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Friday, 19 July 2013 08:47

July 19, 2013: Whirlpool net up 75 percent; Meritage net up 82 percent; Zeigler earns Chrysler kudos; Perrigo gets FDA nod; WMU affiliates with Cooley Law

Written by  MiBiz Staff
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Welcome to the MiBiz News Ticker.  It's Friday, the Motor City is bankrupt and we've managed to make deadline for our next issue of the printed version of MiBiz.  We'll update news here throughout the day.  Send breaking news to editor@mibiz.com

Whirlpool Corp. posted second-quarter results this morning, beating Street estimates as net earnings leapt 75 percent on strong sales across all regions.  Net earnings grew to $198 million, or $2.44 per diluted share, besting analyst estimates of $2.42, according to Thomson Reuters. The Benton Harbor, Mich.-based appliance maker also raised its profit forecast for the balance of the year and upped its share buyback plans, citing “strong underlying trends” in its business and expected improvements in free cash flow.  Visit the Whirlpool IR site for the release, conference call and investor presentation. 

Restaurant operator Meritage Hospitality Group, Inc. (OCTQX: MHGU) yesterday evening reported sharply higher sales and earnings for the second quarter ended June 30.  The Grand Rapids-based operator of Wendy's restaurants and several proprietary dining establishments said sales grew 38.6 percent to $35.1 million and net earnings improved 81.8 percent to $1.7 million compared with last year's second quarter.  The Company, which also declared dividends on both its preferred stock and common stock, said it continues to integrate newly acquired Wendy's and is preparing to open its 113th restaurant in the second half of 2013.  The company's earnings release is here

Zeigler Chrysler Dodge Ram in Kalamazoo was recognized by Chrysler Group as one of its top 30 most environmentally friendly dealerships. The automaker selected dealers based on their eco-friendly activities, energy efficiency, waste recycling, wastewater control,bulk oil containment, vehicle lift maintenance and community relations program, according to a press release. Zeigler was one of four Michigan dealerships to make the list. [10:54 a.m. EST]

Allegan-based Perrigo Company (Nasdaq: PRGO; TASE) reported that it received tentative approval from the U.S. Food & Drug Administration for a generic equivalent to Prandin, a popular drug for adults with type-2 diabetes. Prandin, the brand name for repaglinide, is indicated as an adjunct to diet and exercise to improve glycemic control in adults with type-2 diabetes mellitus.  Annual sales of Prandin, which is made by Danish drug maker Novo Nordisk, are approximately $250 million, according to this Perrigo release

After signing an affiliation agreement in April, the trustees at Western Michigan University have agreed to lend the school’s name to the private Thomas M. Cooley Law School, which will now be known as the Western Michigan University Thomas M. Cooley Law School. Under the agreement, Cooley remains an independent nonprofit but will receive resources from WMU.

Read 1986 times Last modified on Wednesday, 24 July 2013 06:57

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