Net income rises at B&W
Babcock & Wilcox Co. on Tuesday reported earning $60.5 million or 54 cents per share on revenue of $774.8 million for its third quarter. Net income for the Charlotte, N.C., company was up from $51.4 million or 43 cents per share a year ago. Revenue was down from $807.6 million a year ago. B&W’s Power Generation Group, headquartered in Barberton, had segment income of $38.4 million on revenue of nearly $427 million.
That compares with segment income of $40.6 million on revenue of $426.4 million a year ago. The company said it expects to have adjusted earnings per share this year of $2.30 to $2.40, a change from previous guidance of $2.25 to $2.45 per share. Revenue is expected to be $3.3 billion, down from previous guidance of $3.4 billion.
YRC reports quarterly loss
Trucking company YRC Worldwide Inc. reported a third-quarter loss of $39.8 million, or $4.45 a share, on revenue of $1.25 billion. The Overland Park, Kan., company with Summit County operations a year ago had net income of $6.7 million, or 40 cents per share, on revenue of $1.24 billion.
Third-quarter results were hurt in large part by YRC’s less-than-truckload YRC Freight division, the company said.
Apple’s new iPad mini ready
Apple Inc. said its new iPad mini with a high-definition screen is now available for shipping, in time for the critical holiday shopping period. The device, which comes in space gray and silver, will start from $399, it said on its website. While the larger iPad Air went on sale on Nov. 1, Apple hadn’t said when the smaller tablet would be available beyond sometime in November.
Suitors narrowed for IMG
Forstmann Little & Co. cut the field of bidders for its IMG Worldwide Inc. talent agency to five, knocking out a joint bid from TPG Capital and Creative Artists Agency, Bloomberg News reported.
Silver Lake Management LLC, KKR & Co., CVC Capital Partners Ltd., and Carlyle Group LP are still vying for the business, which could fetch more than $2.5 billion. New York-based Forstmann Little cut the list from 12 bidders after a Nov. 7 deadline.
The departure of TPG and Creative Artists, which had been seen as among front-runners, pits Silver Lake and its partner, William Morris Endeavor Entertainment LLC, against CVC, owner of the Formula One car-racing series. IMG, which got its start in Cleveland and still has a unit there, represents National Football League quarterback Peyton Manning and singer Taylor Swift, and also manages fashion and sports events.
IMG’s college sports team licensing business is believed to be one of the company’s more attractive assets. At the same time, money-losing joint ventures in India, China, Turkey and Brazil are said to be weighing down bid prices.
Forstmann Little has told bidders that the company has $200 million a year in earnings before interest, taxes, depreciation and amortization. The overseas operations have adjustments that lower that financial measure to $181 million.
New executives at Chrysler
Chrysler named Al Gardner to run its Chrysler brand, succeeding Saad Chehab, who becomes chief marketing officer for Maserati SpA. Gardner, who joined the company in 1986, was director of Chrysler’s southeast business center. Chrysler, which is majority owned by Fiat SpA of Italy, named Steve Beahm as senior vice president of supply chain management. Beahm, who started with Chrysler in 1987, was vice president of U.S. sales.
Chrysler said Tim Kuniskis, head of the Dodge brand, will add responsibility for Chrysler Group’s fleet operations, succeeding Peter Grady, who was named head of Maserati North America. Grady will remain vice president of dealer network development.
Dow Jones falls 32 points
After closing at an all-time high on three of the previous four trading days, the Dow Jones industrial average fell 32.43 points, or 0.2 percent, to 15,750.67. The S&P 500 index dropped 4.20 points, or 0.2 percent, to 1,767.69 points.
The Nasdaq composite edged up 0.13 point to 3,919.92.
Compiled from staff and wire reports.