The Boeing Co. completed the purchase of the South Carolina facility of Vought Aircraft Industries, which makes and installs fuselage sections for its 787. The facility, bought by Boeing earlier this month, will be called Boeing Charleston. It will be managed by the 787 program as a wholly owned subsidiary and continue to perform fabrication, assembly and systems installation for 787 aft fuselage sections made primarily of composite materials.
Intermec posts $6.5 million loss
Everett-based Intermec Inc. announced a second-quarter loss of $6.5 million Thursday, or 11 cents a share. That compares with a profit of $7.7 million from the same period a year ago, or 13 cents a share. “Intermec executed well in a challenging economic environment, delivering within our quarterly guidance and generating cash,” Patrick Byrne, Intermec’s president and chief executive, said in a prepared statement. “Our recent new product introductions, channel expansion programs, and lower break-even point position us well for market recovery.” The company sells equipment that helps businesses and governments manage supply chains.
Disney profits fall 26 percent
Family entertainment company The Walt Disney Co. said Thursday its third-quarter profit fell 26 percent from a year ago, hurt by the tough global economy. Net income in the three months ending June 27 sank to $954 million, or 51 cents per share, from $1.28 billion, or 66 cents per share, in the same period a year ago. Revenue fell 7 percent to $8.6 billion, from $9.24 billion, a year ago. After excluding a restructuring and impairment charge of a penny per share, adjusted income was 52 cents per share. That barely beat analysts expectations of 51 cents per share of earnings, but the revenue figure was below estimates of $8.83 billion, according to Thomson Reuters.
Profits plunge for Exxon Mobil
Exxon Mobil said Thursday its second-quarter profit fell a surprising 66 percent from a year ago as the world’s biggest publicly traded oil company, like the rest of the industry, saw crude oil and gas prices fall sharply and refining margins tighten. Exxon Mobil Corp., based in Irving, Texas, said earnings for the April-June period came to $3.95 billion, or 81 cents a share. That was down from $11.68 billion, or $2.22 a share, a year ago, a record at the time. Excluding one-time items, net income in the most-recent quarter amounted to $4.09 billion, or 84 cents a share. The latest result missed the average Wall Street profit forecast by a wide margin. Analysts polled by Thomson Reuters were looking for net income of $1.02 cents a share. Those estimates typically exclude one-time items. The substantial profit falloff was no surprise given the steep drop in oil and natural gas prices from a year ago.
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