Share this article

print logo

CORPORATE EARNINGS

Nynex Corp. said its second-quarter profit rose 6 percent to $380.5 million, or 86 cents per share, from $358 million, or 82 cents per share. Revenues rose to $3.51 billion from $3.45 billion. For the half, Nynex said net income fell to $540.1 million, or $1.23 per share, from $702.8 million, or $1.61 per share. Revenues rose to $6.82 billion from $6.70 billion.

Bell Atlantic Corp. said its second-quarter profit rose 7.6 percent to $498.9 million, or $1.14 per share, from $463.7 million, or $1.05 per share. Revenues rose 6.7 percent to $3.44 billion from $3.22 billion. For the first six months of the year, the company reported a 5.2 percent drop in profits, to $1.01 billion, or $2.31 per share, from $1.07 billion, or $2.43 per share. Revenue increased 6.4 percent to $6.85 billion from $6.44 billion.

Praxair Inc., which has operations in the Town of Tonawanda, said Tuesday its first-quarter net income climbed $26 million or 32.1 percents. Net income for the three months ending June 30 totaled $107 million or 65 cents per common share, compared to $81 million and 50 cents per share one year ago. Sales rose 7.8 percent to $1.18 billion from $1.1 billion. For the six months ended June 30, the firm recorded net income of $209 million, up $111 million or 113.3 percent from $98 million in 1996.

Bristol-Myers Squibb, whose Westwood-Squibb unit is based in Buffalo, said its profit rose 13 percent to $738 million, or 74 cents a share, in the second quarter ended June 30 from $655 million, or 65 cents a share, a year earlier. Sales rose 10 percent to $4.06 billion from $3.70 billion. For the first half of the year, Bristol-Myers earnings jumped 12 percent to $1.55 billion, or $1.55 a share, from $1.38 billion, or $1.37 a share, in the same 1996 period. Revenue rose 10 percent to $8.11 billion from $7.37 billion.

CSX Corp. said Tuesday its earnings fell 3 percent in the second quarter because of its costly bidding for Conrail. Profit fell to $227 million, or $1.04 a share, in the three months ended June 27 from $234 million, or $1.11 a share, in the comparable 1996 period. Revenue for the quarter rose to $2.68 billion from $2.67 billion. For the first half, CSX earnings fell to $378 million, or $1.74 a share, from $380 million, or $1.80 a share, for the same period last year. Revenue rose to $5.26 billion from $5.17 billion.

UAL Corp., parent of United Airlines, reported a 12 percent gain in its second-quarter profits. The carrier said its net income for the three months ended June 30 rose to $376 million, or $2.82 a share, compared with $337 million, or $2.52 a share, a year ago. UAL revenues rose 4.8 percent to $4.38 billion from $4.16 billion a year earlier. For the first six months of the year, Northwest earned $200.8 million, or $1.84 a share, down nearly 22 percent from $256.2 million, or $2.32 a share, a year ago. Revenues totaled $4.93 billion, compared with $4.81 billion.

There are no comments - be the first to comment