Copier sales boost Xerox

Office document management company Xerox Corp. on Thursday said third-quarter profits more than doubled, driven by improved sales of color copiers and cost-cutting.

However, total revenue fell from the year-ago quarter and missed Wall Street consensus estimates, and shares fell 4 percent.

For the third consecutive quarter, the company touted gains in sales of copiers and printer equipment.

Stamford, Conn.-based Xerox said its net income available to common shareholders was $92 million, or 11 cents a share, compared with $36 million, or 4 cents a share, a year ago.

Aviation

Raytheon profits drop

Problems at two divisions caused defense contractor Raytheon Corp. to post a loss for the third quarter, despite a 7 percent gain in total sales. Profits from operations fell 91 percent.

Raytheon also lowered its outlook for the rest of the year Thursday, saying it expected to earn $1.50 to $1.60 per share in 2004, excluding one-time items, compared with previous guidance of $1.60 to $1.70 per share.

The company, which has operations in Wichita, posted a third-quarter net loss of $35 million, or 8 cents per share, compared to a profit in the year-ago quarter of $147 million, or 36 cents per share.

Accounting

Goodyear earnings in flux

Goodyear Tire & Rubber Co. is delaying its quarterly earnings report as it works to repair accounting system errors that will force the nation’s largest tire maker to lower net income since 1998 by as much as $100 million.

In a statement late Wednesday, Goodyear said an accounting system implemented in 1999 caused errors with its internal billing system, resulting in the mistakes. Goodyear has a plant in Topeka.

Utility

Aquila loses debt ruling

Minnesota regulators have rejected energy company Aquila Inc.’s request to use utility assets as collateral for a $430 million loan.

The company, which is the natural gas provider for Lawrence, has a similar request pending before the Kansas Corporation Commission. The KCC is expected to rule on the request next month.

Minnesota became the first state to deny the request when regulators issued their decision Wednesday.

Real Estate

Mortgage rates steady

Rates on benchmark 30-year mortgages, after rising for two straight weeks, were unchanged this week as the bond market stabilized.

For the week ending Oct. 24, the average rate on 30-year mortgages held steady at 6.05 percent, the same as last week, Freddie Mac, the mortgage giant, reported Thursday.