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Earning Scan: WY, WHR, CI, MRK, GT, NWL, GLCH, EEP

 October 28, 2011 09:25 AM
 


Several companies declared their latest quarterly earnings before the market opened, while few companies are scheduled to report their financial results after the closing bell today. Some notable earners are discussed here.

Weyerhaeuser Co. (NYSE: WY), one of the world's largest forest products companies, today announced its fiscal 2011 third quarter financial results. It reported net earnings of $157 million for the third quarter, or $0.29 per diluted share, on net sales from continuing operations of $1.6 billion. This compares with net earnings of $1.116 billion on net sales from continuing operations of $1.5 billion for the same period last year. Analysts had estimated a net profit of $0.11 per share for the company. Earnings for the third quarter of 2011 include after-tax gains of $91 million from special items, including an $83 million benefit related to foreign tax credits. Excluding these items, the company reported net earnings of $66 million, or $0.12 per diluted share. This compares with net earnings before special items of $81 million in the third quarter of 2010. Earnings for the third quarter of 2010 included special items of $1.035 billion, primarily income tax adjustments related to Weyerhaeuser's conversion to a real estate investment trust.

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Whirlpool Corp. (NYSE: ), which is engaged in the manufacture and marketing of home appliances worldwide, announced its FY2011 Q3 earnings early today. It reported net earnings of $177 million, or $2.27 per diluted share, compared to net earnings of $79 million, or $1.02 per diluted share reported during the same period last year. Analysts had estimated a net profit of $2.68 per share for the company. On an adjusted basis, excluding non-operating charges, diluted earnings per share totaled $2.35 compared to $2.22 in the prior year.  Sales in 2011 were $4.6 billion, compared to $4.5 billion reported in the third quarter of 2010, a 2 percent increase driven by favorable currency. Weaker global demand and higher raw material and oil-related costs during the quarter offset the benefits of ongoing productivity, cost reduction initiatives and previously announced price increases. The North America region reported operating profit of $62 million compared to $114 million in the previous year. Results were favorably impacted by the implementation of previously announced price increases and improved product mix. These factors were offset by lower industry volumes, higher material costs and actions taken to adjust production volume to industry demand.

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Cigna Corp. (NYSE: CI), which operates as a health service organization, declared its FY2011 Q3 financial results today.


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