earnings
New York (AFP) - Caterpillar reported a jump in profits Thursday as strong pricing for industrial machinery made up for lower volumes, enabling record shareholder payouts. Executives expect the benefit of the price increases -- which were implemented in the second half of 2023 -- to continue but "moderate" as the year progresses, said Chief Financial officer Andrew Bonfield on a conference call with analysts. The company sees costs as "broadly flattish" for the year, with lower freight expenses compensating for increases elsewhere, Bonfield said. Caterpillar, which manufactures and sells equip...
AFP
New York (AFP) - American Airlines reported a quarterly loss Thursday on an uptick in labor and other operating costs as the carrier confirmed its full-year financial forecast. The big US airline lost $312 million in the first quarter even as revenues rose 3.1 percent to $12.6 billion. Executives pointed to a recovery in business travel as a positive sign. But operating expenses jumped 6.9 percent. Categories with significant increases included salaries, wages and benefits; and maintenance, materials and repairs. Labor has been tight throughout the US aviation industry, leading to broad-based ...
AFP
San Francisco (AFP) - Facebook-owner Meta on Wednesday said its quarterly profits soared last quarter, but worries about the cost of artificial intelligence saw its share price take a hit on Wall Street. The company founded by Mark Zuckerberg said that net profit in the January to March period rose to $12.4 billion with total revenue, mainly from selling ads, up an impressive 27 percent, at $36.5 billion. "We estimate that more than 3.2 billion people use at least one of our apps each day and we're seeing healthy growth in the US," Zuckerberg, who is also CEO, told analysts on an investor cal...
AFP
New York (AFP) - Troubled aviation giant Boeing reported a first-quarter loss of $343 million on Wednesday, reflecting recent safety troubles that have slowed production and deliveries. Boeing said it tempered production in the 737 program following a January near-catastrophic incident on an Alaska Airlines jet that has sparked heavy scrutiny from Washington and among Boeing's airline customers. "Our first quarter results reflect the immediate actions we've taken to slow down 737 production to drive improvements in quality," said Chief Executive Dave Calhoun, who will step down at the end of 2...
AFP
New York (AFP) - Tesla reported a big drop in quarterly profits Tuesday amid an increasingly cutthroat electric vehicle market, but shares rallied as CEO Elon Musk pledged to accelerate plans for a more affordable EV. Tesla reported profits of $1.1 billion, down 55 percent from the year-ago quarter on revenues of $21.3 billion, down nine percent as the company described EV sales as "under pressure." But shares rocketed up more than 11 percent in after-hours trading after Tesla pledged to "accelerate" new more affordable autos -- something Wall Street analysts have been clamoring for. The resul...
AFP
New York (AFP) - General Motors reported higher profits Tuesday thanks to continued strength in North America that offset a loss in its China business, enabling the carmaker to lift its forecast. GM, which has benefited from consistently strong demand from US consumers for pickup trucks and other larger vehicles, increased its range for 2024 net income by $300 million to between $10.1 and $11.5 billion. "The team is executing well and making progress across the board," GM Chief Executive Mary Barra said in a letter to shareholders. Net profits in the first quarter rose 24 percent to $3.0 billi...
AFP
New York (AFP) - Tesla CEO Elon Musk faces heightened pressure with Tuesday's earnings report to reassure investors that recent stumbles are simply unexpected speed bumps -- and not indications of a road to decline. The electric car maker, which enjoyed scorching growth for most of 2022 and 2023, has experienced setbacks that analysts say have raised the stakes for the first-quarter report. Tuesday's earnings and conference call are a "moment of truth" for Tesla and Musk, constituting "one of the most important moments in the company's history in our view," said a note from Wedbush. Heading in...
AFP
San Francisco (AFP) - Netflix topped expectations Thursday as it reported 9.3 million new subscribers and profits of $2.3 billion in the first three months of the year. Silicon Valley-based Netflix had bet heavily on its content lineup to win fans, with subscribers now totaling 269.6 million. "With more than two people per household on average, we have an audience of over half a billion people," Netflix said in a letter to investors. "No entertainment company has ever programmed at this scale and with this ambition before." Netflix shares slipped more than 3 percent to $589.64 in after-market ...
AFP
New York (AFP) - Large American banks reported solid earnings Friday behind still-high interest rates while offering varying views on the likelihood the United States can avoid a near-term recession. JPMorgan Chase reported higher profits, citing increased asset management and investment banking fees as well as the lift from lofty interest rates, while Citigroup and Wells Fargo reported dipping profits on higher costs. Compared with a year ago, the banks have seen some uptick in write-offs for bad loans, reflecting the weaker profile of low-income consumers. However, bankers still point to a h...
AFP
New York (AFP) - Delta Air Lines reported another round of strong earnings on Wednesday as it forecast a record second quarter based on consistently strong travel appetite. "Consumer demand is robust and premium trends remain strong," Delta President Glenn Hauenstein said on a conference call with analysts. The big US carrier described consumer taste for travel as still unwavering, with business travel taking "another meaningful step forward this year" after the doldrums of the pandemic years, said Chief Executive Ed Bastian. Delta reported first-quarter profits of $37 million compared with a ...
AFP
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