Earnings roundup
Microsoft
Microsoft Corp.'s fiscal fourth-quarter profit edged up 7 percent despite a hefty charge to cover the cost of defective Xbox 360 video game consoles.
The world's largest software maker said its earnings for the three months ended June 30 climbed to $3.04 billion, or 31 cents per share, from $2.83 billion, or 28 cents per share, during the same period last year.
Results were weighed down by a charge of $1.06 billion, or 8 cents per share, related to the video game console repairs.
In early July, the company said it would extend the warranty on the Xbox 360 to three years after too many succumbed to "general hardware failure," a vague condition marked by flashing red lights on the front of the console. The software maker said it has fixed problems in the manufacturing process, but would not give details.
Excluding this charge, Microsoft would have earned 39 cents per share, in line with Wall Street's expectations, according to Thomson Financial.
Revenue climbed 13 percent to $13.37 billion from $11.80 billion last year, just ahead of Wall Street's estimate of $13.27 billion in sales.
Sales in the division responsible for the Windows operating system rose 14 percent to $3.81 billion from $3.35 billion in the year-ago quarter.
Bank of America
Bank of America Corp. recorded another profitable quarter Thursday but gave investors reason to worry as it fattened its provisions for loan losses, an indication it sees lending risks growing.
Bank of America, the No. 2 U.S. bank by assets, reported a 5 percent rise in earnings from growth in capital markets activity and consumer fees, offsetting an increase in credit losses.
But its provision for credit losses ballooned 79.2 percent to $1.81 billion, up from $1.24 billion in the first quarter and $1.01 billion in the second quarter of 2006. Net charge-offs, or bad loans, rose to $1.5 billion, compared with $1.43 billion in the first quarter and $1.02 billion in the year-ago quarter.
Net income at Bank of America climbed to $5.76 billion, or $1.28 per share, from $5.48 billion, or $1.19 per share, a year ago.
Its revenue grew 8 percent to $19.96 billion from $18.52 billion last year.
Nucor
Nucor Corp., the second-largest U.S.-based steel company, said profit fell 23 percent in the second quarter as raw-material costs rose and demand from automakers slowed.
Net income dropped to $344.9 million, or $1.14 a share, from $450 million, or $1.44, a year earlier, said Nucor, based in Charlotte, N.C. Sales rose 9.5 percent to $4.17 billion.
Comments
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70
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