Clear Channel Communications Inc.: The nation’s largest owner of radio stations said Wednesday that profit more than doubled in the first quarter, helped by higher ratings and advertising rates. Company officials and some analysts said the results seemed to vindicate the company’s decision last year to reduce the number of commercials and push advertisers to buy shorter spots – a strategy dubbed “less is more.” Clear Channel said it earned $96.8 million, or 19 cents per share, compared with $47.9 million, or 9 cents per share, a year earlier.
Procter & Gamble Co.: The consumer-products maker said Wednesday its third-quarter profit rose 37 percent, but its sales came in below Wall Street’s estimates and the company forecast a profit for the fourth quarter that was below analysts’ expectations. Procter & Gamble earned $2.21 billion, or 63 cents a share, for the quarter ended March 31, compared with $1.61 billion, or 59 cents per share, a year ago. Revenue rose 21 percent to $17.3 billion from $14.3 billion a year ago, driven by the company’s acquisition of Gillette Co. last year. Analysts surveyed by Thomson Financial expected earnings of 61 cents per share on sales of $17.6 billion for the current quarter.
Barrick Gold Corp.: The world’s biggest gold producer said first- quarter profit more than tripled as prices surged and the company increased production. Net income rose to $224 million, or 29 cents a share, from $66 million, or 12 cents, a year earlier, the Toronto-based company said Wednesday in a statement. Sales more than doubled to $1.25 billion from $484 million.
MarkWest Energy Partners LP: The Denver-based energy firm on Wednesday posted a 223 percent increase in net income to $13.9 million, or $1.01 per share, for the three months ended March 31, compared with net income of $4.3 million, or 41 cents per share, for the first quarter of 2005. Revenues rose to $156.7 million from $89.6 million last year.
TeleTech Holdings Inc.: The Doug las County-based provider of outsourcing services announced Wednesday that first- quarter net income doubled to $5.4 million, or 8 cents per share, from $2.7 million, or 4 cents per share, for the same period of 2005. Revenue increased 11.4 percent to $283.4 million from $254.3 last year.
Time Warner Telecom: The Doug las County-based fiber-optic network provider reported a first-quarter loss of $22.3 million, or 19 cents a share, compared with $35.2 million, or 30 cents a share, for the same quarter a year ago. Revenues for the quarter were up at $186.2 million, compared with $184.5 million in the comparable quarter for 2005. The company is benefiting from customers looking for an alternative to the big telephone carriers, said Larissa Herda, chief executive.
