Earnings reports
- Pfizer Inc. says first-quarter net income rose 53 percent despite generic-drug competition reducing sales. The drugmaker said net income was $2.75 billion, or 38 cents per share, down from $1.79 billion, or 28 cents per share, a year earlier. Excluding one-time items, adjusted income was 54 cents per share. Revenue was $13.5 billion, down 9 percent from $14.89 billion a year earlier.
- US Steel lost $73 million in the first quarter because of tough competition and rising prices. The loss was 51 cents per share. Its adjusted loss of 35 cents per share was more than twice as big as the loss of 19 cents per share expected by analysts surveyed by FactSet. A year ago it lost $219 million, or $1.52 per share, because of costs for selling a unit in Serbia. Revenue fell 11 percent to $4.6 billion, slightly less than analysts expected.
- Aetna says its first-quarter net income fell 4 percent as acquisition-related costs and rising health care expenses offset government business gains. The company earned $490.1 million, or $1.48 per share, in the three months that ended March 31. That's down from $511 million, or $1.43 per share, in last year's quarter. Adjusted earnings totaled $1.50 per share. Operating revenue climbed 7 percent to $9.51 billion.
- BP's sale of its Russian joint venture helped it more than triple first-quarter profits. It said its replacement cost profits rose to $16.5 billion from the $4.7 billion for the same period last year, largely reflecting a one-off gain from the sale of its stake in TNK-BP.
- Starwood Hotels & Resorts Worldwide Inc. says that its first-quarter net income surged 66 percent, bolstered by a large tax benefit. For the three months ended March 31, Starwood earned $213 million, or $1.09 per share. That compares with $128 million, or 65 cents per share, a year earlier. The latest results included a $70 million tax benefit. Revenue fell 11 percent to $1.54 billion. That beat Wall Street's forecast of $1.47 billion.
- Anheuser-Busch InBev NV, the world's largest brewer, said Tuesday that even though revenues grew by 1.5 percent in the first quarter, volumes declined by 4.1 percent. Net profit for the company rose to $2.05 billion compared to $1.67 billion the year earlier.