DaimlerChrysler reports drop in earnings in 2003

Automaker DaimlerChrysler said its profit tumbled in 2003 as its U.S. division Chrysler struggled and the company made several large one-time deductions from earnings.

DaimlerChrysler said Wednesday that it earned 448 million euros, or $564 million last year compared with 4.7 billion euros, or $5.9 billion, in 2002. Large one-time charges cut into profits, including $2.5 billion for the fallen value of its 33 percent stake in the European aerospace company EADS and $569 million for restructuring costs at Chrysler.

That was partly offset by a one-time gain of $1.2 billion for the sale of its MTU Aero Engines subsidiary.

Banking

Cap Federal profit falls

Earnings at Topeka-based Capitol Federal Financial dropped sharply in the most recent quarter, the company reported Wednesday.

The company said earnings for the quarter ending Dec. 31 were $4.6 million or 6 cents per share compared to $29.2 million or 40 cents per share during the same period a year ago.

Company officials blamed lower interest rates, which affects the amount of money its banks receive on outstanding mortgages, as the reason for the decline.

The firm also announced a quarterly dividend of 50 cents per share and a year-end dividend of 81 cents per share. In trading on the Nasdaq, Capitol Federal closed down 50 cents to $37.79 per share on Wednesday.

Atchison

MGP boosts results

Grain processor MGP Ingredients Inc. on Wednesday posted a sharply larger second-quarter profit and reiterated its new fiscal 2004 outlook.

Atchison-based MGP reported a net profit for the quarter ended Dec. 31 of $1.8 million, or 24 cents per share, compared to a year-earlier profit of $48,000, or 1 cent per share.

The company reiterated its forecast for fiscal-year earnings per share of $1 to $1.10. The company also announced plans for a $4.5 million expansion of its Kansas City, Kan., plant. The project is expected to be completed by September.

Defense

Northrop business flat

Defense giant Northrop Grumman Corp. posted flat earnings on Wednesday for the fourth quarter.

However, the company predicted significant growth in 2004, after key acquisitions in recent years made it a major provider of ships, submarines, electronic surveillance systems, and satellite and missile technology.

Northrop reported net income of $224 million in the quarter ended Dec. 31, compared with $224 million for the same period last year.