Earnings roundup: State Farm profits up 65 percent last year

State Farm Insurance, the nation’s largest insurer, said Thursday that profits climbed 65 percent in 2006 as claims dipped amid a relatively tranquil year for hurricanes and other natural disasters.

The Bloomington, Ill.-based insurer posted earnings of $5.3 billion, up from $3.2 billion the year before when pay-outs soared after a flurry of hurricanes including Katrina, the costliest disaster in U.S. history.

State Farm said catastrophe losses dipped by $4.1 billion from 2005, when the company paid out a record $6.3 billion for claims and expenses in the aftermath of Katrina, Rita and other tropical storms.

Revenue, which includes premium revenue, earned investment income and realized capital gains, totaled $60.5 billion in 2006, up from $59.2 billion a year earlier.

“Kohl’s Corp. reported a 29.3 percent profit increase in the fourth quarter, as the midlevel retailer benefited from strong sales of its exclusive brands.

The retailer, based in Menomonee Falls, Wis., made the announcement after the market closed Thursday, saying net income rose to $484.6 million, or $1.48 per share, in the period ended Feb. 3. That compared with $374.9 million, or $1.08 a share, a year ago.

Sales were up 16.7 percent to $5.4 billion, from $4.7 billion in the same quarter last year.

The earnings beat the expectations of analysts, who predicted Kohl’s would earn $1.43 a share on sales of $5.4 billion, according to a poll by Thomson Financial.

“Staples Inc.’s fourth-quarter profit grew nearly 22 percent, narrowly beating Wall Street expectations as the nation’s biggest office products supplier enjoyed strong growth in its delivery business and a turnaround in Europe.

But the result was hurt by slow holiday sales of computers and office furniture — a disappointment Staples shared last quarter with smaller rivals Office Depot Inc. and OfficeMax Inc.

“Dell Inc., which is the subject of a federal probe into its finances, said Thursday that fourth-quarter profits plunged 33 percent due to weak sales of laptops and notebooks, which account for the lion’s share of its revenues.

Dell said it earned $673 million, or 30 cents per share in the quarter ended Feb. 2, compared to $1.01 billion, or 43 cents per share a year earlier. Revenue fell 4 percent, to $14.4 billion.

Analysts had expected the PC maker to earn 29 cents per share in the most recent quarter, according to a survey by Thomson Financial. The company didn’t provide year-ago figures in its release.