Northrim posts 8 percent increase in 4Q
Northrim BanCorp Inc. reported a fourth-quarter net income of $3.1 million, an 8 percent increase over the $2.9 million in the same quarter last year. Diluted earnings per share were up 11 percent, to 51 cents a share, compared 46 cents a share in the same quarter last year. For the year, net income increased 4 percent, to $11.2 million, compared to $10.7 million in 2004. For the year 2005, earnings per share were at $1.81, compared $1.71 for the year in 2004. Total assets at Dec. 31 were at $895 million, up 12 percent from $801 million a year ago. Total average assets were $842 million, an 11 percent increase over a year ago. During 2005, the company paid dividends totaling 42.5 cents per share. At Dec. 31, the closing price of the company's stock was $23.45 per share. Northrim BanCorp is the parent company of Northrim Bank. Affiliated companies include Elliott Cove Capital Management LLC; Residential Mortgage; and Northrim Benefits Group LLC.
- Alaska Journal of Commerce
UPS 4Q profit jumps
UPS Inc., the world's largest shipping carrier, reported Jan. 26 a 21 percent increase in fourth-quarter profit on a strong rise in revenue, but the results were slightly below Wall Street expectations.
The Atlanta-based company said it earned $1.05 billion, or 95 cents a share, for the three months ending Dec. 31, compared to a profit of $866 million, or 76 cents a share, for the same period a year ago.
Analysts surveyed by Thomson Financial recently boosted their earnings projection for UPS to 96 cents a share.
Revenue rose 21.5 percent to $11.95 billion, compared to $9.84 billion a year ago.
The fourth quarter includes the peak holiday shipping season in which UPS traditionally has its busiest shipping day of the year leading up to Christmas.
UPS, or United Parcel Service, said that for all of 2005 it earned $3.87 billion, or $3.47 a share, compared to a profit of $3.33 billion, or $2.93 a share, for all of 2004. Twelve-month revenue rose to $42.58 billion, compared to $36.58 billion in 2004.
UPS said it expects earnings per share to increase in 2006 by 11 percent to 16 percent. It expects revenue growth this year of more than 10 percent. Davis said 2006 earnings will be weighed down by higher pension expenses of $120 million and increases in health care and rail expenses.
For the first quarter of 2006, UPS is projecting earnings per share in a range of 85 cents to 89 cents, compared to the 78 cents reported during the prior-year period. Analysts are expecting first-quarter earnings of 87 cents a share.
- The Associated Press
ConocoPhillips earnings up 52 percent in quarter
Houston-based ConocoPhillips reported a 52 percent increase in its fourth-quarter profit, up to $3.68 billion, and a record profit of $13.5 billion for all of 2005 as the energy industry continues to benefit from unprecedented high prices for crude oil and natural gas.
ConocoPhillips' earnings for the fourth quarter were $2.61 per share, up from $1.72 a year earlier. For the year, net income was $9.63 per share, up from $5.71 for 2004, a 69 percent increase.
Chief Executive James Mulva said that despite the strong numbers, the company expects "significantly higher" exploration and production expenses during the first quarter. ConocoPhillips' refineries operated at 88 percent of capacity during the fourth quarter, compared to 94 percent a year earlier. ConocoPhillips' stock closed down 94 cents per share to $63.54 in trading Jan. 25.
In other news, Kerr-McGee Corp. profits soared, thanks to $1.75 billion from asset sales. The company reported fourth-quarter net income of $2.16 billion, or $18.46 a share, on revenue of $1.76 billion. A year ago Kerr-McGee reported net income of $133.8 million, or 86 cents a share, on revenue of $1.4 billion. Profit from exploration and production more than doubled to $633.8 million.
- KRT Business News
AT&T 4Q income beats expectations
San Antonio-based AT&T Inc., the nation's largest telecommunications company, reported a fourth-quarter net income of $1.66 billion, or 46 cents a share, on revenue of $12.97 billion. That compares to a net income of $688 million, or 21 cents a share, on revenue of $10.29 billion, in the fourth quarter of 2004.
Excluding merger-related expenses, severance payouts, hurricane costs and a gain from tax settlements, the company's adjusted earnings were 48 cents per share.
The report was the first by the company since it was created from SBC Communications Inc.'s $16 billion purchase of AT&T Corp. The numbers for the most recent quarter combine the two companies' financials after the merger's Nov. 18 close; year-earlier figures include only SBC's numbers.
- KRT Business News
