The Bloomfield Hills, Mich.-based home builder said it lost $158.4 million, or 63 cents per share, in the three months ended June 30. That compares with a loss of $507.6 million, or $2.01 per share, in the same period last year. Revenue fell 20 percent, to $1.63 billion, from $2.02 billion in the second quarter of 2007. Analysts surveyed by Thomson First Call were expecting Pulte to post a loss of 69 cents per share on sales of $1.56 billion.Amazon.com Inc.
The Internet retailer reported second-quarter earnings that more than doubled, surpassing analysts' expectations. It also raised its full-year revenue projections. Sales were strong in several sections of Amazon's massive marketplace, and the company was helped substantially by a $53 million non-cash gain from the sale of European DVD rental assets. For the quarter ended June 30, Amazon earned $158 million, or 37 cents per share. The company's revenue climbed 41 percent, to $4.06 billion, including a 35 percent leap in North American sales. Analysts polled by Thomson First Call had expected earnings of 26 cents per share.SLM Corp.
The student lender, commonly known as Sallie Mae, said Wednesday that its second-quarter profit plunged 72 percent as funding costs remained high amid further weakening in credit markets and the company took charges related to restructuring. Net income fell to $266 million, or 50 cents per share, in the quarter, from $966 million, or $1.03 per share, in the same quarter last year. Sallie Mae's "core" earnings were $156 million, or 27 cents per share, in the second quarter, compared with $189 million, or 43 cents per share. Analysts polled by Thomson First Call, on average, forecast earnings of 40 cents per share for the quarter.Boeing Co.
Delays hurt the airplane maker's second-quarter profit, which fell 19 percent because of late delivery of military aircraft and rising costs from the postponed introduction of its 787 jetliner. But Chicago-based Boeing Co. reaffirmed its forecasts for 2008 and 2009, saying productivity gains would overcome the quarter's setbacks. Boeing posted profit of $852 million, or $1.16 per share, for the three months ended June 30, compared with $1.05 billion, or $1.35 per share, a year earlier. Revenue remained essentially flat, at $17 billion. Analysts polled by Thomson First Call, on average, expected profit of $1.23 per share on revenue of $17.24 billion.McDonald's Corp.
The fast-food giant earned $1.19 billion in the second quarter, including a gain from the sale of its stake in sandwich chain Pret A Manger, solidly beating Wall Street estimates. A year earlier, the company posted a loss of $711.7 million, stemming from charges on the sale of its Latin America and Caribbean businesses. The Oak Brook, Ill., company said revenue rose 4 percent, to $6.08 billion, also beating analysts' predictions. McDonald's specifically credited its breakfast items, new chicken offerings and beverages with the sales increases. The chain introduced a chicken biscuit sandwich for breakfast, a chicken sandwich for lunch and espresso-based coffee drinks at some locations.PepsiCo
U.S. consumers shying away from bottled water and soft drinks hurt PepsiCo's bottom line, but growth in its international and Frito-Lay snack businesses was strong enough to lead to a 9 percent rise in second-quarter profit. For the three-month period ended June 14, the Purchase, N.Y.-based company earned $1.7 billion, or $1.05 a share, compared with $1.56 billion, or 94 cents a share, during the same period last year. Revenue rose 14 percent, to $10.95 billion. Excluding one-time items, the company earned $1.03 per share. Analysts surveyed by Thomson First Call had expected earnings of $1.02 per share on revenue of $10.55 billion. PepsiCo reaffirmed its full-year profit estimate of at least $3.72 per share, excluding accounting-related items.AT&T Inc.
The telecommunications company said sales of Apple Incorporated's second-generation iPhone, for which it is the exclusive U.S. carrier, were nearly double those of the first iPhone model in the first 12 days the device was available. The latest iPhone went on sale July 11, after the end of the second quarter on June 30, so those sales are not part of the financial results reported Wednesday. The Dallas-based telecommunications firm earned $3.77 billion, or 63 cents per share, in the quarter, up 30 percent from $2.90 billion, or 47 cents per share, in the same period a year ago. Excluding merger-related one-time charges, AT&T said it earned 76 cents a share. That matched the average estimate of analysts polled by Thomson First Call. Revenue rose 4.7 percent, to $30.9 billion. Analysts expected $31.1 billion in revenue, according to Thomson.