
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: THURSDAY, July 29, 1993                   TAG: 9307290081
SECTION: BUSINESS                    PAGE: B7   EDITION: METRO 
SOURCE: Associated Press
DATELINE: DETROIT                                LENGTH: Short

AUTO EARNINGS STRONG

The auto industry reaped the benefits of strong second-quarter sales Wednesday as Ford Motor Co. and Chrysler Corp. reported combined earnings of $1.46 billion.

The quarter was the best in four years at Ford and the third-best in Chrysler history.

Ford earned $775 million, or $1.43 a share, more than double the $387 million, or 70 cents a share, of a year earlier. Sales rose nearly 10 percent to $29.4 billion.

Chrysler's earnings were $685 million, or $1.86 per share, including gains of $71 million from the sale of Mitsubishi Motors Corp. stock and $39 million from sale of its Acustar Plastics operations. It earned $178 million, or 54 cents a share, in the 1992 quarter. Revenue was $11.03 billion, up 18 percent.

The Big Three automakers enjoyed strong sales this spring as consumers, many of whom put off purchases during the recession, returned to showrooms.

"The fleet is so old, it has to be replaced. I don't think consumers want to buy cars - they have to buy cars," said industry analyst John Casesa of Wertheim Schroder.

General Motors Corp. reports its earnings today.

by CNB