Abbott Labs posts flat third-quarter profits

Abbott Laboratories said Wednesday its third-quarter profit held steady, as one-time charges offset the impact of strong sales of its blockbuster drug Humira.

The Libertyville Township-based health-care products company earned $717 million, or 46 cents per share, compared with $715.8 million, or 46 cents per share, during the same period last year. Excluding one-time items, the company said it earned 67 cents per share in the July-to-September period.

"Abbott's strong performance this quarter was again balanced across our major broad-based businesses," Chief Executive Miles White said in a statement. "We expect this momentum to continue."

Revenue rose 14 percent to $6.38 billion from $5.57 billion a year ago, ahead of Wall Street forecasts. Analysts surveyed by Thomson Financial expected a profit of 66 cents per share, excluding one-time items on revenue of $6.24 billion.

Worldwide sales of Abbott's pharmaceuticals grew 20 percent, propelled by the top-selling Crohn's disease drug Humira, which surged nearly 49 percent to $803 million.

Still, the company was burdened by nearly $330 million in after-tax charges, nearly a third of which came from contract termination and litigation.

Allstate earnings down 15.5 percent

NORTHBROOK -- Allstate reported Wednesday third-quarter net profit that missed analysts' estimates as storm damages doubled for the largest public U.S. home insurer from a year ago.

Allstate said net earnings were $978 million, or $1.70 a share, down 15.5 percent from $1.16 billion, or $1.83 a share, in the year-earlier quarter.

Catastrophe losses rose to $343 million from $169 million in the year-ago quarter. Hail and windstorms took a toll on policyholders even though Allstate was not hit with any major hurricane claims.

Northbrook-based Allstate, one of the first major insurers to report third-quarter earnings, said operating net, which analysts use to measure performance, was $893 million, or $1.54 a share. That fell short of analysts' average expectation of $1.69 a share, according to Reuters Estimates.

Illinois Tool Works posts higher profit

GLENVIEW -- Diversified manufacturer Illinois Tool Works posted a better-than-expected 10 percent increase in third-quarter profit Wednesday as strength overseas offset weaker demand in North America.

But the Glenview-based company, which makes fasteners, foodservice and welding equipment, countertop materials and other products, narrowed its view for full-year profit and reduced its full-year forecast for growth in sales of ongoing businesses.

ITW's net income in the third quarter rose to $491.1 million, or 89 cents a share, from $446.1 million, or 78 cents a share, a year earlier. The results beat analysts' average profit forecast by 2 cents, according to Reuters Estimates.

Northern Trust sees jump in profit

CHICAGO -- Northern Trust said Wednesday third-quarter profit rose a stronger-than-expected 27 percent as assets under management grew and the company benefited from this summer's credit market woes.

Chicago-based Northern Trust, which offers private banking, investment management and global custody services, said net income increased to $208.3 million, or 93 cents per share, from $163.7 million, or 74 cents per share, a year earlier. Wall Street analysts had expected the company to earn 87 cents a share, according to Reuters Estimates.

Northern Trust benefited from recent market turmoil which helped the company earn more in fees charged for currency trading, among other services.

JPMorgan Chase earnings rise

NEW YORK -- Despite losses from souring home loans and tough-to-sell corporate debt, New York-based JPMorgan Chase & Co. managed to beat Wall Street's expectations and eke out a 2 percent profit rise in the third quarter.

The nation's third-largest bank reported a profit despite marking down $1.3 billion on leveraged loans; $339 million in debt obligations backed by collateral, including subprime mortgages; and $186 million in mortgages it has issued and that are in the pipeline. It also padded its provisions, essentially, its emergency fund for loan losses, by about $2 billion.

Net income totaled $3.37 billion in the July to September period, up from $3.30 billion in the same period last year. Earnings per share rose to 97 cents from 92 cents last year, beating the average analyst estimate of 90 cents. Total net revenue climbed 4 percent to $16.11 billion from $15.55 billion.

Cargill reports 83 percent gain

CHICAGO -- Agribusiness giant Cargill Inc. announced Monday earnings of $917 million for its first quarter ended Aug. 31, an increase of 83 percent over last year. The privately held company, based in Wayzata, Minn., said in a release high demand for agricultural commodities was responsible for its strong earnings. It did not release revenue figures.

Cargill employs nearly 3,000 people in Illinois at facilities in 26 communities, including Bloomington, Deerfield, Morris, Naperville and Ottawa.

EBay loses $936 million

SAN FRANCISCO -- EBay reported Wednesday a third-quarter net loss of more than $936 million. The San Jose, Calif.-based eBay still easily exceeded Wall Street's expectations for the quarter ended Sept. 30 thanks to record revenue of $1.89 billion, up 30 percent from the year-ago quarter.

Executives credited record revenue at the PayPal electronic payment division, and brisk sales outside of the U.S. and at ticket broker StubHub.com. Including its Skype telecommunications division charges, eBay lost $936.6 million, or 69 cents per share.

Coca-Cola profit rises 13 percent

ATLANTA -- The Coca-Cola Co. reported Wednesday a 13 percent increase in third-quarter profit on a double-digit increase in sales. For the three months ending Sept. 28, Atlanta-based Coca-Cola said it earned $1.65 billion, or 71 cents a share, compared to a profit of $1.46 billion, or 62 cents a share, for the same period a year ago.

Revenue in the quarter rose 19 percent to $7.69 billion, compared to $6.45 billion a year ago.

Altria profit down but income rises

NEW YORK -- Altria Group said Wednesday its profit fell 8.4 percent in the third quarter but operating income rose 18.9 percent. Net profit for the July-to-September quarter fell to $2.63 billion, or $1.24 a share, compared to $2.88 billion, or $1.36 per share, in the same period last year.

Excluding one-time costs, Altria said earnings per share were up 13.1 percent to $1.21 compared to $1.07 last year and beat a consensus prediction of $1.14 per share from analysts polled by Thomson Financial.