Meggitt sees stability
U.K.-based Meggitt PLC, the parent of Akron-based Meggitt Aircraft Braking Systems, said in a statement on Wednesday that it remains on track to meet financial guidance this year.
The international aerospace, defense and energy company released an interim management report covering Jan. 1 through May 6 this year as required by British law. Revenue is expected to grow the most in the second half of the year and the company’s financial position remains strong, Meggitt said.
The Meggitt report did not break out results for its individual units such as Aircraft Braking Systems.
New college spokesman
Timken Co. communications executive Dan Minnich will be the new University of Akron director of media relations.
Minnich starts May 19 at the university. He succeeds Laura Massie, now the public affairs manager at the National Association of College Stores in Oberlin.
Minnich was communications manager at Canton-based bearings and steel maker Timken, where he was the primary media contact. He previously managed communications and media relations for Cuyahoga Community College and the Cleveland Municipal School District.
He and his family live in Brunswick.
Cable merger opposed
The chief lobbyist for the nation’s small and mid-sized cable operators will tell Congress today that Comcast Corp.’s proposed acquisition of Time Warner Cable threatens consumers and competition.
In testimony submitted in advance of his appearance before a House Judiciary Committee hearing on the deal, American Cable Association President Matt Polka wrote that the Comcast-Time Warner Cable deal can’t be approved by the Federal Communications Commission and Justice Department without strict conditions to protect smaller pay-TV distributors.
“Consumer hopes for lower prices, greater choice and more competition will be dashed,” Polka said, if the FCC and Justice Department “ignore or treat lightly the potential harms” from the Comcast-Time Warner Cable deal.
Consultant joins GM
General Motors, working to contain a crisis over the recall of 2.59 million cars with possibly faulty ignition switches linked to at least 13 deaths, hired Steve Harris, its former public relations head, as a consultant.
Ford buys stock
Ford says it will buy back up to about 116 million shares of company stock worth about $1.8 billion. The Dearborn, Mich.-based automaker says the buybacks will help offset potential dilution from convertible debt and stock-based compensation for employees. Those can increase the number of shares on the market and weigh on per-share earnings. By buying back its shares, Ford can help boost its earnings per share. The price is based on Wednesday’s closing of $15.46 per share.
Keurig earnings up
Shares of Keurig Green Mountain Inc., the maker of home-brewing machines for coffee, tea and other beverages, jumped as much as 9.4 percent in late trading after its fiscal second-quarter profit topped analysts’ estimates.
Excluding some items, earnings rose 16 percent to $1.08 a share in the period, which ended March 29, the Waterbury, Vt.-based company said. Analysts had projected 94 cents on average. The company expanded its base of North American customers last quarter and sold more drink packs to current users, Chief Executive Officer Brian Kelley said. Total sales climbed 10 percent to $1.1 billion in the period.
“Double-digit sales and earnings growth on the heels of a strong holiday season demonstrates the continued opportunity to grow our Keurig system in North America in a very competitive environment,” he said in the statement.
Shares climbed as high as $100.87 in extended trading after closing at $92.21. The stock has climbed 22 percent this year. The company also expanded on its J.M. Smucker Co. partnership, which lets customers brew Folgers and Millstone coffees. That extends a 2010 deal.
Compiled from staff and wire reports.