June 4, 2013
PACKED PLANES should help the world's airlines earn $12.7 billion this year, as travel demand accelerates faster than the airlines add seats, according to a new prediction from a trade group. The estimate represents a 67 percent increase over the airlines' $7.6 billion in profits last year. The new figure is a 20 percent jump over International Air Transport Association's estimate just three months ago. IATA said that if its forecast holds, the global airline industry will have its third strongest year since 2001.
May 25, 2013 |
Independence Blue Cross said Thursday its net income last year was $191.5 million, down 39 percent from 2011. Officials at the health insurer, based in Center City, said that the 2012 bottom line was dragged down by a $90 million expense for a new operating platform and that 2011 results were boosted by a one-time $87 million gain from a joint venture. IBC's 2012 operating profit was $402.6 million, up 12 percent from $361.4 million the year before. "Despite the uncertain economy and the significant changes ahead in health care, for the third year in a row, we had a solid year," Daniel J. Hilferty, president and chief executive, said on a conference call with reporters.
May 24, 2013 |
The Horsham-based luxury-home builder Toll Bros. on Wednesday reported a 46 percent jump in earnings in its second quarter from the same period in 2012. The announcement sent Toll's stock price up more than 7 percent in morning trading. The shares closed at $37.07, up $1.06 or 2.9 percent. Toll chief executive Douglas Yearley said an improving economy and continued low interest rates were pushing buyers who had spent six years "on the sidelines" into the market. "One year ago we were somewhat reluctant to raise home prices for fear of crimping demand," Yearley said.
May 9, 2013 |
NEW YORK - The Dow Jones industrial average rose, closing above 15,000 for a second day after passing the landmark level for the first time Tuesday. On Wednesday, a day without any major economic releases, investors focused on company earnings as reporting for the first quarter draws to a close. Although earnings growth has slowed from last quarter, profits are at record levels and projected to rise throughout the year. The Dow closed up 48.92 points, or 0.3 percent, at 15,105.12.
April 30, 2013
T OMMY JOYNER, 42, of Ardmore, is the founder of MilkBoy the Studio, in Callowhill, and two MilkBoy coffee-and-music venues, in Center City and Ardmore. Now, Joyner and longtime business partner Jamie Lokoff, 47, of Society Hill, are branching out. A third partner, Bill Hanson, 38, of Southwest Center City, is involved in the food-and-beverage part of the biz. I spoke with Joyner. Q: How did the business start? A: It began as a recording studio in North Philly in 1994. I didn't have a business plan and needed a place to record my band's record.
April 26, 2013 |
Chesterbrook-based wholesale drug supplier AmerisourceBergen said Thursday its quarterly revenue increased from $19.7 billion in 2012 to $20.5 billion in the same period in 2013, a rise of 4.1 percent. Net income fell from $212.1 million to $45.63 million during the period ending March 31, which is the company's second quarter. The company said expenses were higher in the calculations because of the inclusion of its World Courier service, which coordinates transport of products used in clinical trials.
April 25, 2013 |
Shares of Delta Air Lines and US Airways Group were higher Tuesday after both carriers reported profitable first quarters that beat analysts' estimates. Delta said it was the best first quarter in more than a decade, with earnings, excluding special items, at $85 million, or 10 cents a share. Analysts had estimated six cents. US Airways reported a profit of $55 million, or 31 cents a share, excluding special items. That beat analysts' average estimate of 28 cents and compared to a first-quarter 2012 net loss, excluding one-time charges, of $22 million, or 13 cents per share.
March 28, 2013 |
It's Thursday, and your restaurant has 150 people in the book for Saturday night. The meat guy pulls up out back as the produce and beer trucks drive away. Kitchen and waitstaffs are scheduled. Then Friday morning, the weather calls for a storm. It doesn't matter if they're saying "possibly affecting the Poconos," the cancellations pour in. Such is the life of a restaurateur. But not the lot of a caterer, who operates with fewer variables. Head counts: firm. Menu: fixed.
March 22, 2013
SERIAL entrepreneur Josh Kopelman knows a thing or two about disruption. Kopelman, 41, of Gladwyne, is managing director of First Round Capital, a seed-stage venture-capital fund he formed in 2004. The Wharton grad made a name for himself before that. In 1999, he founded half.com, an online marketplace for used books, music and videos. It was sold to eBay in 2000 for $350 million. Half.com was Kopelman's "secret," something that everybody thought was crazy, but he believed would fundamentally redefine an industry.
March 8, 2013 |
IT'S NO SECRET that the city's new property-tax system will have a huge impact on tax bills next year. But what will happen beyond 2014? Breaking down the city's plan going forward reveals that tax bills in gentrifying areas may continue to rise over time and that the new system, the Actual Value Initiative, could become a source of new revenue despite the city's claim that it is revenue-neutral. The goal of AVI is to rid Philly of its grossly inaccurate and outdated property-tax rolls.