named restructuring consultant Stephen Cooper its interim CEO Tuesday, less than a week after longtime chief Ken Lay stepped aside amid the widening scandal at the fallen energy company. Enron also named Cooper, who is managing partner of New York's Zolfo Cooper LLC, to a three-man Office of the Chief Executive, along with Jeff McMahon and Ray Bowen. McMahon, who had been financial chief, was named president and operating chief, while former treasurer Bowen was named chief financial officer.
Earnings Reports & Outlooks
matched fourth-quarter earnings estimates but said unit case volume in North America in 2001 rose at the low end of forecasts. The soft drink giant earned $914 million, or 37 cents a share, up from $242 million, or 10 cents a share, a year earlier, including special charges. Excluding one-time items, Coke earned 38 cents a share in the fourth quarter of 2000. Revenue in the latest quarter was $4.92 billion, up 4% from $4.73 billion last year. Coke said North American unit case volume rose 2% in 2001, while worldwide unit case volume was up 4%.
beat analysts' expectations by a penny, posting a fourth-quarter pro forma loss of $941,000, or 2 cents a share, compared with a profit of 5 cents a share in the year-ago quarter. Wall Street had been expecting a loss of 3 cents a share, according to Thomson Financial/First Call. On generally accepted accounting principles, the company lost $20.3 million, or 46 cents a share, compared with a profit of $16 million, or 36 cents a share, in the year-ago period. Revenue for the quarter fell to $25.2 million from $66.1 million a year ago.
lost $507 million, or 49 cents a share, in the fourth quarter on big charges related to Argentina and its investment and loan portfolio. The bank recorded a charge of $1.19 billion, or $1.14 a share, in the quarter, including $650 million for investments and bad loans and another $538 million related to the devaluation of Argentina's currency. The company earned $894 million, or 81 cents a share, in the year-ago quarter. The earnings release was delayed in mid-January to give FleetBoston time to assess the effects of its exposure to Argentina.
posted a slightly narrower-than-expected fourth-quarter loss and said it was downwardly restating its results for the last three years on its auditors' advice. The company lost $1.1 million, or a penny a share, compared with net income of $24.9 million, or 25 cents a share, a year ago. Analysts were predicting a loss of 2 cents a share in the latest quarter.
Tuesday forecast a revenue shortfall and said it might return to the capital markets or sell assets to raise cash. The company also reported fourth-quarter results that were weaker than investors expected and projected that 2002 results would show some increasing strength after a weak first quarter. For the fourth quarter ended Dec. 31, Qwest lost 7 cents a share on a pro forma basis, excluding certain costs. That result reversed the year-ago pro forma profit of 16 cents a share. Revenue slid 6% to $4.7 billion from $5.02 billion a year earlier. Both figures were short of Wall Street's estimates.
beat Wall Street's fourth-quarter earnings expectations, posting a pro forma loss of $8.1 million, or 12 cents a share. According to Thomson Financial/First Call, analysts had been expecting a loss of 25 cents a share. Using generally accepted accounting principles, the maker of cable modems lost $6.2 million, or 9 cents a share, compared with a loss of $91.6 million, or $1.38 a share, in the year-ago period. Revenue rose to $80.2 million from $62.9 million in the year-ago period.
beat Wall Street's fourth-quarter earnings and revenue estimates but warned that results in the first quarter could trail current predictions. The package delivery service earned $645 million, or 57 cents a share, in the quarter on revenue of $8.1 billion. Analysts had been predicting earnings of 50 cents a share on revenue of $7.96 billion. In the year-ago quarter, the company earned $724 million, or 63 cents a share, on revenue of $7.9 billion.
estimated that fourth-quarter earnings would fall below analysts' estimates Tuesday but delayed the release of a full earnings statement. A complete 2001 earnings release has been delayed "pending an internal assessment of Williams' contingent obligations to telecommunications provider
." Williams Cos. spun off 95% of Williams Communications in April 2000.