IBM Corp. Monday reported a 7.4 percent increase in second-quarter profits on a 3.8 percent rise in revenues, as strong demand for computer services, parts and business PCs helped offset weakness in IBM's big business machines. IBM said it earned $1.45 billion, or $1.46 per share, in the quarter ended June 30. That was up from $1.35 billion, or $1.26 per share, in the year-ago quarter. Revenues grew to $18.87 billion from $18.18 billion. The results were slightly above expectations of analysts, who called for profits of about $1.42 per share.
Community Bank System Inc. recorded a 4.1 percent increase in second-quarter net income, to $3.67 million from $3.52 million, the DeWitt-based bank holding company reported. Earnings per share rose 3.9 percent to 48 cents versus 46 cents. Total loans jumped 22.7 percent to $735.88 million from $599.54 million, while deposits increased 20.6 percent to $1.23 billon from $1.02 billion. The second quarter numbers include the contributions of $149.9 million in deposits and $24.9 million in loans via the acquisition of eight KeyBank branches.
Letchworth Independent Bancshares Corp. reported second-quarter net income of $768,068 or 80 cents per common share, up 3.6 percent from $741,522 or 75 cents per share for the second quarter of 1996. The board of directors of the Letchworth, parent of the Bank of Castile, also declared a regular quarterly dividend of 20 cents per share, payable on Sept. 2 to shareholders of record on Aug. 4. The dividend is up 25 percent or four cents per share from one year ago.
Onbancorp, the Syracuse-based bank holding company which has a loan production office in Williamsville, reported second-quarter net income rose 4.9 percent to $12.23 million or 92 cents per fully diluted common share from $11.66 million or 76 cents per share one year ago.
Boeing Co.'s profits tumbled 15 percent in the second quarter, the company said Monday. The results for the quarter ended June 30, the last before Boeing's planned merger with McDonnell Douglas, showed profits of $399 million or 55 cents a share, compared with $468 million or 68 cents a share in 1996. Last year's second-quarter was inflated by a $176 million gain for the settlement of some defense and space contracts. Sales were $9.3 billion, up 48 percent from $6.3 billion in second-quarter 1996, primarily due to more commercial jet deliveries and Boeing's acquisition late last year of Rockwell International's defense and space business.
Nabisco Holdings Corp., which operates a plant in Buffalo, posted a profit of $103 million for the second quarter in contrast with a $216 million loss a year ago when its results were depressed by a big restructuring charge. Earnings per share amounted to 38 cents for the three months ended June 30 in contrast to a loss of 81 cents per share for the second quarter of 1996. Revenue inched up to $2.19 billion from $2.18 billion.
Union Carbide Corp., which has operations on the Niagara Frontier, said its profit rose 11 percent in the second quarter, citing improved pricing and lower raw material costs. The chemicals and polymers company earned $188 million, or $1.41 per share, for the April-June period compared with $170 million, or $1.23 per share, a year ago. Sales increased 7 percent to $1.67 billion from $1.56 billion a year ago.