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Starbucks, Boeing post quarterly gains

Sun., July 31, 2011

Here is a summary of April-June earnings reported last week by Seattle-based Starbucks Corp., Chicago-based Boeing Co. and Federal Way-based Weyerhaeuser Co.:

STARBUCKS: Profit rose 34 percent to beat expectations for the world’s largest coffee retailer. Despite tough economic times, more people are visiting its stores than last year at this time, and they’re spending more. Starbucks raised its full-year forecast based on the strong trends, and its shares rose after hours.

The company earned $279.1 million, or 36 cents per share, for the quarter that ended July 3. That’s up from $207.9 million, or 27 cents per share, earned in the same quarter last year. Revenue rose 12 percent to $2.93 billion.

Starbucks plans to add 800 stores in the 2012 fiscal year.

BOEING: Profit surged almost 20 percent as the company delivered more passenger planes. It raised its guidance for the year. Boeing also said Wednesday that it will not deliver as many of its new 787s and 747-8s this year as previously hoped.

Boeing earned $941 million, or $1.25 per share, in the quarter. Revenue rose 6.2 percent to $16.54 billion.

Boeing delivered 118 planes during the quarter, four more than a year ago. Revenue from commercial planes rose 19 percent to $8.84 billion. Operating profit from commercial planes jumped 35 percent to $920 million.

Boeing now expects to deliver 485 to 495 planes this year, five fewer than previously predicted.

WEYERHAEUSER: One of the world’s largest lumber companies, Weyerhaeuser said Friday its second-quarter net income fell 29 percent, mostly because of a continued slide in its core wood products business.

The company earned $10 million, or 2 cents per share, compared with $14 million, or 7 cents per share, a year earlier. Excluding one-time charges in the most recent quarter, earnings were $32 million, or 6 cents per share. This compares with earnings excluding charges of $42 million, or 20 cents per share, in the second quarter of 2010.

Revenue fell 2 percent to $1.61 billion from $1.64 billion.

Revenue in Weyerhaeuser’s core wood products segment dropped to $726 million from $809 million the year before.


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