Lockheed Martin (
LMT: chart) said Tuesday that 1Q earnings surged 27% from a year earlier and boosted guidance for fiscal 2005. Net income climbed to $369 million, or 83 cents per share, in the January-March period from $291 million, or 65 cents per share, a year ago. Sales gained 2% to $8.5 billion from $8.3 billion last year.
Lockheed Martin Corp. raised its 2005 outlook. Earnings are now expected to range between $3.35 and $3.55 per share on sales of $36.5 billion to $38 billion. Analysts are predicting full-year profit of $3.34 per share on sales of $37.16 billion.
The third-largest upscale U.S. hotel chain
Hilton Hotels Corp. (
HLT: chart) Tuesday said quarterly profit soared 73% as a recovery in business travel bolstered higher room rates and management fees.
1Q net income climbed to $64 million, or 16 cents per share, from $37 million, or 10 cents per share, a year earlier.
The New-York based
American Express Co. (
AXP: chart), the consumer finance and travel company, posted a 19% growth in earnings for 1Q, on strong growth in the company’s card business. Profits totaled a record $946 million, or 75 cents a share, in the January-March period, up vs. $794 million, or 61 cents a share, a year earlier. The results were in line with the 75 cents a share expected by analysts.
Revenue for the first quarter was $7.57 billion, up 10% from $6.91 billion a year earlier.
Convenience store operator
7-Eleven Inc. (
SE: chart) Tuesday posted a four-fold surge in 1Q profit on rising gasoline and merchandise sales. The company also raised its forecast for full-year.
Quarterly income jumped to $20.9 million, or 18 cents per share, vs. $4.1 million, or 4 cents, in the year-earlier period. Excluding items, core earnings grew 17% to $15.1 million, or 13 cents per share.
Revenue for the period totaled $2.98 billion, 9% up from $2.74 billion a year earlier and in line with the analysts’ forecasts. Merchandise sales grew by 5% percent to $1.87 billion.
7-Eleven forecasts full-year income of $1.12 to $1.16 per share, up from the earlier estimate of $1.08 to $1.12 per share. Analysts are looking for a full-year profit of $1.11 per share on $12.98 billion in sales.
Coach Inc. (
COH: chart) said on Tuesday its 1Q earnings grew 53% on strong sales of its upscale accessories and wider profit margins, and the company boosted its forecast for 2005 and 2006.
Net income for the third fiscal quarter ended April 2 surged to $89 million from $58 million a year earlier, and earnings per share increased to 23 cents from 15 cents the prior year. Wall Street analysts forecast earnings of 22 cents per share.
Net sales in the 3Q were $416 million, 33% up vs. the $313 million reported in the same period of the previous year.
Coach said it expected 2005 sales of over $1.7 billion for the full fiscal year ending July 2, 2005 and earnings per share of at least 97 cents. Analysts are expecting 2005 EPS of 95 cents.
BP PLC (
BP: chart) said its 1Q earnings climbed by more 30%, boosted by oil prices, high refining margins and increased petroleum production.
BP reported 1Q profit of $6.66 billion, or 25.61 cents a share, up 35% vs. $4.95 billion, or 19.3 cents, in the first quarter of 2004. Revenue was $79.8 billion, up 16% vs. $69 billion a year ago. The company reported exceptional gains of $535 million in the latest quarter, mainly attributable to the sale of a Norwegian gas field, compared to one-time gains of $776 million in 1Q of last year.
BP said it realized average crude prices of some $43.37 a barrel, vs. $31.30 a barrel in the year-earlier period and $41.01 a barrel in 4Q of 2004.
Average global margins for the quarter came in at $5.94 a barrel in the period, vs. $4.89 a barrel a year ago. Margins for gasoline on the U.S. west coast soared 60% to $12.88 from $8.06.
BP's shares were up 1.6% in late-morning trading in London Tuesday.
DuPont Co., the No. 2 U.S. chemicals maker, posted higher 1Q profit Tuesday mainly on improved operating margins, but the results missed Wall Street expectations.
