December 12, 2014 |
Airlines are enjoying record profits as oil prices drop and the global economy improves. So far, though, airlines have not passed on their profits to passengers in the form of lower airfares. But that may change. The fall in fuel prices and upturn in the economy could benefit consumers with cheaper travel, the International Air Transport Association (IATA) in Geneva said Wednesday. The trade group for the world's airlines predicted the average fare could drop 5.1 percent in 2015, excluding taxes and surcharges.
November 26, 2014 |
Amid the gloom of Atlantic City casino closings and looming city budget cutbacks, there was relatively good news Monday from the New Jersey Division of Gaming Enforcement's quarterly financial report on casinos. Four of Atlantic City's eight casinos still open on Sept. 30, when the third quarter ended, posted higher operating profits than in the same quarter a year ago. They were Borgata, Tropicana Casino & Resort Atlantic City, Resorts, and Golden Nugget. Those that did not post gains have well-known problems.
November 20, 2014
EIGHT YEARS ago, the Pennsylvania Gaming Control Board awarded two licenses for Philadelphia casinos. The first, SugarHouse, opened on Delaware Avenue four years later. We all know what happened to the second: Foxwoods was delayed and delayed until it no longer became economically viable, and almost four years to the day of granting Foxwoods a license, the gaming board revoked it. Then began the long, slow process of awarding that second license to someone else. Yesterday, the board ended the suspense when it announced that the second will go to Live!
November 1, 2014 |
Teva Pharmaceutical Industries Ltd. said Thursday its third-quarter profit rose compared with the same period last year in large part because it stopped trying to sell generic medicine in markets where the profit was too small, cut expenses, and converted patients to a new version of its multiple sclerosis medication. Teva's net income rose from $711 million in the third quarter of 2013 to $876 million in the same period this year. Sales for the third quarter were almost flat, decreasing from $5.059 billion in 2013 to $5.058 billion in the third quarter this year.
October 25, 2014 |
U.S. airline stocks rallied Thursday after several carriers reported healthy third-quarter profits, helped by strong bookings and declining jet-fuel prices. Ebola fears have not noticeably discouraged travel, airline executives said. "The demand environment remains solid, and strong revenue trends have continued," Southwest Airlines chief financial officer Tammy Romo said on an investor call. American Airlines, Southwest, and JetBlue Airways posted record profits for the three months ended Sept.
September 13, 2014 |
House leaders in Washington on Thursday introduced legislation to allow Amtrak to reinvest Northeast Corridor profits on improvements to the corridor, rather than to use that money to subsidize money-losing, long-distance routes in other parts of the country. The bill proposes many changes in how the national railroad is funded and how it operates. It was sponsored by top Republican and Democratic members of the House Transportation and Infrastructure Committee, giving it instant bipartisan support.
July 24, 2014 |
Comcast Corp. reported solid second-quarter earnings, with revenue climbing modestly at 3.5 percent to $16.8 billion and profit shooting ahead 14.8 percent to $2 billion. The company lost 144,000 TV subscribers - an improvement over the 162,000 lost a year ago - and added 203,000 high-speed Internet customers. Brian L. Roberts, the company's chief executive officer and chairman, said that it was the cable division's best second-quarter performance in six years. Comcast typically loses cable-TV subscribers in the second quarter because of college students' canceling service, and people going on summer vacations to second homes.
June 11, 2014 |
Independence Blue Cross' profits tumbled last year to their lowest level since the region's largest health insurer lost money in 2008 and 2009, according to IBC's annual report on its website. The Center City company reported net income of $142.6 million in 2013, down by a quarter from $191.5 million in 2012, despite a 5 percent increase in revenue, the annual report's bare-bones financial statement said. Total revenue was $11.05 billion, up from $10.48 billion, the company said.
June 2, 2014
TWO THINGS happened this past week that triggered an idea in my hyperactive mind. First came news that the ownership of the Chicago Cubs said that the team would move out of Wrigley Field if the state and local governments did not go along with the renovations the hallowed ballpark so desperately needs. Second, the estranged wife of Clippers owner Donald Sterling indicated that she might sell the team before the NBA owners meet next week, and former Microsoft CEO Steve Ballmer could pay $2 billion for the same team the Sterlings originally paid $12.5 million for. Wow!
May 30, 2014 |
More sales and increased prices boosted Toll Bros. Inc.'s second-quarter profits more than 21/2 times higher than in the same period in 2013, the Horsham luxury-home builder reported Wednesday. Net income for the three months ended April 30 rose to $65.2 million, or $0.35 per share, compared with $24.7 million, or $0.14 per share, in the 2013 second quarter, the company said. The builder delivered 1,218 houses in the quarter, compared with 894 in the 2013 period. Revenue of $860.4 million this year was 67 percent higher than second-quarter 2013's $516 million, reflecting not only more sales completed but higher sale prices - $706,000 versus $577,000.