Earnings Roundup

Lockheed Martin Corp LMT reported a 10% decline in its Q2 profit. Lockheed Martin's quarterly net earnings dropped to $742 million, or $2.14 per share, from $824 million, or $2.22 per share, in the year-earlier quarter. Its net sales increased to $11.55 billion from $11.28 billion. Excluding one-time items, Lockheed Martin's earnings came in at $2.06 per share. Lockheed Martin lifted its 2011 profit from continuing operations outlook to a range of $7.35 to $7.55 per share, from its earlier forecast of $6.95 to $7.25 per share. Analysts expected a 2011 profit of $7.27 per share. Ford Motor Co F reported upbeat profit for the second quarter. Ford's quarterly net income dropped 8% y/y to $2.4 billion, or $0.59 per share, from $2.6 billion, or $0.61 per share. Excluding one-time items, Ford's profit came in at $0.65 per share. Its revenue climbed 13% to $35.5 billion. Analysts were expecting earnings of $0.60 per share on revenue of $31.59 billion. Hershey Co HSY reported a strong rise in its Q2 profit. Hershey's quarterly profit surged to $130 million, or $0.56 per share, from $46.7 million, or $0.20 per share, in the year-earlier period. The company's revenue rose to $1.33 billion from $1.23 billion. Analysts were expecting earnings of $0.55 per share on revenue of $1.29 billion. Hershey now projects its 2011 earnings per share to rise by 10%. RadioShack Corp RSH reported a decline in its second-quarter profit. RSH reported its quarterly profit at $24.9 million, or $0.24 per share, down from $53 million, or $0.41 per share, in the year-ago period. Its sales declined to $941.9 million from $962.3 million. Excluding one-time items, RadioShack's earnings came in at $0.31 per share. Analysts were expecting a profit of $0.38 per share on revenue of $1.03 billion. Covidien PLC COV reported a 47% rise in its FQ3 net profit. Covidien's quarterly net profit surged to $535 million, or $1.07 per share, from $364 million, or $0.72 per share, in the year-ago period. Its revenue climbed 14% to $2.93 billion. Covidien's adjusted earnings per share gained to $1.01 from $0.85 per share. Analysts were expecting earnings of $0.95 per share on revenue of $2.86 billion. United Parcel Service Inc UPS reported a 26% rise in its second-quarter profit. UPS reported its quarterly profit at $1.06 billion, or $1.07 per share, up from $845 million, or $0.84 per share, in the year-ago period. Its total revenue climbed 8.1% to $13.2 billion. Excluding items, UPS earned $1.05 per share. Analysts were estimating earnings of $1.04 per share on revenue of $13.1 billion. Office Depot Inc ODP released its results for the second quarter on Tuesday. ODP posted a quarterly loss at $29 million, or $0.11 per share, versus a loss of $25 million, or $0.09 per share, in the year-earlier period. Excluding one-time items, the company's loss came in at $0.06 per share. Its sales came in at $2.7 billion. Sales in the company's stores that have been open for more than one year fell 1%. Analysts were expecting a loss of $0.12 per share on sales of $2.73 billion. AK Steel Holding Corp AKS reported downbeat second-quarter earnings. AK Steel reported its quarterly earnings at $33.1 million, or $0.30 per share, up from $26.7 million, or $0.24 per share, in the year-earlier period. Its revenue rose 12% y/y to $1.80 billion. Excluding charges related to state law tax changes, AK Steel's net income came in at $0.32 per share. Analysts were expecting earnings of $0.49 per share on revenue of $1.81 billion. Lexmark International Inc LXK reported a 19% rise in its fiscal second-quarter profit. Lexmark's quarterly profit surged to $101.3 million, or $1.27 per share, up from $85.1 million, or $1.07 per share, in the year-ago period. Its revenue rose to $1.04 billion from $1.03 billion. Excluding one-time items, Lexmark's earnings came in at $1.36 per share. Analysts were expecting earnings of $1.03 per share on revenue of $1.01 billion. CIT Group Inc CIT swung to a second-quarter net loss on Tuesday. CIT posted a quarterly net loss of $48 million, or $0.24 per share, versus a profit of $181.6 million, or $0.91 per share, in the year-earlier period. CIT's total interest income dropped to $602.1 million from $1.024 billion. However, its provision for credit losses dropped to $85 million, from $247 million. Analysts were expecting t a net loss of $0.29 per share. Eastman Kodak Co EK reported a wider-than-expected second-quarter. Kodak posted a quarterly loss at $179 million, or $0.67 per share, versus a year-ago loss of $168 million, or $0.63 per share. Its sales dropped 4.5% to $1.49 billion. Analysts were expecting a loss of $0.61 per share on revenue of $1.54 billion. Its gross margin dropped to 14.2% from 19.5%. National Oilwell Varco Inc NOV released its results for the fiscal second quarter on Tuesday. NOV's quarterly earnings rose to $481 million, or $1.13 per share, from $401 million, or $0.96 per share, in the year-earlier period. Its total revenue gained 19% y/y to $3.51 billion. On continuing basis, NOV's net income came in at $484 million, or $1.14 per share. Analysts were expecting earnings of $1.01 per share on revenue of $3.25 billion. 3M Company MMM reported a 3.4% rise in its second-quarter profit. 3M reported its quarterly earnings at $1.16 billion, or $1.60 per share, up from $1.12 billion, or $1.54 per share, in the year-ago period. Its revenue climbed 14% to $7.68 billion. Analysts were expecting earnings of $1.60 per share on revenue of $7.60 billion. Illinois Tool Works Inc ITW reported downbeat quarterly profit on Tuesday. ITW reported its quarterly earnings at $498.4 million, or $0.99 per share, up from $411.5 million, or $0.81 per share, in the year-earlier period. Its revenue climbed 18% to $4.62 billion. Analysts were expecting a profit of $1.02 per share on revenue of $4.68 billion. GlaxoSmithKline PLC GSK swung to a second-quarter profit. GSK reported its quarterly profit at 1.11 billion pounds ($1.82 billion), versus a year-ago loss of 304 million pounds. Before restructuring charges, GSK's net profit came in at 1.27 billion pounds. Its sales dropped 4.3% to 6.72 billion pounds. Analysts were expecting a profit of 1.29 billion pounds on revenue of 6.65 billion pounds. Occidental Petroleum Corp OXY reported a 71% rise in its fiscal second-quarter profit. OXY's quarterly earnings surged to $1.82 billion, or $2.23 per share, from $1.06 billion, or $1.32 per share, in the year-earlier period. Its total revenue climbed 34% y/y to $6.17 billion. Analysts were expecting earnings of $2.18 per share on revenue of $5.88 billion. UBS AG UBS reported downbeat Q2 profit on Tuesday. UBS reported its quarterly attributable profit at 1.02 billion Swiss francs ($1.27 billion), or 0.26 euro per share, versus CHF2.01 billion, or 0.53 euro per share in the year-earlier period. Analysts were expecting a net profit of CHF1.38 billion. T. Rowe Price Group Inc TROW reported a 29% rise in its second-quarter profit. TROW posted its quarterly profit at $204.7 million, or $0.76 per share, up from $158.5 million, or $0.59 per share, in the year-ago period. Its net revenue climbed 24% to $713.7 million. Analysts were expecting earnings of $0.77 per share on revenue of $710 million. Deutsche Bank AG DB reported a 3.3% rise in its second-quarter net profit. Deutsche Bank's quarterly net profit rose to 1.2 billion euros ($1.7 billion), and earnings per share dropped to 1.24 euros from 1.60 euros. Analysts were expecting a profit of 1.32 billion euros. Its total noninterest income surged 27% to 4.05 billion euros, while net interest income after provisions for credit losses rose 8% to 4.03 billion euros. BP PLC BP swung to a Q2 net profit of $5.62 billion, from a loss of $17.2 billion in the year-earlier period. BP's replacement cost profit surged 13% y/y to $5.31 billion. Arm Holdings PLC ARMH reported a 21% rise in its Q2 net profit. ARMH's quarterly net profit rose to 26.6 million pounds ($43.4 million).Its revenue climbed 18% to 117.8 million pounds. ARMH's adjusted earnings per share came in at 2.98 pence, versus analysts' estimates of 2.43 pence. Supervalu Inc SVU reported a 10% rise in its first-quarter net income. Supervalu reported its quarterly earnings at $74 million, or $0.35 per share, up from $67 million, or $0.31 per share, in the year-ago period. Excluding charges for closing stores and a labor dispute, Supervalu's earnings came in at $0.43 per share. Supervalu's revenue gained 4% to $11.11 billion. Analysts were expecting earnings of $0.33 per share on revenue of $11.13 billion. BG Group PLC BRGYY released its results for the second quarter on Tuesday. BG Group's quarterly net profit surged to $1.25 billion, from $439 million in the year-earlier period. BG Group's revenue climbed 25% y/y to $5.12 billion, from $4.08 billion. Valero Energy Corp VLO reported a rise in its second-quarter net income. Valero's quarterly net income surged to $744 million, or $1.30 per share, from $583 million, or $1.03 per share, in the year-earlier period. Income from continuing operations gained to $1.30 per share from $0.92 per share. Valero's operating income increased to $1.3 billion from $904 million. Valero's revenue climbed to $31.3 billion from $20.6 billion. Analysts were expecting earnings of $1.45 per share on revenue of $29.1 billion. Cummins Inc CMI reported a strong rise in its fiscal second-quarter earnings. Cummins reported its quarterly earnings at $505 million, or $2.60 per share, up from $246 million, or $1.25 per share, in the year-earlier period. Its total revenue surged 45% y/y to $4.64 billion. Excluding some gains, the company's earnings came in at $2.41 per share. Analysts were expecting earnings of $2.01 per share on revenue of $4.26 billion. Cummins raised its 2011 revenue projections to $18 billion, from its earlier forecast of $17 billion.