Lincoln National Corp. today reported third-quarter earnings of $402 million, or $1.41 per diluted common share, more than doubling the $153 million, or 47 cents a share, posted for the same three months of last year.
The news came after trading ended for the day. Lincoln’s shares closed at $25.43, up 64 cents on the New York Stock Exchange.
Lincoln repurchased 4.2 million shares of stock during the quarter at a cost of about $100 million.
The Radnor, Pa.-based financial services provider was founded in Fort Wayne in 1905. Lincoln employed about 2,000 here as of September. Dennis Glass, president and CEO, said Lincoln’s gains reflect management’s strategic decisions.
“We are aggressively investing to further build our franchise, while at the same time maintaining our balance sheet strength and flexibility,” he said in a written statement.
Symmetry earnings increase sevenfold
Symmetry Medical Inc. on Thursday reported third-quarter earnings of $3.74 million, or 10 cents per diluted share, a sevenfold increase from the $527,000, or 1 cent a share, posted for the same three months of 2011.
The Warsaw-based orthopedic devices and instruments maker reported revenue of $101 million, a 20 percent increase, compared to the prior year’s third quarter.
The company’s surgical revenue of $24.8 million more than doubled from a year ago, reflecting Symmetry’s two 2011 acquisitions. The company acquired the surgical instruments business of Codman & Shurtleff Inc. in December and Olsen Medical in August.
Thomas Sullivan, president and CEO, said the manufacturer achieved the “significant milestone” of fully integrating Codman’s business into Symmetry during the quarter, which ended Sept. 29.
Drugmaker Lilly to invest $140 million
Drugmaker Eli Lilly says it is planning a $140 million expansion of its Indianapolis manufacturing operations to make cartridges that deliver insulin to patients.
The Indianapolis company says the cartridges will help meet growing demand in the United States for diabetes treatments. Nearly 26 million U.S. residents have type 1 or type 2 diabetes, a chronic disease in which the body does not properly produce or use the hormone insulin.
The company announced the investment Thursday.
Construction will begin immediately with completion expected in March 2014. During this period, construction trade staffing will average 250. Once operational in 2015, more than 100 full-time, highly skilled, specialized technicians, scientists and engineers will be needed to manage the operations.
Berkshire seen posting big gain in book value
Berkshire Hathaway Inc. is poised to report its biggest year-over-year increase in book value per share since 2010 on gains from investments, operating-business earnings and Chairman Warren Buffett’s equity-derivative bets.
Book value, a measure of assets minus liabilities, may have climbed 15 percent to $111,546 per share on Sept. 30 from a year earlier, according to Jay Gelb, an analyst at Barclays. Cliff Gallant of KBW Inc. estimated $110,701 at the end of the third quarter. Omaha, Neb.-based Berkshire is scheduled to report earnings after the market closes today.
