All Posts Tagged With: "net income"
Oil companies have to be doing something bad: Shell is cutting thousands of jobs
Jennifer McClelland | RSS | Fri, Oct 30 2009 | 0 Comments
Royal Dutch Shell plc, or as many of us know it as, just Shell announced yesterday that it will have to eliminate 5,000 jobs due to the 62% drop in 3rd quarter net income.
It reported a net income of $3.3 billion or 53 cents per share, but that is less than half of the net income that it reported last year of $8.5 billion. Since the drop, the company has to do something, so like most companies the first place it cuts is its workforce. The cuts represent about 10 percent of the total number of employees for the company.
CEO of the company, Peter Voser, said in a statement, “Our third quarter results were affected by the weak global economy. We see some indications that energy demand and pricing are improving, but the outlook remains very uncertain, and we are not expecting a quick recovery.”
The company did not disclose where the cuts would be coming from, just that they would be coming.
It is quite annoying when a company starts to expect the kind of money they were making when things were outrageously overpriced. Of course the company make $8.5 billion in the third quarter last year, that is when gas prices were outrageous (and not to mention oil was at nearly $150 a barrel). With oil at half the price it was a year ago, it only makes sense that the company’s profits would be taking a tumble. I mean, we’re paying $2.50 at the gas station when we used to be paying $4.00, or more in some cases.
It is also irritating when the first thing a company resorts to as a cost cutting measure is to get rid of jobs. Could the executives not put their minds together to get a better idea than to cut jobs? This is 10 percent of the company’s workforce that they are talking about.
I suppose, though, in the near future that gas prices will be ridiculous again and that the economy will be on the right track once more. Until then, everyone can expect stories such as this one to come out about how jobs are being lost and profits are falling.
Source
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Tags: oil companies, gas station, energy demand
Coca Cola posts a profit surge for the 3rd quarter
Jennifer McClelland | RSS | Wed, Oct 28 2009 | 0 Comments
If you have gone to the grocery store recently and wanted to pick up a few Cokes you may have noticed the prices of Coca Cola products are outrageous. This is one of my reasons why I stopped drinking soda, but this is also why Coca Cola has posted a profit growth of 15% for the third quarter.
The Atlanta based company reported a net income of $247 million and earnings equaling out to 50 centers per share. This is up from the third quarter 2008, when the company posted a net income of $214 million and an earnings of 44 cents per share.
Of course the company is going to be posting higher profits this year, the cost of a 12 pack of any Coke product has jumped from $3 to $4.50 at my local Wal-Mart. This week you can find them on sale at Walgreens for 4 12 packs for $10, that is the cheapest I have seen Coke products for in months. Even in the 24 pack cases that are sold at Wal-Mart, they have been around $7 for a while.
This was one of my reasons why I should definitely stop drinking sodas; it was getting to be a very expensive habit and since it is the only thing that I had to have to avoid negative side effects (those awful caffeine withdrawal headaches that would happen after I decided to not have a Diet Coke before noon), I decided it would have to stop.
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Tags: coke products, net income, grocery store
Spectrum Brands lowers 2009 net income predictions
Jennifer McClelland | RSS | Fri, Apr 10 2009 | 1 CommentSpectrum Brands makes Rayovac batteries, Remington grooming tools, and insect repellents under the name Hot Shot, Cutter, and Repel.
The company filed for Chapter 11 bankruptcy protection in February and is now lowering its net income predictions for 2009 by 23%. It expects to earn $30 million this year instead of the $39 million it expected earlier this year.
It also posted a loss of over $100 million for the first quarter 2009.
Related posts:All of Spectrum Brands’ major performance measures have declined between the initial February projection, and the amended figures released April 10.
Revenue growth, now pegged at $2.2 8 billion for this year, is expected to decline one percent between 2009 and 2010. Initial projections estimated 2.2 percent growth from 2009 to 2010.
The company also project margins on cost of sales, now at 37 percent, and operating expenses, now at 12 percent, to be lower than initial estimates of 38 percent and 13 percent, respectively.
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Tags: chapter 11 bankruptcy protection, source spectrum, operating expenses
