Global Earnings: Lowe's, Fiat, EADS, Lonmin

Mukesh Buch
16 Nov, 2009
New York City

Lowe

[R]11:35 AM New York – Lowe’s third quarter net declined 30% to $344 million. EADS, the European defense contractor swung to a quarterly loss. Fiat SpA quarterly net plunged 95%. ThyssenKrupp, the German steelmaker reported full year loss. The platinum miner swung to a full year loss on the sales decline of 53%.[/R]

U.S. Earnings Review

Lowe’s Companies, Inc, the home improvement retailer reported third quarter sales fell 2.7% to $11.4 billion from $11.7 billion a year ago. Net income in the quarter fell 30% to $344 million or 23 cents per diluted share compared to net income of $488 million or 33 cents per share a year ago.

ReneSola Ltd, a manufacturer of solar wafers reported third quarter revenues fell 34.7% to $140.9 million from $215.8 million a year ago. Net loss in the quarter was $10.2 million or 7 cents per diluted share compared to net income of $32.4 million or 23 cents per share a year ago.

European Earnings Review

EADS NV, the aerospace, defense and related services said third quarter revenues fell 2% to €9.53 billion from €9.70 billion a year ago. Net loss in the quarter was €87 million or €0.11 per diluted share compared to net profit of €679 million or €0.84 per share a year ago.

ERG SpA, the oil refiner said third quarter revenues fell 47% to €1.76 billion from €3.32 billion a year ago. Net loss in the quarter was €14 million compared to net profit of €40 million a year ago.

Fiat SpA, the manufacturer and distributor of automobiles said third quarter revenues fell 16% to €12.0 billion from €14.3 billion a year ago. Net profit in the quarter fell 95% to €21 million or €0.02 per diluted share compared to net profit of €440 million or €0.35 per share a year ago.

ThyssenKrupp AG, the steelmaker said full-year sales fell 24% to €40.6 billion from €53.4 billion a year ago. Net loss in the full-year was €1.86 billion or €4.01 per diluted share compared to net profit of €2.20 billion or €4.59 per share a year ago.

Tiscali SpA, an internet communications company said nine months revenues fell 9.5% to €221.6 million from €244.9 million a year ago. Net loss in the nine months was €418.4 million compared to net loss of €98.2 million a year ago.

UniCredit SpA, the financial company said nine months net interest income fell 1.9% to €13.3 billion from €13.55 billion a year ago. Net profit in the nine months fell 62% to €1.33 billion or €0.11 per diluted share compared to net profit of €3.51 billion or €0.30 per share a year ago.

Lonmin Plc, the platinum miner said full-year revenues fell 52.5% to $1.06 billion from $2.23 billion a year ago. Net loss for the full-year was $285 million or 163.7 cents per diluted share compared to net profit of $455 million or 276.9 cents per share a year ago.

Asian Earnings Review

GS Yuasa Corporation, the battery maker said first-half sales fell 24.2% to ¥109.4 billion from ¥144.4 billion a year ago. Net profit for the first-half fell 33.2% to ¥1.67 billion compared to net profit of ¥2.51 billion a year ago.

Hitachi, Ltd, the maker of consumer products and electronic devices said first-half revenues fell 22.3% to ¥4,124.9 billion from ¥5,310.5 billion a year ago. Net loss for the first-half was ¥133.2 billion compared to net loss of ¥50.6 billion a year ago.