LITTLE ROCK, Ark. (Arkansas Business) -- Caterpillar says its second quarter earnings dropped 43 percent, blaming more cuts in inventories than what was projected. Earnings totaled $960 million, a huge decline from $1.7 billion a year ago and revenue is off by almost 16 percent.
The company based in Peoria, Illinois, operates a manufacturing plant in North Little Rock. It told investors that reduced growth in China was giving it reason to cut back on growth for this year.
Deltic Timber second-quarter earnings up 220%
Deltic Timber Corp. of El Dorado said the acquisition of the rest of Del-Tin Fiber pushed its second-quarter net income up 220 percent to $11.2 million, or 89 cents per share.
The timber and real estate company said the $7.7 million income boost came from including Del-Tin Fiber's operating income in results and $5.2 million of non-operating, after-tax gains that came as result of purchasing the remaining half of Del-Tin on April 1.
The company also cited a higher average sales price for lumber and improved results in all three of its operating segments.
Private giving to UA tops $100 million for third year
Private giving to the University of Arkansas exceeded $100 million for a third consecutive year, the school announced on Wednesday.
Gifts to the UA in fiscal year 2013 topped $108.4 million, following $108.1 million in 2012 and $121.3 million in 2011. Included in the total are cash gifts, in-kind contributions, planned gifts and new pledges.
About 25 percent of the money raised was designated for athletics and the Razorback Foundation.
Mitchell Communications Group expanding
Mitchell Communications Group of Fayetteville said Wednesday that it will expand its operation into New York and Chicago.
Adding offices in Chicago and New York will give the agency additional presence in those cities and make collaboration easier with Dentsu Network partner firms, including McGarryBowen and 360i and others.
Earlier this year Mitchell Communications Group became the first public relations firm purchased by Dentsu Network, a global agency founded 112 years ago in Japan.