Business News

Turkey Prices Under Pressure

DuPont delivered quarterly profits higher than anticipated, but revenue, hurt by a stronger dollar, was lighter than expected. The chemical company posted profits of $1.34 per share, down from $1.58 a share a year ago. Revenue fell to $9.2 billion. DuPont also boosted its quarterly dividend to 49 cents a share. (CNBC)

IBM reported first-quarter profits of $2.33 billion on sales of $19.59 billion. Sales declined for the 12th straight quarter. New initiatives such as cloud computing and data analytics accounted for 27% of the business last year. That’s not enough to make up for revenue lost through divestitures and falling sales for older software and services. (AP)

Kimberly-Clark had profits of $468 million in the first quarter, compared with $538 million last year. The consumer goods giant said sales fell 4% to $4.7 billion.  Performance benefited from organic sales growth, cost savings and a lower share count. Negative impacts included unfavorable foreign currency exchange rate effects and a higher adjusted effective tax rate. (Market Watch)

That turkey could cost more come Thanksgiving. Hormel says its turkey supply chain has been significantly disrupted due to avian flu outbreaks in Minnesota and Wisconsin, expecting results for fiscal 2015 toward the lower end of its previously projected range. (AP)

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