REGIONAL BUSINESS
Sherwin-Williams’ profits up
Sherwin-Williams Co. said its third-quarter net income rose 31 percent as improving sales at its paint stores offset weakness in other areas.
The Cleveland company earned $235 million, or $2.24 per share, compared with $179.9 million, or $1.71 per share, a year earlier. A hit from currency exchange impacted the most recent quarter by 5 cents per share.
Revenue rose 5 percent to $2.6 billion from $2.48 billion a year ago.
Analysts surveyed by FactSet expected earnings of $2.21 per share on revenue of $2.67 billion.
Saint-Gobain operations dip
Saint-Gobain SA, Europe’s biggest supplier of building materials that has operations in the Akron area, said its operating profit will fall more in the second half than it anticipated in July as Europe’s economic slumped deepened.
The company said in a statement that it expects a drop in second-half operating income versus the first half to be “a bit more pronounced than expected in July.”
Saint-Gobain forecast in July “a measured rise in our sales prices, a limited decline in our volumes, and second-half operating income to be moderately down on our first-half performance.” Third-quarter sales rose 1.8 percent, helped by acquisitions. The company said sales measured the same as a year ago fell 3.8 percent.
Lockheed earnings increase
Lockheed Martin Corp., the world’s largest defense contractor, with operations in Akron, said third-quarter profit rose 9.3 percent and raised its full-year profit forecast. The company also projected a decline in 2013 sales. Net income from continuing operations for the quarter rose to $727 million, or $2.21 a share, from $665 million, or $1.99 a share, a year earlier, the company said. The average estimate of 22 analysts surveyed by Bloomberg News was for a profit of $1.85 a share. Sales declined 2.1 percent to $11.9 billion. Full-year profit will be $8.20 to $8.40 a share compared with the forecast of $7.90 to $8.10 a share made in July. Analysts forecast profit of $8.18 a share.
AUTO INDUSTRY
More Europe cuts at Ford
Ford announced another plant closure in Europe and 1,500 more job cuts, as it warned that annual losses in the region will exceed $1.5 billion this year and next. A day after announcing the closure of a major plant in Belgium, Ford said it would also close its transit van plant in Southampton, Britain, and the stamping and tooling facility at its plant in Dagenham, east London. The actions announced this week — along with a previously announced initiative to cut about 500 salaried and agency positions across Europe — affect a total of 6,200 Ford jobs, or about 13 percent of the company’s European work force. Counting the indirect impact on suppliers that depend on doing business with Ford’s factories, the plant closures will cause about 11,000 job losses.
FINANCE
Huntington grows in Ohio
Help from the state legislature allowed Huntington Bancshares of Columbus to announce it will add 250 jobs over four years in Ohio to support its new Huntington-branded credit-card program. As the bank began to develop its new card program, it found Ohio’s regulations and caps on interest rates made it uncompetitive with other states.
Mortgage rates rise slightly
Average mortgage interest rates rose only slightly this week and continued to hover near record lows. Mortgage buyer Freddie Mac said the rate on the 30-year fixed mortgage edged up to 3.41 percent, from 3.37 last week. Three weeks ago, the rate touched 3.36 percent, the lowest among records dating to 1971. The average rate on the 15-year fixed mortgage, often used for refinancing, rose to 2.72 percent from 2.66.
Compiled from staff and wire reports