Latest Financial Postings - Q1 2004

23 April 2004

Coca-Cola (calendar Q1)
The world's largest soft drinks company on Wednesday reported a 35% leap in first quarter earnings, in line with its own forecasts and ahead of the Wall Street concensus.
    This was due in part to the weakness of the US dollar, which lifted year-on-year operating income by approximately 12%.
    Net income for the first quarter rose to $1.13 billion (€0.95bn; £0.64bn), up by $292 million (35%) on the same period a year ago. Revenues jumped to $5.01bn from $4.5bn the previous year.

Colgate-Palmolive (calendar Q1)
The global number one toothpaste-maker on Wednesday reported yet another quarter of earnings growth, with strong overseas sales and currency fluctuations offsetting weakness in the US. More than two-thirds of Colgate's sales are outside North America.
    Operating profit rose to $531.3 million (€447.59m; £300.27m) from $510.5m a year ago, while sales rose 6.8% to $2.51 billion from $2.35bn, largely thanks to favorable currency effects.

Eastman Kodak (calendar Q1)
Profits more than doubled, signalling progress on the group's digital strategy. Kodak said sales were boosted by demand for digital products and services, as well as favourable currency exchange rates.
    First-quarter net income totalled $28 million (€23.59m; £15.83m), compared with results of $12m last year. Revenue rose 11% to $2.9bn, or 5% excluding the benefit of foreign exchange.

Ford Motor Company (calendar Q1)
The recovery of the group's automotive operations to a $1.8 billion (€1.52bn; £1.02bn) profit for the quarter comes mainly from a belt-tightening exercise implemented after a disastrous $5.45bn group loss in 2001.
    Last year the company cut an astonishing $2.5bn from costs, and a further $600m was excised in the first quarter.
    But the triumph of carmaking as main profit driver over Ford's financial services operation is expected to be short-lived.

Metro International (calendar Q1)
The media group notched its first quarterly operating profit since the summer of 2000 amid speculation that New York will be the latest city to be covered by its free newspapers [WAMN: 21-Apr-04].
    The Luxembourg-based company said a year-on-year operating loss of £5.9 million ($10.44m; €8.79m) had been halved, while net sales increased by 51% to £31.8m in the quarter.

Reuters (calendar Q1)
The electronic information group on Wednesday hailed the first signs of a turnround in demand for trading and dealing systems after three years of decline.
    Chief executive Tom Glocer said "we feel the ship is turning", amid rising orders for trading equipment and the benefits of ruthless internal cost-cutting.
    Total underlying revenues (excluding the cost of acquisitions, disposals and currency effects, fell from £670 million ($1.18bn; €998.47m) to £598m in the quarter.
    Subscription revenues, which account for 93% of Reuters' total revenues, fell 8.4% compared with previous guidance of a 9% contraction.

Data sourced from multiple origins; additional content by WARC staff