Posted: Tuesday, April 18, 2006 7:00 pm
Stock in defense contractor General Dynamics Corp. rose sharply on Wednesday after reporting its first-quarter profit rose 11 percent on higher defense and business spending, exceeding Wall Street’s expectations.
General Dynamics has a plant at 4300 Progressive Ave. in Lincoln, where it makes a variety of defense and aerospace products from composite materials.
Revenue rose 16 percent to $5.57 billion in the quarter from $4.80 billion in the year-ago period.
General Dynamics said each of its major business groups turned in higher sales results.
Allstate reports higher earnings than expected
NORTHBROOK, Ill. — Allstate Corp., the second-largest U.S. personal-lines insurer, said profit rose 26 percent in the first quarter from a year ago.
Allstate also owns Lincoln Benefit Life, headquartered in Lincoln.
Net income totaled $1.42 billion, or $2.19 per share, for the three months ended March 31 compared with $1.12 billion, or $1.64 per share, in the year-ago quarter. Consolidated revenue was $9.1 billion, an increase of 4 percent from $8.7 billion a year earlier.
Analysts polled by Thomson Financial forecast earnings of $1.66 per share on $8.51 billion of revenue.
Underwriting income increased to $1.24 billion in the quarter from $981 million. The company said it is receiving less claims damage in its auto and homeowners lines.
The company paid $3.87 billion in property and liability insurance claims in the quarter, a drop of nearly 5 percent.
The company raised its operating income outlook for 2006.
United Technologies earnings improve
HARTFORD, Conn. — United Technologies Corp. stock rose after the company reported first-quarter earnings rose 18 percent — beating Wall Street forecasts — as strong military demand lifted revenue 13 percent.
That prompted the company to raise its full-year earnings outlook.
United Technologies makes Pratt & Whitney engines, Carrier air conditioners and in York, Hamilton Sundstrand aviation controls.
In the latest quarter, net income rose to $768 million, or 76 cents a share, from $651 million, or 64 cents a share, a year ago. Analysts on average expected earnings of 73 cents a share, according to Thomson Financial.
UT also owns Sikorsky Helicopters, whose employees are on strike in Connecticut.
— From news wires IS THIS ENOUGH BRIEFS?
General Dynamics stock rises on earnings news
Stock in defense contractor General Dynamics Corp. rose sharply on Wednesday after reporting its first-quarter profit rose 11 percent on higher defense and business spending, exceeding Wall Street’s expectations.
General Dynamics has a plant at 4300 Progressive Ave. in Lincoln, where it makes a variety of defense and aerospace products from composite materials.
Revenue rose 16 percent to $5.57 billion in the quarter from $4.80 billion in the year-ago period.
General Dynamics said each of its major business groups turned in higher sales results.
Allstate reports higher
earnings than expected
NORTHBROOK, Ill. — Allstate Corp., the second-largest U.S. personal-lines insurer, said profit rose 26 percent in the first quarter from a year ago.
Allstate also owns Lincoln Benefit Life, headquartered in Lincoln.
Net income totaled $1.42 billion, or $2.19 per share, for the three months ended March 31 compared with $1.12 billion, or $1.64 per share, in the year-ago quarter. Consolidated revenue was $9.1 billion, an increase of 4 percent from $8.7 billion a year earlier.
Analysts polled by Thomson Financial forecast earnings of $1.66 per share on $8.51 billion of revenue.
Underwriting income increased to $1.24 billion in the quarter from $981 million. The company said it is receiving less claims damage in its auto and homeowners lines.
The company paid $3.87 billion in property and liability insurance claims in the quarter, a drop of nearly 5 percent.
The company raised its operating income outlook for 2006.
United Technologies
earnings improve
HARTFORD, Conn. — United Technologies Corp. stock rose after the company reported first-quarter earnings rose 18 percent — beating Wall Street forecasts — as strong military demand lifted revenue 13 percent.
That prompted the company to raise its full-year earnings outlook.
United Technologies makes Pratt & Whitney engines, Carrier air conditioners and in York, Hamilton Sundstrand aviation controls.
In the latest quarter, net income rose to $768 million, or 76 cents a share, from $651 million, or 64 cents a share, a year ago. Analysts on average expected earnings of 73 cents a share, according to Thomson Financial.
UT also owns Sikorsky Helicopters, whose employees are on strike in Connecticut.
— From news wires