Earnings roundup: Bristol-Myers, Kimberly-Clark

AP News
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Posted: Oct 26, 2010 2:31 PM
Earnings roundup: Bristol-Myers, Kimberly-Clark

Among the earnings stories for Tuesday, Oct. 26, from The Associated Press:

_ Bristol-Myers Squibb Co. posted a slight decline in third-quarter profit as its restrained spending was offset by flat sales of its drugs, lower income from its partners and bigger discounts to government because of the health care overhaul.

_ Consumer products maker Kimberly-Clark Corp.'s third-quarter net income fell 19 percent on higher costs to make its tissues and diapers, prompting the company to cut its guidance for the year.

_ CIT Group Inc., the business lender led by former Merrill Lynch CEO John A. Thain, on Tuesday posted stronger-than-expected third-quarter profit as business activity increased. The company, which spent a month in bankruptcy reorganization at the end of last year, also revised its first- and second-quarter results higher after reviewing its accounting.

_ Cruise operator Royal Caribbean's net income jumped 55 percent in the third quarter, helped partly by bookings made closer to sailing dates, lower costs and ships using less fuel.

_ National Oilwell Varco Inc. said its third-quarter net income lifted 5 percent as revenue for its petroleum services and supplies helped offset a drop in rig technology sales.

_ Valero Energy Corp. said it posted a third-quarter profit, reversing a loss in the same period last year, thanks to a double-digit boost in revenue.

_ Engine and generator maker Cummins Inc. said its third-quarter profit nearly tripled, but its per-share profit and revenue both came in short of analyst expectations.