Updated from 9:49 a.m. EDT
may lay off between 20,000 and 30,000 workers in the company's commercial jet unit by the end of 2002, citing expectations of a decline in orders from the airline industry. Carriers were already suffering, but last week's terrorist attacks in New York and Washington have decimated the industry. Boeing cut its forecast for aircraft deliveries and said the downturn could run into 2003 as U.S. carriers reduce capacity. The planned job cuts would cover all jet models and would be spread across Boeing's commercial airplane sites.
Earnings Reports & Warnings:
expects to report a loss of 5 cents to 8 cents a share for the fiscal fourth quarter and take a charge of $30 million for restructuring. Excluding the charge and other one-time items, the online broker expects operating earnings ranging from a loss of 2 cents to a profit of a penny. Wall Street expects the company to earn 1 cent for the quarter.
Circuit City Group
posted second-quarter earnings of $6.8 million, or 3 cents a share, including the company's equity interest in auto retailer
. Analysts expected the company to earn 2 cents. In the year-ago period, Circuit City earned $55.3 million, or 27 cents a share. CarMax earned 25 cents a share in the quarter, matching estimates, up from 15 cents a year ago. Total sales for
Circuit City Stores
, the company that covers both units, fell 9% to $2.89 billion from $3.18 billion a year earlier. Sales for the Circuit City Group fell 19% to $2.04 billion from $2.51 billion, while sales at stores open at least a year fell 21%.
cut its third-quarter earnings forecast. The photography products maker said third-quarter earnings, excluding charges, probably won't exceed 65 cents a share, compared with previous guidance of 90 cents to $1.20 a share. Kodak earned $1.40 in the year-ago third quarter. Analysts expect the company to earn $1.03.
posted first-quarter earnings of $9.8 million, or 19 cents a share, including a charge. The company earned $26.9 million, or 41 cents a share, in the same period a year ago. Before the charge and other items, the company earned 46 cents. Analysts projected income of 43 cents. Sales rose 1.3% to $828.7 million.
expects to post third-quarter earnings of 41 cents to 42 cents a share. Excluding the effects of foreign currency translation, the fast-food giant forecast earnings of 43 cents to 44 cents a share. On that basis, the company earned 41 cents in the same period a year ago. Wall Street is looking for income of 40 cents. Third-quarter results will include a $137 million gain related to the initial public offering of McDonald's Japan and a charge of nearly $100 million. If foreign currency exchange rates remain constant for the remainder of the year, the translation will reduce full-year reported earnings by about 5 cents a share. Analysts are calling for earnings of $1.39 for the year.
St. Paul Companies
expects to record about $700 million in pretax losses related to the terrorist attacks of Sept. 11. The company based the estimate on a total insured loss of between $30 billion and $35 billion for the industry. St. Paul said its balance sheet "is one of the strongest in the industry, and we have sufficient liquidity to meet our obligations."
remains comfortable with earnings estimates of $2.77 to $2.78 a share for the fiscal year ending Sept. 30 and with earnings projections of $3.45 for fiscal 2002. The estimates are based on existing accounting rules. After the adoption of an accounting change, the company's estimate for fiscal 2002 will be $3.70. Using the new accounting rules, Tyco expects earnings of 72 cents to 73 cents a share for the first fiscal quarter. The company had previously forecast earnings of $3.20 to $3.65 a share for fiscal 2002. Under the new accounting rules, the range becomes $3.45 to $3.95, with $3.70 being the most likely.
said its earnings for the year would be lower than expected, as the nonstop news coverage of last week's attacks on the U.S. led to higher costs and a loss of advertising revenue. The company projected that earnings before interest, taxes, depreciation and amortization for 2001 will be slightly higher than last year. Viacom previously expected double-digit growth. The company's results will also be hurt by the cancellation of several specials and sporting events and the delay of the new fall television lineup.
Chairman Stephen Wolf said that he and other top managers have no plans to cash in their stock options and leave the airline after the failure of its plans to merge with
United Airlines. "None us of us plan to exercise their rights," Wolf said at the meeting, according to reports. "None of us will be leaving during this period."