Caterpillar
The construction-equipment maker said Monday it’s planning to raise production of mining equipment after a strong first-quarter profit.
Caterpillar earned $233 million, 36 cents per share, in the quarter, compared with a loss of $112 million, 19 cents per share, a year earlier. Excluding a health care tax- accounting charge of $90 million, the Peoria, Ill., company would have earned 50 cents per share.
Without the financial hit related to the new health care law, Caterpillar easily beat the expectations of analysts surveyed by Thomson Reuters, who were looking for earnings per share of 39 cents. Caterpillar’s revenue fell 11 percent to $8.2 billion.
Whirlpool
Federal rebates for energy-efficient appliances pulled shoppers back into stores, helping Whirlpool’s revenue rise and its first-quarter profit more than double, the company said Monday.
In the quarter that ended March 31, Whirlpool earned $164 million, $2.13 per share, well above the $68 million, or 91 cents per share, it earned a year earlier and above the $1.33 per share that analysts surveyed by Thomson Reuters expected. Revenue rose 20 percent to $4.27 billion.
Texas Instruments
The chipmaker’s first-quarter profit leaped after improved results in product lines and lowered restructuring costs. TI said after the market closed Monday that net income was $658 million, 52 cents per share, for the quarter that ended March 31. That was a penny per share better than analyst estimates. In the same period last year, TI earned $17 million, which is a penny per share. Revenue jumped 54 percent to $3.21 billion.
FirstBank
The Lakewood-based holding company reported that its first-quarter net income dipped to $35.16 million, compared with $38.83 million during the same period last year. Locally owned FirstBank held total assets of $10.37 billion, up 9 percent compared with the same period last year. Total deposits were $9.38 billion, an increase of 8 percent.
