Bristol-Myers profits

NEW YORK- Bristol-Myers Squibb Co. reported a 76 percent increase in fourth-quarter profit yesterday, driven in part by sales of a recently approved diabetes drug and hefty charges a year earlier, although the drugmaker still fell short of Wall Street's expectations.

The company focused attention on rapid sales growth for its three-year-old injectable diabetes drug Onglyza. But results were dominated by the blood thinner Plavix, the world's second-best-selling drug, which loses U.S. patent protection this year.

Net income rose to $852 million, or 50 cents per share, up from $483 million, or 28 cents per share. Excluding charges, adjusted profit was 53 cents per share.

Total sales increased 7 percent to $5.45 billion.

According to FactSet, analysts expected earnings per share of 55 cents on sales of $5.51 billion.

The company has a manufacturing plant in Devens, which employs 300 people.

- The Associated Press

Raytheon profit

Raytheon Co., the world's largest missile maker, said fourth-quarter profit rose 9.4 percent, aided by improved performance at its missile and space units. The company's forecast for this year fell short of analyst estimates.

Net income from continuing operations increased to $546 million, or $1.58 a share, compared with $499 million, or $1.37 a share, a year earlier, Raytheon said yesterday in a statement. Excluding certain items, profit was $1.74 a share, exceeding the $1.34-a-share average estimate of 21 analysts surveyed by Bloomberg. Sales declined 6.4 percent to $6.44 billion.

Full-year profit from continuing operations for 2012 will fall to $4.90 to $5.05 a share, from $5.28 in 2011, on sales of $24.5 billion to $25 billion, the company forecast. Analysts estimated a profit of $5.26 a share. On an adjusted basis, Raytheon forecast profit of $5.45 to 5.60 a share.

Full-year sales for 2011 declined 1.3 percent to $24.9 billion compared with 2010, and profit from continuing operations increased 3.5 percent to $1.87 billion.

- Bloomberg News

P&W dividend

WORCESTER - The board of directors at Providence and Worcester Railroad Co. declared a dividend Wednesday of 4 cents per share on the company's common stock.

The dividend is payable Feb. 24 to shareholders of record on Feb. 10.

The board also approved an annual $5 per share for P&W's preferred stock.

Worcester-based P&W boosted third-quarter profit last year to $1.6 million, or 32 cents per share. That was up from a...

To continue reading