2 am: 44°FClear

4 am: 40°FClear

6 am: 37°FSunny

8 am: 43°FSunny

More Weather

AEP 1Q profit falls on weak demand

Apr. 27, 2013 @ 12:00 AM

COLUMBUS, Ohio -- American Electric Power's net income fell almost 7 percent in the first quarter, as demand from industrial power users remained low.

The utility company earned $363 million, or 75 cents per share, for the quarter that ended March 31. A year earlier, it earned $389 million, or 80 cents per share.

Revenue rose 6 percent to $3.8 billion, from $3.6 billion a year ago.

The company said its operating earnings were 80 cents per share, the same as a year earlier. Analysts surveyed by FactSet, on average, were expecting a profit of 81 cents per share on revenue of $3.79 billion.

Burger King earnings soar; revenue shrinks

MIAMI -- Burger King's first-quarter earnings more than doubled even though revenue fell, as the fast-food chain trimmed several restaurant-related expenses.

The Miami-based company had warned earlier this month that sales at established restaurants were expected to fall during the quarter, and they wound up declining 1.4 percent. That includes a 3 percent drop in the United States and Canada.

Burger King said competition and a strong first quarter last year hurt U.S. and Canadian sales comparisons to this year's quarter. But it said sales from those countries rallied in March due in part to promotions like the $1.29 Whopper Jr.

Lyons Magnus adding jobs at Kentucky plant

WALTON, Ky. -- A food-service company is expanding in northern Kentucky, adding 50 new jobs.

Gov. Steve Beshear's office says Lyons Magnus Inc. will invest $5 million for the expansion in Boone County, where it already has 120 employees.

The company will buy land to build a new facility for food processing, warehousing space and shipping and add a new production line at its existing operation.

The state has given preliminary approval for tax incentives of as much as $400,000 for the project.

Beshear's office announced the project Wednesday.

Lyons Magnus, which was founded in 1852, is headquartered in Fresno, Calif.

Honda's profit grows despite losses in China

TOKYO -- Honda's fiscal fourth quarter profit rose nearly 6 percent as the Japanese automaker's recovery from floods in Thailand the previous year offset recent sales losses in China.

Honda Motor Co. reported Friday a quarterly profit of $765 million, and quarterly sales jumped 14 percent to $27.7 billion.

Also coming as good news for Japanese exporters like Honda is the weak yen, as it raises the value of overseas earnings and helps bring down its product prices abroad.

Such benefits are expected to grow over the coming months for all Japanese automakers.

The dollar has been approaching 100 yen levels, up by more than 20 percent from late last year.

()