as store traffic and customer spending rose in its US outlets.
Dunkin’, which is rolling out franchises in the UK this year, said sales were helped by strong sales of iced coffee and breakfast sandwiches. Net income rose to $42.1m (£24m) in the fourth quarter from $34.3m a year ago.