Richmond-based firm: Universal Corp.
Richmond-based Universal Corp.'s fiscal third-quarter profit rose 12 percent as results improved in some of its overseas tobacco operations, outweighing declines in its North American business.
The tobacco leaf merchant reported profit of $58.5 million, or $2.06 per share, for the three months that ended Dec. 31, compared with profit of $52.3 million, or $1.82 per share, for the same period in 2010.
Revenue was down about 2 percent in the third quarter to $672 million, reflecting lower tobacco leaf prices on higher volumes.
For the nine-month period, the company reported profit of $66.3 million, or $2.34 per share, compared with profit of $129.4 million, or $4.46 per share, in the year-earlier period.
Universal shares declined 59 cents, or 1.3 percent, to $46.29 on the New York Stock Exchange. The company reported earnings after the market closed.
John Reid Blackwell
Dow Industrial firms: Coca-Cola Co.
Coca-Cola reported an effervescent fourth quarter Tuesday, as the company sold more of its drinks globally and its earnings beat analyst expectations.
The company's fourth-quarter net income dropped 71 percent, weighed down by restructuring charges and a difficult comparison with last year's fourth quarter, when the beverage maker had a one-time gain of $1.74 per share, mainly related to buying a bottler's North American operations.
Coca-Cola, whose brands include Sprite and Minute Maid, earned $1.65 billion, or 72 cents per share, for the period ended Dec. 31. That's down from $5.77 billion, or $2.46 per share, a year earlier.
Removing restructuring charges and other items, earnings were 79 cents per share. Analysts forecast 77 cents for the company, according to FactSet.
Revenue increased 5 percent to $11.04 billion.
For the year, net income fell 27 percent to $8.57 billion, or $3.69 per share. That compares with $11.81 billion or $5.06 per share last year.
Revenue rose 33 percent to $46.54 billion from $35.12 billion.
The Associated Press
The Walt Disney Co.
The Walt Disney Co. said Tuesday that its net income rose 12 percent in its fiscal first quarter, as a slimmer movie slate and upbeat theme park results helped the company top earnings forecasts even while revenue gains were less than expected.
Net income in the October-December period rose to $1.46 billion, or 80 cents per share, from $1.30 billion, or 68 cents per share, a year earlier.
The results beat the 71 cents per share expected by analysts polled by FactSet.
Revenue in the company's fiscal first quarter ticked up 1 percent to $10.78 billion from $10.72 billion. The revenue figure fell short of the $11.20 billion expected by analysts.
The Associated Press
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