Earnings report
Chesterfield-based Insituform Technologies Inc. saw its second-quarter profit spurred by revenue from newly acquired companies and strength in its North American sewer rehabilitation operations, the company reported Thursday. The company repairs water, sewer and other underground piping systems. Insituform had income of about $7 million, or 17 cents per share, for the quarter ended June 30. That was up 95 percent from $3.6 million, or 12 cents per share, during the period a year ago. It reported $183.2 million in revenue, a 35 percent increase from $135.6 million in the quarter a year ago. The company said results were helped by improved project execution and lower material costs. However, revenue excluding results from recently acquired companies fell due to lower revenue in its European sewer business and energy and mining segments.
Black & Decker Corp. posted better-than-expected second-quarter profit on the back of an insurance settlement and cost cuts — even as it faced currency headwinds and an across-the-board decline in demand. Black & Decker earned $38 million, or 63 cents a share, down sharply from $97 million, or $1.56 a share, in the same quarter of 2008. Sales fell 27 percent to $1.2 billion. The average analyst estimate had been 37 cents a share on sales of $1.2 billion.
Exelon Corp. said second-quarter net income dropped 12 percent as the power producer scaled back output at two of its key utility companies. Earnings fell to $657 million, or 99 cents a share, from $748 million, or $1.13 a year ago. Revenue dropped to $4.14 billion from $4.62 billion in the year-ago three months.
Fortune Brands Inc., seller of consumer goods ranging from faucets to bourbon, said second-quarter profit fell 27 percent as sales slid by percentages in the double digits in its golf and household products businesses instant payday loan. The seller of Jim Beam liquor and Titleist golf gear earned $99.8 million, or 66 cents per share, compared with $136 million, or 88 cents, from a year earlier. Revenue fell 17 percent to $1.74 billion.
Casino operator Pinnacle Entertainment Inc. said Friday that it moved to a second-quarter profit, helped by a hefty gain from an equity securities sale. The company earned $4.7 million, or 8 cents per share, compared with a loss of $18.1 million, or 30 cents, a year earlier. Revenue was essentially flat at $266.3 million. Locally, Pinnacle owns the President casino on the Admiral riverboat, Lumiere Place downtown and the River City Casino, under construction in Lemay.
Schlumberger Ltd. exemplified the ongoing troubles for the oil and gas industry, reporting Friday that its second-quarter earnings tumbled 57 percent. Income fell to $613 million, or 51 cents per share, from $1.42 billion, or $1.16, a year earlier. Revenue fell 18 percent to $5.53 billion.
Investment Manager T. Rowe Price Group Inc. said Friday that second-quarter earnings fell as revenue from managing investments declined 27 percent from a year ago. The company reported net income of $100 million, or 38 cents per share, compared with $162.2 million, or 59 cents per share. Revenue fell to $442.2 million from $586.5 million a year earlier.
From wire reports