Verizon Communications Inc.: First-quarter earnings fell 8.4 percent to $1.5 billion as strong showings in the cellphone business and the crucial FiOS Internet and TV initiative were offset by the loss of income from assets the company sold over the past year. The profit for the first three months of 2007 amounted to 51 cents per share. In the same period last year, before Verizon’s spinoff of its phone directories business and another asset sale, earnings totaled $1.63 billion, or 56 cents per share. Revenue grew 6.4 percent to $22.58 billion from $21.23 billion a year earlier.
Northwest Airlines Corp.: The only major U.S. carrier still in bankruptcy said revenue growth is slowing after higher fares and travel demand helped narrow its first-quarter loss to $292 million. The loss of $3.34 a share compared with a year-earlier deficit of $1.1 billion, or $12.65 a share, Northwest said in a statement. The Eagan, Minn.-based airline said it had $393 million in costs to retire aircraft and other restructuring expenses. The total a year earlier was $975 million.
Tyson Foods Inc.: The world’s largest meat company said Monday that it swung to a profit of $68 million in the latest quarter. Tyson had lost $127 million, or 37 cents per share, in the same period a year ago. Its profit of 19 cents per share beat expectations of analysts surveyed by Thomson Financial, who projected a profit of 11 cents per share on revenue of $6.4 billion. Tyson had sales of $6.5 billion for the January-March fiscal second quarter, compared with $6.3 billion a year before.
Wm. Wrigley Jr. Co.: The world’s largest maker of chewing gum said first-quarter profit rose 28 percent, exceeding analysts’ estimates. Net income increased to $142.7 million, or 52 cents a share, from $111.9 million, or 40 cents, a year earlier, the maker of Juicy Fruit gum said Monday. Excluding some costs and gains, profit beat the average estimate of analysts by 3 cents. Revenue rose 17 percent to $1.26 billion.
Kellogg Co.: The maker of Rice Krispies cereal, Eggo waffles and Keebler cookies earned $321 million, or 80 cents per share, in the three months ended March 31, up from $274 million, or 68 cents per share. Revenue rose more than 8 percent to $2.96 billion in the three months ended March 31, up from $2.73 billion during the first quarter of 2006, Kellogg said.
