Earnings briefs for August 13, 2002

Tuesday, Aug. 13, 2002 | 11:04 a.m.

Loss widens for Vegas utility

Southwest Gas Corp. of Las Vegas on Monday reported a wider quarterly loss as revenue declined and a legal settlement boosted costs.

The utility, which serves parts of Nevada, Arizona and California, reported an operating loss for the quarter ending June 30 of $20.6 million or 63 cents per share versus a loss in the year-ago quarter of $11.1 million or 35 cents.

Revenue declined from $279 million to $261 million.

Losses in the second and third quarters are normal due to the seasonal nature of the business.

Excluding charges and gains to settle litigation over a failed merger, the company said its loss for the 2002 quarter would have been $11.6 million or 35 cents.

Southwest stock rose 2 cents Monday, but fell 26 cents this morning.

Third-quarter earnings up

MOLINE, Ill. -- Increased overseas sales of its trademark agricultural equipment helped Deere & Co. more than double third-quarter earnings, easily eclipsing Wall Street expectations.

Also contributing to the rise was the elimination of losses from the Homelite consumer products business, which was sold in November. The company said cost-cutting measures also played a role.

The Moline-based manufacturer on Tuesday reported earnings of $147.6 million, or 61 cents per share, for the quarter ended July 31, up from $71.8 million, or 30 cents per share, a year ago.

Analysts surveyed by Thomson First Call had forecast earnings of 35 cents per share.

Second-quarter earnings up

OMAHA, Neb. -- Bolstered by continued improvements in its insurance businesses, Berkshire Hathaway Inc. on Friday posted a 35 percent increase in second-quarter earnings.

The investment company headed by billionaire Warren Buffett reported net income of $1.05 billion for the quarter that ended June 30, compared to $773 million for the year-earlier period.

Earnings per share were $681 per share, compared to $506 for the second quarter of 2001.

Profit rises in second quarter

BENTONVILLE, Ark. -- Wal-Mart Stores Inc. reported a 26 percent rise in second-quarter earnings today; the results beat analysts' forecast by a penny.

The world's largest retailer reported a profit of $2.04 billion, or 46 cents per share for the period. The giant retailer earned $1.62 billion, or 36 cents per share, in its second quarter a year ago.

A survey of analysts by Thomson First Call forecast second-quarter earnings of 45 cents per share.

Sales grew 13 percent to $59.69 billion. Sales in stores open at least a year, considered the best indicator of a retailer's health, rose 6.4 percent.

Lender's earnings increase in quarter

Vestin Group Inc., a Las Vegas-based commercial lender with about $450 million in outstanding loans, reported an increase in earnings and revenue growth in the second quarter.

Vestin's net income grew in the second quarter to $2.1 million, or 22 cents a share, compared to $189,000, or 3 cents a share in the same quarter a year ago.

The lender's revenues increased to $8.9 million, an 88 percent share from the $4.7 million in revenues the company recorded in the same quarter a year ago.

Company officials attributed the revenue and earnings growth to the reticence among banks to lend money for commercial projects.

The company said requests for loans rose 33 percent in the second quarter, and the company originated $118 million in loans in May.