Ford stocks fall on missed expectations
DEARBORN, Mich. – Ford Motor Co. is the most profitable it’s been in a decade, since the days when Americans were snapping up SUVs. But maintaining that momentum – and meeting the high expectations of buyers, workers and investors – will be a big challenge in the coming year.
Ford got a taste of that Friday, when its shares fell more than 13 percent to $16.27 after the company failed to meet Wall Street expectations, even after it reported a profit for 2010.
It also disappointed investors with an 80-percent drop in fourth-quarter profit, missing forecasts and ending two years of better-than-expected results.
Ford earned $6.6 billion, or $1.66 per share, last year, more than double the $2.7 billion, or 86 cents per share, it made in 2009. That was the most it’s made since 1999, when it earned $7.2 billion.
WSU approves deal for new Tri-Cities lab
RICHLAND – The Washington State University board of regents has approved a deal with Hanford contractor Energy Solutions to build a lab near the WSU Tri-Cities campus.
The university is providing the land and Energy Solutions is paying the construction costs. The company will lease the building for up to 2 ½ years, then it will become an engineering lab for the university.
Regents also gave the go-ahead to move forward with the design for renovations to Martin Stadium in Pullman.
Spokane airport traffic up 4 percent in 2010
Spokane International Airport handled almost 3.2 million passengers last year, an increase of 4 percent from 2009, which had the lowest total since 2004.
December traffic also rose about 4 percent, to 137,820.
Freight and mail rose more than 10 percent for the month, to 5.4 million tons, and 1.76 percent for the year, to 46,863 tons.
At Felts Field, operations fell 5 percent for the year, to 63,496, and 38.3 percent for December, to 2,372.
But freight tonnage was up for the month, 36.6 percent to 3.6 tons, and for the year, 8.1 percent to 44.7 tons.
Port of Portland ships 13 million tons in 2010
PORTLAND – The Port of Portland says last year was the third-best in its history for marine cargo tonnage.
Port officials said more than 13.1 million tons were shipped through Portland in 2010, up 28 percent compared to 2009. A total of 575 ships called on the Port last year, an increase of 15 percent.
Sam Ruda, director of marine and industrial development, said business has improved substantially, and the port expects the recovery to continue through the fiscal year.
Officials said the outlook for imports and exports improved with completion of the Columbia River channel improvement project in November 2010. With a 43-foot navigation channel, each ship can accommodate an additional 6,000 to 10,000 tons of heavier bulk and containerized cargo.