Earnings Roundup: Wells Fargo, Altria

Among the earnings stories for Wednesday, April 22, from AP Financial News:

SAN FRANCISCO (AP) — Wells Fargo & Co. on Wednesday reported a record first-quarter profit in line with its forecast, easily beating the average analyst estimate.

RICHMOND, Va. (AP) — Altria Group Inc., the nation's biggest cigarette maker, said Wednesday its profit skidded 76 percent in the first quarter due to the spinoff of its international tobacco business, charges related to its purchase of a smokeless tobacco business and interest expenses.

PHOENIX (AP) — Freeport-McMoRan Copper & Gold Inc. on Wednesday said its first-quarter net income applicable to common stock fell 96 percent amid a global economic downturn that has crushed commodity prices as demand for base metals has dropped.

WASHINGTON (AP) — Northrop Grumman Corp. reported Wednesday its first-quarter profit rose by nearly 50 percent, boosted by higher sales of its electronic systems and progress made in its shipbuilding sector.

SOMERS, N.Y. (AP) — Pepsi Bottling Group Inc., which is mulling an acquisition bid from PepsiCo Inc., said Wednesday that its first-quarter profit more than doubled on a favorable tax audit settlement.