Ford shares drop after 4Q profit
Dearborn, MI, United States (AHN) – Shares of Ford dropped on Friday after the automaker reported dismal fourth-quarter earnings.
Stocks dropped more than 11 percent upon news that the Dearborn-based company’s profit plunged 79 percent in the last three months.
Ford said net income from October through December was $190 million, or 5 cents a share, down from from $886 million, or 25 cents, a year ago.
Profit was negatively affected by a $960 million charge related to an ongoing effort to reduce its debt. The debt conversion charge during the quarter reduced the company’s debt by $1.9 billion.
Revenue rose $1.6 billion to $32.5 billion. Sales rose by 35 percent in Asia Pacific and Africa but fell in Europe, where the automaker previously decided to reduce its participation in low-margin businesses.
Europe was the only segment to report a profit loss. There, Ford lost $51 million, compared to a profit of $253 million during the fourth quarter a year ago.
Pre-tax profit in Asia Pacific and Africa rose to $23 million, from $16 million last year. In North America, profit was $670 million, $59 million more than a year ago.
For the full 2010 fiscal year, revenue was $120.9 billion, an increase of $17 billion from last year. Net income for the full year was $6.6 billion, a $3.8 billion increase and Ford’s largest profit for more than a decade.
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Campbell Soup 1Q Profit Down 8 Percent
Camden, NJ, United States (AHN) – Campbell Soup’s earnings for the first quarter of 2011 slid 8 percent but the company maintained its full fiscal year outlook.
Net income for the period ended Oct. 31 was $279 million, or 82 cents per share, down from $304 million, or 87 cents a share, in the previous year.
Revenues dropped 1 percent to $2.1 billion, including the effects of currency.
Soup sales in the United States declined 5 percent, with revenues from ready-to-serve soups plummeting 13 percent despite increased spending to promote the products. Sales for Campbell’s condensed soups were down 1 percent.
Beverage sales jumped 10 percent largely because of increased marketing and product launches under the V8 V-Fusion brand. The double-digit growth, however, was not enough to boost the soups, sauce and beverage segment, which delivered revenues of $1.1 billion, or 3 percent less than last year.
The segment performed well in the Asia Pacific and Europe, but posted weak sales in Latin America.
Baking and snacking was the only segment to post positive growth. It brought in $544 million in revenues, 3 percent higher than a year ago, with the strong performance of Pepperidge Farm products.
Campbell Soup, based in New Jersey, kept its previous forecast for the full year. It projected revenues would rise 1 to 3 percent while earnings per share would grow between 2 to 4 percent.
The 141-year-old company launched a $100 million ad campaign in September to boost sales of its soup brands. The nationwide, multi-media campaign sought to shift focus on the iconic Campbell Soup can to versatility of soups as a snack or ingredient.
“We intend to remain competitive in U.S. soup through the height of the soup season, and it’s likely that margin pressures will persist through the second quarter,” chief executive Douglas Conant said in a statement. “In the second half, we plan to place greater focus on advertising and brand-building initiatives in our marketing efforts.”
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