E-Z-Go parent reports $29 million in profits
Textron Inc., the parent company of Augusta-based E-Z-Go, reported Wednesday that its first-quarter profit was $29 million, or 10 cents per share, compared with an $8 million loss a year ago, which was partly caused by restructuring costs.
Revenues in the quarter were $2.5 billion, up 12.2 percent from the year-ago quarter, as a 14.9 percent growth in manufacturing revenues more than offset lower revenues at the finance segment.
Manufacturing segment profit was $167 million, up $13 million from the first quarter of 2010.
"First-quarter results benefited from strong execution and cost performance at Bell, Systems and Industrial," said Textron Chairman and CEO Scott Donnelly.
Revenues in the industrial segment, which includes E-Z-Go, were $703 million, up from $625 million in the first quarter of 2010.
Apple earnings strong as iPads sell quickly
NEW YORK --- Apple Inc. is already the envy of the technology world. On Wednesday, it rubbed it in with quarterly results that had only one blemish: It couldn't make the new iPads fast enough.
"We sold every iPad 2 we could make," Chief Financial Officer Peter Oppenheimer said.
Apple sold 4.7 million iPads of both kinds in its latest quarter, below analyst expectations and the holiday quarter's sales. It launched the second version of the tablet computer two weeks before the end of the period. Prospective buyers likely held off for the new model.
Apple launched the original iPad last April, and it's turned out to be the first really successful tablet computer. The company has sold 19.5 million iPads through the latest quarter.
Apple said net income for its fiscal second quarter, which ended March 26, was $5.99 billion, or $6.40 per share. That's up 95 percent from $3.07 billion, or $3.33 per share, a year ago.
Kindle users can start reading library books
NEW YORK --- Owners of Amazon.com's Kindle will be able to download e-books from 11,000 U.S. libraries this year, the company said Wednesday.
Most U.S. libraries already provide e-books, which work with nearly all e-readers except the Kindle. They're also accessible on many smartphones and tablets like the iPad.
Amazon.com Inc. says it's working with OverDrive Inc., which runs e-book systems for public libraries, to make the system compatible with the Kindle.
According to OverDrive, Kindle e-books will have the same lending terms as existing library e-books. Most libraries lend their books out for three weeks at a time. The e-books on Kindle will no longer open after that period of time.