Earnings roundup: Mazda earnings surge 24 percent

Mazda Motor Corp., Japan’s fourth biggest automaker, posted a 24 percent jump in profit for its fourth fiscal quarter and record annual earnings for the third straight year amid strong U.S. demand for a new sport utility vehicle and other models.

Mazda, which is 33.4 percent owned by Ford Motor Co., said Friday it had a group profit of 31.6 billion yen ($264 million) in the three months ended March 31, up from 25.4 billion yen the same period a year earlier.

Sales climbed 16 percent to 957.9 billion yen ($8 billion) for the quarter from 826.4 billion yen a year ago.

Mazda, known for the MX-5 Miata convertible and RX-8 sportscar, has given Ford’s fortunes a lift. Ford reported earlier this week its first-quarter loss narrowed to $282 million.

For the fiscal year through March, Mazda’s profit increased 11 percent to a record 73.7 billion yen ($616 million) from 66.7 billion yen a year earlier. Annual sales rose 11 percent to a record 3.25 trillion yen ($27 billion).

“Waste Management Inc., the nation’s largest garbage hauler, said Friday its first-quarter profit rose 19 percent, helped by revenue growth at its commercial collection and landfill businesses and improved cost controls. Its share price rose sharply.

Profit rose to $222 million, or 42 cents per share, from $186 million, or 34 cents per share, a year ago, even as revenue fell slightly to $3.19 billion from $3.23 billion a year earlier.

The company said it incurred an after-tax charge of $6 million, or 1 cent per share, in the most recent quarter related to restructuring.

Results topped Wall Street projections for earnings of 36 cents per share on $3.16 billion of revenue, according to analysts polled by Thomson Financial.

“Goodyear Tire & Rubber Co. on Friday announced more cost cutting measures, including plant closures, that helped boost its shares to their highest in a year.

The nation’s largest tire maker also reported that it swung to a first-quarter loss, due to continuing costs from a settled strike and lower sales in North America.

Goodyear spokesman Keith Price said the company will close more plants, but it has not identified which ones, how many or where. The company is closing a tire plant in Tyler, Texas, by the end of the year, but that is considered part of previously announced reductions, Price said.

The company said it lost $174 million, or 96 cents per share, in the quarter that ended March 31, compared with income of $74 million, or 37 cents per share, in the year ago period.

“Coming off three straight years of record profits, Chevron Corp. on Friday reported its earnings surged yet again to start 2007 as the oil company cashed out of a Netherlands venture and cashed in on lucrative refining margins that have contributed to high gasoline prices.

The 18 percent increase in Chevron’s first-quarter profit delivered another reminder of the oil industry’s moneymaking prowess while motorists dig deeper into their pocketbooks to fuel their cars. The economic disparity has renewed calls for a windfall tax on the industry to help raise money for alternative energy.

Chevron earned $4.7 billion, or $2.18 per share, during the first three months of the year, compared with net income of $4 billion, or $1.80 per share, at the same time last year.

“Burger King Holdings Inc. said Friday it swung to a profit in the third-quarter, fueled by sales of new sandwiches.

Net income for the quarter ended March 31 totaled $34 million, or 25 cents per share, versus a loss of $12 million, or 11 cents per share during the year-ago period.

Analysts polled by Thomson Financial expected net income of 22 cents on revenue of $535 million.

Results were helped by strong premium burger sales, including the Texas Double Whopper, the BK Stacker and the Angus Cheesy Bacon sandwich, Burger King said. A new breakfast value menu also helped sales, company executives said.