Earnings reports
- Kellogg's first-quarter net income slid 11 percent on higher expenses and acquisition costs. The company earned $311 million, or 85 cents per share. That's down from $351 million, or 98 cents per share, a year earlier. Revenue rose 12 percent to $3.86 billion on improved sales.
- Kraft Foods Group Inc. reported first-quarter results that beat Wall Street expectations as it increased sales and cut costs following its split from its global snack business. The company earned $456 million, or 76 cents per share. That's down from $483 million, or 82 cents per share, a year ago when it paid less in interest and other expenses. Revenue rose 2 percent to $4.55 billion.
- BMW AG saw dented earnings from tough auto markets worldwide and investment in new technology. Net profit fell 3 percent to $1.73 billion. Revenues fell 4.1 percent to $22.9 billion. The company cited its profit margin of 9.9 percent, a key earnings figure that was near the top end of its 8-10 percent goal.
- Archer Daniels Midland Co. said its profit fell 33 percent in the first quarter due to the ongoing effects of last year's U.S. drought. For the period ended March 31, the agribusiness company earned $269 million, or 41 cents per share, down from $399 million, or 60 cents per share, in the prior-year period. The company's revenue edged up to $21.73 billion from $21.16 billion.
- Prudential Financial Inc. posted a first-quarter loss as the life insurer took a hefty charge tied to the value of the Japanese yen, but its adjusted earnings topped market expectations. The company said it lost $721 million, or $1.55 per share. That includes pre-tax charges of about $2.5 billion tied to foreign-currency rates and $3 billion in investment losses. A year ago it reported a loss of $960 million, or $2.03 per share. Excluding one-time charges Prudential made $2.28 per share on an adjusted basis in the recent quarter. Total revenue increased to $11.83 billion from $10.5 billion.
- Cigna Corp.'s first-quarter earnings plunged 85 percent as the health insurer booked a heavy charge to exit a couple businesses that have dragged down its performance. It earned $57 million, or 20 cents per share, in the first quarter ended March 31. That compares to earnings of $371 million, or $1.28 per share, in last year's quarter. Adjusted earnings in this year's quarter totaled $1.72 per share. Revenue climbed 21 percent to $8.18 billion from $6.75 billion a year ago.
- Airgas Inc. said its fiscal fourth-quarter net income slipped 2 percent while revenue edged higher. The company reported earnings of $86.1 million, or $1.13 per share, for the three-month period ending March 31. That is down from $88 million, or $1.12 per share, a year ago. The company said its adjusted earnings for the latest quarter came to $1.14 per share. Total revenue rose to $1.26 billion from $1.24 billion.