Authorities in the Netherlands have extended the offer period for Atlanta-based package delivery company. United Parcel Service Inc. (UPS) proposed $6.7 billion acquisition of Dutch rival TNT Express to no later than the end of February. UPS agreed to acquire TNT in March 2011, so as to expand its market share in Europe. The deal is expected to close in early 2013.
Avon’s (AVP) third-quarter profit plunged 81% from a year ago, due to weak sales, far more below the consensus estimates. Avon said on Thursday said it would cut the quarterly dividend by nearly three-quarters, and the company has been hinting for several months.
Avon CEO Sheri McCoy said the third-quarter earnings still disappointed investors, Avon is in the face of cumulative challenges, and also needs time to implement the solutions. McCoy succeeded Andrea Jung as Chief Executive Officer in April of this year.
For the third quarter, Avon posted net profit of $31.6 million, or 7 cents per share, versus last year’s net profit of $164.2 million, or 38 cents per share. Excluding restructuring charges and other items, net profit came in at 17 cents per share.
Avon’s sales revenue fell 7.3% to $ 2.51 billion in the reporting quarter. Analysts had been forecasting the company’s net profit of 22 cents per share on revenue of $2.58 billion.
U.S. oil giant Exxon Mobil Corporation (XOM) on Tursday issued the 2012 third quarter results, showing that the company realized a profit of $9.57 billion, or $2.09 per share, down 7% from the same period in 2011. Exxon Mobil posted a net profit of $10.33 billion, or $2.13 per share for the third quarter of 2011.
Quarterly financial results of Exxon Mobil were better than Wall Street analysts had expected. According to FactSet previous survey, economists on average expected earnings per share for the company during the reporting period to $ 1.95.
ExxonMobil also said its capital expenditures reached $ 9.18 billion during the reporting period, representing a year-over-year increase of 7%. The company said its oil production showed a year-over-year decrease 7.5% from for the reporting quarter. In addition, adjusted oil production fell by 2.9% during the third quarter.
Exxon Mobil Corporation reported total revenue of $ 115.7 billion for the third quarter versus $125.3 billion for the same period in 2011. What’s more, ExxonMobil repurchased $5 billion worth of stock during the reporting period.
Among the hot stocks, Chinese solar wafers and solar power products provider ReneSola Ltd. (ADR) (SOL) announced that its customers Solar Planet Power Inc has appointed it to complete the supply of 10 MW PV modules to middle and primary schools in Ohio.