Minnesota’s economy is headed in the right direction but many people may not be feeling it in their paychecks yet. That’s one takeaway from a report released Thursday. The budget forecast shows state government on pace for a $1 billion surplus.
Target reported a 3.1 percent gain in third-quarter profits to beat Wall Street expectations as its U.S. business rebounded from a massive data breach that occurred just before Christmas last year.
Target cut its annual profit outlook Wednesday and said its first-quarter earnings fell 16 percent as it took another hit from a massive customer data breach and a troubled expansion in Canada.
3M says its first-quarter net income rose 7 percent, led by sales growth in its health care business. The maker of products from Post-it notes to industrial coatings and ceramics said Thursday that it earned $1.21 billion, or $1.79 per share, for the three months through March 31.
UnitedHealth Group’s first-quarter net income slid 8 percent as funding cuts to a key product and costs imposed by the health care overhaul dented the health insurer’s performance. The Minnetonka company said the overhaul and government budget cuts added about 35 cents per share in costs during the quarter.
Medical-device maker St. Jude Medical’s first-quarter net income rose almost 12 percent, helped by higher sales of its implantable defibrillators and devices that treat a type of irregular heartbeat. The company said four new product approvals in the U.S. will boost sales in the second half of the year and gave guidance within range of analyst expectations.
Minnesota lawmakers are considering a bill that aims to close the pay gap between men and women. Data from the Women’s Foundation of Minnesota show that the median full-time annual earnings of a woman in the state is about $10,000 less than a man’s.
Rough winter weather took a bite out of General Mills’ fiscal third-quarter sales, and the cereal maker’s results missed Wall Street expectations. The maker of Cheerios, Yoplait and Betty Crocker products said Wednesday that its fiscal third-quarter net income rose 3 percent.
General Mills, whose brands include Cheerios, Yoplait and Betty Crocker, on Friday issued a lower-than-expected profit prediction for its fiscal third quarter, citing lower demand for its products in developed markets.
3M says its fourth-quarter earnings jumped more than 11 percent, fueled in part by a revenue gain from the Post-it note maker’s industrial business. Its earnings topped expectations, but its revenue was short, and its shares slipped in midday trading Thursday.
Target Corp.’s third-quarter net income dropped 47 percent, stung by costs related to its expansion into Canada. Its adjusted profit beat analysts’ estimates, but revenue fell short. The department store operator also lowered its full-year adjusted earnings forecast.
Target says its first-quarter adjusted profit will likely come in slightly below its forecast because of weaker-than-expected sales of seasonal and weather-sensitive items.
Best Buy Co. says its fourth-quarter loss narrowed as it cut costs to offset nearly flat sales during the key holiday quarter. It also says a deadline passed without a bid from its co-founder, Richard Schulze.
Target is setting its bullseye on Canada in 2013. Its investment in a Canadian launch this year and weaker-than-expected holiday sales caused Target Corp.’s net income to fall 2 percent in the fourth quarter of last year.
Struggling consumer electronics chain Best Buy said Friday that a key revenue metric declined during the critical holiday season. But its flat performance in the U.S. was better than the past several quarters, and online revenue showed strong growth.