National Penn, Susquehanna Bank, Amazon, UPS report Q3 results
Two midstate banks and two companies with large facilities in Central Pennsylvania have reported third-quarter results.
Boyertown-based National Penn Bancshares Inc. reported net income of $24.6 million, or $0.17 per diluted share, for Q3, compared with $25 million for Q2.
National Penn had a stable net interest margin of 3.51 percent for the first nine months of 2013, equal to the first nine months of 2012. Year-to-date 2013, the cost of interest-bearing liabilities has been reduced from 0.87 percent to 0.54 percent. The company reported that loans increased modestly in the third quarter of 2013, and classified loans declined 7 percent in Q3 2013 and 26 percent over the last twelve months.
Susquehanna Bancshares Inc., parent of Lancaster County-based Susquehanna Bank, reported that it earned Q3 net income of $44.3 million, or $0.24 per diluted share, compared with $36.7 million for Q3 2012. Net income for the first nine months of 2013 was $132.3 million, compared with $98.0 million for the same period in 2012.
Loans and leases increased $218.7 million or 1.7 percent from Q2 to Q3, and total deposits decreased $42.5 million or 0.3 percent. Net interest margin decreased 20 basis points to 3.72 percent, compared with 3.92 percent for Q3 2012.
On Oct. 16, Susquehanna’s board declared a Q4 dividend of $0.08 per common share, payable Nov. 20.
Seattle-based Amazon.com Inc., which has a significant presence in Central Pennsylvania, reported that net sales increased 24 percent to $17.09 billion in Q3, compared with $13.81 billion in Q3 2012. Its net loss was $41 million, or $0.09 per diluted share, compared with a net loss of $274 million in Q3 2012 -- which included a loss of $169 million related to its equity-method share of the losses reported by LivingSocial.
Amazon’s operating cash flow increased 48 percent to $4.98 billion for the trailing 12 months, compared with $3.37 billion for the trailing 12 months ending Q3 2012.
UPS announced diluted earnings per share of $1.16 for Q3 2013, a 9.4 percent improvement over adjusted results for the same period last year. Total revenue was $13.5 billion, up 3.4 percent driven primarily by U.S. e-commerce shipments and strong European export growth.
U.S. domestic Q3 operating profit was $1.2 billion, up nearly 16 percent, and operating margin expanded 140 basis points over the prior year adjusted result, to 14.4 percent. Revenue increased 5 percent to $8.3 billion.
For the nine months ended Sept. 30, UPS generated $3.6 billion in free cash flow after capital expenditures of $1.6 billion. The company paid dividends of $1.7 billion, an increase of nearly 9 percent per share over the prior year, and repurchased 33 million shares for $2.9 billion.