is planning to change its name, becoming the latest in an ever-growing list of companies drawing inspiration from a language no one speaks anymore. The company, a maker of beer, cigarettes and packaged food, is planning to leave behind one of the best-known corporate names on the planet to become Altria Group. The word Altria comes from "altus," the Latin word for "high." The company's Philip Morris U.S.A., Philip Morris International, Miller Brewing and Kraft Foods operations will retain their current names. Incredibly, Philip Morris said the name change should make it easier for people to understand what the company does (and finally put to rest the apparent confusion that resulted among investors who must have thought this global corporation was merely an individual). The new name "should help clarify our corporate identity, making it clear to people how to refer to our tobacco companies and how to refer to the parent company," Chairman and Chief Executive Officer Geoffrey C. Bible said in a press release. Shareholders will need to approve the name change.
Earnings Reports and Warnings
reported third-quarter income of 42 cents a share, a penny ahead of the consensus estimate. Sales increased 28.6% to $363.7 million.
said it has seen increased demand in the fourth quarter for its CDMA and TDMA wireless products. The company now expects wireless revenue to reach $13 million to $13.5 million, while broadband revenue remains "on track" at $7 million to $7.5 million.
posted third-quarter earnings of 11 cents a share, a penny better than expectations. Total company revenue increased 28.1% to $99.8 million. The company forecast earnings of 44 cents for the fiscal year, compared with consensus estimates of 43 cents. For fiscal 2003, the doughnut maker expects to earn 61 cents, 2 cents ahead of expectations.
received orders from the State Department and two airports for a total of 10 FingerPrinter CMS live scanning systems and one card scanning system. The combined value of these orders is about $400,000.
hopes to raise $500 million through a private placement of convertible trust preferred securities. The company will use the proceeds for general corporate purposes, including the payment of debt.
After Thursday's Close
posted quarterly earnings, excluding items, of 37 cents a share. The bottom line came in a penny ahead of expectations, but the company offered guidance for the fourth quarter and full year that could come in below consensus estimates.
reported third-quarter income of $429 million, or 16 cents a share, on revenue of $7.5 billion. Analysts were looking for a bottom line of 15 cents with revenue of $7.3 billion, according to First Call. For the fourth quarter, the company expects industry revenue to decline from the third quarter, with flat product shipments. Dell expects its own fourth-quarter volume to increase roughly 5% sequentially, with revenue up slightly. The company also projected stable profit margins, with earnings for the quarter of 16 cents a share, which would match analysts' expectations.
said that excluding certain charges, it lost $27.6 million, or 13 cents a share, on revenue of $208.8 million for the fiscal first quarter. Analysts expected the company to lose 15 cents during the seasonally slow quarter on revenue of $209.2 million, according to Multex.com. But the company raised its guidance for the 2002 fiscal year, which concludes at the end of July.