Newspaper article The Florida Times Union

Corporate Earnings

Newspaper article The Florida Times Union

Corporate Earnings

Article excerpt

FLORIDA ROCK INDUSTRIES INC.

Florida Rock Industries Inc. reported earnings for the second quarter ended March 31 fell slightly to $12.3 million, or 43 cents per diluted share, compared with $12.6 million, or 44 cents a share, the previous year.

Net sales rose 2.5 percent to $167.2 million, but net income was lower because the company had after-tax real estate gains of $1.3 million in the second quarter of fiscal 2001.

The Jacksonville-based construction materials company said it expects its markets to remain strong as a whole for the rest of the fiscal year.

AETNA INC.

Insurer Aetna Inc. reported a first-quarter net loss of $2.8 billion yesterday because of an accounting change, but its operating earnings handily beat Wall Street expectations. Aetna shares surged.

The loss amounted to $19 per share for the January-March period, compared with a loss of $48.2 million, or 34 cents per share, for the same period a year ago.

Aetna said the large loss stemmed mostly from recording a noncash charge of $2.97 billion related to a new standard for accounting for the value of acquired assets.

AMERICAN INTERNATIONAL GROUP INC.

Insurance giant American International Group Inc. reported a 6.7 percent increase in first-quarter earnings, boosted by rising premiums. The operating results matched analysts' expectations.

The New York-based company said yesterday its net income for the quarter was $1.98 billion, or 75 cents per share, up from $1.86 billion, or 70 cents a share a year ago.

Not counting costs resulting from losses in capital and a change in accounting rules, AIG said income rose 11.1 percent to $2.13 billion, or 81 cents per share, from $1.92 billion, or 72 cents a share during the same quarter of last year.

BRISTOL-MYERS SQUIBB CO.

Bristol-Myers Squibb Co. announced a drastic decline in first quarter earnings yesterday that reflected major inventory troubles outlined earlier this month. Even though analysts expected the result, some questioned whether the company truly knows the extent of the problem. …

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