Share this article

print logo

CORPORATE EARNINGS

Bell Atlantic Corp. said it earned $483.3 million, or $1.10 per share, in the third quarter, up 9.4 percent from $441.9 million, or $1.10 per share, a year ago. The year ago results excludes one-time gains from properties sold when its cellular business merged with Nynex Corp.'s. Revenues grew slightly to $3.30 billion from $3.26 billion.

BellSouth Corp. said its third-quarter profits rose 12.9 percent to a record $631 million, or 63 cents a share, up from $559 million, or 56 cents a share, a year ago. Revenues rose to $4.83 billion from $4.43 billion. BellSouth credited continued strong growth of its core telephone business, adding nearly 2.5 million customers to its land-based, wireless and international phone operations.

SBC Communications Inc. said third-quarter earnings rose 11 percent, also boosted by strong performances in both local phone and mobile phone services. Profits rose to a record $593.3 million, or 97 cents per share, on revenues of $3.60 billion. That was up from $534.3 million, or 88 cents per share, before an extraordinary charge, a year ago. Third-quarter revenues last year were $3.29 billion.

Pacific Telesis said third-quarter earnings rose 4 percent to $286 million, or 67 cents per share, from $275 million, or 64 cents per share earned in the year-ago quarter. Revenues grew to $2.4 billion from $2.3 billion in the same quarter in 1995.

Textron Inc., which owns Bell Aerospace in Wheatfield, posted a 17 percent increase in third-quarter profits, citing increased sales and an aggressive expansion program for boosting income at all but one of its five businesses. The company earned $120 million, or $1.40 per share, up from $104 million, or $1.20 per share, a year earlier.

Nabisco Holdings Corp., which has plants in Niagara Falls and Buffalo, said its third-quarter profit climbed 35 percent from a year ago but the rise was a more modest 13 percent without onetime charges in both periods. The maker of Oreo cookies and Ritz crackers earned $70 million, or 26 cents a share, compared with $52 million, or 20 cents a share, a year earlier.

AT&T Corp., stung by harsh competition for long-distance phone customers as well as credit-card losses, reported an 11 percent drop in third-quarter profits. AT&T said it earned $1.36 billion, or 84 cents a share, from continuing operations, reflecting its spinoff of Lucent Technologies, its high-technology equipment business, and other parts of its previously announced breakup. That was down from profits of $1.53 billion, or 96 cents a share, a year ago.

Johnson & Johnson said its profits in the third quarter expanded by 20 percent on increased sales across its entire range of medical and consumer products. The giant health care products company said its net income rose to $750 million, or 56 cents a share, from $623 million, or 48 cents a share. Revenues climbed 14 percent to $5.4 billion from $4.7 billion.

Tandy Corp.'s profit dropped about 50 percent in the third quarter due to a tough retailing environment and higher expenses. The electronics retailer earned $22.3 million, or 35 cents share, compared with $44.9 million, or 66 cents per share, a year ago. Revenues rose to $1.43 billion from $1.34 billion.

Allstate Corp. said its earnings fell in the third quarter due to losses from Hurricane Fran and as it strengthened its reserves and contributed to the California Earthquake Authority. Allstate said earnings for the quarter fell to $292 million, or 65 cents a share, compared with $446 million, or $1 a share a year earlier. Revenues rose to $6.015 billion, compared with $5.699 billion a year earlier.

There are no comments - be the first to comment