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Newspaper
Cedar Rapids Gazette
Location
Cedar Rapids, Iowa, United States of America
Date
Jul 28, 2004
Page
14
Wall Street moved higher after a strong consumer confidence read. The Dow rose 123.22 to 10,085.14 and the Nasdaq gained 30.08 to 1,869.10 as advancing issues led decliners on the NYSE.
Alliant Energy posts a 13.1 million quarterly net loss after a 43 million goodwill write-off on non regulated units slated for sale. Utilities margins improve lifting per share to 42 cents. international deregulated operations and Integrated Services drag results. CEO executives reaffirm full year outlook.
Coralville based Heartland Express to issue a 50 percent stock dividend payable to holders of record at close on Aug 9. Outstanding common shares rise from 50 million to 75 million. cash dividend remains 2 cents per share.
DuPont reported second quarter earnings of 503 million dollars or 50 cents a share, down from 675 million or 67 cents a year earlier. Revenue rose to 7.73 billion, and the company raised its 2004 earnings forecast to 2.25 to 2.35 dollars a share.
Medco Health Solutions, based in Franklin Lakes New Jersey, reported a 21 percent jump in second quarter net income to 127.3 million or 46 cents a share for the quarter ended June 26. Revenue rose five percent to 8.84 billion from 8.32 billion a year earlier.
Tanger Factory Outlet Centers Inc. reports strong second quarter earnings with net income of 3.7 million dollars or 0.28 per share for the quarter ended June 30, up from 1.9 million dollars or 0.20 per share a year earlier. Funds from operations totaled 15.6 million dollars or 0.94 per share, up from 11 million dollars or 0.82 per share.
Rockwell Collins reported steady earnings for the second fiscal quarter with 42 cents per share for the quarter ended June 30, down from 43 cents last year excluding a $12 million tax gain. Defense sales rose 18 percent to 388 million, aided by NLX acquisition, while Commercial Systems posted near 15 percent margin amid higher aviation electronics demand.
The Corporate Library survey shows 2003 median CEO compensation up 15 percent overall and 22 percent among S P 500 firms. Base salaries bonuses restricted stock and option gains all rose, with four chiefs seeing packages surge over 1000 percent due to stock options and restricted stock.
Cedar Rapids based United Fire & Casualty Co reports record quarterly profit with net income of 20.1 million or 1.88 a share for the quarter ended June 30. Revenues reached 149.6 million, up 6.5 percent from a year earlier driven by higher premiums and lower claim frequency.
Credit analysts from Standard & Poor's and Fitch lowered Maytag Corp outlooks citing weak second quarter results. S P cut short term ratings to A-3 from A-2 while keeping BBB long term. Fitch downgraded senior unsecured to BBB and short term to F-3 with a negative outlook. Maytag reported a 41.1 million loss on 1.15 billion in sales for the quarter, prompting cost cuts and plant closures.
The Conference Board reports that U S consumer confidence rose to 106.1 in July from 102.8 in June as labor market gains boost sentiment. A separate Commerce Department update shows new home sales slid 0.8 percent in June but remain the second highest yearly pace on record.
A brief look at the pace of new home construction and related committees, highlighting the latest figures and involved groups.
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