Chevron profits rise 4% on higher oil prices
NEW YORK >> Chevron Corp. said Friday that profits rose 4.2 percent in the first quarter as it sold oil for higher prices.
The San Ramon, Calif., energy giant, which operates the smaller of two refineries in Hawaii, reported net income of $6.47 billion, or $3.27 a share, compared with $6.21 billion, or $3.09 per share, a year ago. Revenue rose less than 1 percent to $60.7 billion. Increased oil prices helped Chevron overcome weaker production and a fall in U.S. natural gas prices.
Chevron sold crude and other liquid hydrocarbons for an average of $102 per barrel in the U.S. and $110 per barrel internationally, up 15 and 16 percent, respectively.
Hawaii Employers Council selects CEO
The Hawaii Employers Council has named Clayton Kamida CEO of the organization effective May 1.
Kamida, who is now executive vice president, will replace Tim Ho, who is retiring as chief executive officer after serving in that position since 1995.
The HEC, with about 800 member businesses, provides professional services to management in human resources and labor relations, employment law, research, and supervisory and management training.
Kamida served as HEC’s general counsel before becoming executive vice president in 2011. He joined HEC in 2005 after working as a lawyer representing Hawaii employers in labor and employment matters. Kamida has a law degree from the University of Illinois and an undergraduate degree from the University of Michigan.
U.S. growth slowed to 2.2% in first quarter
WASHINGTON » The U.S. economy grew more slowly in the first three months of this year. Governments spent less and businesses cut back on investment. But consumers spent at the fastest pace in more than a year.
The result suggests that the economy will continue to expand, slowly but steadily.
The Commerce Department estimated Friday that the economy grew at an annual rate of 2.2 percent in January through March, compared with a 3 percent gain in the final quarter of 2011. But growth is expected to rebound to around 3 percent for all of 2012 as stronger job growth spurs more consumer spending.
Ford earnings hurt by taxes and Europe
DEARBORN, Mich. » Ford Motor Co. on Friday said its profit fell by almost half in the first quarter, as higher taxes and a loss in Europe overshadowed improvements in its North American business.
Ford reported net income of $1.4 billion, 45 percent less than the $2.55 billion it earned in the same period of 2011. Revenue declined 2 percent to $32.4 billion.
Officials attributed about half of the decline to the company’s tax rate quadrupling from a year ago. In addition, its European business swung to a $149 million pretax operating loss from a $293 million operating profit.
Excluding taxes and special items, Ford earned $2.29 billion, or 39 cents a share, marking its 11th consecutive quarterly operating profit. That is 19 percent less than a year ago, when it earned $2.84 billion, or 47 cents a share, but higher than Wall Street’s consensus estimate of 35 cents.
Honda’s profit surges on improved sales
TOKYO » Honda’s January-March profit jumped 61 percent as the Japanese automaker sold more cars and motorcycles in a turnaround from a disaster-battered 2011. It forecast record global sales of 4.3 million vehicles for this fiscal year.
Honda Motor Co., which makes the Accord sedan, Fit subcompact and Asimo robot, reported net profit of ¥71.5 billion ($882.7 million) for the fiscal fourth quarter, up from ¥44.5 billion a year earlier.
The results underline a recovery at all Japanese automakers from the sales plunge that hit last year after the March 11 earthquake and tsunami disrupted the supply of auto parts from northeastern Japan.
Tokyo-based Honda’s quarterly sales improved 8.7 percent to ¥2.41 trillion ($29.7 billion), mainly because of rising sales in Japan and North America.
It achieved record quarterly sales of motorcycles at 3.5 million bikes, up nearly 18 percent from a year earlier, with demand especially robust in Asia and South America.
P&G hopes price cuts boost market shares
NEW YORK » Procter & Gamble Co. said Friday it is rolling back some price increases and focusing on introducing new products in developed markets as the world’s largest consumer product maker seeks to reignite market share growth.
The maker of products ranging from Bounty paper towels to Luvs diapers also lowered its guidance below expectations for the fiscal year as its third-quarter net income dropped 16 percent, hurt by restructuring charges and continued high costs for items like diesel fuel and packaging.
Consumer product companies across the board have been raising prices to deal with higher costs for materials like pulp, fuel and packaging.
ON THE MOVE
Coldwell Banker Pacific Properties has announced the following new members of its Kahala office:
>> Grzegorz “Greg” Mroz was previously an associate at Walter Flood Realty.
>> Richard Slawinski was previously a Realtor associate for Casey & Associates.
>> Jo Ann L. Wilson rejoins CBP from INET Realty where she served as a Realtor associate.
Employer Support of the Guard and Reserve, a Department of Defense agency, has announced that Hawaiian Electric Co. and Honolulu Police Department have been selected as semifinalists for the 2012 Secretary of Defense Employer Support Freedom Award. The award is the highest recognition that the Department of Defense gives to employers who show exceptional support of their Reserve and Guard employees. ESGR will announce the 2012 Freedom Award finalists next month.
