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• FNB Corp., parent company of First National Bank of Pennsylvania, reported double-digit gains in profits for the fourth quarter and full year as the Hermitage, Pa.,-based bank benefitted from the acquisition of Monroeville-based Parkvale Financial last January.
Net income for the fourth quarter jumped 22 percent to $29 million, up from $23.7 million a year earlier. Per-share profit rose 10 percent to 21 cents from 19 cents, reflecting more shares outstanding in the most recent period.
For all of 2012, net income rose 27 percent to $110.4 million from $87 million, while per-share earnings were up 13 percent to 79 cents from 70 cents.
Top executives were to discuss the results, which were released after the stock market closed Wednesday, in a conference call with analysts today.
• US Airways said net income doubled in the fourth quarter as its planes were fuller and it made more money off each passenger. The airline on Wednesday reported a profit of $37 million, or 22 cents per share, compared with $18 million, or 11 cents per share a year ago. Excluding special items, net income was 26 cents per share, 7 cents higher than analyst forecasts, according to FactSet. Revenue rose 3.9 percent to $3.28 billon.
For the full year, the Tempe, Ariz.-based US Airways Group Inc. reported net income jumped to $637 million, or $3.28 per share -- the largest profit in the airline's history, the company said. In 2011 it earned $71 million, or 44 cents per share. Revenue for 2012 rose almost 6 percent to $13.83 billion.
• Siemens AG's first-quarter profit declined on charges for delays in high-speed trains orders and a failed solar power project, adding to more than 1 billion euros ($1.3 billion) in predicted restructuring costs this year. Net income from continuing operations at Europe's largest engineering company, which has operations in Western Pennsylvania, slipped 1.4 percent to 1.3 billion euros in the three months through December, Munich-based Siemens said in a statement Wednesday.
First Published January 24, 2013 12:19 am