NEW YORK (CNN/Money) - AOL Time Warner reported a $44.9 billion fourth-quarter loss Wednesday due to its second major charge of the year for the falling value of its America Online unit, although excluding one-time items the company's earnings beat Wall Street expectations.

Earlier Wednesday, Verizon Communications said its fourth-quarter profit climbed from a year earlier and topped analysts' estimates, but the No. 1 U.S. telecom firm warned that it expects 2003 revenue to remain flat or tick slightly higher; Tribune Co.'s fourth-quarter profit rose from a year earlier and beat Wall Street estimates.

Alltel; AOL Time Warner

ConocoPhillips; EarthLink; Electronic Arts

Gateway: Hershey Foods

Illinois Tool Works; Kerr-McGee;

Marsh & McLennan; McCormick; Norfolk Southern;

Occidental Petroleum; Phelps Dodge; Praxair;

Quest Software; Reebok; Smurfit-Stone

Sony; Tribune; Tupperware

Unocal; Verizon Communications

--

NEW YORK (CNN/Money) -- AOL Time Warner (AOL: Research, Estimates) reported a $44.9 billion fourth-quarter loss Wednesday due to its second major charge of the year for the falling value of its America Online unit, although excluding one-time items the company's earnings beat Wall Street expectations.

The nation's largest media conglomerate earned 28 cents a share, excluding special items, compared with the 26 cents a share it earned on that basis a year earlier. Analysts surveyed by earnings tracker First Call had a consensus earnings per share forecast of 26 cents.

Revenue rose to $11.4 billion from $10.6 billion, as strong box office and DVD sales from its movie studios overcame declining advertising and commerce revenue at AOL. That beat First Call's revenue forecast of $11.2 billion.

Shares of AOL closed up 30 cents at $13.96 in regular-hours trading Wednesday ahead of the report. (Full Story)

--

POWAY, Calif. (Reuters) -- Gateway Inc. Wednesday reported its eighth quarterly loss in nine quarters as the No. 3 U.S. personal-computer maker reeled from stiff competition, a weak economy and slack technology demand.

Gateway, based in Poway, California, reported a fourth-quarter loss of $72 million, or 22 cents a share, compared with year-ago net income of $9.4 million, or 3 cents a share. Revenue fell to $1.06 billion from $1.14 billion.

Analysts had forecast a loss of 19 cents a share on revenue of $1.06 billion, according to tracking firm Multex.

Earlier this month, Gateway warned of a deeper loss than previously expected, citing disappointing holiday spending and aggressive sales promotions that crimped margins. It has

labored under particularly stiff competition from rival Dell Computer Corp. and, to a lesser extent, from Hewlett-Packard Co.

For 2003, the company said it expects cash and marketable securities to remain at more than $1 billion, including an anticipated tax refund expected in early 2003. Gateway said it also anticipates an effective tax rate of zero percent, which will result in pre-tax losses being equal to net losses in 2003.

--

REDWOOD CITY, Calif. (Reuters) -- No. 1 video game publisher Electronic Arts Inc. (ERTS: Research, Estimates) posted a larger fiscal third-quarter profit on Wednesday, driven by sales of new games based on movie series like "James Bond" and "Harry Potter."

Redwood City, California-based EA reported a net profit of $250 million, or $1.69 per share, compared with a year-earlier net profit of $132.3 million, or 92 cents per share. The average estimate of analysts surveyed by First Call was for earnings per share of $1.57.

Revenue in the December quarter, the most important in the video game industry, was $1.23 billion, compared with $832.9 million a year ago.

EA also said it expects to report earnings per share in the current quarter, its fiscal fourth, of 27 cents to 35 cents before charges.

--

NEW YORK (Reuters) -- The No. 1 U.S. telephone company posted a higher fourth-quarter profit, although the firm said it expects 2003 revenues to be flat or slightly higher as weak demand and competitive pressures offset strong wireless sales. The company also said it withdrew its registration for an initial public offering of its wireless joint venture, Verizon Wireless.

Verizon's (VZ: Research, Estimates) fourth-quarter net income totaled $2.3 billion, or 83 cents a share, compared with a loss of $2.0 billion, or 75 cents a share, a year ago. Revenue rose 1.2 percent to $17.2 billion. Wall Street analysts expected Verizon's earnings to be in the range of 77 to 81 cents a share, with a mean forecast of 79 cents a share, according to research firm First Call.

--

NEW YORK (Reuters) -- ConocoPhillips, the No. 3 U.S. oil company, Wednesday posted a fourth-quarter loss, reversing a year-ago profit, after taking $1.2 billion in charges to account primarily for planned gas station sales.

The Houston company -- formed by the combination of Conoco and Phillips last year -- is in the process of selling assets in both its upstream exploration and production business and its downstream refining and marketing business as part of a plan to shed properties that do not bring in adequate returns.

ConocoPhillips reported a net loss of $410 million, or 60 cents a share, compared with net income of $162 million, or 42 cents a share, in the year-ago quarter. The year-ago figures are for Phillips as a stand-alone company. (more details)

--

CHICAGO (Reuters) -- The No. 2 U.S. newspaper publisher said its fourth-quarter earnings rose sharply from a year ago thanks to recovering advertising spending. Tribune (TRB: Research, Estimates), which owns the Chicago Tribune and the Los Angeles Times, reported earnings of $187 million, or 57 cents a share, for the quarter. This compared with $100.1 million, or 32 cents, a year earlier.

Analysts polled by earnings tracker First Call were looking for earnings on average of 54 cents a share in the period. Revenue rose to $1.43 billion from $1.32 billion, the company said.

--

NEW YORK (Reuters) --The world's No. 1 insurance broker said fourth-quarter profit more than doubled, as higher insurance fees offset lower earnings at its Putnam money management operation. The New York-based firm was helped by higher insurance premiums -- which increase its commissions -- but said that premium rate increases would slow down this year.

Marsh (MMC: Research, Estimates), which owns Boston-based mutual fund firm Putnam Investments, said fourth-quarter net profit jumped to $312 million, or 57 cents a share -- meeting the Wall Street consensus estimate. That compares with $144 million, or 26 cents a share in the year-earlier quarter. Excluding one time items in 2001, net income grew only 9 percent.

Insurance-related revenue rose 18 percent to $1.6 billion in the quarter. Putnam's revenue jumped 15 percent to $469 million, but excluding a charge taken a year ago, it was down 22 percent.

--

HERSHEY, Pa. (Reuters) -- The maker of Hershey's Kisses and Reese's Fast Break candy bars said it swung to a profit in the fourth quarter as the company cut costs in this year's period. The world's largest chocolate maker said it earned $130.3 million, or 96 cents a share, in the fourth quarter, compared with a loss of $31.1 million, or 33 cents, in the year-ago period.

Excluding items, earnings in the quarter were $138.7 million, or $1.02 a share, compared with $130.5 million, or 95 cents. Analysts had expected Hershey (HSY: Research, Estimates) to earn $1.00-to-$1.05 a share, with an average estimate of $1.02, according to Thomson First Call.

--

NORFOLK, Va. (Reuters) -- The freight railroad company posted higher quarterly earnings as weakness in coal shipments was more than offset by gains in other cargoes. Norfolk Southern, whose lines cover the eastern United States and Ontario, said fourth-quarter profit was $129 million, or 33 cents a share, up from $115 million, or 30 cents a share, a year earlier.

Analysts, on average, had expected Norfolk Southern (NSC: Research, Estimates) to earn 28 cents-to-32 cents a share, with a mean forecast of 30 cents, according to a survey by First Call.

--

CANTON, Mass. (Reuters) -- The athletic shoe and clothing maker said its fourth-quarter earnings more than tripled, as apparel sales surged 30 percent. The company said its net income for the quarter climbed to $16.5 million, or 27 cents per share, compared with $5.1 million, or 9 cents per share, last year.

According to First Call, the average analyst estimate for Reebok's quarterly earnings was 25 cents per share, with a range of 24 cents-to-27 cents per share. Sales rose to $762.8 from $664.6 million last year. Canton, Mass.-based Reebok (RBK: Research, Estimates) said it expects earnings-per-share growth of about 15 percent in 2003 on sales growth in the mid- to high-single digit percentage range.

--

EL SEGUNDO, Calif. (Reuters) -- The independent oil and gas explorer said it swung to a fourth-quarter profit alongside stronger results from its exploration and production business. The company reported fourth-quarter earnings of $96 million, or 38 cents a share, reversing a year-earlier net loss of $29 million, or 12 cents a share.

Excluding special items, the company posted earnings per share of 48 cents. On that basis, analysts forecast profit of 40 cents-to-50 cents, with a consensus estimate of 45 cents, according to research firm Thomson First Call. Unocal (UCL: Research, Estimates), which warned last month of disappointing fourth-quarter operating results, said revenue rose to $1.57 billion from $1.26 billion.

--

LITTLE ROCK, Ark. (Reuters) -- The rural telephone company said fourth-quarter earnings rose as its customer base grew and announced it will sell its financial services unit to Fidelity National Financial Inc. for $1.05 billion to focus on its communications operations.

Alltel's (AT: Research, Estimates) fourth-quarter net income, after paying preferred dividends, rose to $262.4 million, or 84 cents a diluted share, from $234.7 million, or 75 cents a share, a year earlier. The firm also said it is selling its financial services operations to Fidelity National for $775 million cash and $275 million in stock. Analysts expected the firm to earn 82 cents a share in the fourth quarter, according to market research firm Thomson First Call.

--

PHOENIX (Reuters) -- The world's largest publicly-traded copper producer posted a wider fourth-quarter loss on charges from legal settlements and write-downs of mining operations.

The Phoenix company reported a fourth-quarter net loss of $222 million, or $2.54 per share, compared with a net loss of $78.3 million, or $1.00 a share, in the year-ago quarter. Phelps (PD: Research, Estimates) reported an operating loss widened to $200 million from $9.2 million, a year ago. The company also said it raised its minimum pension liability reduced other income in shareholders' equity, which measures the total assets of a company minus the total liabilities, by $150 million.

--

LOS ANGELES (Reuters) -- The integrated oil company said fourth-quarter results recorded a profit compared with a year-earlier loss, driven by strong results at its upstream exploration and production operation. Los Angeles-based Occidental (OXY: Research, Estimates) reported fourth-quarter net income of $322 million, or 85 cents a diluted share, compared with a net loss of $247 million, or 66 cents a share, in the year-before quarter. The diluted earnings per share were 84 cents for the 2002 quarter.

Analysts had forecast earnings of 70 cents a share-to-85 cents a share, with a consensus estimate of 78 cents a share, according to First Call.

--

OKLAHOMA CITY (Reuters) -- The oil exploration and production company reported a wider fourth-quarter net loss after a hefty charge for poorer-than-expected performance at a North Sea oil field. The Oklahoma City-based company reported a net loss of $337 million, or $3.36 per share, compared with a loss of $50 million, or 50 cents per share, a year earlier. Its loss from continuing operations for the 2002 quarter was $3.34 per share.

The results include $380.7 million in after-tax asset impairment charges, including a previously announced $335 million charge for the Leadon oil field in the North Sea. Wall Street analysts' average estimate was for a profit from operations of 62 cents a share.

One analyst said at first glance Kerr-McGee's (KMG: Research, Estimates) operating results appeared to be below expectations, but it was unclear by how much because of the write-offs.

--

GLENVIEW, Ill. (Reuters) -- The diversified manufacturing firm said its fourth-quarter profit rose, helped by gains in its North American business. The company, whose products include specialized fasteners, laminate countertops, food service equipment and Space Bag storage packs, reported net income of $222.9 million, or 72 cents a share, compared with $191.1 million, or 62 cents, a year ago.

It posted income from continuing operations excluding goodwill of $227.9 million, or 74 cents a share, compared with $285 million, or 67 cents a year ago. Fourth-quarter sales rose to $2.43 billion from $2.28 billion. Those results were in line with ITW's (ITW: Research, Estimates) October forecast that its earnings from continuing operations would be lower than expected, or about 67-to-77 cents a share. Analysts' estimates have ranged from 70-to-77 cents a share, with an average forecast of 72 cents, according to market researcher Thomson First Call.

--

CHICAGO (Reuters) -- The container firm posted a quarterly loss, reversing a year-ago profit, after charges for restructuring and the planned sale of its European business. The company reported a fourth-quarter loss of $15 million, or 6 cents per diluted share, compared with net income of $14 million, or 6 cents per diluted share, for the fourth quarter of 2001. Sales rose to $1.92 billion from $1.83 billion, the company said.

Excluding the restructuring charges and a loss on the disposition of its European operations, Smurfit (SSCC: Research, Estimates) earned $34 million, or 14 cents per diluted share, in the latest quarter. Analysts polled by First Call had expected, on average, 12 cents a share.

--

ORLANDO, Fla. (Reuters) -- The household storage container company said its fourth-quarter profit fell as economic weakness in Latin America and Asia cut into sales. Tupperware (TUP: Research, Estimates) posted a profit of $34.5 million, or 59 cents a share, compared with $28.5 million, or 48 cents a share, a year ago.

Excluding items, the firm said it earned 50 cents a share, in line with Wall Street's estimates according to Thomson First Call. Sales fell 2 percent to $321 million.

--

ATLANTA (Reuters) -- The No. 3 Internet service provider said its fourth-quarter loss narrowed as it continued to cut costs and that revenue rose amid growth in its high-speed Internet subscriber base. The company, which cut about 25 percent of its staff Tuesday to reduce costs, said its quarterly loss narrowed to $32.9 million, or 24 cents a share, including $3.5 million in facility exit costs. That compared with a loss of $73.9 million, or 55 cents a share, including acquisition-related costs, a year earlier.

Revenue rose to $347.9 million from $327.2 million a year earlier, helped by an increase in high-speed, or broadband, subscribers. In the fourth quarter, EarthLink (ELNK: Research, Estimates) added 98,000 high speed subscribers, ending the year with a total of 779,000 -- a 65 percent increase from the prior year. Wall Street analysts, on average, expected revenue of $346.7 million, according to First Call.

--

DANBURY, Conn. (Reuters) -- The world's No. 3 industrial gas company said its fourth-quarter profit rose 19 percent, but noted its first-quarter results will be below Wall Street's expectations due to political uncertainty and higher energy prices.

The Danbury, Conn. company reported fourth-quarter net income of $140 million, or 85 cents a share, up from $118 million, or 72 cents a share, a year earlier. First Call's mean estimate was 84 cents a share. The company -- which says it remains "cautious" about the pace of economic recovery -- said sales rose to $1.30 billion from $1.24 billion in the same quarter last year.

Praxair (PX: Research, Estimates) estimated first-quarter earnings per share of 76 cents-to-80 cents -- below the First Call estimate of 86 cents a share -- and sales similar to the first quarter of 2002, noting the quarter "may" be starting off on a "weaker" note with the political situation and higher energy prices exacerbating weak U.S. demand in electronics and general manufacturing. It also forecast 2003 earnings per share in the range of $3.40-to-$3.60, compared with the First Call estimate of $3.56 a share, and capital expenditures in the range of $600 million. The company expects sales and operating profit growth in 2003 of 2 percent-to-4 percent.

--

SPARKS, Md. (Reuters) -- The spice maker said quarterly earnings rose, boosted by higher shipments and foreign exchange benefits.

The Sparks, Md.-based company posted net income of $77.2 million, or 54 cents a share, in its fiscal fourth quarter, ended Nov. 30, compared with $59.1 million, or 42 cents, in the year-earlier period.

Revenue increased to $703.4 million from $652.0 million in the year-earlier quarter. Analysts had expected McCormick (MKC: Research, Estimates) to earn 55 cents-to-57 cents a share in the quarter, with an average estimate at 55 cents.

--

TOKYO (Reuters) -- Sony Corp.'s latest quarterly profit doubled as its PlayStation 2 game console trounced the competition and movies like Spider-Man found a second wind as DVD releases, the entertainment conglomerate said on Wednesday.

Sony kept its earnings targets for the full year to March unchanged from its last forecasts, eyeing a net profit of ¥180 billion ($1.52 billion), more than 10 times the year-earlier level, and a doubling of operating profit to 280 billion yen.

The Tokyo-based company said consolidated net profit surged to ¥125.43 billion in the key fiscal third quarter ended Dec. 31, which usually brings the bulk of full-year profits as consumers splurge on year-end gift-giving.

The figure was up 95.9 percent on the year-earlier period and a record for a third-quarter net result. Sony also said it would inject an additional 150 million ($162 million) into its struggling mobile phone joint venture with Swedish telecom equipment maker Ericsson.

--

IRVINE, Calif., (Reuters) -- Quest Software Inc. (QSFT: Research, Estimates), which makes software that manages computer networks, on Wednesday said it swung to a fourth-quarter profit on revenue that rose 22 percent.

Quest had net income of $4 million, or 4 cents a share, compared with a net loss of $17.2 million, or 19 cents, last year.

The Irvine, California-based software maker said its total revenue grew to $72.4 million from $59.3 million.

Excluding items, the company's profit was 8 cents a share compared to 3 cents a share a year ago. Analysts, on average, had expected Quest to earn 7 cents a share before items, according to Wall Street research firm First Call.