Business Desk
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
EARNINGS
METLIFE 2Q NET SLIDES 71%; REVENUE UP 4% MetLife Inc., one of the nation’s top insurers, said yesterday that second-quarter profit declined compared with a year-ago period that included more than $1 billion in one-time gains. Operating earnings came in above Wall Street expectations, however, due to a surge in total American annuity deposits. Net income was $650 million, or 80 cents a share, from $2.3 billion, or $3.02,in the year-earlier period.The recent quarter included $2 million in one-time losses, while the 2005 quarter included $1.23 billion in gains on real estate sales. Excluding items, MetLife earned $982 million, or $1.28 a share, in the latest quarter, up from $870 million, or $1.17 a share, last year.
— Associated Press
WHOLE FOODS’ NET INCOME UP, BUT SALES FALL SHORT Whole Foods Market Inc. said yesterday its most recent quarterly profit increased by one-third as the upscale grocer added square footage and saw big gains in same-store sales.
But sales fell short of Wall Street forecasts and its shares tumbled 6.5% in latesession trade.The Austin company said it earned $53.9 million or 37 cents a share in the three months ended July 2, compared with $40.4 million or 29 cents a share in the same period last year.
— Associated Press
