Several companies with operations in the Corridor recently released earnings reports.
Procter & Gamble reported results for both the fourth quarter and fiscal year 2021, exceeding expectations for both periods. Net sales for the fiscal year totaled $76.1 billion, up 7% from $71 billion in the 2020 fiscal year, and diluted earnings per share (EPS) were $5.50, up 11% from 2020’s $4.96 EPS. For the fourth quarter, the company reported $18.9 billion in net sales, up 7% from $17.7 billion in the same quarter last year, and $1.13 in diluted EPS, an increase of 6% from $1.07 EPS in the same quarter in 2020.
Analysts from Refinitiv had expected diluted EPS of $1.08 and revenue of $18.4 billion. P&G’s report also warned that higher costs for commodities and freight could impact earnings for the upcoming fiscal year.
United Fire Group reported net income of $13.8 million, or $.54 per diluted share, for the second quarter of 2021, up from net income of $6 million ($.24 per diluted share) for the same period in 2020. For the six-month year to date, UFG reported net income of $32.5 million ($1.28 per diluted share), compared with a net loss of $66.6 million ($2.66 per diluted share) for the same period last year.
UFG’s report exceeded analysts’ estimates, as Zach Consensus Estimate had projected a loss of $.07 per share for the second quarter.
Kraft Heinz reported net sales of $6.615 billion for the second quarter of 2021, down 0.5% from the second quarter of 2020. Adjusted earnings per share were 78 cents, down slightly from the adjusted EPS of 80 cents from the previous year’s second quarter.
The report slightly exceeded analysts’ expectations of $6.55 billion in net sales and 72 cents adjusted EPS.
And Alliant Energy reported operating earnings of 57 cents per share in the second quarter of 2021, up 5.5% from the same period a year ago. The higher earnings were driven primarily by increases in the base rates from Interstate Power and Light (IPL) and Wisconsin Power and Light (WPL), as well as warmer temperatures’ impact on electricity sales. Second-quarter revenue totaled $817 million, up 7.1% from the same period last year.
The report beat the Zacks Consensus Estimate of 54 cents per share for the second quarter.
