BMW fiscal 2009 profits and sales down, expects rebound in sales

BMW Inc. today announced full year 2009 earnings, reporting significant declines in net profit and total sales.

The company said net profit was EUR 210-million, down 36.36-percent from EUR 330-million in fiscal 2008.

Operating income before taxes was up to EUR 413-million, 18-percent up from 2008.

BMW said it sold 1.28-million vehicles in 2009, a sharp drop of over 12-percent from 2008 as people shifted to smaller, less luxurious and more affordably priced vehicles because of the financial and credit crunch.

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Bank of Nova Scotia reports record quarterly Q1 profits

Scotiabank reports record quarterly profits as credit losses materially decline

Canada’s third-largest Bank, the Bank of Nova Scotia, reported today first quarter 2010 earnings, beating analyst expectations.

The bank earned just under $4-billion in total revenue for Q1, reporting $988-million ($0.91 per share) in total profits for the period, compared to $842-million net income in the same period last year. Analysts surveyed by Thomson Reuters were expecting $3.8-billion in total revenue and profits of $0.88 on a per share basis.

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Adidas reports Q4 and full year 2009 earnings

Adidas reports poor 2009 earnings as FIFA World Cup approaches

The German apparel company, Adidas, today announced full year 2009 and fourth quarter 2009 financial earnings.

Fourth-quarter profits were €19-million, down more than 60-percent compared to the same period last year. The company said write-downs and higher costs for the 2010 FIFA World Cup this June attributed to the lower than expected operating profits.

Analysts were expecting €25-million in total profits in Q4 2009.

The company warned of an expected weakening in 2010, but increased its forecasted diluted EPS that is estimated to be up to €1.90-2.15 in 2010. 2009 diluted EPS was €1.22.

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Nissan now recalls 540,000 cars

The auto sector continues to struggle with new recalls from Nissan

A new batch of vehicle recalls were announced early today by Japanese carmaker Nissan, as the industry struggles with record recalls due to component failures.

Nissan said it is recalling more than 540,000 vehicles mainly for two problems. First, on select models, the fuel gauge displays inaccurate fuel levels, indicating the car is plenty of fuel when it is almost empty.

The second problem, and potentially a more serious problem, that Nissan has identified is related to braking pedal pins that come lose in turn not allowing the drive to slow the car down. The affected models with the brake issue include the 2008-2010 Nissan Titan, Infiniti QX56 (also affected with the fuel gauge issue), Nissan Armada, and the Nissan Quest.

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AOL warns it expects continued slumping in advertising revenue

AOL warns of expected advertising revenue decline as firms spend less

A new AOL Inc. 10-K filing with the SEC today revealed the company is warning shareholders it expects lower than expected advertising revenue in 2010 from its online web properties.

AOL confirmed via the filing that total advertising revenue in Q1 2010 will be lower than Q1 2009.

The company attributed the decline in advertising revenue in both 2008 and 2009 as a direct casualty of the global financial crisis.

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BMO posts strong Q1 2010 earnings, canadian loan losses fall

Credit crisis seems over as Canadian bank loan loss provisions fall materially

Canada’s fourth-largest bank, the Bank of Montreal, today announced Q1 2010 earnings for the period ended January 31, 2010.

The bank reported net income from operations as CDN $657-million, exponentially up from $225-million in the same period over last year.

The bank said loan losses from Canadian operations declined, allowing the company to lower capital adequacy reserves as deposits grew. Loan losses from the U.S. increased, earning BMO a $16-million net profit from U.S. operations.

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Obama set to outline Home Star energy efficiency rebate program

Obama to outline home energy rebate program, could top $5-billion

U.S. President Barrack Obama will soon outline specific details about the efficient energy rebate program, the Home Star Program, which he has recently been promoting.

Under the program, people who renovate their homes with approved energy efficient equipment would be eligible for a rebate of up to $1,500. Eligible renovations include insulation, heaters, new windows, roofing, doors, among other renovations and equipment. Consumers would receive the rebates immediately from vendors, who would later be reimbursement by the government. Special financing for projects will also be offered through the program to help consumers complete more expensive projects.

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Bombardier confirms massive French train deal worth up to $11B

Montreal’s Bombardier wins contract potentially worth $11B to build high-speed double-deck trains in France.

Bombardier today reached a deal with France to build up to 129 new concept regional double-deck trains.

Right now, Bombardier is confirmed to build 80 trains, at a price of EUR 800-million (USD $1.1-billion). The contract could potentially be worth up to $11-billion US if all orders are fulfilled.

Regional French banks will be financing the project that will see new lines in Nord-Pas de Calais, Aquitaine, Bretagne, among other regions in France.

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Maple Leaf Foods posts full year earnings

Maple Leaf Foods reports strong 2009 earnings after fatal bacteria outbreak in 2008

Toronto-based Maple Leaf Foods Inc. today announced [PDF] Q4 2009 and full year fiscal 2009 financial earnings.

The company said sales were CDN $1.324-million in Q4 2009, immaterially down from the same period last year. Net of all expenses and charges, the company reported $21.9-million ($0.19 per share) in profits in the fourth quarter of 2009.

Aggregate sales for 2009 totaled $5.2-billion. Net earnings in 2009 were $57.8-million, compared to $35.4-million in 2008.

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Canadian total sales up in December

Statistics Canada today released retail sales numbers for December 2009, saying total sales in the country were up 0.4-percent over November to $35.3-billion in the month.

The biggest segment that had the most sales growth was the “general merchandisers” segment, which includes department stores. Sales in that category were up 3.3-percent.

Automotive sales were up 0.9-percent to $11,670-million in December, while gas sales were up 2.2-percent $4,031-million. Gasoline sales have had positive growth for the last five consecutive months.

Food and beverage store sales were down to by 1.3-percent to $8,133-million in December.

Statistics Canada said six provinces in the nation experienced a net increase in total sales.

See this table for complete information on sales in each respective category.

 

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