Ups and downs in quarterly earnings

Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-fareast-font-family:"Times New Roman"; mso-fareast-theme-font:minor-fareast; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin;} There are mixed fortunes for US companies reporting earnings this week, with manufacturers Dupont and Corning suffering along with the industries they supply, but sweet maker Hershey and telecoms giant Verizon reporting a growth in profits.   Chemical giant Dupont, one of the biggest paint suppliers to the auto industry, has reported a loss of $629 million for the fourth quarter of 2008, after accounting for restructuring costs and being caught in the automotive slump.   The loss includes a charge of $380 million from a previously-announced restructuring plan. In the same period a year ago the Wilmington, Delaware-based Dupont returned earnings of $545 million. Full year earnings for 2008 were $2 billion, down from $2.9 billion in 2007.   "Dupont enters 2009 addressing challenging economic conditions head-on," said chief executive Ellen Kullman. "We are intensely focused on productivity, while generating earnings and cash... we do not underestimate the difficulties presented by the current environment."   Corning, the world's largest maker of liquid crystal glass, announced a fall in earnings for the fourth quarter of 2008. Sales fell 31 percent from $1.58 billion to $1.08 billion with earnings of $249 million, down from $717 million in the final quarter of 2007.   Corning also announced plans to cut its workforce by 13 percent (around 3,500 jobs) before the end of the year. "We experienced a significant momentum shift in many of our core businesses in the fourth quarter as the recession took hold. As a result, we are adjusting our operations to reflect anticipated lower sales in 2009," said Corning boss Wendell Weeks.   There was better news in the telecommunications sector, with Verizon reporting an increase in fourth quarter earnings of 16 percent from $1.07 billion a year earlier to $1.24 billion. Total revenue increased from $23.8 billion to $24.6 billion, with wireless sales jumping 12.3 percent to account for more than half of the company's total.   Candy maker Hershey also reported a growth in earnings for the fourth quarter from the $54.3 million in Q4 2007 to $82.2 million in 2008. Revenues rose slightly from $1.34 billion to $1.38 billion, despite a 10 percent price increase in the United States market during the year.     *┬á┬á┬á┬á┬á┬á┬á┬á┬á *┬á┬á┬á┬á┬á┬á┬á┬á┬á *