Lockheed Martin
Fourth-quarter income dropped 29 percent as the company posted a handful of special charges, as well as weaker results from its space systems and electronics systems businesses.
U.S. defense contractors have struggled to define the future size and shape of their operations because of uncertainty over Pentagon budget cuts. Lockheed Martin, the largest in its sector by sales, is viewed as one of the most vulnerable to cuts because of its role in large projects and last year said it would cut thousands of jobs amid the belt-tightening. Space systems revenue fell 7.4 percent, and earnings shrank 7.5 percent.
Lockheed Martin posted a profit of $683 million, or $2.09 a share, down from $961 million, or $2.67 a share, a year earlier. Revenue fell 4.3 percent to $12.21 billion.
Caterpillar
Fourth-quarter profit jumped 60 percent, boosted by pent-up demand for replacement equipment and continuing economic growth in developing countries. The results easily topped Wall Street predictions.
Caterpillar, based in Peoria, Ill., reported net income of $1.55 billion, or $2.32 a share, up from $968 million, or $1.47 a share, in the same quarter last year. Sales and revenue jumped 24 percent to $17.24 billion.
United Continental
The merged airline posted a narrower fourth-quarter loss as the cost of integrating the companies fell. It also said it won’t increase the amount of flying it does this year.
United Continental said Thursday that it lost $138 million, or 42 cents a share, compared with a loss of $325 million, or $1.01, a year earlier. Revenue rose 5.5 percent to $8.93 billion.
Without special charges, the company said it would have earned $109 million, or 30 cents a share. Analysts surveyed by FactSet expected a profit of 13 cents a share.
AT&T
A $6.68 billion net loss for the fourth quarter came primarily from the breakup fees incurred as a result of the company’s failed acquisition of T-Mobile USA. During the same period a year earlier, the company reported profit of $1.09 billion, or 18 cents a share.
However, a wave of momentum from iPhone sales and new subscribers nudged AT&T’s revenue up 4 percent during the quarter, with sales rising to $32.5 billion from $31.4 billion a year ago.
After discounting charges from the $4 billion breakup fee paid in the wake of the T-Mobile bid, AT&T’s per-share profit was 42 cents; analysts expected 43 cents a share.
Starbucks
First-quarter earnings rose 10 percent to a record high on solid comparable sales gains in its Americas stronghold, as well as robust growth in its smaller Asian operations and the burgeoning consumer products segment.
Same-store sales rose about 9 percent globally in the latest period, driven by a 7 percent increase in transactions and a 2 percent increase in ticket value.
For the period ended Jan. 1, Starbucks reported a profit of $382.1 million, or 50 cents a share, up from $346.6 million, or 45 cents a share, a year earlier. Net revenue increased 16 percent to $3.44 billion.
Analysts surveyed by Thomson Reuters predicted earnings of 49 cents a share.
Amgen
Fourth-quarter profit fell 8.5 percent as the company’s expenses for taxes and producing and selling drugs rose faster than its revenue.
Amgen said its net income was $934 million, or $1.08 a share, down from $1.02 billion, also $1.08 a share, a year earlier. Revenue was up 3 percent to $3.97 billion.
Excluding one-time items, it said it earned $1.04 billion, or $1.21 a share. Analysts on average expected earnings per share of $1.22.
Corporate Earnings
