Global: Company Results
Global (calendar Q3)
America's largest brewer, owner of the top-selling Budweiser and Bud Light brands, reported a 24% drop in third-quarter net income and lowered its 2005 earnings forecast for the fourth time.
Profit sank to $518.2 million (€428.9m; £291.7m) from $684.4m a year earlier, while sales for the quarter rose just 0.2% to $4.09 billion, as a 2.7% drop in domestic beer sales negated an 11% increase in international beer sales.
Intensified competition forced Anheuser to forgo its regular autumn price increase. The company still plans to institute a price increase in early 2006.
"We are disappointed in our sales and earnings results," admitted Anheuser president/ceo Patrick Stokes. "Both the company and the domestic beer industry have experienced volume declines and significant cost pressures."
Global (calendar Q3)
The Italian carmaker and industrial group swung to a third-quarter net profit, cut costs, improved its product mix and reduced the loss at its core auto unit by almost two-thirds.
Net profit came in at €818 million ($988.3m; £556.3m) after a €404 million loss a year earlier. The turnround was due to a €878 million one-off gain on the sale of its stake in an energy group, plus €858m in unusual income linked to the conversion of a €3 billion loan.
Group trading profit, which Fiat defines as operating profit excluding restructuring costs, rose during the period from a €30 million loss to €232m. The core auto unit narrowed its trading loss to €85m from €282 million the year before.
The new Punto model, traditionally Fiat's best-seller, is "crucial to reaching our targets this year and certainly going ahead," ceo Sergio Marchionne told analysts in a conference call.
Global (calendar Q3)
The French-headquartered international outdoor advertising company reported a 5.2% revenue increase compared with the same period last year. Organic revenue, which excludes acquisitions and the impact of foreign exchange, rose 1.3% in the period.
A slowdown in the advertising market in several Western European countries during the summer was partially offset by strong growth in the US, Scandinavia, and Asia Pacific.
Chairman and co-ceo Jean Francois Decaux, said the trading environment in much of Europe, especially in the company's billboard division, was tough in the third quarter.
Organic revenue growth for the full year is likely to be between 3.5% and 4%, with operating margin expected to be slightly ahead of last year's level.
Spain (calendar Q3)
The TV broadcaster, which operates Spain's only satellite digital-television platform, Digital Plus, and will launch a free-to-air commercial channel next month, posted net profit of €13.8 million ($16.67m; £9.38m), compared with a net loss of €26.1m a year earlier. Revenue increased 3.9% to €316.7 million.
Over 66,000 customers migrated to its Digital Plus pay-TV service from the cheaper analog offering Canal Plus. The company, which plans to switch off Canal Plus next month, has been promoting the move to Digital Plus with special offers.
Subscriber sales fell 0.5% to €248.5m in the quarter, with advertising revenues rising 0.2% to €9.8m. Other sales, including rights to broadcast certain sporting events to other pay-TV services, gained 12% to €57.1m.
Global (fiscal H1)
Sony unveiled a sharp drop in first-half results due to higher restructuring charges.
Net profits plummeted 72% to ¥21.2 billion ($1.83m; €1.51m; £1.03m), on sales down by 1.6% to ¥3,262.4bn . Pre-tax profits were up 55% at ¥108.3bn, due to a one-off gain related to Sony's employee pension fund. Restructuring costs grew to ¥48.7bn from ¥30.9bn in the same year-ago period.
The consumer electronics business suffered an operating loss of ¥19bn, while the entertainment division was also hurt by the lack of a major blockbuster movie during the half-year.
In September Sony unveiled a restructuring programme aimed at revitalising its electronics business. However, analysts don't expect to see concrete results for at least two years
Data sourced from multiple origins; additional content by WARC staff