Earnings News Updates

A sharp drop in intermodal business helped to drag down second-quarter earnings for the largest North American railroads.

Wireless-services provider Qualcomm Inc. said its fiscal third-quarter earnings slipped to $737 million, or 44 cents a share, from $748 million, or 45 cents, a year ago.

Second-quarter net income at UPS Inc. fell 49%, compared with a year earlier, but all three main divisions remained profitable despite the ongoing recession and a 16.7% decline in global revenue.

Logistics firm Expeditors International of Washington said Monday its second-quarter earnings will likely be 24 cents to 26 cents per share, down from 32 cents a year ago.

Weak Class 8 truck sales around the world led to plunging revenue and either losses or vastly diminished first-quarter profits for three of the four major heavy-duty truck manufacturers and both independent engine makers operating in North America.

J.B. Hunt Transport Services Inc.’s first-quarter earnings fell 16% to $30.8 million, providing new evidence of the recession’s effect on carrier profits.

Retailer Wal-Mart Stores said Tuesday its fiscal fourth-quarter earnings fell 7.4%, while its full-year 2008 earnings rose 5.1%.

Eight publicly traded truckload fleets weathered the fourth quarter recession by lowering costs, including fuel, and posted earnings that either topped or came close to the year-earlier period.

Oil giant Exxon Mobil Corp. Friday reported a 2008 profit of $45.2 billion, breaking its own record for a U.S. company, although its fourth-quarter earnings fell 33% from a year ago, the Associated Press reported.

Canada’s two major freight railroads reported lower fourth-quarter earnings on lower freight demand.