LOCAL BUSINESS
Schulman raises dividend
Plastics maker A. Schulman Inc. (Nasdaq: SHLM) raised its quarterly cash dividend by 2.6 percent, or a half cent, to 19.5 cents, payable Nov. 1, to shareholders of record Oct. 29. The Fairlawn-headquartered company revised the record date on Friday. On Thursday, the company said the record date was Oct. 19.
LOCAL BUSINESS
Huntington earnings up
Huntington National Bank saw its third-quarter profit rise 17 percent from where it stood a year ago. The bank reported a profit of $167.8 million, or 19 cents per share.
Record profits were partly driven by more mortgage originations and more of the bank’s customers refinancing their homes, said Frank Hierro, regional president of the Mahoning Valley at Huntington.
This year, the bank has opened more than 50 branches and hired nearly 500 employees to help lure customers. Additionally, the bank has worked to expand its market share by adding 66 in-store Giant Eagle locations and attracting customers with fee-free checking and 24-hour grace periods that allow them to avoid overdraft charges.
Compared with the third quarter of 2011, when the bank reported a profit of $143.4 million, Huntington was able to increase its revenue by 4.2 percent to $696.6 million, as net interest income rose 6.2 percent.
Mortgage-banking income increased $6.3 million from the second quarter through a mix of new loans and refinancing.
Net income down at Parker
Parker Hannifin, which makes industrial hoses, airplane wheels and other products, said first-quarter net income declined 19 percent as it dealt with continued softness in North America and overseas. The Cleveland-based company cut its full-year earnings forecast due to uncertain economic conditions.
Parker Hannifin earned $239.7 million, or $1.57 per share, down from $297 million, or $1.91 per share, a year ago. Analysts forecast earnings of $1.72 per share, according to a FactSet poll.
Revenue dipped 1 percent to $3.21 billion from $3.23 billion. Wall Street expected $3.22 billion.
Parker Hannifin now anticipates full-year earnings from continuing operations of $6.15 to $6.75 per share. It previously predicted results between $7.10 and $7.90 per share. Analysts expect earnings of $7.48 per share.
ELECTRONICS
Sony to cut 2,000 jobs
Sony Corp. said it plans to close a factory in central Japan, tweaking its restructuring plan by cutting 2,000 jobs from its work force in moves expected to save it $385 million.
The company’s Minokamo factory employs 840 making lenses for digital cameras, lens blocks and mobile phones. Sony said Friday that those functions would be transferred to other factories.
That closure plus early retirement programs at Sony’s headquarters and other facilities will cut its job force by 2,000. About half the reductions will be in non-manufacturing support jobs.
Sony reported the worst loss in its 66-year corporate history for the business year that ended in March, with red ink of $5.7 billion.
earnings
Gambling profits down
Penn National Gaming Inc., which owns Hollywood Casino Toledo, reported weaker third-quarter earnings of $46.4 million, a 35 percent decrease from the same period last year.
Penn National said revenue fell slightly to $707 million in the quarter. Revenue on both gambling and food and drink service was lower compared to last year.
TELEVISION
Ailes stays at Fox
News Corp.’s Roger Ailes, who built Fox News into the most-watched cable-news outlet, signed a four-year contract extension to lead the network and Fox Television Stations.
Ailes will remain chairman and chief executive of Fox News and chairman of the Fox stations, New York-based News Corp. said. He will continue as a senior adviser to News Corp. Chairman and CEO Rupert Murdoch.
The renewal comes ahead of News Corp.’s planned split into separate publishing and entertainment companies, due to take place by the middle of next year. Ailes, 72, is among the company’s highest-paid executives, making more than $21 million in salary, bonus and stock awards in the fiscal year that ended June 30, according to company filings. Ailes, who founded Fox News in 1996, will also continue to run Fox Business News, local Fox broadcast stations and its syndication unit. Fox News was expected to generate more than $1.8 billion in revenue in 2012, according to SNL Kagan.
Compiled from staff and wire reports.