Wells Fargo & Co.
Better payment rates for mortgages, auto loans and credit cards helped lift the San Francisco- based bank’s second-quarter profit by 12 percent.
Wells Fargo posted net income applicable to common shareholders of $2.88 billion, up from $2.58 billion a year earlier. Before the payment of preferred dividends, net income fell 3 percent to $3.06 billion.
Profit was 55 cents per share, compared with 57 cents per share last year. The results came in well ahead of the 48 cents per share forecast, on average, by analysts.
Freeport-McMoRan Copper & Gold Inc.
The world’s biggest publicly traded copper producer said global copper demand is robust, prompting it to push ahead with plans to restart some operations curtailed during the recession.
In the April-June quarter, the company earned $649 million, or $1.40 per share. That compared with $588 million, or $1.38 per share, a year earlier. Revenue rose 5 percent to $3.86 billion.
Morgan Stanley
The investment banker said Wednesday its second-quarter net income rose to $1.58 billion, easily topping forecasts.
Morgan Stanley’s net income after payment of preferred stock dividends rose to $1.09 per share from a loss of $1.10 per share a year earlier, when it lost $1.26 billion. Revenue jumped 53 percent to $7.95 billion.
Coca-Cola Co.
The world’s largest soft-drink maker earned $2.37 billion, or $1.02 per share, in the second quarter, up from $2.04 billion, or 88 cents, last year. Revenue rose 5 percent to $8.67 billion.
Starbucks
The coffee chain’s third-quarter profit rose 37 percent as it earned $207.9 million, or 27 cents per share, during the quarter that ended in late June.
That’s compared with $151.5 million, or 20 cents per share, a year earlier. Revenue climbed nearly 9 percent to $2.61 billion.
AMR Corp.
American Airlines parent AMR Corp. said Wednesday it lost $10.7 million in the second quarter. That’s a big improvement from last year’s loss of $390 million for the nation’s second-largest airline.
