EARNINGS REPORT

IBM profits top expectations

> IBM Corp. says its profit jumped nearly 20 percent ($2.82 billion, or $2.05 per share), surpassing analysts’ estimates. However, slumping hardware sales hurt the technology company’s revenue, which missed Wall Street’s forecast.

> Citigroup Inc., the biggest U.S. bank by assets, reported a loss ($2.8 billion, or 60 cents a share) after at least $13.2 billion of credit losses, reserves for bad loans and writedowns for mortgage-related securities. Analysts polled by Thomson Reuters expected a loss of 70 cents per share.

> Paint maker Sherwin-Williams Co. said profit fell ($177.1 million or $1.50 per share) despite a slight sales increase, but shares rose as results came in ahead of Wall Street expectations.

> Media General Inc. said profit more than doubled ($6.1 million, or 28 cents per share) despite weak advertising sales at its newspapers and TV stations largely because of an infusion of ads from the Olympics and the presidential campaigns. Revenue dropped 11 percent to $194 million from $217.3 million a year ago.

> Chubb Corp., the insurer of businesses and high-end homes, said earnings fell by more than half on costs from hurricanes and investment losses. Net income was 70 cents to 74 cents per share.

> UnitedHealth Group Inc.’s profit dropped 28 percent ($920 million, or 75 cents per share) due in part to higher operating costs and lower investment income. Revenue rose to $20.2 billion from $18.7 billion.

> Hershey Co., the largest U.S. chocolate maker, said profit rose ($124.5 million, or 54 cents a share) after price increases helped counter higher costs for cocoa, packaging and transportation. Sales jumped to $1.49 billion from $1.4 billion.

> Bank of New York Mellon’s profit dropped 53 percent ($303 million, or 26 cents per share), hurt by securities losses and a decline in assets under management amid unprecedented market volatility. Excluding one-time charges, profit totaled $908 million (79 cents per share) on revenue of $3.63 billion.

> Harley-Davidson Inc.’s profit tumbled 37 percent ($166.5 million, or 71 cents per share) as credit-strapped customers bought fewer bikes. Revenue slipped to 8 percent to $1.42 billion from $1.54 billion.

> Winnebago Industries Inc., a manufacturer of motor homes, reported a net loss of $12.7 million (44 cents a share).

> Google Inc. shook off the economic doldrums to deliver a profit ($1.35 billion, $4.24 per share) that topped analysts’ expectations, supporting the Internet search leader’s theory that its advertising system will prosper even in tough times.

> United Technologies Corp., the maker of Otis elevators and Pratt & Whitney jet engines, said earnings rose 6 percent ($1.27 billion, or $1.33 a share) amid higher overseas demand for air-conditioning equipment and service contracts. Revenue increased 6.9 percent to $14.8 billion.

> Nokia Corp. earnings have plunged 30 percent ($2.7 billion) while sales are down 5 percent. It says net sales have dropped to $16.6 billion.

> Entergy Corp., the second-largest U.S. operator of nuclear power plants, said profit climbed to about $2.40 a share from $2.30 a year earlier.