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.
Hormel Foods’ fiscal second-quarter net income fell 2 percent as it dealt with one-time costs related to its acquisition of the Skippy peanut butter brand, higher grain costs and weaker turkey prices. Its quarterly performance missed Wall Street’s expectations.
Target Corp. reported a 26 percent drop in first-quarter profit as cool temperatures and financial pressures limited customers’ appetite for spending. The company, based in Minneapolis, also cut its annual profit outlook, sending its stock down in premarket trading.
Best Buy Co. on Tuesday reported a loss in its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores. Its adjusted earnings beat Wall Street expectations, but revenue fell short as the company faced tough pricing competition during the quarter. Its shares fell in premarket trading.
3M said Thursday its first-quarter profit barely rose as it faced weaker demand. It cut its profit guidance for the full year.
First-quarter profit shrank 45 percent. Caterpillar lowered its expectations for full year sales and profits because its mining business is slowing. Sales of Caterpillar-branded mining machines will drop by half this year, the company said on Monday.
UnitedHealth Group says its first-quarter net income dropped 14 percent, as the health insurer’s medical costs climbed, and it booked a smaller gain due to leftover insurance claims.
Snowmobile and ATV maker Polaris Industries Inc. on Tuesday said that its fourth-quarter profit climbed 38 percent, as increased sales of its off-road vehicles, motorcycles and gear and accessories more than offset a decline in snowmobile sales.
Target Corp. on Thursday reported a third-quarter net income that handily beat Wall Street expectations, and the big-box retailer issued a rosy outlook heading into the critical holiday shopping season.