NEW YORK (TheStreet) -- Dow Chemical reported a fourth-quarter loss Thursday as rising commodity prices hurt the bottom line.
The largest U.S. chemicals maker reported a loss of $20 million, or 2 cents a share, compared to earnings of 37 cents a share a year earlier. Excluding items, including a charge of 23 cents a share for increased income taxes in Brazil, Dow earned 25 cents a share, down from 47 cents a share a year earlier.
The Midland, Michigan-based company reported a loss even as revenue rose to $14.1 billion from $13.8 billion in 2010.
Analysts had expected the company to post earnings of 30 cents a share on revenue of $14.19 billion.
Dow Chemical shares were slipping 3.2% to $32.85 in premarket trading on Thursday.
Merck said growing worldwide sales and favorable exchange rates helped the company report stronger-than-expected earnings in the fourth quarter. The drugs and health care giant said adjusted earnings rose to 97 cents a share on revenue of $12.29 billion as global sales grew 2%. Analysts expected Merck to earn 95 cents a share in the fourth quarter on revenue of $12.53 billion. Merck shares were up 0.2% to $38.71 in premarket trading.
Credit card company MasterCard blew past estimates in the fourth quarter as earnings grew 28% and worldwide purchase volume increased. The credit company reported Thursday that earnings grew to $4.03 a share in the fourth quarter as revenue climbed to $1.72 billion. Analysts expected to see the company earn $3.92 a share on revenue of $1.73 billion, according to analysts surveyed by Thomson Reuters. MasterCard shares were gaining 1.2% to $362.
Kellogg said earnings came in slightly ahead of estimates for the fourth quarter as earnings jumped 25%. The cereal maker reported earnings of 64 cents a share, up from 51 cents a year earlier, on revenue that grew 5.4% to $3 billion. Analysts expected earnings of 63 cents a share in the fourth quarter on sales of $2.99 billion. Kellogg shares were increasing 3% to $50.81.
Royal Dutch Shell , the European oil major, posted a modest drop in fourth-quarter profit because of weaker refining operations. Shell said net profit fell 4.3% to $6.5 billion. Shell's production arm was helped by higher oil prices. But Europe's largest oil company said its refining arm swung to a loss. The oil company's shares were falling 1.4% to $71.22 in early trading.
Germany's Deutsche Bank said fourth-quarter profit tumbled 69% to 186 million euro ($245.06 million) as the European debt crisis persist. The bank reported a loss on a pretax basis of 351 million euro. Deutsche Bank said the debt crisis made investors shy away from riskier investments, leading to reduced revenue from investment banking. The lender was slipping 2.2% to $43.54 Thursday morning.
Costco reported better-than-expected same-store sales in January. The warehouse retailer said sales at stores open at least a year climbed 11% last month to $7 billion as higher gas prices boosted income. Analysts were expecting sales to rise just 6.1%, according to Thomson Reuters. Excluding the impact of fuel prices, sales gained 8%, Costco said. Costco shares were climbing 0.9% to $83.94.
Limited Brands joined Costco in seeing strong sales last month as same-store sales rose 9% in the four-week period ended Jan. 28. The company that operates Victoria's Secret and Bath & Body Works also said it now expects fourth-quarter earnings to come in near the top of its previously given range of $1.42 to $1.46 a share.
Macy's said same-store sales climbed 2.4% in January as total sales grew to $1.336 billion. Fourth-quarter same-store sales climbed 5.2% and total sales increased 5.5% to $8.72 billion. Based on strong performance, which CEO Terry Lundgren described as the "strongest in many years," the retailer has boosted its earnings guidance for the fourth quarter to $1.63 to $1.65 a share from earlier forecasts of $1.55 to $1.60 a share. Macy's shares were jumping 0.9% to $34.30.
Target also saw stronger-than-expected sales last month, seeing same-store figures climb 4.3% in January with sales of $4.6 billion. Analysts had expected sales to rise 2% for the month. Target shares were rising 2.8% to $52.85.
PulteGroup reported a smaller-than-expected profit in the fourth quarter after swinging from a loss the prior year. The U.S.'s largest homebuilder by revenue reported earnings of 4 cents a share on revenue of $1.262 billion in the fourth quarter. Analysts polled by Thomson Reuters had expected to see earnings of 7 cents a share on revenue of $1.13 billion. PulteGroup shares were decreasing 2.7% to $7.62.
Chipotle Mexican Grill , the quick-service Mexican food company, reported fourth-quarter earnings below Wall Street's expectations amid rising food costs. Chipotle reported a profit of $57.5 million, or $1.81 a share, for the three months ended Dec. 31, on revenue of $596.7 million, up nearly 24% from last year. The average estimate of analysts polled by Thomson Reuters was for earnings of $1.83 a share on revenue of $591.2 million. The restaurant chain's shares were falling 1.7% to $364.11.
JDS Uniphase , the optical networker, posted fiscal second quarter earnings above analysts' expectations and provided a solid revenue outlook for the current quarter. The company reported a non-GAAP profit of $35.8 million, or 15 cents a share, for the quarter on revenue of $413.1 million, beating analysts' calls for earnings of 10 cents a share on revenue of $390.9 million. For its fiscal third quarter ending in March, JDS Uniphase forecast revenue ranging from $410 million to $425 million; analysts expect revenue of $418 million. JDS Uniphase was advancing 4.7% to $13.74.
Sony Thursday reported a net loss of 159 billion yen ($2.1 billion) for the October-December quarter and estimated it would lose more money for the full fiscal year than it previously expected. Sony, the electronics and entertainment company, predicted a net loss of 220 billion yen for the year through March, wider than an earlier forecast of 90 billion yen. Results for the latest quarter were hurt by weak TV sales, a strong yen and production disruptions from Thailand flooding. Sony shares were dropping 5.4% to $17.20.
-- Written by Joseph Woelfel and Kaitlyn Kiernan >To contact the writer of this article, click here: Joseph Woelfel or Kaitlyn Kiernan . >To submit a news tip, send an email to: tips@thestreet.com.
Merck said growing worldwide sales and favorable exchange rates helped the company report stronger-than-expected earnings in the fourth quarter. The drugs and health care giant said adjusted earnings rose to 97 cents a share on revenue of $12.29 billion as global sales grew 2%. Analysts expected Merck to earn 95 cents a share in the fourth quarter on revenue of $12.53 billion. Merck shares were up 0.2% to $38.71 in premarket trading.
Credit card company MasterCard blew past estimates in the fourth quarter as earnings grew 28% and worldwide purchase volume increased. The credit company reported Thursday that earnings grew to $4.03 a share in the fourth quarter as revenue climbed to $1.72 billion. Analysts expected to see the company earn $3.92 a share on revenue of $1.73 billion, according to analysts surveyed by Thomson Reuters. MasterCard shares were gaining 1.2% to $362.
Kellogg said earnings came in slightly ahead of estimates for the fourth quarter as earnings jumped 25%. The cereal maker reported earnings of 64 cents a share, up from 51 cents a year earlier, on revenue that grew 5.4% to $3 billion. Analysts expected earnings of 63 cents a share in the fourth quarter on sales of $2.99 billion. Kellogg shares were increasing 3% to $50.81.
Royal Dutch Shell , the European oil major, posted a modest drop in fourth-quarter profit because of weaker refining operations. Shell said net profit fell 4.3% to $6.5 billion. Shell's production arm was helped by higher oil prices. But Europe's largest oil company said its refining arm swung to a loss. The oil company's shares were falling 1.4% to $71.22 in early trading.
Germany's Deutsche Bank said fourth-quarter profit tumbled 69% to 186 million euro ($245.06 million) as the European debt crisis persist. The bank reported a loss on a pretax basis of 351 million euro. Deutsche Bank said the debt crisis made investors shy away from riskier investments, leading to reduced revenue from investment banking. The lender was slipping 2.2% to $43.54 Thursday morning.
Costco reported better-than-expected same-store sales in January. The warehouse retailer said sales at stores open at least a year climbed 11% last month to $7 billion as higher gas prices boosted income. Analysts were expecting sales to rise just 6.1%, according to Thomson Reuters. Excluding the impact of fuel prices, sales gained 8%, Costco said. Costco shares were climbing 0.9% to $83.94.
Limited Brands joined Costco in seeing strong sales last month as same-store sales rose 9% in the four-week period ended Jan. 28. The company that operates Victoria's Secret and Bath & Body Works also said it now expects fourth-quarter earnings to come in near the top of its previously given range of $1.42 to $1.46 a share.
Macy's said same-store sales climbed 2.4% in January as total sales grew to $1.336 billion. Fourth-quarter same-store sales climbed 5.2% and total sales increased 5.5% to $8.72 billion. Based on strong performance, which CEO Terry Lundgren described as the "strongest in many years," the retailer has boosted its earnings guidance for the fourth quarter to $1.63 to $1.65 a share from earlier forecasts of $1.55 to $1.60 a share. Macy's shares were jumping 0.9% to $34.30.
Target also saw stronger-than-expected sales last month, seeing same-store figures climb 4.3% in January with sales of $4.6 billion. Analysts had expected sales to rise 2% for the month. Target shares were rising 2.8% to $52.85.
PulteGroup reported a smaller-than-expected profit in the fourth quarter after swinging from a loss the prior year. The U.S.'s largest homebuilder by revenue reported earnings of 4 cents a share on revenue of $1.262 billion in the fourth quarter. Analysts polled by Thomson Reuters had expected to see earnings of 7 cents a share on revenue of $1.13 billion. PulteGroup shares were decreasing 2.7% to $7.62.
Chipotle Mexican Grill , the quick-service Mexican food company, reported fourth-quarter earnings below Wall Street's expectations amid rising food costs. Chipotle reported a profit of $57.5 million, or $1.81 a share, for the three months ended Dec. 31, on revenue of $596.7 million, up nearly 24% from last year. The average estimate of analysts polled by Thomson Reuters was for earnings of $1.83 a share on revenue of $591.2 million. The restaurant chain's shares were falling 1.7% to $364.11.
JDS Uniphase , the optical networker, posted fiscal second quarter earnings above analysts' expectations and provided a solid revenue outlook for the current quarter. The company reported a non-GAAP profit of $35.8 million, or 15 cents a share, for the quarter on revenue of $413.1 million, beating analysts' calls for earnings of 10 cents a share on revenue of $390.9 million. For its fiscal third quarter ending in March, JDS Uniphase forecast revenue ranging from $410 million to $425 million; analysts expect revenue of $418 million. JDS Uniphase was advancing 4.7% to $13.74.
Sony Thursday reported a net loss of 159 billion yen ($2.1 billion) for the October-December quarter and estimated it would lose more money for the full fiscal year than it previously expected. Sony, the electronics and entertainment company, predicted a net loss of 220 billion yen for the year through March, wider than an earlier forecast of 90 billion yen. Results for the latest quarter were hurt by weak TV sales, a strong yen and production disruptions from Thailand flooding. Sony shares were dropping 5.4% to $17.20.
-- Written by Joseph Woelfel and Kaitlyn Kiernan >To contact the writer of this article, click here: Joseph Woelfel or Kaitlyn Kiernan . >To submit a news tip, send an email to: tips@thestreet.com.
There are no comments yet