Earnings briefs for July 18, 2002

Thursday, July 18, 2002 | 11:12 a.m.

Second-quarter profit reported

CLEVELAND -- TRW Inc., which agreed to be bought earlier this month by Northrop Grumman Corp., said it had a second-quarter profit from continuing operations led by increased sales of air bags and computer-engineering services.

Profit from continuing operations rose to $133 million, or $1.05 a share, compared with net income of $21 million, or 16 cents, in the year-earlier quarter, the company said in a release. Sales rose 6.6 percent to $4.27 billion, from $4.01 billion.

Including discontinued operations, TRW said it had a net loss of $559 million, or $4.38 a share. Cleveland-based TRW was expected to earn $1.09 a share, the average estimate of analysts surveyed by Thomson First Call.

Earnings rise

SALT LAKE CITY -- Zions Bancorporation, owner of Nevada State Bank, reported second quarter net income of $82.1 million, up 11.5 percent from the $73.6 million reported in the same period of 2001.

Earnings per share were 86 cents, up 12.7 percent from the 79 cents reported in the second quarter of 2001.

Earnings up 46 percent

MINNETONKA, Minn. -- Second-quarter earnings at UnitedHealth Group jumped 46 percent, the managed health care company reported today, as it raised its profit forecast for the full year.

Net earnings were $325 million, or $1.01 a share, compared with $223 million, or 68 cents a share, in the same quarter a year ago. Total revenues were $6.08 billion, up 5 percent from $5.81 billion in the second quarter last year.

Earnings up for LV bank operator

HONOLULU -- BancWest Corp., owner of Bank of the West branches in Las Vegas, reported net income of $96.6 million for the second quarter, up 46.5 percent from the same quarter of 2001 due largely to this year's acquisition of United California Bank.

BancWest, a subsidiary of Paris-based BNP Paribas, is the parent company of Bank of the West and First Hawaiian Bank.

BancWest said the branches of United California, with assets of $10 billion and 115 branches throughout California, will be rebranded as Bank of the West branches during the third quarter.

BancWest said the United California deal helped lift its asset total 76 percent to $34 billion at June 30.

Earnings fall

Silver State Bancorp of Henderson, the parent company of Silver State Bank, reported a profit of $467,000 or 35 cents per share for the second quarter ending June 30, down from $588,000 or 46 cents in the year-ago quarter.

Despite the decline, Chief Executive Tod Little said business improved from the first to second quarters as the bank gained favorable pricing from its funding sources.

"We expect this positive earnings trend to continue," said Little, whose firm operates seven branches in Southern Nevada.

Profit up despite sales decline

CHICAGO -- Sears, Roebuck and Co. reported a $420 million profit for the second quarter, far outpacing estimates as the strength of its credit and financial business helped it overcome another decline in store sales.

Net earnings amounted to $1.31 per share, compared with a net loss of $197 million, or 60 cents per share, in the second quarter a year ago.

Analysts surveyed by Thomson Financial/First Call had pegged earnings at $1.14 a share.

Profit jumps for LV hospital operator

KING OF PRUSSIA, Pa. -- Universal Health Services Inc., a big Las Vegas hospital operator, reported second quarter earnings of $44.3 million or 69 cents per share, up 35 percent on a per-share basis.

Three-month revenue advanced 12 percent to $806 million.

In Las Vegas, Universal operates the Valley Health System, which consists of Valley, Desert Springs and Summerlin hospitals. Universal said its fourth Las Vegas hospital, Spring Valley Medical Center, is under construction and will open with 176 beds in the third quarter of 2003.