PepsiCo; Pulte Homes; SunTrust Banks; Florida #1 in Defaults
Pepsico, the world's #2 soft-drink maker,
said Q1 profit rose 4.7% on price increases and higher snack sales in Russia and China. Sales +13%.
PepsiCo countered higher costs for potatoes and grains with price increases and gave consumers fewer chips and crackers per package.
Pulte Homes, #4 U.S. homebuilder, net loss widened to $696 million vs $85 million on revenue -23%;
on charges to reflect the decreased value of unsold homes and to reduce land inventory in the slumping housing market.
Net new home orders -36%; closings -13%; average sales price -11%; backlog -45%;
Pulte has chosen to mothball communities rather than sell homes at a deep discount. In January, it had more than 50 mothballed communities.
SunTrust Banks,#1 Georgia bank, said Q1 profit fell 45%, as the bank raised its provisions for loan losses 10X to $560 million
because of expected borrower defaults on mortgages, home equity credit lines and residential construction.
According to Moody's Economy.com: Homeowners in Florida fell behind on payments at the nation's fastest rate in Q1,
and one in every 282 Florida households received a foreclosure filing during March, which is 1.9 times the national average.
SunTrust is the #3 bank in Florida by deposits, behind Bank of America and Wachovia.
said Q1 profit rose 4.7% on price increases and higher snack sales in Russia and China. Sales +13%.
PepsiCo countered higher costs for potatoes and grains with price increases and gave consumers fewer chips and crackers per package.
Pulte Homes, #4 U.S. homebuilder, net loss widened to $696 million vs $85 million on revenue -23%;
on charges to reflect the decreased value of unsold homes and to reduce land inventory in the slumping housing market.
Net new home orders -36%; closings -13%; average sales price -11%; backlog -45%;
Pulte has chosen to mothball communities rather than sell homes at a deep discount. In January, it had more than 50 mothballed communities.
SunTrust Banks,#1 Georgia bank, said Q1 profit fell 45%, as the bank raised its provisions for loan losses 10X to $560 million
because of expected borrower defaults on mortgages, home equity credit lines and residential construction.
According to Moody's Economy.com: Homeowners in Florida fell behind on payments at the nation's fastest rate in Q1,
and one in every 282 Florida households received a foreclosure filing during March, which is 1.9 times the national average.
SunTrust is the #3 bank in Florida by deposits, behind Bank of America and Wachovia.
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