Norfolk Southern Corp.'s third-quarter earnings increased 10 percent on double-digit growth in the transportation company's automotive and chemicals groups. The earnings were announced Wednesday as Norfolk Southern entered into a bidding war with CSX for Conrail Inc. Norfolk Southern's net income for the quarter increased to $202.3 million, or $1.61 per share, compared with $183.9 million, or $1.40 per share, in the comparable quarter in 1995. Revenue rose 2 percent to $1.21 billion from $1.18 billion a year ago.
DuPont Co. said third-quarter earnings rose 35 percent, propelled by higher profit at its agricultural chemicals unit and higher oil prices at its Conoco unit. The nation's largest chemical company said profit from operations rose to $945 million, or $1.68 a share, from $702 million, or $1.26, in the year-earlier quarter. Revenue rose 2.8 percent to $10.49 billion from $10.2 billion.
Electronic Data Systems Corp. reported that its profit rose 8.4 percent in the first full quarter of operations since the company split off from General Motors Corp. in June. EDS said it earned $266.4 million, or 55 cents per share, in the quarter ended Sept. 30. That compares with $245.7 million, or 51 cents, in the same period a year ago. Revenues increased 16.2 percent to $3.6 billion from $3.1 billion.
Dean Witter, Discover & Co. posted a 9 percent rise in third-quarter earnings, citing stronger brokerage profits and improvements in its credit card business. The nation's third-biggest retail brokerage firm and the second largest credit-card issuer, earned 239 million, or $1.42 per share, in the period ending Sept. 30, up from $218.7 million, or $1.24 per share, a year ago. Revenues minus interest expense rose 5 percent to $1.53 billion from $1.45 billion a year ago. Credit card revenues were up 8 percent, while securities revenues rose 3 percent.
Anheuser-Busch Cos. Inc. reported an 11 percent profit gain on higher beer sales in the third quarter. For the quarter ended Sept. 30, profits were $377.2 million, or 75 cents a share, compared with $339.7 million, or 66 cents a share, a year earlier. Revenue was up 3.3 percent from $3.43 billion to $3.54 billion.
AlliedSignal Inc. said its third quarter earnings rose 17 percent from a year ago due to strong demand for its products from the aviation and automobile industries. The company earned $253 million, or 90 cents a share, for the three months ended Sept. 30, up from $217 million, or 77 cents a share, in the same period last year. Revenues slipped to $3.3 billion from $3.5 billion a year ago.
Fastenal Co., a threaded metal products and tool distributor that has a branch in Cheektowaga, said its third-quarter profits rose 18 percent to $8.69 million, or 23 cents per share, from $7.39 million, or 19 cents per share, a year earlier. Sales rose by 31 percent to $76.2 million from $58 million as the firm opened 34 new stores and expanded its product line.
Community Bank System Inc., a DeWitt-based bank holding company which operates branches in Olean and Wellsville, posted record third-quarter net income and per share numbers. Net income jumped 25.1 percent to $3.79 million from $3 million, while earnings per share climbed 28.6 percent to 99 cents from 77 cents per common share. Through the first nine months of 1996, the parent of Community Bank, N.A. recorded a 25 percent jump in net income to $10.45 million from $8.35 million, while earnings per share rose 3.8 percent to $2.72 from $2.62 reflecting 20 percent more shares outstanding.
Letchworth Independent Bancshares Corp., which owns the Bank of Castile, reported a 3.3 percent profit increase for the third quarter ending Sept. 30. Net income totaled $788,378 or 80 cents per common share, versus $763,481 or 81 cents per share for the quarter ending Sept. 30, 1995. Through the first nine months of 1996, net income totaled $2.18 million, up 6.2 percent from 1995's $2.05 million while earnings per share fell slightly to $2.21 per common share from $2.23. The company's board of directors also declared a quarterly dividend of 18 cents per share, a two-cent-per-share increase from the previous three payments. The dividend is payable on Dec. 2 to shareholders as of Nov. 4.
FNB Rochester Corp., which operates a First National Bank branch at 476 Main St. in Snyder, reported that its earnings rose 37 percent in the third quarter to $1.1 million from $816,000 in the same period in 1995. Earnings per share were 31 cents, up from 23 cents per share in the third quarter of 1995. For the first nine months of the year, net income also was up 37 percent, to $2.9 percent from $2.1 million last year. Total assets were $431 million at Sept. 30, up 14 percent from $378 million one year ago. Total deposits were $397 million, up 16 percent from $341 million and loans totaled $300 million, up 23 percent from $245 million.