A ruling that went against Minnesota government in a long-running sales tax dispute will stand, potentially costing the state $17 million in revenue. Revenue Department Deputy Commissioner Matt Massman told The Associated Press on Tuesday that the agency won’t appeal a September court ruling.
3M Co. says its third-quarter net income rose 6 percent, beating Wall Street predictions. The company, which makes items including Post-it notes, reflective coatings for signs, and glues and adhesives, earned $1.23 billion, or $1.78 per share, up from $1.16 billion, or $1.65 per share, in the same quarter of 2012.
Minnesota’s tax collections have come in $2 million below expectations in the first three months of the newly enacted state budget.
Minnesota collected 2 percent less in taxes in August than was originally expected, as revenue collections for the 2014 fiscal year droop slightly. Net general fund revenues totaled just under $1.3 billion in August.
This week, youth soccer players from 17 countries, and all over the nation, take to the fields at the National Sports Center in Blaine as part of the Schwan’s USA Cup – the largest soccer tournament in the western hemisphere. Though the heat has been oppressive, there are still nearly 25,000 people in attendance.
Minnesota’s tax revenues for the budget year that ended June 30 came in $463 million ahead of forecast, state officials said Wednesday, and that means more money will be on its way to schools.
Arctic Cat posted a smaller-than-expected loss in its fiscal fourth-quarter, as sales improved across all product lines. The maker of recreational vehicles and snowmobiles said Wednesday that it is reinstating its quarterly dividend and approved the buyback of up to $30 million of its stock due to its strong performance, healthy cash flow and future prospects.
Delta Air Lines is reporting a small first-quarter profit, as passengers paid more to fly.
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.
Discount retailer Target Corp. says Thursday that a key revenue measure rose 3.1 percent in January as shoppers bought holiday clearance merchandise.
Delta says its fourth-quarter profit was nearly wiped out by Superstorm Sandy and special charges.
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.
Minnesota collected more tax revenue than forecast in November and December.
The revenue coming in from the electronic pulltab games are not enough to fund the new Vikings stadium.
Target says a key revenue figure rose 2.1 percent in September as shoppers picked up back-to-school items and groceries. Analysts expected a 2.2 increase for revenue in stores open at least one year.