Newell profit lower
Newell Rubbermaid, the consumer products company with Mogadore operations, reported net income Friday of $52.9 million, or 19 cents a share, on revenue of $1.23 billion.
A year ago in its first quarter, the company had earnings of $54.2 million, or 19 cents a share, on revenue of $1.24 billion.
The Atlanta-based company noted that it had “adverse impacts” of a harness buckle recall on some children’s car seats as well as dealing with severe winter weather.
An Akron development company celebrated the “topping off” of a two-story outpatient medical office and surgery center under construction in Jackson Township. The topping-off ceremony typically recognizes putting into place a new building’s highest piece.
Signet Development Ltd. will own the 44,000-square-foot facility, at the corner of Frank Avenue and Applegrove Street, and lease the building to a medical practice named Spectrum Orthopaedic Inc.
The new facility will allow Spectrum to consolidate its four offices in Stark County. The building will include an MRI suite and a physical therapy area.
Welty Building Co. Ltd. of Fairlawn is overseeing construction of the building, which began in December. Construction is expected to be completed in the fourth quarter of this year. The building was designed by CBLH Design Inc. of Middleburg Heights.
Locally, the Signet Enterprises development arm is known for projects such as student housing at Northeast Ohio Medical University and the University of Akron, as well as the large building that houses SummaCare insurance at Main and Market streets downtown.
TIRE & RUBBER
Cooper net is down
Cooper Tire & Rubber Co. of Findlay reported first quarter net income of $45 million, or 71 cents a share, on sales of $796 million.
The income was down from $56 million, or 87 cents a share, on sales of $862 million for the same period a year earlier. The sales decline was 7.6 percent.
The company said its operating profit was $81 million, which was $16 million lower than the first quarter a year ago.
CVS profits increase
CVS Caremark earned $1.13 billion, or 95 cents per share, in the three months that ended March 31. That compared with earnings of $954 million, or 77 cents per share, in last year’s quarter. Revenue climbed 6 percent to $32.69 billion.
CVS’ first-quarter earnings jumped 18 percent as generic drugs and an acquisition helped the drugstore chain and pharmacy benefits manager weather rough winter storms and a later Easter holiday.
The company fell shy of Wall Street profit expectations and reaffirmed its 2014 earnings forecast. CVS runs the nation’s second-largest drugstore chain and one of the biggest pharmacy benefits management operations.
Benefits managers run prescription drug plans for employers, insurers and other customers. That segment has become CVS Caremark’s biggest revenue producer. Sales from the unit climbed more than 10 percent to top $20 billion in the quarter, helped in part by rising drug prices, as well as the company’s acquisition of the drug infusion business Coram.
Revenue from the company’s drugstore segment climbed 3 percent.
Hearing in GM case
The judge who oversaw General Motors’ 2009 bankruptcy said he’s inclined to let a customer probe of the automaker’s handling of ignition-switch problems proceed on an “expedited basis.” U.S. Bankruptcy Judge Robert Gerber convened a hearing in New York to determine how to address GM’s request that he reaffirm rulings shielding the automaker from damage claims arising from defects in the switches, which spurred a recall of 2.59 million vehicles.
Car owners are seeking to recover economic losses for the recalled cars and want a chance to investigate how GM handled the switch problem before and during its 2009 reorganization and government bailout. The dispute, which doesn’t affect accident claims, may hinge on whether GM was candid about the switch defects at the time of its bankruptcy.
The judge said his “tentative” views of how the case should proceed were based on only a partial reading of 3,500 pages filed in the past 10 days.
Compiled from staff and wire reports