Earnings reports for the first quarter

Major area employers: Capital One

Capital One Financial Corp. reported a first-quarter loss, citing escalating credit losses and the setting aside of more money for bad loans.

The company, a major Richmond-area employer, also said it expects that managed charge-off dollars in 2009 will be higher than the $8.6 billion it previously projected.

The McLean-based company's quarterly loss was $176.1 million, or 45 cents per share. That compares with earnings of $548.5 million, or $1.47 per share, a year earlier.

Excluding discontinued operations, the company reported a loss of $86.9 million, or 39 cents per share, compared with a profit of $632.6 million, or $1.70 per share, in the same period a year ago. Analysts polled by Thomson Reuters, on average, expected a loss of 8 cents per share. Analyst estimates typically exclude one-time, unusual charges.

Total revenue fell 26 percent to $2.88 billion from $3.87 billion. Analysts expected revenue of $4.17 billion.

Capital One shares dropped $1.74, or 12 percent, to $13.31 in after-hours trading. They had risen 12.5 percent, or $1.67, to close yesterday at $15.05 before the report.

--The Associated Press

Dow industrial firm: DuPont

Citing a sharp drop in global industrial demand that resulted in a 59 percent decline in first-quarter profit, DuPont Co. said it is boosting efforts to cut costs and developing additional restructuring plans.

The Wilmington, Del.-based company, also a major Richmond-area employer, pared its full-year outlook, saying it expects volumes to continue to decline in the coming months, but not as steeply as they did in the first quarter.

DuPont reported earnings of $488 million, or 54 cents per share, for the first quarter, down from $1.19 billion, or $1.31 per share, a year ago.

Total revenue fell 17 percent to $7.27 billion from $8.77 billion a year ago as DuPont saw a drop in demand for its products in the construction and auto sectors, as well as declines in consumer spending on items such as electronic goods.

Analysts expected a profit of 52 cents per share on revenue of $7.74 billion.

DuPont shares closed up $1.32, or 5 percent, at $28.06.

--The Associated Press

United Technologies

United Technologies Corp.'s first-quarter profit fell 28 percent, as a frail construction market dragged down orders for its Otis elevators and Carrier heating and ventilation systems.

Net income attributable to common shareholders fell to $722 million, or 78 cents per share, from $1 billion, or $1.03 per share, in the same period last year. The 2009 results include 12 cents per share in restructuring costs and a tax benefit of 3 cents per share.

Revenue slid to $12.2 billion from $14 billion.

Earnings in the first quarter of 2008 included 2 cents per share in restructuring costs.

Analysts surveyed by Thomson Reuters expected earnings of 78 cents per share. Analyst estimates typically exclude one-time items.

Shares rose $2.18, or 4.8 percent, to close at $47.99.

-- The Associated Press

Merck & Co.

Drugmaker Merck & Co. posted a 57 percent drop in first-quarter profit, falling short of expectations as the global recession and other factors cut sales of its drugs and joint venture income.

Merck said net income amounted to $1.43 billion, or 67 cents per share. A year ago, first-quarter net income was $3.3 billion, or $1.52 a share.

It reported revenue of $5.39 billion, down 8 percent from $5.82 billion.

Excluding charges totaling 7 cents for restructuring and expenses related to its pending acquisition of Schering-Plough, earnings per share were 74 cents. Analysts were expecting, on average, 77 cents per share and revenue of $5.77 billion.

Merck shares fell $1.68, or 6.7 percent, to $23.54.

-- The Associated Press

Caterpillar

Caterpillar Inc. reported a first-quarter loss of $112 million, hurt by sharp sales declines across the globe and a big charge for recent layoffs.

In the first quarter, Caterpillar posted a loss of $112 million, or 19 cents per share, including charges for layoffs that lowered per-share results by 58 cents. A year earlier, the company earned $922 million, or $1.45 per share.

Before the charges, Caterpillar would have earned 39 cents per share, handily beating Wall Street expectations of 4 cents on revenue of $8.54 billion.

Caterpillar said quarterly revenue dropped 22 percent to $9.22 billion.

Shares climbed 91 cents, or 3 percent, to close at $31.39.

-- The Associated Press

Coca-Cola

Coca-Cola Co., the world's largest beverage maker, said first-quarter profit fell 10 percent on restructuring charges and write-downs, but the results met analysts' estimates.

The Atlanta-based company's net income for the period that ended April 3 slipped to $1.35 billion, or 58 cents per share, from $1.5 billion, or 64 cents per share, a year ago. Excluding restructuring charges, write-downs and other items, it earned $1.51 billion, or 65 cents per share, which met the expectations of analysts.

Sales in the quarter dipped 3 percent to $7.17 billion to miss Wall Street's estimate of $7.36 billion.

Shares of Coca-Cola fell $1.24, or 2.8 percent, to $43.09.

-- The Associated Press

Community banks: Chesapeake Financial

Chesapeake Financial Shares Inc. reported first-quarter earnings of $931,985, or 33 cents per share, compared with $989,480, or 34 cents per share in the first quarter of 2008.

Total assets were $598.2 million at the end of the quarter, representing an 11 percent increase from the previous year.

Kilmarnock-based Chesapeake Financial operates 11 branches in Williamsburg and the counties of Lancaster, Mathews, Gloucester and James City.

-- Carol Hazard