News last week that Medtronic is buying an Irish firm and moving its headquarters to that country is prompting debate here in Minnesota and across the country. Medtronic says it needs to make the move so that millions of dollars of overseas profits can be taxed at a lower rate. That has members of Congress asking if it’s time to either change the tax code or make it harder for companies to make this kind of a move.
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.
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.
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.
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.
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.
Best Buy Co. reported another dismal quarter on Tuesday, recording a loss in the third quarter, hurt by a continued sales slump and charges related to restructuring. Shares fell more than 11 percent in morning trading to its lowest level in more than a decade.
3M Co. is reducing its profit expectations for this year because of what it calls “current economic realities.”
UnitedHealth Group’s third-quarter net income jumped 23 percent to trump expectations, as preparations for retiring Baby Boomers started to pay off for the nation’s largest health insurer. UnitedHealth also raised its 2012 earnings forecast.