Increased sales and higher prices helped Massey Energy Co. boost its net 2008 fourth-quarter net income to $53.6 million, more than 10 times its earnings in the final quarter of 2007. The Richmond-based coal company reported yesterday that its net income was 63 cents per share for the fourth quarter of 2008. In 2007, net income totaled $5.1 million, or $0.06 per diluted share.

Honeywell International Inc. said yesterday that its fourth-quarter earnings edged up 2.6 percent as lower costs made up for a drop in sales. But it became the latest conglomerate to warn that a deepening recession will make this year a tough one. The Dow industrial component, which makes aircraft equipment, specialty chemicals and building control systems, yesterday said it expects a difficult first half as it faces further deterioration in markets like aviation.

Efficient operations in challenging markets were credited with higher fourth-quarter earnings, net and operating, for Richmond-based Dominion Resources Inc. Net income for the three months that ended Dec. 31 was $348 million, or 60 cents a share, compared with $299 million net and operating income, or 52 cents a share, for the same period in 2007. Operating profit was $422 million, or 72 cents per share, in the 2008 quarter, attributable in part to lower outage costs.

Wells Fargo & Co. had some good news in its fourth-quarter earnings report, even as it lost $2.83 billion. The banking company that’s absorbing troubled Wachovia Corp. is making loans, getting more money from depositors and maintaining its dividend. And it has no plans to seek more federal financial help. Wells Fargo’s loss grew out of significant charges it took to reduce its exposure to Wachovia’s risky assets and a build-up of its reserves to cover future losses. Yet the results also showed that the San Francisco-based bank is holding up better than many of its peers.

CarMax Inc. yesterday reported a $21.9 million loss in the third quarter as it took a $23.8 million write-down on bonds. It was the chain’s first loss since the fourth quarter of 2000.

CarMax Inc. will report third quarter financial results tomorrow that will reflect how the company did in the midst of one of the toughest economic climates on record for auto dealers. Wall Street will be looking to see how the Goochland County-based automotive retailer can adjust to a slump in vehicle demand and tight credit markets, and whether job cuts, a change in lending practices, and reduced spending and inventory will improve performance.

Pork producer Smithfield Foods Inc. yesterday reported a 76 percent drop in its fiscal second-quarter earnings. High feed costs linked to skyrocketing grain prices hurt its hog and Butterball turkey operations. But the nation’s largest pork producer said pork volumes were up in the quarter and it is poised to benefit as consumers look to save on costs and eat more of its meat.