Thursday, August 28, 2014
Inquirer Daily News

PhillyInc watches local companies' parade of profits

It's a heavy day for earnings news with early issuers largely reporting lower profits (Teleflex & Teva) and even losses (UGI).

PhillyInc watches local companies' parade of profits

The cavalcade of earnings reports marches by on this Wednesday.

Valley Forge's UGI - both an natural gas utility and propane distributor - started off with a net loss of $7.2M, or 6 cents per share, for its 3d qtr. compared with net income of $3.4M, or 3 cents per share. Blame goes to "extraordinarily warm spring weather in Europe," according to CEO Lon Greenberg.

Also out is Teleflex, the Limerick-based medical device company. Sales were up 9.2 percent to $391M during Q2. However, net income of $34.1M, or 83 cents per share, was down by nearly half from $60.1M, or $1.51 per share, last year.

And Teva Pharmaceutial Industries, which is paying $6.8B to acquire Frazer-based Cephalon, reported an 11 percent rise in net sales for its Q2 to $4.2B. Net income for Teva, with North American HQ in North Wales, declined to $576M, or 64 cents per share, from $797M, or 88 cents per share.

Later, we'll hear from Brandywine Realty Trust (which just signed brokerage Janney Montgomery Scott to a 15-year lease in the pink-hued skycraper once known as the Bell Atlantic Tower); Exelon (parent of Philadelphia's Peco electric and gas utility); Universal Health Services (the King of Prussia for-profit hospital operator); and InterDigital (which has put itself up for sale now that Google, Apple and others seem willing to part with billions of dollars to control wireless technology patents.

Mike Armstrong Inquirer Columnist
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
Business Videos:
Also on Philly.com:
Stay Connected