Macy’s says employee hid up to $154M in expenses, delays Q3 earnings
The retailer said Monday that it identified an issue related to delivery expenses in one of its accrual accounts earlier this month.
Financial Results
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Cummins announces voluntary staff reductions
Cummins, which reported revenue of $8.4 billion during the third quarter, has 73,600 employees worldwide, including 10,500 in Indiana.
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Cummins reports record 1Q revenue, raises full-year guidance
Cummins is forecasting revenue to be up 15% to 20% year-over-year, compared with its previous guidance of between 12% to 17%.
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Supply-chain squeeze contributes to 2Q loss for Calumet Specialty
The Indianapolis-based manufacturer posted a $78.4 million loss in the second quarter.
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Kite Realty upgrades outlook after strong second quarter
Indianapolis-based Kite Realty Group Trust this week upgraded its outlook for the rest of 2021 after beating industry expectations with its second-quarter financial performance.
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Articles
Cummins sees quarterly revenue dip, but a big jump in profit
Cummins saw its first quarter revenue drop by 1% on a year-over-year basis. Its profit was way up due to one-time gains from the spinoff of its filtration business.
Cummins posts quarterly loss but full-year profit
Cummins posted a rare quarterly loss in the fourth quarter, which was largely due to a previously announced $2 billion environmental settlement. The settlement also reduced the manufacturer’s full-year profit for 2023.
Struggling Alpine 4 jettisons subsidiaries
Alpine 4 Holdings Inc., whose subsidiaries include Indianapolis-based RCA Commercial Electronics, says it is struggling “with unparalleled challenges.”
Carmel-based KAR to change its name to OpenLane
If the new name sounds familiar, that’s because KAR has been using it for a portion of its business after acquiring a California-based online auction company named OpenLane Inc. in 2011.
Cummins sees more revenue, less profit in latest quarter
Cummins said its profitability was affected by several expenses last quarter, the largest of which was the $56 million that the company spent on a one-time bonus to employees.
Cummins posts record quarterly revenue
The Columbus-based manufacturer says its strong second-quarter was due mostly to its North American market, where revenues grew 15%.
Simon raises financial outlook amid improving business conditions
Indianapolis-based Simon Property Group Inc.—the largest owner of shopping malls in the United States—on Monday reported second quarter financial results that exceeded analyst expectations.
Simon raises financial outlook for 2021 after solid first quarter
The Indianapolis-based mall operator said it’s seeing good early results from J.C. Penney, which Simon and a group of co-investors purchased out of bankruptcy in December.
Winter storm contributes to 1Q loss for Calumet Specialty Products
Calumet said Winter Storm Uri, which brought snow and record cold across the U.S. in February, hurt production at the company’s Gulf Coast refineries during the quarter. The first-quarter losses push the company’s total losses since 2014 above $1 billion.
Allison Transmission raises sales forecast amid ongoing pandemic recovery
The Indianapolis-based manufacturer said it expects 2021 net sales to range from $2.33 billion to $2.48 billion. That’s an improvement from the guidance the company issued in February.
Owner of Carmel’s Clay Terrace acknowledges possible bankruptcy filing
Washington Prime Group, a Simon Property Group spinoff that owns several other local shopping centers, barely missed defaulting on a $23.2 million interest payment this week before securing a forbearance agreement that ends on March 31.
Calumet Specialty Products posts annual loss for 7th straight year
The Indianapolis-based company, which makes specialty petroleum products, last posted an annual profit in 2013. Calumet’s cumulative annual losses since then total $931.7 million.
Allison Transmission expects revenue, profit to rebound this year
Allison Transmission’s fourth-quarter financial performance exceeded analysts’ revenue expectations but fell short of profitability forecasts.
Carmel-based CNO acquires employee benefits administrator for $50M
The benefits administrator, DirectPath LLC, offers a variety of technology-driven services for employees and employers.
Mall giant Simon saw profit drop last year due to pandemic
Indianapolis-based Simon said it lost about 20% of its total shopping days last year at its U.S. malls because of government-mandated shutdowns related to the pandemic.
Cummins saw stiff drop in sales, profit in 2020, but exceeded market expectations
The Indiana-based manufacturer said sales in North America declined 21% last year, but its sales in China reached record levels, up 25% from the previous year.
First Internet Bank reports record quarterly, annual profits
Fishers-based First Internet saw its stock price climb to a one-year high in after-hours trading after the bank released its financial report Wednesday.
Simon, partners plan to shake up merchandise mix at J.C. Penney
Simon Property Group, which is expected to acquire J.C. Penney out of bankruptcy with partners in an agreement approved Monday, reported third-quarter results that fell short of Wall Street expectations.
Calumet Specialty Products posts $56M quarterly loss
The Indianapolis-based company, which makes specialty hydrocarbon and fuels products, said it is seeing business conditions improve compared with earlier months of the pandemic.