Target slashed its annual profit outlook as the retailer continues to reel from a massive data breach, a disappointing expansion in Canada and sluggish sales in the U.S. The nation’s third-largest retailer also said Wednesday that its second-quarter earnings dropped 61.7 percent.
Target is lowering its forecast for its second quarter because of costs related to a massive data breach and the repayment of debt.
UnitedHealth Group says its second-quarter earnings slipped 2 percent on a rise in taxes and other expenses, but the nation’s largest health insurer still trumped analyst expectations. The Minnetonka-based company also raised the low end of the earnings range it forecasts for this year.
UnitedHealth is once again hiking the quarterly dividend it gives shareholders by more than 30 percent, with the latest increase tripling the initial value of a payout the nation’s largest health insurer debuted in 2010.
Best Buy says a big tax benefit and cost-cutting pushed it to a profit in its fiscal first quarter. But its sales fell short of expectations, sending its stock lower.
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.
Best Buy returned to a profit in the fourth quarter and topped Wall Street expectations as it cut costs to offset declining sales. The specialty electronics retailer says it gained market share during the quarter and shares jumped 5 percent in premarket trading Thursday.
Target Corp says the massive data breach over the holidays helped push its profit down 46 percent. The discount retailer said Wednesday that sales fell 5.3 percent as the breach scared off customers.
Delta is reporting better-than-expected fourth-quarter profit as fares and traffic rose. Delta’s yield — a key measure of what each passenger pays to fly one mile — rose 4 percent.
General Mills’ fiscal second-quarter net income rose 2 percent, helped by lower expenses. But the Minneapolis company’s performance fell short of Wall Street’s expectations. Its stock declined more than 2 percent in Wednesday premarket trading.
Rate increases helped FedEx Corp. post net income that was 14 percent higher than a year earlier, when superstorm Sandy hurt business. However, the second-quarter profit of $1.57 per share was lower than the $1.64 per share expected by analysts surveyed by FactSet.
3M is raising its quarterly dividend by 35 percent, sending its share price higher in premarket trading. The company, which makes items including Post-it notes, reflective coatings for signs, and glues and adhesives, said it is raising its dividend to 85.5 cents per share from 63.5 cents per share.
Hormel Foods said Tuesday that its fiscal fourth-quarter net income rose 19 percent, benefiting from strong export sales of its Spam canned ham and Skippy peanut butter. Its performance beat analysts’ expectations.
Electronics retailer Best Buy Co. returned to a profit in the third quarter as the busy holiday season revs up. But the company says it expects a tough competitive environment during the holiday season.
Caterpillar’s mining business is down in a hole. Its third-quarter earnings plunged 44 percent and it cut its forecast, again. It said revenue will be almost $11 billion lower than last year, a drop of 17 percent.