Earnings roundup: Apple profits up 73 percent

Apple Inc.’s fiscal third-quarter profit soared more than 73 percent, fueled by demand for its Macintosh computers, the strength of its iPod media players and the sales of 270,000 iPhones in the first two days on the market.

For the quarter ended June 30, Apple’s profit rose to $818 million, or 92 cents per share, up from $472 million, or 54 cents a share in the year-ago quarter.

Sales grew to $5.41 billion from $4.37 billion last year.

Analysts polled by Thomson Financial expected Apple to report earnings of 72 cents per share on sales of $5.28 billion while Apple itself had projected earnings of 66 cents per share on quarterly sales of $5.1 billion.

“We’re thrilled to report the highest June quarter revenue and profit in Apple’s history, along with the highest quarterly Mac sales ever,” said Steve Jobs, Apple’s CEO. “IPhone is off to a great start — we hope to sell our one-millionth iPhone by the end of its first full quarter of sales — and our new product pipeline is very strong.”

The gadget maker’s highly anticipated iPhone launched on June 29 and sold out within days. Wall Street analysts and investors have had lofty expectations for the multimedia cell phone, driving up Apple’s stock more than 30 percent during the quarter.

“Anheuser-Busch Cos. Inc., the nation’s largest brewer, said Wednesday that higher beer prices and stronger demand helped push its profit up 6.1 percent in the second quarter on a similar rise in sales.

The maker of Budweiser, Bud Light and other beers earned $677 million, or 88 cents per share, in the three months ended June 30, up from $638 million, or 82 cents per diluted share, in the same period in 2006.

Net sales after excise taxes also rose 6.1 percent to $4.52 billion from $4.26 billion.

Analysts polled by Thomson Financial expected earnings per share of 86 cents.

“Newspaper publishers New York Times Co. and Tribune Co. reported lower advertising revenues for the second quarter on Wednesday as the industry struggled with deep losses in several categories, especially classified.

The Times, which also owns The Boston Globe, the International Herald Tribune and a group of regional newspapers, posted a 6.9 percent decline in newspaper advertising in the period, while Tribune’s fell 11.2 percent.

Chicago-based Tribune is the nation’s No. 2 newspaper company by circulation and publishes 11 newspapers including the Los Angeles Times, Chicago Tribune and Newsday.

Weak classified advertising was a big factor behind the declines at both companies, falling 13.4 percent at the Times company and 17.7 percent at Tribune.

“Xerox Corp. said Wednesday its net income rose 2.3 percent in the second quarter on strength in revenue from financing and office equipment servicing and supplies.

Earnings for the April-June period were $266 million, or 28 cents a share, up from $260 million, or 26 cents a share, a year earlier.

Revenue for the Stamford-based office equipment manufacturer was $4.2 billion, up 6 percent from $3.98 billion a year earlier.

The results were better than the 27 cents a share profit on $4.2 billion in revenue expected by analysts surveyed by Thomson Financial.

“Defense contractor General Dynamics said Wednesday its second-quarter earnings slid 19 percent due to one-time items, but strength in its private jet and combat equipment units helped propel core earnings past Wall Street expectations. The company raised its 2007 outlook.

Its shares rose nearly 4 percent.

Net income dropped to $513 million, or $1.26 per share, in the recent quarter, from $636 million, or $1.56 per share, in the year-earlier period, which included a gain of $220 million, or 54 cents per share, from the sale of the company’s aggregate business.

Profit from continuing operations rose to $518 million, or $1.27 per share, from $420 million, or $1.03 per share, in the year-ago quarter. The latest quarter included a tax benefit of $18 million, or 5 cents per share.