The U.S. bank Wells Fargo today reported [PDF] fair quarterly earnings for Q1 2010.

The financial intermediary reported net income for the period of $2.5-billion ($0.45 per share), down significantly from $3.05-billion ($0.56 per share) in Q1 2009.

Total revenue in the quarter was $21.5-billion.

The decline in revenue comes as other U.S. financial intermediaries reported strong quarterly profits, including Morgan Stanley, Citigroup, Goldman Sachs, among other financial intermediaries in the country.

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The Calgary-based natural gas developer, Encana, today reported strong Q1 earnings.

The company said net income for the quarter totaled $1.48-billion ($1.97 per share), significantly up from the same period last year.

Operating profit for the period was $418-million ($0.56 per share), down materially from $544-million in Q1 2009.

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Yahoo today reported [PDF] first quarter earnings for 2009.

The California-based web giant reported net income of $310-million ($0.22 per share), up significantly from the same period last year when the company reported total profits of only $118-million ($0.08 per share).

Total revenue in Q1 2010 was $1,597-million, up marginally by 1-percent over the same period last year.

“We had a good quarter, delivering income from operations higher than our outlook,”
said Yahoo CEO Carol Bartz.

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The New York-based financial intermediary Morgan Stanley reported strong first quarter earnings today, beating Wall Street analyst expectations.

Morgan Stanley reported total revenue net of all charges as $9.08-billion, compared to $2.9-billion in the same period last year. Analysts were expecting about $7.9-billion in revenue.

The company said total profits in the quarter were $1.41-billion ($0.99 per share), up significantly compared to the first quarter of 2009 when the company reported a massive $580-million quarterly loss.

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General Electric (GE) Company today reported higher than expected Q1 2010 earnings as the economy begins to show signs of recovery.

The company reported total revenue of $36.6-billion, down slightly from $38.4-billion in the same period last year. The company said total profits were $1.87-billion ($0.17 per share) in Q1 2010, compared to $2.75-billion ($0.26 per share) in Q1 2009.

Most of the losses stemmed from the aviation and rail industry as demand for products declined as a result of the credit crisis.

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Switzerland’s largest financial intermediary today said it expects to post a CHF 2.5-billion (USD $2.34-billion) before tax profit for the first quarter of 2010.

The numbers would mark the largest quarterly profit from over 3-years ago after the bank saw more than 75-percent of its market capitalization fall in late 2008. UBS’ current market cap on the NYSE is 60.45-billion as at today in early morning trading, with the stock trading up more than 3.80-percent to $17.15 per share.

UBS CEO Oswald Gruebel, 66, is hoping for the bank to reach annual before tax profits of CHF 15-billion within the next 5-years, levels not seen after the financial crisis. Gruebel says this goal would be accomplished mainly by focusing on the fixed-income trading unit at the bank.

The bank said it would publish actual financial earnings for the quarter on May 4th.

Canada’s plane and train maker Bombardier today reported Q4 2009 earnings and full year earnings for fiscal 2009.

The company reported total sales of USD $5.4-billion in Q4, with total sales in fiscal 2009 as $19.4-billion. Total sales were down insignificantly from fiscal 2008, which were $19.7-billion.

Bombardier reported net income of $179-million in Q4 2009 ($0.10 per diluted share), compared to $312-million in the same period last year.

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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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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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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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