Figgie International Inc., which owns Scott Aviation in Lancaster, booked a loss of $1.4 million in the second quarter, compared to profits of $6.4 million in the year-ago period. The results reflected a $6 million after-tax charge related to liabilities from a divested unit. Sales rose to $62.8 million, from $56.4 million. The loss for the quarter ended June 30 amounted to 7 cents per share, vs. profits of 34 cents in 1996.
Quebecor Printing Inc., which runs a major printing plant in Depew, reported second-quarter profits of $31 million, up from $29 million on the strength of recent specialty printing acquisitions and improved results in Europe. Quarterly sales were $837 million vs. $748 million.
Dow Chemical Corp. said its second-quarter earnings rose 4.6 percent, boosted by income from the sale of its majority stake in electricity producer Destec Energy Inc. The company reported profits of $571 million, or $2.48 a share, for the three months ended June 30. That compared with $546 million, or $2.20 a share, in the second quarter of 1996. Excluding one-time gains and charges, the company's per-share profit would have been $2.25. Second-quarter revenues rose to $5.4 billion, up 4 percent from $5.2 billion a year ago. Prices were down 4 percent on average, mostly from exchange rate changes, but was offset by an 8 percent volume increase, Dow said.
The Quaker Oats Co., in its first earnings report since ridding itself of Snapple Beverages, said its second-quarter profits rose nearly 18 percent on strong cereal and Gatorade sports drink sales. For the three months ended June 30, the Chicago-based maker of Cap'N Crunch cereals, Rice-A-Roni and Aunt Jemima products reported net income of $75 million, or 57 cents a share, compared to $63.6 million, or 47 cents a share, the comparable period a year earlier. Sales fell more than 5 percent, to $1.4 billion from $1.48 billion. The revenue slump came because of the sale of Snapple to Triarc Companies Inc. Uni-Marts Inc., which operates convenience stores on the Southern Tier, reported results for the 1997 third fiscal quarter ended July 3, 1997.
said it earned $185,892, or 3 cents per share in the quarter ended July 3, compared to net earnings of $1,111,807, or 16 cents per share, for the 1996 third fiscal quarter. Revenues increased 3.5 percent to $92 million from $88.8 million.
Moore Corp. Ltd., which operates a research center in Grand Island, reported net earnings in the second quarter declined to $30 million or 31 cents per share, a decrease of 17 percent from $36 million or 36 cents per share in the same period in 1996. Sales for the second quarter of $617 million increased $24 million or 4 percent from the second quarter of 1996, including $20 million from acquisitions.
Norfolk Southern Corp. said its profit dropped 5 percent in the second quarter because of expenses related to its purchase of part of Conrail. The rail company said it earned $190.1 million, or $1.52 a share, for the second quarter, compared with $199.5 million, or $1.57 a share, for the period last year. Without the Conrail expenses, Norfolk Southern would have earned $200.8 million, or $1.61 a share, for the quarter. Revenues for the quarter rose to $1.30 billion, compared with $1.28 billion last year.
FNB Rochester Corp., whose First National Bank of Rochester subsidiary has a Snyder office, reported second-quarter net income of $1.1 million or 29 cents per share, an increase of $72,000 or 7.2 percent from $1 million and 28 cents per share in 1996.
PepsiCo Inc. posted a 13 percent rise in profits in the second quarter. PepsiCo, which owns the Pepsi, Tostitos and Pizza Hut brands, earned $656 million, or 42 cents a share, in the three months ended June 14, compared with $583 million, or 36 cents a share, a year earlier. Revenue was steady at $7.7 billion.
Hilton Hotels Corp. said its earnings rose 58 percent as the world's largest gaming company welcomed more gamblers and travelers. Hilton earned $93 million, or 36 cents a share, in the April-June quarter, up from $59 million, or 30 cents a share, in the same period last year. Revenue rose 35 percent to $1.36 billion from slightly more than $1 billion last year.
Goodyear Tire & Rubber Co. said profits rose 2.3 percent in the second quarter even though a strike pushed revenues down slightly. For the quarter ended June 30, the company said it earned $192.2 million, or $1.23 per share, up from $187.9 million, or $1.22 per share, a year earlier. Sales decreased to $3.32 billion, compared with $3.33 billion.
Allstate Corp.'s second-quarter earnings rose 19 percent as the insurer benefited from milder weather and increased demand for retirement saving plans. Allstate said profit, excluding gains from investment sales and charges rose to $575 million, or $1.32 a share, from $483 million, or $1.08, a year earlier.
Amoco Corp., the Chicago-based oil giant, reported a 3 percent increase in second-quarter earnings to $622 million, or $1.26 a share, from $600 million, or $1.20 a share, the comparable period a year ago. Revenues fell to $8.63 billion from $8.77 billion a year earlier.