Earnings roundup: Western Union, Lockheed Martin

Among the earnings stories for Tuesday, April 22, from AP Financial News:

Top stories:

ENGLEWOOD, Colo. (AP) _ The Western Union Co. on Tuesday reported a 7 percent increase in first-quarter net income as favorable exchange rates boosted international business, particularly in India and China.

WASHINGTON (AP) _ Defense contractor Lockheed Martin Corp. said its first-quarter earning rose 6 percent as higher sales of space equipment, missiles and other combat tools offset a dip in fighter jet sales.

Other stories:

BOSTON (AP) _ Cost cuts have helped Boston Scientific Corp. rebound from two consecutive quarterly losses, but the medical device maker's drug-coated heart stent business continues to struggle.

NEWARK, N.J. (AP) _ Wyeth topped first-quarter expectations, despite generic competition cutting into its sales of heartburn drug Protonix, and said Tuesday it is on track to meet full-year projections.

NEW YORK (AP) _ Canadian Pacific Railway Ltd. said Tuesday its first-quarter earnings sank 29 percent on the impact of harsh winter weather, high fuel costs and a weak U.S. dollar.

SAN FRANCISCO (AP) _ Netflix Inc. got off to a rousing start during the first three months of the year, but investors are worried about the online DVD rental service's script for the rest of 2008.

CINCINNATI (AP) _ Fifth Third Bancorp reported a 19 percent drop in first-quarter earnings Tuesday, as the bank's bad debt reserves surged fivefold, offsetting strong growth in its fee-based based businesses.

ATLANTA (AP) _ Regional bank SunTrust Banks Inc. said Tuesday its first-quarter profit fell 45 percent, hurt by losses related to the ongoing housing downturn.

DANBURY, Conn. (AP) _ Home furnishings company Ethan Allen Interiors Inc. said Tuesday its third-quarter profit dropped 50 percent due to restructuring costs and weak wholesale sales.

MILWAUKEE (AP) _ Media company Journal Communications Inc. said Tuesday its first-quarter profit plunged 91 percent, as the year-ago period was boosted by gains from a sale. The company also saw continued publishing and broadcasting revenue declines.