Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, July 22, 1993 TAG: 9307220046
SECTION: BUSINESS PAGE: B7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Rental income was $21.7 million, income from property operations was $12.7 million and net income was $2.3 million, or 6 cents per share. All were up from the 1992 quarter, when rental income was $15.2 million, income from property operations was $8.8 million and net income was $1.8 million, or 5 cents per share.
For the first six months, funds from operations were $14.7 million, or 42 cents per share, on rental income of $41.9 million, income from property operations of $24.7 million and net income of $4.8 million, or 14 cents per share. All were up from the first six months of last year, when funds from operations were $11.6 million, or 34 cents per share, on rental income of $30 million, income from property operations of $17.7 million and net income of $3.7 million, or 11 cents per share.
Ingersoll-Rand
Ingersoll-Rand Co., Woodcliff Lake, N.J., company that operates a Rock Drill Division in Roanoke County, on Wednesday reported second-quarter sales of $1 billion, up 9 percent from the 1992 quarter. Operating income was $74.3 million, up 20 percent from $62.1 million. Net earnings were $36 million, or 34 cents per share, compared to $32.6 million, or 31 cents per share.
For the first half, net earnings were $60.6 million, or 58 cents per share, compared to $53.2 million, or 51 cents per share, in 1992.
Federal-Mogul Corp.
Federal-Mogul Corp., Southfield, Mich.-based operator of an engine bearings plant in Blacksburg, on Wednesday reported net earnings of $15.3 million, or 47 cents per share, for the second quarter, against $4.4 million, or 16 cents per share, for the 1992 period. Sales were $401.8 million, up 29 percent.
Earnings for the six months were $22.8 million, or 72 cents per share, against $5 million, or 15 cents per share. Sales were $812.3 million compared to $608 million.
Piedmont BankGroup
Piedmont BankGroup Inc. of Martinsville had income of $3.76 million, or $1.27 cents a share, for the first half, up 12.6 percent from last year's $3.34 million, or $1.14 a share.
The company has announced a 5-for-4 stock split in the form of a dividend to be issued July 30 to stockholders on July 15.
Piedmont reported assets of $754.1 million, deposits of $664.1 million and loans of $455 million.
Chesapeake Corp.
Chesapeake Corp., Richmond-based forest products company with operations in Roanoke, said Wednesday its earnings plunged 71 percent in the second quarter, although sales increased from a year ago. After-tax profit totaled $1.3 million, or 5 cents per share, on record revenue of $236.4 million. That compared with earnings of $4.3 million, or 19 cents a share, on revenue of $229.3 million in the 1992 period.
Profits for the first half were $519,000, or 2 cents a share, down from $6.6 million, or 30 cents a share, in the 1992 half. Year-to-date sales were up 1 percent to $445.7 million.
Union Pacific Corp.
BETHLEHEM, Pa. - Union Pacific Corp., parent of Overnite Transportation Co. which has a terminal in Roanoke, on Wednesday reported a 4 percent decline in second-quarter earnings, citing a big tax settlement that inflated last year's results. The transportation, energy and waste management company earned $198 million, or 96 cents a share, in the quarter, compared to $206 million, or $1.01 a share, in the 1992 quarter. Revenues rose 4 percent to $1.85 billion.
For the first six months, earnings were $187 million, or 91 cents a share, against $351 million, or $1.72 a share, in 1992. Revenues increased 4 percent to $3.68 billion from $3.53 billion.
Earnings were up 6 percent for Richmond, Va.-based Overnite Transportation.
by CNB