Myers sets dividend
Myers Industries Inc. (NYSE: MYE) declared a regular quarterly dividend of 8 cents per share, payable Dec. 28 to shareholders of record Nov. 30.
UPS has holiday forecast
UPS expects to deliver 527 million packages between Thanksgiving and Christmas this year, surpassing last year’s record high by 10 percent.
The world’s largest package delivery company estimates 28 million of those will be delivered on Thursday, Dec. 20 — projected to be the busiest day of the year. That’s nearly double what the Atlanta company moves on an average day. UPS sees delivery of 527 million holiday packages. To handle the big jump, UPS plans to hire 55,000 seasonal workers to sort, load and deliver packages. That’s the same number it hired last year.
Profits fall at Burger King
Burger King’s net income fell 83 percent in the third quarter as the world’s second-biggest hamburger chain sold off more of its restaurants to franchisees as part of a turnaround push. But the company’s adjusted results topped Wall Street expectations.
For the three months ended Sept. 30, net income fell to $6.6 million, or 2 cents per share. That compares with $38.8 million, or 11 cents per share, last year. Net income excluding one-time items totaled 17 cents per share. Analysts expected 15 cents per share, according to FactSet.
Revenue fell 26 percent to $451.1 million, but was above the $439.7 million Wall Street expected.
Much of the revenue decrease came from Burger King selling restaurants to franchisees, which means the company no longer includes sales from those stores on its books. As of Sept. 30, Burger King said 95 percent of its restaurants were owned by franchisees; the goal is to eventually reach 100 percent.
Chrysler’s net income rises
Chrysler Group LLC said its third-quarter net income rose 80 percent to $381 million from a year earlier on increased revenue. Revenue for the quarter increased 18 percent to $15.5 billion. Adjusted operating profit rose 46 percent to $706 million. U.S. light-vehicle sales rose 24 percent in the first nine months and its share of the U.S. market increased to 11.5 percent from 10.6 percent a year earlier, according to researcher Autodata Corp.
Honda’s profit soars
Honda’s quarterly profit surged 36 percent as Japanese automakers bounced back from last year’s tsunami disaster in northeastern Japan, but the company lowered its annual forecasts because of a sales plunge in China. Honda made $1 billion in net profit for the July-September quarter. Sales jumped 20 percent.
Consumer spending up
Americans increased their spending in September at twice the rate that their income grew, a sign of confidence in the economy. Still, consumers made up the difference by saving less for a third straight month, a troubling trend.
The Commerce Department said consumer spending increased 0.8 percent in September from August. That followed a 0.5 percent gain in August and was the best showing since February. Personal income rose 0.4 percent, an improvement from a slight 0.1 percent gain in August and the best gain since March. However, after adjusting for inflation and taxes, income was flat in September. That followed a 0.3 percent decline in August.
A pickup in consumer spending helped lift economic growth in the July-September quarter to a 2 percent annual rate. While that is faster than the 1.3 percent rate in the April-June period, it’s still too weak to create enough jobs to rapidly lower the unemployment rate.
Book units to merge
Pearson Plc agreed to combine its Penguin book-publishing unit with Bertelsmann SE’s Random House as the media companies seek to bulk up in response to a surge in providers of electronic books. The joint venture, to be called Penguin Random House, will be 53 percent owned by Bertelsmann, and Pearson will own the rest, according to a statement from the companies today. Bertelsmann will nominate five directors to the board and Pearson four.
Bertelsmann Chief Executive Officer Thomas Rabe, who took over in January, is looking for acquisitions to reduce the Guetersloh, Germany-based company’s dependence on Europe and expand its digital businesses.
Compiled from staff and wire reports.