PG&E (NYSE:PCG) said its earnings increased to $362 million, or 91 cents a share, from $333 million, or 88 cents a share, in the year-ago period. Adjusted earnings rose to $1.02 a share from 91 cents a share. The latest period includes a boost of 24 cents a share reflecting rate case settlements. Revenue rose to $3.68 billion, from $3.23 billion. The company continues to expect adjusted 2011 profit of $3.45 to $3.60 a share, compared to the Wall Street estimate of $3.51 a share. The San Francisco power generator said the figure doesn’t include estimated costs of $350 million to $550 million associated with its gas pipeline-related actions. Durng the second quarter, PG&E disclosed 11 cents a share in costs for gas pipeline-related actions, plus an additional 9 cents a share in provisions for third-party liabilities related to the San Bruno accident.-MarketWatch
Kraft Foods (NYSE:KFT) said Thursday that it plans to split into two publicly traded companies, with one concentrating on its snack business like Oreo cookies and Trident gum while the other focuses on the North American grocery business, which includes Kraft cheese and Maxwell House coffee. The move comes as more companies, including Wal-Mart Stores Inc., Target Corp. and various dollar stores, are increasing their grocery sections to capitalize on consumers’ one-stop shopping needs.-Daily Finance
General Motors (NYSE:GM), the largest U.S. automaker, said second-quarter profit almost doubled on rising U.S. sales of vehicles ranging from the compact Chevrolet Cruze to full-size Silverado pickups. Profit climbed to $2.52 billion, or $1.54 a share, from $1.33 billion, or 85 cents, a year earlier. Sales rose 19 percent to $39.4 billion. GM’s profit rose as its U.S. sales increased 11 percent. The Cruze was the top-selling car in the market in June and the Silverado remained the second-most popular vehicle, behind only Ford Motor (NYSE:F) F-Series line. Higher prices added $1 billion in earnings before interest and taxes, with half of that coming in North America. -Bloomberg
The number of people claiming new jobless benefits remained broadly flat at an elevated level last week, pointing to persistent weakness in the U.S. labor market. New claims for unemployment insurance fell by just 1,000 to a seasonally adjusted 400,000 in the week ended July 30, the Labor Department said Thursday. That followed a 21,000 decline the previous week, which was revised from an originally reported 24,000 drop. -The Wall Street Journal
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