P&G profit falls in 4Q as marketing costs rise (AP)

Procter & Gamble Co.'s fourth-quarter net income fell 12 percent, as the consumer products maker unleashed a company-record advertising blitz to promote new versions of Gillette shavers, Pampers diapers, Crest toothpaste and Pantene shampoo.

Cenovus Energy Inc., the fourth- largest Canadian oil producer, said first-quarter profit fell on lower crude prices, currency losses and provisions for hedging. Net income dropped to $171-million, or 23 cents a share, from $426-million, or 56 cents, a year earlier, the Calgary-based company said Tuesday in a statement on PR Newswire. Excluding one-time items, per-share profit beat the 46-cent average of 19 analysts’ estimates compiled by Bloomberg.

Baker Hughes Inc, the world’s third-largest oilfield services provider, reported a 36% fall in quarterly profit as drilling decreased in North America, its biggest market. The company’s big exposure to the pressure pumping market pulled down its margins during the quarter as the industry has been inundated by an influx of new equipment. Pressure pumping equipment is used in fracking to extract oil and gas from shale rock formations.

(Reuters) - Canadian media company Corus Entertainment Inc reported a 16 percent fall in fourth-quarter profit on a one-time tax-related charge. Net income attributable to shareholders fell to C$23.3 million ($23.50 million), or 28 Canadian cents per share, from C$27.7 million, or 33 Canadian cents per share, a year earlier. Consolidated revenue for the specialty television producer, which focuses on content for children and women, fell 2 percent to C$195.6 million. Corus's children's cable networks include Treehouse and Nickelodeon Canada.

AP - A BIG DROP: Drugmaker Eli Lilly and Co. said Tuesday its fourth-quarter net income fell 27 percent. Lilly earned $858.2 million, or 77 cents per share, compared to $1.17 billion, or $1.05 per share, in the 2010 quarter. Revenue fell 2 percent to $6.05 billion.