Peoples Energy Corp. on Friday reported that its fourth-quarter net loss narrowed because of fewer restructuring charges but said it was stung by “ineffective” oil and gas hedges.
The Chicago-based company posted a loss of $2.3 million, or 6 cents a share, compared with a loss of $10.3 million, or 27 cents a share, in the year-ago period. Revenue rose 16 percent, to $379.3 million.
“Despite a number of positives, including the success of our organizational restructuring and a 50 percent increase in the operating results of our Midwest-based diversified businesses, our overall financial performance in fiscal 2005 was disappointing,” said Chairman and Chief Executive Tom Patrick.
Shares of Peoples Energy added 63 cents, to $36.30, on the New York Stock Exchange.
In other earnings news:
– Archer Daniels Midland Co., the world’s largest grain processor, said first-quarter profit fell 30 percent, as hurricanes disrupted corn and soybean shipments.
The Decatur-based company posted net income of $186.3 million, or 29 cents a share, down from $266.3 million, or 41 cents a share, a year earlier.
Sales fell 3.9 percent, to $8.63 billion. Excluding one-time items, ADM earned 32 cents a share, 1 cent a share below estimates.
Operating profit in ADM’s agricultural services unit, which trades and ships corn, soybeans and wheat, plunged 61 percent, to $20 million, after Hurricanes Rita and Katrina damaged port facilities along the Mississippi River, backing up grain shipments.
Profit rose in the company’s two biggest businesses: corn and soybean processing.
Shares of Archer Daniels Midland rose $1.05, to $24.30, in NYSE trading.
– Chevron Corp. reported third-quarter net income of $3.59 billion, or $1.64 a share, up 12 percent from net income of $3.2 billion, or $1.51 a share, in the same period last year. Revenue jumped 34 percent, to $54.46 billion.
Analysts had forecast earnings of $1.91 a share for the most recent period, but that figure did not include the earnings erosion caused by Hurricanes Katrina and Rita.
The San Ramon, Calif.-based oil giant estimated its profit would have been at least $600 million higher, or 27 cents a share, if not for storm-related problems.
Chevron stock advanced 88 cents, to $57.38, in NYSE trading.
– Brunswick Corp. said third-quarter net income rose 21 percent, to $88.4 million, or 89 cents a share, from $72.9 million, or 75 cents, a year earlier. Sales rose 13 percent, to $1.43 billion.
The Lake Forest-based company reiterated its outlook for 2005 earnings of $3.20 to $3.25 a share, excluding certain items, with fourth-quarter profit of 68 cents to 73 cents a share.
Brunswick stock jumped $2.85, or 8 percent, to $37.94, in NYSE trading.
