Level 3 Communications
The Broomfield-based company’s second-quarter losses widened — although the adjusted loss improved and beat analysts’ estimates — as the company booked $54 million in charges related to debt extinguishment.
Level 3 reported its sixth-straight quarterly loss of $169 million, or 10 cents a share, from a loss of $134 million, or 8 cents a share, a year earlier. Revenue fell to $908 million from $942 million. Excluding items such as debt-extinguishment impacts, the loss would have narrowed to 7 cents from 9 cents. Analysts polled by Thomson Reuters had most recently forecast a loss of 11 cents.
Western Union
Second-quarter profits at the world’s largest money-transfer business beat analysts’ estimates as U.S. transactions increased. Net income rose to $221 million, or 33 cents a share, from $220.2 million, or 31 cents, in the same period a year earlier, the company said in a statement. Revenue increased 2 percent to $1.27 billion.
Lockheed Martin
The defense titan posted a 12 percent gain in second-quarter profit, and its full-year earnings forecast was increased as sales at the space- and information-systems units picked up. Net income rose to $825 million, or $2.22 a share, from $734 million, or $1.88, a year earlier, the Bethesda, Md.-based company said Tuesday. Second-quarter revenue increased 3.3 percent to $11.4 billion.
Profit from continuing operations of $1.96 a share beat the $1.78 average estimate of 19 analysts in a Bloomberg survey.
Valero Energy
The independent oil refiner reported its first profitable quarter since early 2009, as it made more money refining diesel fuel and other products. Valero earned $583 million, or $1.03 a share, in the second quarter. That compares with a loss of $254 million, or 48 cents a share, for the same quarter last year. Revenue rose 25 percent to $21.8 billion.
Occidental Petroleum
The oil producer posted a smaller profit gain than analysts predicted as output fell short of forecasts and the Phibro energy-trading business acquired last year from Citigroup Inc. had a loss. Second- quarter net income climbed 56 percent to $1.1 billion, or $1.31 a share, from $682 million, or 84 cents, a year earlier. Second-quarter revenue climbed 29 percent to $4.76 billion.
