Bell Atlantic Corp. said third-quarter profit rose 9.5 percent as it added phone lines and wireless customers and boosted traffic on its network in its first earnings report since acquiring Nynex Corp. Third-quarter profit from operations rose to $969.4 million, or $1.25 a share, from $885.7 million, or $1.14, a year ago. Revenue, before a charge, rose 2.4 percent to $7.54 billion. Including a charge of about $1.05 billion, or $1.35 a share, for the Nynex purchase and to write down the value of fixed assets, real estate and its video operations, Bell Atlantic had a third-quarter loss of $80.1 million, or 10 cents. After the charge, revenue was $7.37 billion. In the 1996 quarter, a charge of $13.9 million, or 1 cent a share, resulted in net income of $871.8 million, or $1.13. Bell Atlantic also said it expects to save $500 million a year more than originally forecast as it absorbs Nynex, which it bought in August for $25.6 billion.
AlliedSignal Inc., which has a research laboratory in South Buffalo, said net income rose 15 percent to $292 million, or 52 cents a share in the third quarter, from $253 million, or 45 cents, a year earlier. The maker of Prestone antifreeze and Fram oil filters Revenue climbed 9.2 percent to $3.66 billion from $3.35 billion.
US Airways Group Inc. said third-quarter earnings before a gain and charges rose to $116.7 million, or $1.14 a fully diluted share, from $67.7 million, or 60 cents, in the year-ago quarter. After a gain of $149.1 million for the sale of its stake in Apollo Travel Services and charges of $78.8 million, net income was $187.0 million, or $2.04 on a primary basis. Operating revenue rose 9.9 percent to $2.12 billion.
CVS Corp. said third-quarter earnings rose 66 percent on lower costs and higher sales led by its pharmacies as the drugstore chain moves to complete the integration of Revco D.S. Inc. into its business. Profit from operations rose to $74.7 million, or 41 cents a share, from $44.9 million, or 25 cents, a year ago. In the year-ago quarter, profit from discontinued operations of $18.8 million, or 12 cents a share, and a gain of $15.9 million, or 9 cents, for the sale of securities, resulted in net income of $79.6 million, or 46 cents a share. Revenue rose 17 percent to $3.08 billion from $2.63 billion. Same-store sales, or sales at stores open at least a year rose 10 percent, the company said.
DuPont Co. said one-time charges from the acquisition of a 20 percent stake in Pioneer Hi-Bred International contributed to a $17 million loss in the third quarter. The loss, largely driven by the $850 million spent in August to buy a stake in the world's largest seed corn company, was equal to 2 cents per share. Non-recurring charges for the quarter ended Sept. 30 totaled $998 million, or 88 cents per share. Excluding those costs, DuPont's net income was up 9 percent. Total sales for the quarter were $11.1 billion, up from $10.5 billion a year ago.
Minnesota Mining & Manufacturing Co. said its third-quarter profits rose 8.5 percent, excluding a one-time gain on the sale of its outdoor advertising business. 3M said earnings soared 133 percent to $927 million, or $2.25 a share, from $398 million, or 95 cents a share, a year ago. Excluding the one-time gain from the sale of National Advertising Co., earnings were $432 million, or $1.05 a share. Sales rose to $3.8 billion, from $3.6 billion a year earlier.
Norfolk Southern Corp.'s profits fell 11 percent in the third quarter because of expenses related to its purchase of part of Conrail. The rail company said it earned $179.5 million, or 47 cents a share, for the third quarter, compared with $202.3 million, or 54 cents a share, a year earlier. Without the Conrail expenses, Norfolk Southern would have earned $203.2 million, or 54 cents a share. Revenues rose to $1.33 billion, compared with $1.29 billion last year.
Onbancorp, a Syracuse-based bank holding company which operates a Williamsville loan office, reported third-quarter net income of $12.69 million or 98 cents per share, up $5.4 million or 74 percent from $7.29 million or 49 cents per share one year ago. Third-quarter 1996 numbers reflect a number of one-time items, including the $4.5 million after-tax effect concerning Onbancorp's mandated deposit insurance assessment. Through the first nine months of the year, Onbancorp's net income totaled $37.1 million or $2.76 per share, up 21.5 percent from $30.52 million or $2 per share, again considering the one-time liabilities and gains.
PepsiCo Inc. posted sharply higher earnings for the third quarter, beating Wall Street expectations for a period in which the beverage and snack foods company still had fast-food restaurant holdings. PepsiCo spun off its restaurant operations that included the Pizza Hut, KFC and Taco Bell chains a month after the quarter ended on Sept. 6. Including restaurants, PepsiCo said Wednesday it earned $658 million, or 42 cents a share, for the period, up sharply from $144 million, or 9 cents a share, a year earlier. The 1996 results reflected $376 million, or 23 cents a share, in onetime charges from a restructuring in international beverages. Revenue rose 4 percent to $5.36 billion from $5.16 billion a year ago.