General Motors Corp.: The Detroit-based company posted its largest annual loss in more than a decade, laying bare the problems the automaker is facing: rising labor costs, fierce competition from Asia and falling sales at home. GM, which could lose its position as the world’s largest automaker this year to Toyota Motor Corp., said Thursday it lost $4.8 billion in the fourth quarter and $8.6 billion for all of 2005. That was the worst showing since 1992, when it lost $23.5 billion. Sales gains in Asia, Europe and elsewhere were more than offset by huge losses in North America, where GM lost $5.6 billion for the year.
Lockheed Martin Corp.: The largest U.S. defense contractor said its fourth-quarter earnings grew 53 percent as the company’s burgeoning information technology business and one-time gains helped make up for nearly flat sales in its aircraft division. The Bethesda, Md.-based company’s stock jumped on the news of higher earnings and Lockheed’s raised 2006 outlook that beat Wall Street estimates. Lockheed shares rose $1.98, or 3.1 percent, to close at $66.99 on the New York Stock Exchange. Lockheed said profit in the latest quarter was $568 million, or $1.29 per diluted share, compared with $372 million, or 83 cents per share, in the year-ago period.
Verizon Communications Inc.: The rising costs of pensions and building out a fiber-optic network kept earnings essentially flat at Verizon in the fourth quarter, while customers migrated from traditional phone lines to cellphones and broadband connections. The New York-based telephone company said it earned $1.7 billion, or 59 cents per share, in the last three months of 2005, down from $3 billion, or $1.08 a share, a year earlier, when results were boosted by the sale of Canadian assets and a tax gain. New customers at Verizon Wireless boosted revenue to $19.3 billion, up 5.8 percent from $18.3 billion in the fourth quarter of 2004.
Janus Capital Group Inc.: The Denver-based mutual-fund manager reported a 41 percent drop in fourth-quarter net income mostly because of worse-than- expected results at its printing business but finished the year with positive inflows for the first time since 2000. Janus reported net income of $10.8 million, or 5 cents per share, on revenue of $225.2 million for the quarter, down from $18.2 million, or 8 cents per share, on revenue of $221.5 million in the same quarter a year earlier.
Amgen Inc.: The world’s largest biotechnology company by sales said its fourth-quarter earnings rose 20 percent, driven by sales of its rheumatoid arthritis and anemia drugs. The Thousand Oaks, Calif.-based company reported a fourth- quarter profit of $824 million, or 66 cents a share, compared with $689 million, or 53 cents a share, for the same period a year ago. Amgen said if not for one-time expenses and other special charges, its earnings would have been $928 million, or 75 cents a share, a 24 percent increase over the fourth quarter last year.
Suncor Energy Inc.: The world’s second-largest oil-sands miner, based in Calgary, Alberta, said fourth-quarter profit more than doubled on increased production from deposits in northern Alberta and higher fuel prices. Net income rose to $694 million Canadian ($602.3 million U.S.), or C$1.48 a share, from C$333 million, or 72 cents, a year earlier, the Calgary-based company said in a statement. Sales surged 51 percent to C$3.5 billion.
Caterpillar Inc.: The world’s largest maker of earth-moving equipment reported that unprecedented demand helped drive profits and revenues to all-time highs last year and predicted the buying surge will yield earnings records in 2006. The rosy outlook sent Caterpillar shares to an all-time high Thursday on the New York Stock Exchange. Shares closed at $65.17 – up $3.10, or nearly 5 percent – eclipsing the previous record close of $62.96 set Jan. 17. Peoria-based Caterpillar posted its best quarter ever for the period that ended Dec. 31.
