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.
Delta Air Lines made more than a billion dollars in the third quarter as more passengers paid a little bit extra to fly. Even its new oil refinery turned a small profit. The profit of $1.37 billion worked out to $1.59 per share. Not counting gains from fuel hedges, the company would have earned $1.2 billion, or $1.41 per share.
UnitedHealth Group Inc.’s third-quarter earnings inched up 1 percent in a rare performance that failed to trump Wall Street expectations. The nation’s largest health insurer also gave a less-than-reassuring vibe to investors by narrowing its 2013 forecast instead of raising it.
Supervalu returned to a profit in its fiscal second quarter after posting a loss in the same period a year ago due to a large charge. Its adjusted profit and revenue beat analysts’ expectations. Shares climbed more than 6 percent premarket trading Thursday.
Fastenal Co. said Wednesday its third-quarter net income rose 9 percent, helped by the installations of more industrial vending machines that sell its products. But the results fell slightly short of Wall Street predictions and Fastenal shares dropped 5 percent in premarket trading.
The hair salon operator Regis returned to a profit in its fiscal fourth quarter although a key revenue figure and a measure of customer traffic fell. Regis, with brands including Supercuts, MasterCuts and others, earned $675,000, or 1 cent per share, for the three months ended June 30.
Target Corp. is reporting a 13 percent drop in second-quarter earnings as the discounter spent money on opening stores in Canada and dealt with cautious shoppers in the U.S. The Minneapolis-based discounter is offering a muted full-year outlook.
Best Buy’s net income rose sharply in the second quarter, as the struggling electronics retailer slashed costs and worked to make its website more competitive. The nation’s biggest specialty electronics company beat Wall Street expectations and its shares were up 10.5 percent at $33.97, marking a two-year high.
3M Co., which makes a wide range of items including Scotch tape, reflective coatings for signs, and medical products, said on Thursday that its net income rose 2.6 percent as revenue grew across most of its businesses.
Polaris Industries’ second-quarter net income rose 15 percent, in part because of higher selling prices and ongoing efforts to lower product costs. The snowmobile and ATV maker also raised its full-year earnings forecast on Tuesday for the second consecutive quarter.
UnitedHealth Group Inc.’s second-quarter net income rose almost 8 percent, buoyed by steady enrollment growth. The nation’s largest health insurer’s earnings topped Wall Street estimates. It also raised the low end of its full-year earnings forecast Thursday.
Investment bank and asset management firm Piper Jaffray said Wednesday that its second-quarter net income dropped 61 percent from results a year ago that were bolstered by tax benefit. Piper Jaffray Cos. earned $2.3 million, or 15 cents per share, for the three months ended June 30.
Food maker General Mills said Wednesday that its fiscal fourth-quarter net income climbed 13 percent, helped by contributions from new businesses and strong sales overseas. But its fiscal 2014 adjusted earnings forecast came in slightly below analysts’ estimates, and General Mills Inc. shares dipped slightly before the market open.
UnitedHealth Group is raising its quarterly dividend by another 32 percent, to 28 cents per share. The new payout represents an increase of nearly 7 cents from the insurer’s current dividend of 21.25 cents. The largest U.S. health insurer says the dividend will be paid on June 21 to all shareholders of record as of the close of business June 14.