Also. . .
- Share via
* Marriott International Inc., one of the U.S.’s two largest hotel companies, said second-quarter profit rose 20%, driven by strong performance in its lodging business. The company, which operates under the Marriott, Ritz-Carlton and other brand names, earned $101 million, or 37 cents a diluted share, compared with $84 million, or 31 cents, in the year-earlier quarter. The Washington-based company was expected to report earnings of 36 cents a share in the quarter ended June 19.
*
* DeKalb Genetics Corp.’s fiscal third-quarter earnings fell 79%, worse than expected, as higher production costs at the second-largest U.S. seed company undermined revenue and market share gains. DeKalb said net income fell to $2.8 million, or 8 cents a diluted share, in the quarter ended May 31 from $13.1 million, or 36 cents, in the year-ago period. Revenue rose 23% to $219.9 million from $178.6 million. The earnings come about two months after St. Louis-based Monsanto Co. agreed to buy the 60% of DeKalb it doesn’t already own for $2.3 billion, or $100 a share. Results were far lower than the 36 cents expected by analysts.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.