Earnings Report
PepsiCo Inc. reported $1.14 billion in net profit for the first quarter. That”™s a 20 percent decline in profit compared to a year ago, but last year”™s figure was boosted by a one-time accounting gain. Excluding that and other special items, the company”™s income fell a more modest 2 percent year-over-year. Net revenue rose 27 percent to $11.94 billion, reflecting organic growth as well as the impact of its purchase of Wimm-Bill-Dann, a leading Russian dairy and juice company.
The Purchase-based beverage giant said it continues to face a headwind from higher commodity prices and the sluggish economy. CEOÂ Indra Nooyi said in an earnings conference call that “Looking forward, commodity cost inflation will be a major factor for all companies in our sector in 2011.”
Drew Industries Inc. reported $9.4 million in net profit for the first quarter, up 28 percent from $7.3 million reported during the same quarter last year. Net sales rose 15 percent to $169 million. The company said it got a boost from rising industry-wide sales and shipments of travel trailer and fifth-wheel recreational vehicles (RVs).
The White Plains-based company manufactures windows and other parts for travel trailers and RVs as well as for manufactured housing.
“Retail sales of travel trailer and fifth-wheel RVs have been up year-over-year for 12 consecutive months through February 2011,” said CEO Fred Zinn.
Signature Bank reported $34.6 million for its first-quarter net profit, up 57 percent from one year ago. The company said it saw growing deposit and loan activities. In the first quarter, the company had $10.2 billion in deposits and $5.64 billion in loans.
Deposits have grown $2.3 billion since March of last year. Loans increased by $395.5 million for the first quarter. New York City-based Signature Bank has branches in New Rochelle and White Plains.
CEOÂ Joseph J. DePaolo said the company is off to a solid start, adding that his bank has its eyes on further expanding its business.
ITT Corp. posted $124 million in net profit for the first quarter, down 15 percent from $146 million reported during the same quarter last year. The decline is due to the company”™s breakup cost that was added in the quarterly results. Excluding that item, the company”™s net profit rose 18 percent compared to one year ago.
In January, the White Plains-based diversified manufacture said that it would spin off its defense and water-technology units this year. The company said the move will allow companies to focus on their core competencies.
Bunge Ltd. posted $232 million in net profit for the first quarter, more than three times the $63 million profit reported during the same period last year. The company said high global crop prices helped its quarterly performance.  Revenue rose to $12.19 billion, up from $10.35 billion one year ago.
CEOÂ Alberto Weisser said Bunge is off to a strong start in 2011. “Agribusiness and food and ingredients performed very well in the first quarter and sugar and bio-energy, and fertilizer produced segment results generally in line with our expectations,” he said.
Weisser said current conditions of tight global grain supplies are likely to persist throughout the year. White Plains-based Bunge is one of the biggest international grain traders.
Jarden Corp. swung to profit in the first quarter, posting $19 million in net income. It reported a net loss of $59 million during the same quarter last year. The company got a boost from strong sales of its line of outdoor products. Its overall revenue rose to $1.5 billion, up from $1.2 billion a year earlier.
Rye-based Jarden makes a diverse set of branded consumer products, including Sunbeam and Coleman outdoor gear.
CEOÂ Martin E. Franklin said, “We saw sales growth across each of our business segments, led by 6 percent organic growth in Jarden Outdoor Solutions.”
KeyCorp posted $173 million in net profit from continuing operations for the first quarter, reversing a loss of $96 million during the same quarter last year. The company, whose flagship subsidiary is KeyBank, said it has now undergone a “successful emergence from the recession.”
The company attributed the turnaround to diminishing losses from bad loans and improving credit quality. Nonperforming assets declined $1.3 billion to $1.1 billion, and nonperforming loans decreased by $1.2 billion to $885 million from the year-ago quarter.
The outgoing CEO Henry L. Meyer III said, “Our first-quarter results demonstrate continued improvement in asset quality and disciplined expense control, and underscore our successful emergence from the recession.”
Universal American Corp., based in Rye Brook, reported a net loss $32.2 million for the first quarter. The company, which owns a number of health care businesses, reported $1.4 million in net profit during the same quarter last year. Overall revenues were $1.24 billion