Wells Fargo
Net income jumped 51 percent in the first quarter as more people opened accounts with the bank and business customers took out more loans.
Revenues fell as higher interest rates resulted in a sharp decline in new mortgages. Wells Fargo said Wednesday it earned $3.6 billion, or 67 cents per share, after paying preferred dividends. That compared with $2.4 billion, or 45 cents a share, in the first quarter of last year. Revenue fell to $20.3 billion.
Chipotle
First-quarter earnings rose 23 percent to beat analysts’ estimates as Chipotle raised its outlook for comparable sales growth in 2011.
The restaurant chain posted a profit of $46.4 million, or $1.46 a share, up from $37.8 million, or $1.19 a share, a year earlier. Revenue increased 24 percent to $509.4 million.
Apple
Net income nearly doubled and far exceeded analysts’ estimates on the strength of the seemingly unstoppable iPhone. However, sales of Apple’s big new product, the iPad tablet computer, came in below expectations.
Apple said net income for its fiscal second quarter, which ended in March, was $5.99 billion, or $6.40 per share, up 95 percent from $3.07 billion, or $3.33 a share, a year ago.
ProLogis
Funds from operations climbed in the first quarter as companies sought more industrial space in an expanding economy. Funds from operations rose to $62.1 million, or 11 cents a share, from $7.1 million, or 1 cent a share, a year earlier, ProLogis said Wednesday in a statement.
AMR
The parent of American Airlines lost $436 million in the first quarter as it battled rising jet-fuel prices, foreshadowing huge losses at other U.S. airlines.
AMR lost $1.31 per share. Not counting one-time charges for sale-leaseback deals, the company said it would have lost $1.21 per share.
Union Pacific
Higher fuel costs were overcome to record a 24 percent jump in first-quarter profit by hauling more freight in the recovering economy and increasing prices on some shipping contracts, the railroad said Wednesday.
The railroad reported $639 million in net income, or $1.29 per share. That’s up from $516 million, or $1.01 per share, last year. Revenue grew 13 percent to $4.49 billion.
AT&T
The giant telecom said it added 62,000 net new subscribers on contract-based plans in the first quarter, a record low. AT&T’s net income rose 39 percent to $3.41 billion, or 57 cents a share, for the January- March period, up from $2.45 billion, or 42 cents a share, a year ago.
Freeport-McMoRan
The miner said first-quarter net income soared 67 percent as it sold more commodities at higher prices.
Freeport earned $1.5 billion, or $1.57 per share, in the first three months of the year. That compares with net income of $897 million, or $1 per share, in the first quarter of 2010.
Revenue surged 31 percent to $5.71 billion.
