Established 1999
123jump.com - U.S. Financial Information Archive: 90,000 Annual and 10-K reports – 20,000 Global news stories - 3,500 IPO reports - 1,700 - Earnings Calls – 320 Fund Interviews – 10-year Annual earnings on 4,500 stocks – 20 Quarterly earnings on 3,600 stocks – 1,800 IPO prospectuses – 1,200 Economic data releases
     
   
 
Earnings Analysis: 
Berkshire Posts Rise in Q3 Profit
Author: George Shopov
123jump.com



Email article | Print article

Berkshire Hathaway, the holding company run by billionaire investor Warren Buffett, said Friday its quarterly earnings soared 58% boosted by investment gains.

 
Berkshire Hathaway Inc. (BRKA: chart) reported Friday a 58% increase in its quarterly profit, boosted by higher insurance premiums and investment gains. The investment holding company posted net income of $1.81 billion, or $1,176 a share, for its fiscal 2003 third quarter, compared with $1.14 billion, or $744 a share, in the same period a year earlier. The EPS are high as the company has relatively few shares outstanding. Excluding investment gains, Omaha, Nebraska-based Berkshire said earnings were $1.35 billion, up 38% from $ 977 million, a year ago. Revenue surged 72% to $18.23 billion, for the quarter ended September 30, from $10.6 billion. The company, which is run by billionaire investor Warren Buffett, said its acquisition of grocery distributor McLane Co. contributed to the results.

Company shares closed Friday unchanged at $80,000.

DTE Energy Company (DTE: chart) posted Friday a drop in its third-quarter profit, citing mild summer weather, a July windstorm and the August blackout in the Northeast which hurt its two utilities. The Detroit, Michigan-based power company said it earned, excluding items, $114 million, or 67 cents a share, down 5% from $120 million, or 72 cents a share, a year ago. Revenue eased slightly to $1.65 billion from $1.66 billion.

Company shares closed Friday at $35.45, down 24 cents, or 0.67%. The stock dropped a penny to $35.44 in after-hours trading.

DRS Technologies, Inc. (DRS: chart) of Parsippany, New Jersey, said before market open Friday its net earnings rose 22% to $9.4 million, or 41 cents a share, for the fiscal second quarter, from $7.7 million, or 44 cents a share, in the prior year. Analysts had called for profit of 39 cents a share. The defense technology company said it benefited from new orders for products and services.

The stock climbed up 4.56% on Friday to $26.85.

MTR Gaming Group, Inc. (MNTG: chart), the Chester, West Virginia-based owner of Mountaineer Racetrack & Gaming Resort, posted Friday third-quarter income of $6 million, or 21 cents a share, down slightly from last year’s profit of $6.2 million, or 22 cents a share, but ahead of analysts’ projections for earnings of 19 cents a share. Earnings before items increased to $17.6 million from $14.7 million, in the year-ago period.

The stock rose 1.31% to close Friday at $10.82.

Moog Inc. (MOGA: chart) said Friday its fourth-quarter earnings increased more than 15% on strong demand for its precision control parts for military aircraft. The East Aurora, New York-based defense contractor said it earned $11.8 million, or 75 cents per share, for the quarter ended September 27, from $10.3 million, or 67 cents a share, a year ago. Results were in line with Wall Street’s expectations.

Moog’s stock dipped 25 cents on Friday to $43.05.

Great Lakes REIT (GL: chart) of Oak Brook, Illinois, posted before market open Friday funds from operations of $6.7 million, or 42 cents a share, for its fiscal third quarter, down 18% from $8.2 million, or 50 cents a share, in the same quarter last year, when results included a gain on the sale of properties. The real estate investment trust said net profit dropped 58% to $4.33 million, or 21 cents a share, in contrast to $10.4 million, or 57 cents a share, a year ago. The company cited “subdued' leasing activity as main factor for the decline in profit.

Company shares edged up 21 cents, or 1.33%, to $15.96 on Friday.

BioSource International, Inc. (BIOI: chart) reported Friday a third-quarter net loss of $81,000, reversing from a year-ago net income of $951,000. The Camarillo, California-based producer of immunological and molecular biological products said results were due to sluggish spending from the major Biotech and Pharmaceutical companies. Sales were up 6% to $10.7 million.

The stock plunged 4.64% to close Friday at $7.19.

Carlsberg A/S ((CARCB.CO)), the Danish brewer based in Copenhagen, announced Friday a third-quarter profit of 586 million kroner ($90 million) for the period ending Sept. 30, up from 489 million kroner a year ago. The company attributed the results to higher sales in southern Europe and a reduction in debt. Revenue for the quarter jumped 5% to 9.86 billion kroner ($1.5 billion) from 9.4 billion kroner, in the prior-year period.

TOTAL S.A. (TOT: chart) said Friday its fiscal third-quarter earnings rose 6.4% to €1.71 billion ($1.95 billion) from €1.61 billion, in the 2002 comparable period. Results of the French oil company fell short of analysts’ expectations for profit of more than €1.73 billion ($1.97 billion). The company blamed the weaker dollar and the poor conditions for chemicals for the lower-than-expected results. Revenue slipped 4% to €24.47 billion ($27.92 billion) from €25.42 billion a year ago.

Company shares gained 65 cents on Friday to $78.31.

WGL Holdings, Inc. (WGL: chart), the Washington, DC-based parent company of Washington Gas Light Co., said Friday it expects to post first quarter 2004 earnings in the range of 77 cents to 81 cents a share. For the full-year, the company views earnings in the range of $1.60 to $1.70 a share, which is below the average analysts’ estimate of $1.81 a share.

The stock shed 23 cents to $26.27 at market close Friday.
  1 More: Earnings Archive

 



 
© 1999-2008 123jump.com. All rights reserved