TimkenSteel shares rise
TimkenSteel Corp., issuing its second quarterly earnings report since going public July 1, on Thursday reported net income of $25.7 million, or 56 cents per share, on revenue of $434.2 million for the third quarter ending September 30.
Earnings per share increased 51 percent over the third quarter a year ago, before the Canton company was spun off of Timken Co.
The company said it expects sales will grow 20 to 22 percent this year over 2013 — a leaner estimate than the previous quarter, when growth was seen as reaching as much as 25 percent.
Go to http://tinyurl.com/lsczhga to review the third-quarter statement.
Diebold continues turnaround
Diebold Inc., still rebounding from a tumultuous 2013, earned $33 million, or 51 cents per share, on revenue of $768 million for the quarter ending Sept. 30. The same time a year ago, the company reported a net loss of $21.7 million, or 34 cents per share.
The Green automated teller machine maker, which is gradually shifting its focus from manufacturing to software and services, said Thursday it is on track for growth of about 7 percent for 2014.
“We feel good about the progress we’ve made to date as we begin to eye the ‘walk’ phase of our ‘crawl, walk, run’ turnaround,” said Andy W. Mattes, Diebold president and CEO. He attributed the improving atmosphere to profitable reinvestments and the launch of a new line of ATMs.
Go to http://www.diebold.com/earnings to see the quarterly report.
Office update planned for Macs
After a long wait, Microsoft says it plans to release a new version of its popular Office software package for Mac computers — but not until next year.
Microsoft did release one component, the Outlook email program, through the company’s Office 365 subscription service, which costs $100 a year. But a full Office package for Macs was expected this year, as Microsoft usually releases that a year after it produces a new version for Windows.
But there hasn’t been a new Office for Macs since late 2010, even though it’s already been a year and a half since the Windows release. Microsoft says that’s because it has been concentrating on producing Office versions for smartphones and tablets first. The Office package usually includes word-processing, spreadsheets and other commonly used programs.
Spending falls in September
Americans unexpectedly opened their wallets less in September, with spending posting its first drop in eight months as income growth slowed, the Commerce Department said Friday.
Consumer spending declined 0.2 percent last month, after a 0.5 percent jump in August. Personal income rose 0.2 percent, the smallest rise since December. Incomes were up 0.3 percent in August.
Analysts had forecast spending growth to slow last month but still tick up 0.1 percent. Incomes were expected to rise 0.3 percent.
Instead, overall consumer spending fell $19 billion to $11.97 trillion in a sign economic growth might be slowing heading into the year’s fourth quarter.
Economists downplayed the drop, noting that it came after a big jump in August.
Walmart ups ante on holidays
Walmart is doing whatever it takes to rope in holiday shoppers however they want to buy. For the first time, Walmart Stores Inc. is offering free shipping on what it considers the season’s top 100 hottest gifts, from board games to items related to Disney’s hit film Frozen items, starting Saturday. The move comes as rival Target Corp. began offering free shipping on all items, a program that started late October and will last through Dec. 20.
Walmart is also planning to offer discounts, or what it refers to as “rollbacks,” on more than 20,000 items on a broad range of products, from groceries to TVs, starting Saturday. The timing is similar to last year, but the discounter said the assortment is broader. It’s also pulling forward by nearly a month 15 24-hour online deals originally reserved for the Thanksgiving weekend and so-called Cyber Monday, about double from last year. For the first time, Walmart will allow shoppers to pick up those 24-hour online specials at the store. They include 40-inch Element TVs for $199, down from $298, and Crayola Paint Makers for $12, down from $18.88. Customers will be able to purchase the deals online starting shortly after midnight on Monday.
The online deals are in addition to several hundred online holiday specials that start Saturday.
Compiled from staff and wire reports.