Minnesota, Mining and Manufacturing Co., whose O-Cel-O division is based in the Town of Tonawanda, earned $394 million, or 99 cents per share, for the quarter ended Sept. 30, compared with $499 million, or $1.25 per share, a year earlier. Excluding a restructuring charge of $43 million, earnings were down 12.4 percent, to $437 million, or $1.10 per share. The results beat by a penny the $1.09 consensus estimate of analysts surveyed by Thomson Financial/First Call. Sales for the quarter were down 7 percent at $3.97 billion, from $4.27 billion. The company said currency impacts reduced worldwide sales by 2.7 percent, mainly due to weakness in Asia and Brazil. The company also warned that the difficult economic environment would continue to affect results in the fourth quarter, when it expects earnings to range from 95 cents to $1.05 per share, excluding nonrecurring items. Analysts had been expecting $1.05 per share. 3M earned $1.12 per share in last year's fourth quarter, excluding one-time charges.
Archer Daniels Midland Co., which operates a flour mill in Buffalo, reported a 20 percent increase in first-quarter earnings, exceeding analysts' expectations. Decatur, Ill.-based ADM said Monday it earned $131.6 million, or 20 cents a share, in the quarter ending Sept. 30. That compared to $109.4 million, or 17 cents a share, during the same time a year ago. Analysts surveyed by Thomson Financial/First Call had estimated the company would earn 13 cents per share. Sales were $5.5 billion, up 19 percent from $4.6 billion last year. First-quarter earnings were helped by a gain of 5 cents a share from marketable securities transactions compared to a loss of 2 cents a share last year.
Hasbro Inc. returned to profitability, posting third-quarter earnings that were almost quadruple from a year ago, despite weak sales of its Pokemon and Furby products. The second-largest toy company behind Mattel Inc., Hasbro said that it earned $50.6 million, or 29 cents per share, compared with $13.8 million, or 8 cents per share, in the year-ago period. Analysts surveyed by Thomson Financial/First Call expected 24 cents per share. The profit also comes after the Pawtucket, R.I.-based toy maker posted losses in the previous three quarters. Worldwide net revenues were $893.4 million, down almost 17 percent from $1.07 billion from revenues in the prior year's third quarter.
American Express said Monday that third-quarter earnings fell 60 percent because of costs related to the Sept. 11 attacks on the World Trade Center and a restructuring charge. The New York-based financial and travel company said net income was $298 million, or 22 cents per share, in the July-September quarter, down sharply from the $737 million, or 54 cents per share, a year earlier. The results were well below the 30 cents per share expected by analysts surveyed by Thomson Financial/First Call. The company said that, excluding $98 million in pretax costs related to the Sept. 11 attacks and $352 million for restructuring, earnings for the third quarter were $595 million, or 45 cents per share.