Newspaper article The Florida Times Union

Corporate Earnings

Newspaper article The Florida Times Union

Corporate Earnings

Article excerpt

DOW CHEMICAL

Dow Chemical Co.'s second-quarter earnings rose 29 percent from a year ago, beating analysts' expectations despite higher raw material and energy costs.

The Midland, Mich.-based company said yesterday it earned $527 million, or 77 cents a share, in the three months ending June 30. The company earned $410 million, or 61 cents a share, in the same period of 1999.

A survey of analysts by First Call/Thomson Financial had predicted earnings of 74 cents a share.

Sales rose 22 percent in the latest quarter, from $4.6 billion to $5.6 billion on a 13 percent improvement in pricing and 9 percent rise in volume.

GLAXO WELLCOME

Glaxo Wellcome PLC's pretax profit for the first half of the year rose 20 percent, amid strong U.S. sales of its asthma and hay fever drugs.

London-based Glaxo, poised to become the world's largest drugmaker with its pending acquisition of SmithKline Beecham PLC, earned $2.4 billion in the first half of the year, up from $2.01 billion in the same period a year ago. Results beat the $2.22 billion to $2.28 billion profit analysts had forecast.

Revenues rose 12 percent to $6.95 billion from $6.21 billion.

However, the profit figures benefitted from a $217 million gain on the sale of an investment and the exclusion of $74 million in costs related to restructuring and the company's pending purchase of SmithKline. If these two figures are excluded, pretax profit rises 5 percent to $2.11 billion.

Glaxo agreed in January to buy SmithKline in a deal valued at $172 billion. The deal is expected to be completed by Sept. 25.

KELLOGG

Strong U.S. cereal sales helped Kellogg Co. second-quarter profits meet Wall Street expectations.

For the three months ended June 30, Kellogg earned $150.9 million, or 37 cents a share, compared with $154.2 million, or 38 cents per share, in the year-ago period, the company said yesterday.

Excluding restructuring charges, the Battle Creek, Mich. …

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