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Earnings News Headlines - Yahoo! News

Get the latest earnings news headlines from Yahoo! News. Find breaking earnings news, including analysis and opinion on top earnings stories, photos and more.

Japan business spending points to upward GDP revision but profits tumble
Tue, 31 May 2016 20:55:47 -0400 -

Japanese national flags flutter in front of buildings at Tokyo's business districtJapanese capital expenditure accelerated in the first quarter from the prior three-month period, suggesting gross domestic product growth could be revised up, but analysts remain wary about the outlook given growing pressure on corporate earnings. Indeed, corporate profits in January-March fell at the fastest pace in more than four years, which could encourage Japanese companies to cut back on future capital expenditure plans. The data suggests that revised GDP due on June 8 may show Japan's economy in the Jan-March quarter grew more than first reported, but a host of other indicators have pointed to a recovery straining against weak consumption and exports.


S.Africa's Tongaat Hulett profit falls on lower sugar output
Mon, 30 May 2016 05:18:56 -0400 -

A farmer works in his sugarcane field on the outskirts of AhmedabadSouth Africa's Tongaat Hulett Ltd said on Monday its full-year profit fell 18 percent, in line with its estimate, due to weak global sugar prices and low production caused by severe drought. The sugar producer said headline earnings per share - which strips out certain one-off items - was 678 cents compared with 826 cents in the previous year. Southern Africa, where Tongaat has its mills, is suffering a severe drought that has cut production of crops ranging from maize to sugar.


Profits up at South African restaurants group Famous Brands
Mon, 30 May 2016 03:01:41 -0400 - Famous Brands, South Africa's biggest fast-food restaurant chain, reported a 16 percent rise in profits on Monday, its fifteenth consecutive year of growth. The company, which owns chains such as Debonairs Pizza and Mugg & Bean, said headline earnings per share totalled 541 cents for the year ended Feb. 29, up from 467 cents last year, on revenue up 31 percent at 4.3 billion rand ($273 million). The company said group revenue growth was "attributable to organic and acquisitive growth, including healthy system-wide sales in the franchise Brand portfolio and integration of new business in the logistics and manufacturing operations".
Canada's biggest banks braced for more oil losses
Thu, 26 May 2016 17:30:29 -0400 -

Toronto-Dominion Bank logos are seen outside of a branch in OttawaBy Matt Scuffham TORONTO (Reuters) - Canada's biggest banks warned on Thursday of further losses from oil loans in coming quarters as energy companies struggled to repay loans, even as growth in wealth management and retail banking helped the banks report better-than-expected second-quarter earnings. Royal Bank of Canada , Toronto-Dominion Bank and Canadian Imperial Bank of Commerce each posted sharp increases in impaired oil and gas loans as some energy clients battled the oil market slump. TD's chief financial officer, Riaz Ahmed, said that despite a recent recovery in oil prices, which tested $50 a barrel on Thursday, he expected the bank to set aside more funds to cover bad energy loans this year and next.


McDonald's French HQ raided in tax probe
Thu, 26 May 2016 16:04:54 -0400 -

French authorities suspect McDonald's has been illegally lowering its tax bill by channelling French earnings to Luxembourg, where its European headquarters is basedFrench police said Thursday they had raided the French headquarters of McDonald's and seized documents last week as part of an investigation into tax fraud. Agents of a special corruption, financial and tax crime unit searched the premises west of Paris on May 18, taking away company files, a police source said. French authorities suspect McDonald's has been illegally lowering its tax bill by channelling French earnings to Luxembourg, where its European headquarters is based, and where corporate taxes are much lower.


South African retailer Foschini posts 18 pct profit jump
Thu, 26 May 2016 12:26:49 -0400 -

A shopper walks past a Foschini store at a shopping centre in Lenasia, south of JohannesburgSouth African clothing retailer Foschini Group reported an 18 percent rise in full-year profit on Thursday, boosted by last year's acquisition of British chain Phase Eight. Foschini, which is expanding outside South Africa as consumer spending tightens in its home market, said that headline earnings per share (EPS) rose to 1,056 cents for the year to March 31, from 898 cents the previous year. Headline EPS is the main profit measure in South Africa and strips out certain one-off items.


SEC probes Alibaba accounting methods, shares dive
Thu, 26 May 2016 02:04:55 -0400 -

An employee is seen behind a glass wall with the logo of Alibaba at the company's headquarters on the outskirts of Hangzhou, Zhejiang provinceAlibaba said the Securities and Exchange Commission launched the investigation earlier this year. The latest investigation highlights how far Alibaba has to go to improve transparency, as it also fights sales of fake items, while a continuing acquisition spree creates uncertainty over its earnings. It was not immediately clear what prompted the SEC investigation.


U.S. shopping mall REITs hurt by department store woes
Wed, 25 May 2016 20:29:42 -0400 - After a spate of disappointing quarterly results from big-name retailers, mall real estate investment trusts (REITs) have come under pressure. The FTSE NAREIT regional mall index is on track for its second straight month of declines, after department store operators such as Macy's and Nordstrom reported disappointing earnings and soft monthly sales results, raising concerns about possible store closings. High-end malls, where names such as Nordstrom serve as an anchor, are considered more resistant to department store closings as they are able to attract new occupants often paying higher rents.
Dollar stores' results may shelter battered retail shareholders
Wed, 25 May 2016 15:36:39 -0400 -

A sign is seen outside a Dollar General store in ChicagoInvestors shell-shocked by dismal quarterly reports from department stores will look for new signs of hope for brick-and-mortar retailers on Thursday as discount sellers Dollar General Corp and Dollar Tree Inc hand in their results. Macy's , Nordstrom and other department stores have been crippled by a consumer shift away from spending on apparel, and they have also been victims of Amazon.com's relentless expansion. Shares of Dollar General and Dollar Tree both recently traded at just under 20 times expected earnings, above their five-year averages, according to Thomson Reuters data.


Alberta wildfire singes companies beyond energy sector
Wed, 25 May 2016 13:16:51 -0400 -

An aerial view of Highway 63 south of Fort McMurray, Alberta. Canada, shows smoke from the wildfiresBy Euan Rocha and Allison Lampert TORONTO/MONTREAL (Reuters) - The wildfire that has ravaged northern Alberta and cut Canadian crude output by 25 percent is set to crimp corporate earnings beyond the oil patch, especially hitting the rail and hospitality sectors. The fire, which has caused an estimated $50 million a day in lost production for oil sands companies near the evacuated city of Fort McMurray, has also caused pain to large companies that serve the sector and smaller ones catering to thousands of industry workers. Canadian National Railway Co has said it ran a freight train to Fort McMurray for the first time since May 3.


Mitsubishi Motors brings in new R&D chief, restates results after scandal
Wed, 25 May 2016 07:13:38 -0400 -

A man walks in front of an entrance of Mitsubishi Motors Corp's headquarters in Tokyo, JapanMitsubishi Motors appointed a Nissan Motor adviser as its head of research and development, part of a management overhaul in the wake of a mileage cheating scandal that also prompted it to mark down last year's earnings. Nissan is preparing to take a controlling one-third stake in Mitsubishi, which is reeling from its third scandal in two decades. Mitsubishi has seen over $3 billion wiped off its market value after admitting last month it overstated the fuel economy of at least four of its models in Japan, including two sold by Nissan.


Toyota, Uber latest to join forces in ride-hailing rush
Wed, 25 May 2016 05:50:55 -0400 -

The logo of Toyota is seen at a showroom in JakartaBy Alexandria Sage SAN FRANCISCO (Reuters) - Toyota Motor Corp said on Tuesday it would invest in on-demand ride-hailing company Uber, the latest in a wave of high-profile moves by automakers to embrace their potential upstart rivals as partners, customers and sources of valuable data. Toyota and Uber will create new leasing options in which Uber drivers can lease vehicles with flexible terms from Toyota Financial Services and cover their payments through their Uber earnings, the companies said in a joint statement. Toyota and Uber did not disclose the size of the investment, but the alliance will go beyond just vehicle sales.


M&S logs lower profits, warns on turnaround plans
Wed, 25 May 2016 05:34:44 -0400 -

British retail giant Marks and Spencer's net profits slid 16 percent to £406.9 million in the group's financial year to April 2British retail giant Marks and Spencer posted sliding annual earnings Wednesday, and its share price sank after warning that a new turnaround plan for its clothing division would hit profits. Net profits slid 16 percent to £406.9 million ($592 million, 529 million euros) in the group's financial year to April 2, M&S said in a results statement. Shares plunged more than eight percent as new boss Steve Rowe predicted that its overhaul and tough trading conditions would have an "adverse effect" on its performance.


South Africa's Tsogo Sun posts 12 pct rise in full-year profit
Wed, 25 May 2016 04:58:56 -0400 - Africa's biggest hotels and gambling operator, Tsogo Sun Holdings Ltd, said a recovery in its home market of South Africa in the last three months helped it achieve a 12 percent rise in full-year profit. The company, which also operates hotels in Nigeria, Kenya and Mozambique, said headline earnings per share (EPS) came in at 196.5 cents in the year to end-March, from 175 cents a year earlier. Both gambling and accommodation sales grew more than expected in the last quarter of the reporting period, Tsogo Sun Chief Executive Marcel von Aulock told Reuters on Wednesday.
MTN Group sees pressure on profit margins in South Africa, Nigeria
Wed, 25 May 2016 03:40:22 -0400 -

Travellers walk past an MTN telecom shop at King Shaka International Airport in Durban, South AfricaMTN Group expects earnings to be under pressure for the rest of the year in its two main markets Nigeria and South African market, the company said on Wednesday, citing a weak exchange rate in Africa's biggest economy. Africa's biggest mobile network operator by subscribers said in statement that weak economic growth in its key markets and tough competition could also negatively impact performance. Nigeria is pushing telecoms firms to verify the identity of subscribers amid worries that unregistered SIM cards were being used for criminal activity in a country still battling with Islamic militant group Boko Haram.


Tongaat Hulett results, output hit by southern African drought
Wed, 25 May 2016 03:24:07 -0400 -

Farmers pack sugar cane in the southern Egyptian town of Nagaa Hamady in QenaSouth African sugar producer Tongaat Hulett flagged on Friday an 18 percent drop in full-year profit due to drought, which hit its main sugar growing regions. Headline earnings per share (EPS) for the year ended March are expected to have fallen 17.9 percent to 678 cents, Africa's second biggest sugar producer said in a statement. Tongaat Hulett said its total annual sugar production was expected to have fallen 291,000 tonnes to 1,023 million as the drought scorched sugar cane fields, with the biggest drop coming from South Africa which saw a 40 percent drop in output.


DoubleLine's Gundlach says U.S. stock market is 'dead money'
Tue, 24 May 2016 21:30:30 -0400 -

Jeffrey Gundlach, Chief Executive Officer, DoubleLine Capital, speaks at the Sohn Investment Conference in New YorkBy Jennifer Ablan NEW YORK (Reuters) - Jeffrey Gundlach, the chief executive officer of DoubleLine Capital, said on Tuesday that the rally in U.S. stocks, which began on Monday, feels like a short squeeze and characterized U.S. stocks as "dead money." "The market is not incredibly healthy," Gundlach said in a telephone interview, noting recent corporate earnings have come in weak. Gundlach, who oversees $95 billion at Los Angeles-based DoubleLine, said the S&P 500 index "has gone nowhere in the past 12 months to 18 months." On the Federal Reserve, Gundlach said it is still 50/50 odds that the U.S. central bank will raise interest rates in June.


SEC raises concerns about Valeant's use of 'Non-GAAP' measures
Tue, 24 May 2016 18:10:32 -0400 -

The headquarters of Valeant Pharmaceuticals International Inc. seen in Laval QuebecThe SEC has questioned Valeant's practice of stripping away acquisition-related expenses from its "non-GAAP" or adjusted metrics, given that the drugmaker had been fueling growth through frenzied deal making. In multiple letters, the SEC said Valeant's management is in possession of all the facts and urged for adequate and accurate financial disclosures. "We are concerned with your overall format and presentation of the non-GAAP measures and believe revisions to your future earnings releases and investor materials are appropriate," the SEC said in a letter to the company in February.


Bank shares boost TSX ahead of earnings
Tue, 24 May 2016 17:23:50 -0400 -

A man walks past an old Toronto Stock Exchange sign in TorontoBy Fergal Smith TORONTO (Reuters) - Canada's main stock index closed higher on Tuesday as strength in the financial sector ahead of the bank earnings season helped overcome a slump in shares of gold miners. The TSX, which also received support from the energy group, hit a seven-month high earlier in the session. Financials rallied as banks were among the biggest gainers on Wall Street on speculation that the U.S. Federal Reserve might hike interest rates in June.


Toyota, Uber to explore ridesharing partnership
Tue, 24 May 2016 15:27:50 -0400 -

The logo of Toyota is seen at a showroom in Jakarta(Reuters) - Toyota Motor Corp said on Tuesday it will partner with on-demand ride company Uber to explore ridesharing and will make a strategic investment in the company. As part of the partnership, Toyota would create new leasing options in which car purchasers can lease their vehicles from Toyota Financial Services and cover their payments through earnings generated as Uber drivers. Toyota is making the strategic investment through its unit Toyota Financial Services Corporation and Mirai Creation Investment Limited Partnership. ...


Sony sees weaker-than-expected annual profit on quake damage
Tue, 24 May 2016 05:15:24 -0400 -

Sony Corp's Chief Financial Officer Kenichiro Yoshida attends a news conference in TokyoBy Makiko Yamazaki TOKYO (Reuters) - Japan's Sony Corp on Tuesday forecast weaker-than-expected earnings this year after partially halting production of its cash-cow image sensors last month to assess earthquake damage to its factory. The electronics maker expects operating profit to rise just 2 percent to 300 billion yen ($2.75 billion) for the year ending March, versus the 409 billion yen average of 27 analyst estimates compiled by Thomson Reuters. Brisk sales of image sensors for smartphones have helped revive Sony's earnings in recent years, masking slowing sales in other consumer electronics such as television sets.


Tiger Brands posts rise in H1 profit after sale of Nigerian unit
Tue, 24 May 2016 02:28:19 -0400 -

Boxes of Jungle Oats, one of South Africa's Tiger Brands original products, sit on a shelf in a Cape Town convenience storeSouth African consumer goods maker Tiger Brands said on Tuesday first-half earnings rose 14 percent, boosted by the sale of its Nigerian business, but warned tough trading conditions would persist for the rest of the year. Headline earnings per share (EPS) - including continued and discontinued operations - reached 974.6 cents from 852.9 cents a year ago, South Africa's biggest consumer foods maker said in a statement. Excluding the sale of Nigeria's Dangote Flour Mills headline, EPS was flat.


Toshiba moves to slash capital base to enable payout, get fresh funds
Mon, 23 May 2016 07:37:00 -0400 -

A man walks past Toshiba Corp logo displayed on one of its television sets in Tokyo, JapanBy Makiko Yamazaki TOKYO (Reuters) - Japan's Toshiba Corp plans to more than halve its capital base, a move that may enable it to resume paying dividends quicker and get a fresh capital injection as it aims to recover from a $1.3 billion accounting scandal last year. Toshiba will cut its capital to 200 billion yen ($1.8 billion) from 439.9 billion yen to plug a deficit in its earnings reserves on its balance sheet after posting huge losses, the company said on Monday. A capital reduction is a common step for Japanese companies with a history of deep losses that aim to return to profits and begin paying dividends.


UK would lose at least 500,000 jobs after Brexit vote: Osborne
Mon, 23 May 2016 05:33:33 -0400 -

A British Union flag and an European Union flag are seen flying above offices in London, BritainBritain would lose at least half a million jobs within two years of a vote to leave the European Union and a fall in the value of the pound would push up inflation sharply, finance minister George Osborne said on Monday. With a month to go until Britain holds its European Union membership referendum, Osborne said workers' earnings, when adjusted for inflation, would be almost 3 percent lower in two years' time, equivalent to a pay cut worth almost 800 pounds a year for someone working full time on the average wage. Osborne was speaking as the finance ministry published a new report on the short-term implications of an "Out" vote.


South Africa's Pioneer Foods reports 6 pct rise in half-year profit
Mon, 23 May 2016 03:05:50 -0400 - (Reuters) - South Africa's Pioneer Food Group reported a 6 percent rise in half-year profit on Monday as a severe drought hurt its domestic operations. Pioneer, which makes foods such as maize meal, pasta and juices, said headline earnings per share rose to 479 cents in the six months to end-March from 451 cents a year earlier. Headline EPS is the main profit measure in South Africa and strips out certain one-off items.


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