General Motors, (
GM: chart), added that special items came to an increase of 37 cents a share, including its sale of stake in Suzuki. The company said its adjusted loss, including the health care charge but excluding the special items, totaled 94 cents a share. The company didn’t meet analysts’ forecasts for a GM loss of 44 cents a share. GM announced that sales advanced 14.1% to $52.2 billion. GM posted a gain of just over 4 % in global vehicles sales in Q1, but a drop of 5 % in the U.S. market, where its strategy depends on the success of a new line of sport-utility vehicles.
EMC Corp, (
EMC: chart), storage networking company, reported Q1 earnings of $275.2 million, or 11 cents a share, up from a profit of $269.8 million, or 11 cents a share a year-ago. If not for charges and expenses related to stock option compensation, the company earned 16 cents a share in Q1, up from a year-ago equivalent profit of 12 cents a share. Analysts expected a profit of 11 cents a share, including the options expense. Revenue advanced 14% in Q1. The company also added it plans to buy back up to $2.5 billion worth of its common stock through the rest of this year.
Nokia Corp, (
NOK: chart), maker of mobile phones, reported Q1 net profit advanced 21% to 0.25 euros a share from a year ago owing to 29% sales growth. Mobile phone sales grew 30% to 5.87 billion euros while enterprise solutions sales dropped 39%. Operating margin dropped to 14.4% from 15.1% a year ago. Nokia''s device market share advanced by 3 percentage points to 35%.
Marriott International Inc, (
MAR: chart), hotel operator, reported that Q1 net income dropped 55% to 29 cents a share, in the wake of a one-off after tax charge of $105 million resulting from the adoption of new accounting rules. Adjusted net income advanced 31% to 76 cents a share, topping on that basis analyst estimate of 72 cents a share. Total revenue for Q1 advanced 7% to $2.71 billion. The company added that hotel industry supply in North America is growing modestly, but it is taking a greater share of new hotels being developed internationally.
Bank of America Corp., (
BAC: chart), reported that its net income grew 14% to $4.99 billion from $4.39 billion a year ago. Earnings per share remained unchanged from the same period last year at $1.07. Q1 results include 5 cents a share in expenses for a new rule for options accounting. The company beat analysts’ expectations for the company to earn $1 a share, including the options expensing cost.
Orbital Sciences Corp., (
ORB: chart), commercial and military rocket manufacturer, reported Q1 net income advanced 43% to 14 cents a share on 15% revenue growth, beating analysts forecasts for earnings of 12 cents a share.
Danaher Corp, (
DHR: chart), manufacturer of industrial tools, reported Q1 net income of 67 cents a share, up from 58 cents in the year-ago period. Adjusted profit for Q1 came at 66 cents a share, up about 20%, while sales totaled $2.14 billion, up 17.5% from $1.83 billion in the prior year quarter, including growth from existing businesses of 7.5%. The company beat analysts’ estimates for earnings of 65 cents a share.
Barnes Group, (
B: chart), maker of precision metal components, reported Q1 net income advanced 61% to 73 cents a share on 9.5% revenue growth. The company now envisages 2006 earnings between $2.55 to $2.65 a share, up by a nickel.
Schering-Plough Corp, (
SGP: chart), pharmaceutical producer, reported that Q1 earnings tripled to 24 cents a share, from 7 cents a share in the year-ago period on 7.7% higher sales. Q1 figure includes 2 cents for costs of stock-based compensation. The company topped analysts’ estimate of 14 cents for Q1.
Textron Inc, (
TXT: chart), provider of products and services in industry, reported Q1 net income advanced 33% to$1.26 a share, from 91 cents in the year-ago period on 16% revenue growth. Earnings from continuing operations almost doubled to $1.19 a share against 61 cents. The company topped analysts’ views for earnings of $1.06. Revenue grew to $2.63 billion from $2.27 billion.