Business briefs
Bayer results lowered by foreign exchange rates
Bayer said first-quarter sales and net income fell on negative foreign currency exchange rates. The global drug company cut its fullyear revenue forecast to below last year’s sales of 35 billion euros ($42 billion). Germany-based Bayer said first-quarter sales were 9.1 billion euros, down 5.6 percent from a year ago. Adjusted for the currency effects, sales rose 2 percent. Net income fell 6 percent to 1.96 billion euros. Negative effects of the exchange rate totaled about 160 million euros. The company has about 1,600 employees in the region.
Koppers income, sales rise in 1st-quarter earnings report
Koppers Holdings said first-quarter net income more than tripled, to $17.8 million, or 81 cents per share, and sales jumped by 17 percent to $406.1 million, on a strong performance from its carbon chemicals business. Adjusted net income was $26.2 million, or $1.18 per share, beating estimates of 87 cents per share from analysts tracked by Bloomberg. Thomas Loadman, senior vice president, railroad products and services, will retire effective Dec. 31 after 39 years with Koppers. As of May 1, the railroad products business is being led by James Sullivan, senior vice president global carbon materials and chemicals, who will retain that job.
Consol’s split companies report first quarter apart
CNX Resources Corp. marked its first quarter as an oil- and gas-only firm with income of $527.5 million, or $2.35 per share, up from a loss of $39 million, or 17 cents per share a year ago. During the past quarter, the company nearly quadrupled its production in the Utica Shale and increased production of natural gas liquids by more than a third. Consol Energy Inc., meanwhile, reported as a coal-only company, posting net income of $70.1 million, or $2.20 per share. A cold winter in the U.S. and opportunities to export coal boosted operating revenue.
Ansys beats earnings expectations in 1st quarter
Ansys, a software simulation firm, beat analysts’ earning expectations in the first quarter amid a newly announced office expansion at Southpointe. The firm reported net income of $84.3 million, up 33.2 percent from $63.3 million during the same period last year. Earnings per share for the quarter were 98 cents,
compared to 74 cents during the same period last year. Adjusted earnings of $1.20 per share dramatically beat analysts’ expectations of $1.04.
UPMC sees record 1st-quarter revenue
Revenue from its growing insurance plan helped boost UPMC’s operating income to $92 million for the first three months of 2018, up from $72 million for the same period in 2017. UPMC Health Plan added 238,000 members in the first quarter. That raises its total membership to 3.4 million members. UPMC’s operating revenue hit a record $4.58 billion for the quarter, a 23 percent increase over last year, fueled by the acquisition of midstate Pinnacle Health System. Quarterly net income was down, from $255 million last year to $97 million this year, largely due to construction at some facilities.
Dick’s Sporting Goods ups gun control push
Dick’s Sporting Goods is taking a further step to advocate for gun control. The company has retained Glover Park Group to lobby Congress on the matter, according to a disclosure form filed in late April. The move is unusual in the retail sector, where few brands tackle such politically charged issues for fear it will turn off customers. Following a mass shooting at a Parkland, Fla., high school in February, Dick’s said it would stop selling assaultstyle rifles and high-capacity magazines. It also increased the firearms purchase age to 21. The hiring of Glover Park Group by Dick’s was reported earlier by The Federalist.