American Express on Monday reported a 15 percent increase in second-quarter profits, led by a strong increase in its financial advice business. American Express earned $520 million, or $1.08 per share, on revenues of $4.42 billion. A year earlier the company earned $452 million, or 93 cents per share, on revenues of $4.08 billion. The company said profits from American Express Financial Advisors rose 20 percent to $183 million. The company said managed assets increased 24 percent, boosting fee income nearly 22 percent. Travel Related Services, which includes the American Express charge card, saw profits rise 10 percent to $355 million. Profits from American Express Bank rose 46 percent to $21 million.
Westinghouse Electric Corp. reported a slight profit in the second quarter compared with a year-ago loss, but sales continued to slip at its CBS television network and TV stations. The company said Monday that second-quarter earnings came to $1 million, totaling zero cents a share, compared with a loss of $89 million, or 20 cents a share, a year earlier. In the year-ago quarter, Westinghouse earnings were reduced by $114 million for pollution cleanup costs. Revenue rose to $2.41 billion from $2.15 billion. Westinghouse's media businesses saw operating profit fall 19 percent to $155 million. A $22 million loss in its network segment was partially offset by radio, where profits more than doubled. Westinghouse's industries and technology segment turned in a $20 million profit in the quarter, compared with a year-ago loss.
Atlantic Richfield Co. on Monday reported a 10 percent drop in second-quarter net income, a result of lower profits from its West Coast refining operations and weakness in its chemical division. Arco reported second-quarter earnings of $390 million, or $1.19 per share, compared to $434 million, or $1.33 per share in the second quarter of 1996. Revenues rose to $4.81 billion from $4.67 billion.