Niagara Mohawk Power Corp. said Thursday it earned $31.3 million, or 22 cents a share, for the three months ended June 30, down from $43.5 million, or 30 cents a share, for the same period in 1996. Total electric sales decreased 7.5 percent in the second quarter, although revenues stayed essentially unchanged from a year earlier at $804.5 million. Natural gas revenues for the quarter declined nearly 10 percent from a year ago, dropping to $141.2 million.
CalEnergy Inc. on Thursday reported a 100 percent increase in income for the second quarter. For the three months ended June 30, income was $60.3 million, compared with $28.3 million in the same period last year. Revenue was up 350 percent at $524.9 million, compared with $115.7 million in the same period last year, and income per share was up 60 percent at 47 cents, compared with 35 cents. CalEnergy, which builds, owns and manages power generating facilities, is trying to acquire New York State Electric and Gas Corp. in a $1.89 billion cash bid.
DuPont Co., which operates a plant in the Town of Tonawanda, reports its profit rose 14 percent in the second quarter on strong performances from polyester and petroleum. The chemical giant said its profit was $1.14 billion, or $1.01 a share, for the quarter ended June 30, a record for any quarter. It compared with earnings of $1 billion, or 89 cents a share, in the same period last year, when there were fewer shares outstanding. Sales were up more than 2 percent for the quarter to $11.4 billion from $11.1 billion.
US Airways Group Inc. said its second-quarter profit rose 2.4 percent, beating expectations, on more passengers and lower fuel prices. Net income rose to $205.6 million from $200.8 million a year ago. Per-share earnings fell to $2.46 a share from $2.71, as the average shares outstanding increased to 74 million shares from 65.8 million. Revenue rose 2.9 percent to $2.21 billion from $2.15 billion.
Continental Airlines Inc.'s second-quarter profit fell 23 percent to $128 million, or $2.01 a share, from $167 million, or $2.53, a year earlier. Revenue rose 9.0 percent to $1.79 billion from $1.64 billion.
Northwest Airlines reported a 33 percent drop in second-quarter earnings. The carrier earned $136.2 million, or $1.26 cents a share, in the quarter ended June 30, compared with $202.8 million, or $1.90 a share, a year earlier. Revenues were up slightly to $2.56 billion, from $2.54 billion a year earlier. Xerox Corp. said Thursday second-quarter profits rose 15 percent, reflecting improved sales of digital equipment and its purchase of a British company. The copier maker reported net income of $337 million, or $1 per share, compared with $293 million, or 85 cents per share, a year ago. The June purchase of The Rank Group's remaining share of Rank Xerox brought the company $13 million. Revenues were $4.4 billion, up from $4.2 billion a year ago.
AlliedSignal Inc., which operates a research laboratory in Buffalo, said its earnings rose 12 percent in the second quarter as gains in its aerospace and engineered materials operations offset a decline in automotive products. The company said it earned $305 million, or $1.08 a share, for the three months ended June 30, up from $272 million, or 96 cents a share, a year ago. The increase would have been 16 percent if one-time gains were excluded from last year's figures. Revenue rose 7 percent to $3.58 billion from $3.35 billion a year ago.