Commentary According to British investor and co-founder of the Boston-based asset management firm GMO, Jeremy Grantham, “Profit margins are probably the most mean-reverting series in finance. And if profit margins do not mean-revert, then something has gone badly wrong with capitalism.” While there are certainly many complaints that capitalism is “broken,” such is not the case. Yes,…
AmEx Profits Fall 9 Percent as Customers Fall Behind on Payments
NEW YORK—American Express saw its fourth-quarter profits fall by 9 percent, as the credit card giant had to set aside significantly more money to cover potentially bad loans. The company saw charge offs and delinquencies rise, a troubling sign for a company whose customer base is usually well-to-do and extremely creditworthy. But the company did…
Chevron Annual Profit Hits Record but Q4 Miss Hits Shares
HOUSTON—Chevron Corp. on Friday posted a record $36.5 billion profit for 2022 that was more than double year-earlier earnings, but the bottom line fell shy of Wall Street estimates, undercut by asset writedowns and rising costs. The second largest U.S. oil producer’s adjusted net profit for 2022 exceeded its previous record set in 2011 by…
Nokia 4th Quarter Profit Beats Expectations on Back of Robust Demand
HELSINKI—Wireless and fixed-network equipment maker Nokia on Thursday reported strong fourth-quarter results on the back of robust demand for 5G technology and an improved product portfolio. The Espoo, Finland-based company reported net profit of 929 million euros ($1 billion) for the October–December period, up 27 percent from 731 million euros a year earlier. Net income…
Abbott’s Medical Device Sales Hit by China Curbs, Supply Chain Issues
Abbott Laboratories on Wednesday reported lower-than-expected medical device sales for the fourth quarter as COVID-19 curbs in China and supply-chain issues hit its international operations. The company also flagged that medical devices sales would remain soft in the first quarter, mirroring similar comments a day earlier from rival Johnson & Johnson, which cited China’s COVID-19…
Insurer Travelers Profit Falls on Winter Storm Costs
Property and casualty insurer Travelers Companies Inc. reported a 37 percent fall in quarterly profit on Tuesday, hurt by losses related to a winter storm that swept across the United States and Canada in the last week of 2022. The company’s core income fell to $810 million, or $3.40 per share, in the fourth quarter…
Union Pacific 4Q Profit Slips 4 Percent on Weather, Hiring Problems
OMAHA, Neb.—Union Pacific’s fourth-quarter profit slipped 4 percent as severe winter weather snarled shipments in late December and disrupted the railroad’s efforts to eliminate the delayed deliveries and other problems shippers complained about last year. The Omaha, Nebraska-based railroad said it earned $1.6 billion, or $2.67 per share, in the fourth quarter. That’s down from…
United Airlines Expects to Quadruple Profit in 2023
CHICAGO—United Airlines Holdings on Tuesday forecast at least a four-fold jump in full-year profit for this year and reported fourth-quarter earnings that topped Wall Street estimates on robust travel demand, sending its shares higher. The Chicago-based carrier sees an adjusted profit of $10 to $12 per share for 2023, up from $2.52 per share last…
Morgan Stanley Profit Beats on Strength in Trading Business
Morgan Stanley reported a smaller-than-expected 41 percent drop in fourth-quarter profit on Tuesday as the bank’s trading business got a boost from market volatility, offsetting the hit from sluggish dealmaking. Dealmaking was at a virtual halt for most of last year as risk appetite waned sharply in the face of rapidly deteriorating macroeconomic conditions and…
Holiday Payoff: Delta Air Lines Posts $828 Million Profit in 4th Quarter
Delta Air Lines said Friday that it earned $828 million in the fourth quarter and that consumers are still snapping up flights and making purchases with their airline-branded credit cards. The Atlanta-based airline said momentum has carried over into the new year, as the travel industry continues to recover from the worst of the pandemic….
US News
RSS Error: A feed could not be found at `https://www.theepochtimes.com/c-us/feed`; the status code is `200` and content-type is `text/html; charset=utf-8`