PepsiCo Inc.
Purchase-based PepsiCo Inc. said third-quarter earnings rose by 4 percent to $2 billion compared to the third quarter of 2010, when earnings totaled $1.9 billion. Revenue increased by 13 percent to $17.6 billion for the 12-week period ending Sept. 3, helped largely by the December 2010 acquisition of Russian dairy and juice company Wimm-Bill-Dann, one of the largest dairy producers in Europe.
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IBM Corp.
Armonk-based IBM Corp. said its third-quarter earnings rose by 7 percent to $3.84 billion compared to the third quarter of 2010, when earnings were at $3.59 billion. Revenue grew similarly at 7.8 percent during the third quarter compared to the previous year, which CEO Samuel J. Palmisano attributed to increased investment in growth initiatives. Palmisano will step down Jan. 1, 2012; Virginia Rometty is his successor.
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Universal American Corp.
Universal American Corp., a Rye Brook-based health care conglomerate, saw a substantial drop in earnings and revenue during the third quarter of 2011 compared to the same quarter last year following sanctions that had been imposed until Aug. 5 by the Centers for Medicare and Medicaid Services. The company reassured investors that it remains confident going into 2012. From the third quarter of 2010 to the third quarter of 2011, earnings fell 76.7 percent to $14.1 million and revenue fell 34.1 percent to $581.9 million.
Jarden Corp.
In Rye, Jarden Corp., which owns a diverse range of consumer product lines, posted record earnings in the third quarter with double-digit percentage increases in both earnings and revenue compared to the third quarter of 2010. Earnings were up 12.5 percent to $90 million and revenue was up by $11.4 percent to $1.78 billion relative to the previous year. Â
Bunge Limited
Bunge Limited, a global agribusiness and food company based in White Plains, saw an increase in revenue but a drop in earnings during the third quarter, due largely to skyrocketing commodities costs. While revenue increased by 33.9 percent to $15.6 billion compared to the third quarter of 2010, the cost of goods sold increased by more than 36 percent during the third quarter of 2011 compared to the previous year, causing earnings to drop by 35.4 percent to $133 million.
Regeneron Pharmaceuticals Inc.
Regeneron Pharmaceuticals Inc., based in Tarrytown, saw third-quarter revenue drop slightly from 2010 to 2011 while losses increased as the biopharmaceutical company upped its operating expenditures during the quarter.
Revenue dropped by 3 percent to $102.8 million compared to the third quarter of 2010, which the company attributed to lower technology licensing revenue stemming from the end of Regeneron”™s VelocImmune license agreement with AstraZenca last February. Losses increased to $62.4 million from $33.9 million during the third quarter of 2010, with the company pointing to a major hiring increase and increased research and development-related expenses.
Starwood Hotels and Resorts Worldwide Inc.
Starwood Hotels and Resorts Worldwide Inc. reported a sharp third-quarter turnaround compared to the third quarter of 2010, with earnings at $163 million compared to losses of $6 million the previous year. Third-quarter revenue was at nearly $1.4 billion, an increase of 9.3 percent compared to the third quarter of 2010, as the CEO Frits van Paasschen expressed cautious optimism that the hospitality industry would continue to recover from the economic slump.
ITT Corp.
In White Plains, ITT Corp. posted strong third-quarter revenue as it prepared to separate into three business units, a breakup that was completed on Nov. 1. Earnings dropped by 46.2 percent to $78 million compared to the third quarter of 2010, which the company said was in line with expectations.
During the third quarter, revenue increased to nearly $3 billion, up 12.8 percent compared to the previous year. Effective Nov. 1, the company consists of ITT Corp., ITT Exelis and Xylem ”“ of which the latter two will inherit ITT Corp.”™s defense and security and its water and fluids management businesses, respectively.
