Molson Coors
The Denver- based brewer said Tuesday its first-quarter profit more than doubled, though sales of its beers fell in its stronghold of Britain and stagnated in Canada.
The maker of Coors Light said it earned $75.7 million, or 41 cents a share, in the three months that ended March 29. That compares with earnings of $34.3 million, or 19 cents a share, in the same period last year — before Molson Coors and SABMiller PLC formed their joint venture Miller Coors.
Excluding one-time charges, the company earned 53 cents per share, higher than the 33 cents predicted by analysts, according to Thomson Reuters.
Molson Coors said its net sales — total sales less excise taxes — came to $559 million in the quarter, down from last year’s $1.36 billion.
Walt Disney Co.
The entertainment giant said Tuesday its second-quarter net income fell 46 percent, dragged down by an underperforming movie slate and the impact of the recession on its theme parks. But its results narrowly beat Wall Street forecasts, and shares rose.
Disney’s profit in the quarter through March 28 was $613 million, or 33 cents per share. That was down from $1.13 billion, or 58 cents per share, a year earlier.
Revenue fell 7 percent to $8.09 billion.
Kraft Foods
The maker of Velveeta, Oreo cookies and Maxwell House coffee said Tuesday its first-quarter profit rose 10 percent despite the drag of the stronger U.S. dollar on international sales.
That rise in profit compares with the same period a year ago, when Kraft results were dampened by $98 million in restructuring costs.
Kraft said Tuesday it earned $660 million, or 45 cents per share, in the three-month period ended in March. That compares with earnings of $599 million, or 39 cents per share, a year earlier.
The Northfield, Ill.-based company said revenue fell 6.5 percent to $9.4 billion.
The earnings beat analyst predictions for a profit of 40 cents a share, according to Thomson Reuters.
Weyerhaeuser
The wood-products maker’s first-quarter loss deepened as a near-dormant housing market knocked down sales of its lumber and wood panels.
But some good news emerged in Tuesday’s results. Weyerhaeuser’s loss of $264 million was not as bad as Wall Street expected. And the company forecast “slightly” higher closings of home sales in the second quarter.
Weyerhaeuser reported a first-quarter loss of $264 million, or $1.25 cents per share, steeper than the $148 million, or 68 cents per share, lost a year earlier. Revenue fell 37 percent to $1.28 billion.
Diebold
The maker of automated teller machines reported a sharp decline Tuesday in first-quarter earnings as it recorded a hefty charge related to a proposed settlement with federal regulators. It also plans to cut about 300 jobs, or about 1.7 percent of its workforce.
While Diebold’s adjusted results topped Wall Street expectations, the company also cut its full-year forecast, citing declining orders.
Net income tumbled 88 percent to $1.6 million, or 2 cents per share, for the three months ended March 31, compared with $13.8 million, or 21 cents per share, a year earlier. Sales dipped 4 percent to $663.2 million.
CVS Caremark
The drugstore operator and pharmacy- benefits manager said Tuesday that charges and higher costs outweighed a boost in the drugstore operator’s pharmacy sales, pushing first-quarter profit down slightly.
CVS earned $738.4 million, or 50 cents per share, down from profit of $745 million, or 51 cents per share, a year prior. Revenue rose 10 percent to $23.39 billion from $21.33 billion.
Excluding buyout costs, the company said it earned 55 cents per share. Wall Street expected 54 cents per share on revenue of $23.64 billion.
