THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Thursday, October 19, 1995 TAG: 9510190383
SECTION: BUSINESS PAGE: D3 EDITION: FINAL
SOURCE: STAFF AND WIRE REPORT
LENGTH: Long : 105 lines
Ford Motor Co.'s third-quarter profit plunged 68 percent. The country's second-largest automaker reported net income of $357 million, or 28 cents a share, compared with $1.12 billion, or $1.04, in its record third quarter last year.
Ford's auto business lost $201 million worldwide in the third quarter, vs. a profit of $619 million in the year-ago period.
Jefferson Bankshares Inc. reported third-quarter net income of $6.15 million, a 10 percent increase from $5.61 million. Per-share earnings rose 8 percent to 40 cents from 37 cents in the 1994 third quarter. The Charlottesville-based parent of Jefferson National Bank attributed the improvement to continued growth in loans and increases in its trust income and deposit-account fees. Lower premiums for federal deposit insurance also contributed to the improvement in its third-quarter results, Jefferson said.
USAir Group Inc. posted its first third-quarter profit in seven years on record revenue. The Arlington-based airline said net income was $43.1 million, or 35 cents a share, compared with a loss of $180.1 million, or $3.32, a year ago. Revenue rose 6.9 percent $1.87 billion from $1.75 billion.
James River Corp. reported a third-quarter profit, reflecting higher tissue-product prices, cost-cutting and the addition of its European business.
The Richmond-based company said third-quarter profit from operations was $59.1 million, or 51 cents a share, compared with a loss of $99,000, or 18 cents, a year ago. Revenue rose 21 percent to $1.75 billion from $1.44 billion.
McDonnell Douglas earned $192 million, or $1.70 a share, for the third quarter, compared with $161 million, or $1.36 a share, during the same period last year.
Revenue fell to $3.34 billion from $3.46 billion. Results were boosted by a strong performance in its military aircraft business, with earnings jumping to $237 million, from $182 million last year.
Northrop Grumman earned $61 million, or $1.25 a share, for the third quarter, compared with $39 million, or 79 cents a share, for the same period a year ago.
Revenues climbed to $1.6 billion, down 15 percent from $1.9 billion the year before.
General Dynamics Corp. earned $91 million, or $1.44 a share, for the quarter, compared with $54 million, or 85 cents a share, in the same period a year ago.
Revenues were $718 million, up from $714 million last year.
The marine division's sales totaled $430 million in the quarter, up from $403 million a year ago. The company completed the acquisition of Bath Iron Works in Maine on Sept. 13 and that is now part of the marine unit.
Dun & Bradstreet Corp. reported that third-quarter net income rose 2.9 percent to $171.5 million, or $1.01 a share, from $166.7 million, or 98 cents.
Revenue rose 11 percent to $1.3 billion from $1.2 billion a year ago, helped by a rebound in corporate bond rating activity at the company's Moody's Investors Service unit.
Playtex Products Inc. said third-quarter earnings fell 49 percent as increasing competition hampered sales.
Playtex said its net income fell to $5.5 million, or 11 cents a share, from $10.8 million, or 35 cents, in the same quarter last year. Sales fell 8.7 percent to $111.7 million from $122.3 million.
Phelps Dodge Corp. said it set records for third-quarter copper production, earnings and revenue.
The nation's second-largest copper company said net income more than doubled to $211.8 million, or $3.03 a share, from $94.2 million, or $1.33, a year ago. Per-share results reflect the payment of preferred-stock dividends.
Revenue rose 32 percent for the period ended Sept. 30, to $1.08 billion from $813.7 million.
Mead Corp. said its third-quarter profit nearly doubled, driven by higher prices for its coated publishing paper, and cost cuts.
The paper company said it had net income of $104.5 million, or $1.91 a share, compared with profit from continuing operations of $41.6 million, or 68 cents, a year ago.
Stanley Works said third-quarter profit fell 2 percent as a result of lackluster U.S. consumer and construction markets and lower sales in Canada, Mexico and Australia.
Stanley, for 50 years the leading U.S. maker of hand tools, said third-quarter profit from operations was $31.5 million, or 71 cents a share, down from net income of $32.2 million, or 72 cents, a year earlier. Revenue rose 3.7 percent to $655.7 million from $632.6 million.
Hilton Hotels Corp. on Wednesday reported profit fell 8 percent in the third quarter, in part because of a 55 percent drop in income from its gambling operations.
Earnings fell to $24.8 million, or 51 cents a share, from $27 million, or 56 cents a share, in the third quarter a year ago. Revenue nudged up less than 1 percent to $385.7 million from $382.7 million.
Bausch & Lomb Inc. posted a third-quarter profit Wednesday of $43.5 million.
The optics and health products maker said it earned 75 cents a share compared with $7.68 million, or 13 cents a share, in last year's third quarter. Sales rose 6 percent to $476.7 million from $449.4 million.
Underwear maker Fruit of the Loom Inc. reported a 39 percent plunge in third-quarter earnings and said it will close plants and lay off workers to improve profitability.
Fruit of the Loom's third-quarter earnings fell to $24.5 million, or 32 cents per share, from $40.2 million, or 53 cents per share, a year earlier. Sales rose to $641.3 million from $640.4 million. Fruit of the Loom employs 38,000 people and operates more than 50 manufacturing plants, mainly in the Southeastern United States. by CNB