U.P.S. Earnings Beat Expectations
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The company cited growth in its global business, supply chain and freight unit, as well as modest growth in its U.S. package business despite a sluggish economy.
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Stocks gained on Tuesday on higher-than-expected earnings, pushing the Dow above 14,000 for the first time and easing concern about the deteriorating subprime mortgage market.
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U.S. Global Investors announced its second-quarter earnings on Friday.
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PITTSBURGH -- US Steel Corp. swung to its third consecutive quarterly profit, helped by higher prices and a tax gain, to beat analysts&#39; earnings estimates.
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Fourth-quarter earnings rose 42 percent from a year ago as profit margins at its U.S. stores improved despite higher commodity costs.
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Hewlett-Packard reported solid financial results for its fiscal first quarter, driven by growth in PCs and enterprise hardware. The results prompted HP to raise its forecast for the year ahead.Revenue for the quarter, which ended Jan. 31, was $28.5 billion, up 13 percent from a year earlier, HP announced Tuesday. Pro forma net income was $2.3 billion, or $0.86 per share, up from $1.8 billion, or $0.65 per share, a year earlier.The figures beat the expectations of financial analysts, who had forecast revenue of $27.6 billion and pro forma earnings per share of $0.81, according to Thomson First Call. The pro forma figure excludes one-time items that slightly inflated the results. Using generally accepted accounting principles, HP&#39;s profit was $2.1 billion, or $0.80 per share.HP&#39;s Personal Systems Group, which produces its laptop and desktop PCs, grew its revenue 24 percent from the same period a year earlier, to $10.8 billion, with unit shipments up 27 percent. Notebook sales climbed fastest, up 37 percent, while desktop sales climbed 15 percent.The division had already been doing well. HP extended its lead over Dell in PC sales last year, according to figures from Gartner. HP ended the year with 18.2 percent of the market, compared with 14.3 percent for Dell. The PC market overall grew 13.4 percent.HP may find it hard to sustain that growth rate, in part because it has to make comparisons with increasingly successful quarters in the year before, CEO Mark Hurd said on a conference call. Still, Hurd said, &quot;when you look at 24 percent growth, I think that&#39;s pretty darned strong.&quot;HP&#39;s imaging and printing group performed slightly less well, with revenue climbing 4 percent to $7.3 billion. Printer unit sales declined by 1 percent from a year earlier, thanks to weakness in the consumer market. Revenue from supplies, which includes HP&#39;s profitable ink business, climbed 6 percent, however.Revenue from the servers and storage group climbed 9 percent to $4.8 billion. Sales of blades and industry-standard servers were strong, while HP&#39;s PA-RISC and Alpha chip businesses continued to shrink. Services revenue climbed 11 percent year-over-year to $4.4 billion, while software sales climbed 11 percent to $666 million, HP said.Hurd said he was pleased with the results overall. He attributed them to successful cost-cutting efforts, the addition of 2,000 new HP sales staff in the past year, and a diverse product portfolio.HP generates an increasing amount of its business overseas, he said. Its biggest market continued to be Europe, the Middle East and Africa, where revenue grew 15 percent to $12.3 billion. Asia-Pacific revenue climbed 22 percent to $4.9 billion. Growth in the Americas was a sluggish 8 percent, generating $11.2 billion.&quot;We generated 69 percent of our revenue outside the U.S., with emerging markets driving significant growth,&quot; Hurd said.The company now expects second-quarter revenue of $27.7 billion to $27.9 billion, and pro forma earnings per share of $0.83 or $0.84. That&#39;s above what analysts polled by Thomson had been estimating: pro forma profit of $0.82 and revenue of $27.4 billion.
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Health insurer UnitedHealth Group Inc. said Tuesday its fourth-quarter earnings climbed 3 percent, as growth in prescription services and Medicaid plans offset a smaller profit in its core health coverage division.
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Hewlett-Packard Co  on Tuesday reported higher-than-expected quarterly earnings and forecast results ahead of Wall Street targets as it sold more PCs and server computers, sending its shares up 6 percent.
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Wal-Mart Stores Inc., the world&#39;s largest retailer, met Wall Street expectations with a 12.7 percent rise in its third-quarter earnings Tuesday and bumped up its own projection for the full year&#39;s profit.
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Union Pacific Corp. (UNP.N: Quote, Profile, Research) , the nation&#39;s largest railroad, raised its fourth-quarter earnings forecast on Tuesday, citing increased revenue from hauling commodities, sending its shares up 5 percent.
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United States Steel Corp. saw profits rise in the third quarter, thanks to both strong demand and cost cuts. Pittsburgh-based US Steel on Tuesday reported third-quarter net income of $354 million, or $2.
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By George Chamberlin , Daily Transcript Financial Correspondent. Stocks moved higher late in the session on Thursday after Procter &amp; Gamble (NYSE: PG) released a positive forecast for sales and profits.
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Despite the slowing U.S. economy, UPS delivered a better-than-expected quarter.
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United Parcel Service posted quarterly profit of $1.1 billion, citing its global package, supply chain and freight business, which offset a slower U.S. small-package market.
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Union Pacific Corp. UNP.N, the  nation's largest railroad, raised its fourth-quarter earnings  forecast on Tuesday, citing increased revenue from hauling  commodities, sending its shares up 5 percent.
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UnitedHealth Group Inc. on Thursday said quarterly profit jumped nearly 46 percent as medical costs stabilized, and the No. 2 health insurer also boosted its 2005 forecast.
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General Electric is posting quarterly earnings in line with Wall Street expectations. The diversified manufacturer and financial services company says revenue rose 15 percent on higher