Hyundai Motor Co. says its first-quarter profit fell 21 percent from a year earlier. The company said Wednesday that its January-March net profit was 1.3 trillion won ($1.2 billion), compared with 1.7 trillion won a year earlier. Operating profit fell 7 percent to 1.3 trillion won. The result was slightly above the market consensus of 1.22 trillion won. Hyundai and Kia recalled 1.4 million cars in U.S., Canada and South Korea due to possible engine failures.
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The company reported a 20 percent drop in quarterly profit, which was driven lower because of higher costs related to its refranchising efforts in Coca-Cola's North America bottling operations. Here's what the company reported vs. what the Street was expecting:Earnings per share: 43 cents adjusted vs. estimate of 44 cents expected, according to Thomson Reuters analysts' consensus. Coke had warned earlier this year that its 2017 profit would drop as the company works to refranchise its bottling operations. Though, he added, "[Coca-Cola] remain[s] on track to deliver our underlying revenue and profit targets for the full year." Cost reductions are being made in its supply chain, in marketing expenses and by changing its operating model, Coke said.
United Tech's net income attributable to common shareholders rose to $1.39 billion in the first quarter ended March 31, from $1.18 billion a year earlier. Excluding the gain, earnings rose to $1.48 a share, compared with analyst consensus estimates of $1.39 a share, according to Thomson Reuters I/B/E/S. Earnings per share attributable to common shareholders rose to $1.73 from $1.42, including a one-time gain of 25 cents. The company's net sales rose 3.4 percent to $13.82 billion. United Technologies, the maker of Otis Elevators, Pratt & Whitney aircraft engines and Carrier air conditioners, beat analyst expectations with a 17.8 percent rise in first-quarter profit, helped by higher sales in all four of its business units.
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Coca-Cola's profit plunges 20 percent on bottling refranchising costs
The company reported a 20 percent drop in quarterly profit, which was driven lower because of higher costs related to its refranchising efforts in Coca-Cola's North America bottling operations. Here's what the company reported vs. what the Street was expecting:Earnings per share: 43 cents adjusted vs. estimate of 44 cents expected, according to Thomson Reuters analysts' consensus. Coke had warned earlier this year that its 2017 profit would drop as the company works to refranchise its bottling operations. Though, he added, "[Coca-Cola] remain[s] on track to deliver our underlying revenue and profit targets for the full year." Cost reductions are being made in its supply chain, in marketing expenses and by changing its operating model, Coke said.
United Technologies quarterly profit rises 17.8 percent
United Tech's net income attributable to common shareholders rose to $1.39 billion in the first quarter ended March 31, from $1.18 billion a year earlier. Excluding the gain, earnings rose to $1.48 a share, compared with analyst consensus estimates of $1.39 a share, according to Thomson Reuters I/B/E/S. Earnings per share attributable to common shareholders rose to $1.73 from $1.42, including a one-time gain of 25 cents. The company's net sales rose 3.4 percent to $13.82 billion. United Technologies, the maker of Otis Elevators, Pratt & Whitney aircraft engines and Carrier air conditioners, beat analyst expectations with a 17.8 percent rise in first-quarter profit, helped by higher sales in all four of its business units.
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